How to Get Started with Copy Trading – Ultimate Guide for Traders in 2024

In recent years, the domain of digital assets has witnessed remarkable growth, fostering a surge in interest towards copy trading strategy. This method offers cryptocurrency beginners a convenient way to mirror the trades executed by seasoned traders, enabling them to potentially profit from their expertise.

For numerous newcomers to the industry, crypto copy trading stands out as an attractive alternative. However, let us delve deeper into the essence of copy trading and the steps one can take to embark on this trading strategy!

What Is Copy Trading?

Copy trading, a feature accessible on multiple trading platforms, allows users to automatically replicate the trades made by experienced traders operating on the same copy trading platforms. This trading method offers cryptocurrency novices a glimpse into the proficiency of potentially profitable traders, thereby eliminating the requirement for them to exhaustively analyze market trends or create their own strategies from scratch.

How to Start Copy Trading: A Ultimate Guide for Traders

BTCC, one of the longest-running crypto exchanges in the world, supports copy trading on its platform. If you want to try copy trading strategy on BTCC, follow below simple steps:

Step One: Create a BTCC account

Before you start trading, you need to register a BTCC account using an Email ID or Mobile Number, then finish KYC verification.

Step Two: Fund Your Account

After completing KYC verification, the next step is fund your BTCC account. There are three methods available for funding your BTCC account, including fiat deposit, crypto deposit and convert.

Step Three: Choose a trader to follow

Go to the BTCC homepage and select “Copy” > “Futures Copy Trading”to enter copy trading page. You can directly browse the market board on the page below. Based on different metrics, like Total PnL, AUM, PnL%, Win rate, No. of copy traders, etc., to choose your preferred lead traders.

If you wish to learn more about the Lead Trader before making your decision, you can click on their card to access their portfolio, which reveals more information, such as Number of trading days, Profit sharing ratio and Cumulative number of copy traders, Lead trading performance, etc.

Step Four: Complete your copy trading settings

Once you decide your preferred lead trader, click “Copy”. Next, you need to complete copy trading settings, including Copy trading margin per order, Maximum copy trading margin. You can click “ Advanced settings”to check more settings, like Take profit per order, Stop loss per order.

Step Five: Confirm your decision

After finish all settings, all you have to do is confirm your decision by checking the “BTCC Copy Trading Agreement and Guidelines” box and clicking on “Copy trade now”. Once you click on “Copy trade now”, you’ll start following the Lead Trader’s moves.

Step Six: Check up on your trades

From the “My Copy trader” tab on the top right side of the Futures Copy Trading page, you can monitor your trades at any time.

Final Words

Copy trading offers cryptocurrency beginners a means to capitalize on the expertise of seasoned traders. Through the automatic replication of strategies, followers can potentially reap positive returns without necessitating the development of their own trading skills.

However, akin to all endeavors in the crypto market, copy trading entails significant risks. By mirroring the actions of another trader, their successes become yours, but their losses also translate into your own. Consequently, conducting thorough research and due diligence is imperative to mitigate these risks.