Copy trading is hugely beneficial for beginners as it provides them insight into successful trades. By following the paths and strategies of experts, a newbie can learn quickly and increase their chances of opening potentially profitable positions.
Bitget is famous for its copy trading, as you can follow other traders in spot, futures, and strategy. Though it may be tempting to start following a trader instantly, you are probably struggling to do it properly. Then worry not.
We will guide you through the complete process in this Bitget copy trading 101 guide. You will learn each step in detail, as this category differs from other exchanges. So, without further waiting, Let’s Start!
Bitget Overview
Bitget is a popular crypto exchange, started in July 2018 and headquartered in Singapore. The platform is an excellent choice for beginners and professionals due to its diversified trading options and supported crypto coins.
With more than 450 cryptocurrencies available for spot, futures, strategy, and copy trading, it is a place for everyone to learn and grow at affordable rates. The platform charges minimal fees for trading and withdrawals. Also, you can purchase crypto from various means, including credit or debit cards, P2P transactions, third-party exchanges, and bank transfers.
Moreover, the security is top-notch, due to which it has never been hacked till now. Many high domain authorities in the US, Canada, and Australia regulate and license the exchange. Additionally, it has got 12 A+ ratings from SSL Labs, which is quite an achievement.
Pros & Cons of Bitget Copy Trading
Pros
- Various Crypto Assets Available
- Low Trading Fees
- Easy Navigation & User-Friendly Interface
- Advanced & Secured Trading
- Multiple Payment Support
Cons
- No fiat withdrawals
- Customer support is average
How is Copy Trading on Bitget Different?
Although many exchanges offer copy trading, Bitget has made the process easier and quick with its straightforward interface. You can easily follow an expert and successful trader and increase your chances of boosting your trading income. Plus, you can copy others’ trades without KYC verification.
Bitget Copy Trading Market
Thousands of expert traders are listed on the Bitget Copy Trading platform, where millions of newcomers can view and follow them. The exchange of such a huge community and user base doesn’t come into existence without trust.
A large number of followers and traders sharing experiences and strategies depicts the influence of Bitget on Copy trading. More than 410,000 followers copy the styles, patterns, and strategies of over 100,000 traders in various formats. They can either select them via Profit/Loss (PnL), Return on Investment (ROI), maximum profit, or sales.
Types
Bitget offers three types of copy trading.
- Spot Copy Trading: Spot trading is one of the most popular formats, but beginners struggle to analyze current market trends correctly. That’s where Bitget spot copy trading can help them, where the newbies can find a successful trader with the highest PnL, ROI, or followers and implement their strategies to own’s trading.
- Futures Copy Trading: Futures trading is famous due to leverage and margins, where traders can predict the next price hike or fall and invest accordingly. However, beginners are not experienced enough to make such accurate predictions and can get help from Bitget Futures Copy trading.
The platform’s engine integrates the leverage and other settings to their account according to the expert’s profile and actions. This increases their chances of making successful predictions and earning a lot.
- Strategy Copy Trading: Strategy trading is exceptionally beneficial for newbies, as instead of following the trader for every strategy, they can follow one specific. The experts and professionals can create a strategy they use or find the most successful and publish it for others. The newbies can implement that one strategy to enhance their earning potential from trades.
Fees
Copy Trading on Bitget doesn’t cost you anything, meaning you can follow any trader anytime for free. However, if you follow a strategy or highly successful strategist, you must subscribe to that trader or strategy. It will be paid in USDT ranging from 2 to 30 Tether.
Followers Vs. Traders
A follower is someone who follows another trader on the platform and copies their patterns, strategies, and positions. As a beginner, you fall into the follower slot and implement expert strategies in your trades. Basically, it is just one click operation, and you can imitate others’ trading. However, you can also set different parameters for precise operations.
The process is technically automatic. So, when the followed trader stops or closes a position, it will also close the position on your trade. You can either continue on your own from that point or find another exciting trader to copy their trades. Otherwise, you can also manually close the position to take over your trades or switch to a different one.
Conversely, a trader is someone whose strategies, patterns, and positions are followed by others. They can normally join the program and register as traders to share their expertise. On Bitget, a trader earns a 10% commission on his follower’s profit. So, the position can also earn you some passive income if you are an expert and successful.
As a trader, you can access only 60 trading pairs from USDT-M and Coin-M Futures while creating strategies. They will have different minimum order quantities, maximum leverage, and position values for long and short calls in USDT. So, if you are an experienced trader and can benefit others from your strategies, you can easily earn by selling your techniques on Bitget.
Both as a follower or trader, you will set a nickname and a profile picture/avatar that you cannot change later. These names and pictures will show on the copy trading page or when you follow someone. So, choose these wisely, as these two things will represent your identity as long as your profile is active.
Bitget Copy Trading: Step-by-Step Procedure
Since you are familiar with the significance and distinction of Bitget Copy Trading, it’s time to learn how to perform it. Below we will guide you through both procedures as a follower and trader. You will learn how to follow experts in spot, futures, and strategy and create a new strategy as a trader to earn.
Bitget Copy Trading: Copy Trades as Follower
You can copy a trader’s strategies and positions as a follower by practicing the steps below:
Step 1: Log in to your account, deposit cryptos and hover over the Copy Trading.
Step 2: You can click Spot, Futures, or Strategy Copy Trading. You can switch between spot and futures traders from the same page by toggling the tabs at the top. However, to choose a strategy or strategist, click Strategy Copy Trading, and skip the next spots & futures section. Otherwise, continue reading.
Futures & Spot Copy Trading
Step 3: On the Futures or Spot page, different top traders are listed in their respective sections. They are filtered according to highest ROI, PnL, Followers, and Follower’s PnL.
Select the Trader you are most interested in to view their profile.
Step 4: Click Follow to enter basic or advanced details. In basic details, you will select the trading pairs and enter the amount you want to invest. In advanced details, you will populate the take profit and stop loss ratio and the maximum amount until you follow that trader.
Step 5: Click Next, then Confirm to start copying that trader’s profile and trades.
Strategy Copy Trading
Step 6: You will have three tabs on the strategy copy trading: Recommended (offered by the platform’s AI based on your trading habits), Strategies, and Strategists. Scroll down the tab of your desire.
Step 7: Click on a Strategy/Strategist to learn more about it.
Step 8: Click on Subscribe/Copy to implement that strategy in your trades, or start copying that strategist’s patterns and positions.
Step 9: Make sure you have sufficient balance to pay the amount. Enter the Funding Password to complete payment. The strategy will be implemented in your account automatically.
Bitget Copy Trading: Creating Strategy as Trader
You can create strategies for others to copy to earn yourself a passive income by following the steps below:
Step 1: Log in to your account and hover over the Copy Trading.
Step 2: Click on Create a Strategy.
Step 3: Select one of the four grids you want to create a strategy in, which are Futures & Spot grid, and Futures & Spot DCA.
Step 4: Next, you will have to select the trading pair for strategy. Further analyze it via the chart and tools. Later, enter the details about your strategy, and fill in the fields.
Step 5: When satisfied with entered information, click Create an Order.
Step 6: Go to My Strategies > Operations > Publish. Enter the price in USDT you want to charge for your strategy. Click on Publish again to make it live for others.
Bitget Copy Trading Checklist
Before you select any trader to follow or copy, we have created a checklist you should check whether they are the right choice or not. It can help you make a profit rather than only selecting the highest ROI or PnL.
Time of Trading: Check the duration since when the trader is operating. It will show their experience and expertise in the market. The longer the duration, the better they will have successful trade strategies.
Actual Accounts: Check if they perform their trades from the actual account rather than a demo or side one. It will indicate the trader won’t let your money down since their own money is at stake. As such, their confidence will be shown to take the risk and originality of the trade.
Avoid Too Much Risk: Although trading is all about risking money, if the expert trader takes unnecessary risks, consider a second option. You can check it by viewing whether they have set a stop loss limit or how low it is if they have.
Consistent Trading: Another factor is the strategy. Unprofessional, intermediate, or part-time traders usually don’t have a consistent trading pattern. In contrast, traders who perform regular trades and consistently open positions might have a solid strategy worth copying.
Return on Investment: After all, why are you copying or following a trader? For better profit and ROI, right? So, check whether the trading strategies are bearing results or the trader is just going through bad luck. You can estimate better by viewing the ROI of the past 7 days.
Followers: In the end, a successful trader is followed by many other traders. Try to follow a trader with sufficient followers. It shows people’s trust and the reputation of the trader. Moreover, it indicates their success because if people follow them, they may have a decent ROI on their strategies.
Tips for Effective Copy Trading
- Follow multiple traders for different trading pairs and select the Isolated margined mode. It will help you to maximize profit and address many trades simultaneously.
- Perform thorough research while copying a trader since it can significantly impact profit and loss on your trades.
- Never forget your investments after copying a trader’s strategy. You cannot trust them blindly. So, closely monitor your trades and respond immediately when things go south.
- Although you are following an expert, don’t expect too much (like you will never make a loss). They are human and prone to make mistakes. Moreover, the trade market doesn’t respond extensively. So, keep your expectations realistic.
- Never fear the losses. It is natural, and you can also lose sometimes, even if you become an exceptional trader. All that matters is to be brave and confident about your choices.
Summary
Copy trading is an effective choice for beginners. It reduces their chances of making mistakes since they copy experts’ strategies. Bitget provides Copy Trading for spots, futures, and strategies for free. Moreover, you can earn by selling strategies if you are an expert. So, Sign Up now and start your successful trading career on Bitget.
FAQs
How to Start Copy Trading on Bitget?
To start copy trading on Bitget, log in to your account. Hover over the Copy Trading button and select the market. Find a trader/strategy that excites you the most and click Follow/Copy to integrate the strategies into your trades.
Can You Make Profit from Bitget Copy Trading?
Yes, you can make profits by selling your strategies or following successful traders. Bitget is a diversified and vast platform where experts have generated $20+ million by sharing their profit.
How Much Money Can You Earn from Copy Trading?
As a follower, it depends on the trader you follow, your invested amount, the trading pair, their ROI, and many other factors. So, your earning as a follower is variable, which can either be a huge profit or some losses. However, as a trader, you will get a 10% commission from your followers’ profit.
