Copy Trading is an investment that allows you to replicate the trades of experienced traders. It can be a great way to learn the ropes of cryptocurrency trading and potentially make some profits along the way.
A few different platforms offer copy trading, but one of the most popular is MT4 copy trading. MetaTrader 4 is a platform used by professional traders worldwide for Forex, CFDs, and cryptocurrencies. It offers a wide range of features and tools that allow traders to analyze charts and indicators and place orders.
Multiple brokers offer MT4, and most of them also offer copy trading. You can find a list of brokers that offer MT4 here.
Once you have chosen a broker, you will need to create an account and fund it. Once your account is funded, you can look for traders to copy. There are a few ways to do this.
The first way is to use the copy trading tab on the main menu bar. This tab will show you all traders who are currently open for copying. You can filter the results by country, currency pairs, profit, and more.
You can also find traders to copy by using the “Find Traders” tool. This tool allows you to search for specific traders by entering certain criteria, such as when they started trading, the number of trades they have made, and more.
After finding some traders to copy, you can choose which ones you want to copy. Typically, this is done with the click of a button. You may be required to pay a fee for copies (for example, $0.02 per share copied), but most brokers do not charge anything for copying trades. Then you are free to sit back and watch your “clones” perform their transactions on your behalf!
Crypto
Crypto is big news—by now everyone knows what cryptocurrency is and wants to get in on the action. Once you start looking into it, it’s everywhere. The altcoin market is getting pretty huge, and there are plenty of good reasons why every trader should pay attention to them too.
Bitcoin
Bitcoin may be all the rage today, but that doesn’t mean it will win out tomorrow – or even next week. Diversification with smaller coins can bring excellent returns if timed right for those who like variety in their trading. That’s where copy trading crypto comes in.
Copy-trading cryptocurrency means allowing a trade signal supplier to automatically replicate your trades on another exchange using your chosen funding method. It could be manual by sending funds yourself or automatic through an API connection straight from your MetaTrader 4 trading platform.
Copy trade funds
When you copy trade, your funds remain in your account, and the trade signal service provider uses its balance to automatically replicate trades on another exchange, usually using an API connection (Application Programming Interface) straight from your MetaTrader 4 trading platform.
Any profit or loss made through a cryptocurrency is yours alone, which will be reflected when you check your online trading account after each completed trade signal. It gives you more control over your trading, letting you mimic the actions of an experienced trader by just copying their every move. And that’s what it’s all about.
Bottom line
If you’re wondering how much money can be made through copy trading; the answer depends on your investment strategy and whether or not your strategy matches those of your “clones”. The more similar your strategy, the better! But you should get a feel for how much money can be made by looking at how much your traders have been making.
It is just one of many ways to trade cryptocurrency—and there are other methods out there, too. If copy trading doesn’t seem like the right option for you. Make sure to keep a check on your own trading skills by upholding your currency trading skills with these 5 easy steps.
