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Bybit is one of the top crypto trading platforms that has made its mark in the industry, thanks to its high-end features. It has several prominent selling points, which now also include the fact that it supports copy trading.
This is a particularly helpful feature for traders, especially the ones who lack prior crypto trading experience. Here is a guide for all traders to help them learn about Bybit copy trading.
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What is Bybit Copy Trading?
Copy trading is one of the easiest ways to trade crypto on the Bybit exchange. This feature is available for all traders to use, however, inexperienced traders opt for it more. It allows new traders to automatically mimic the trades of experts. This is a transparent and safe way for traders to copy crypto trading strategies, which can be a good experience for all traders.
New crypto traders can choose the expert traders they want to copy and get similar profits (if any) as the traders they copy.
The copy trading feature makes trading simpler and easier for all traders, making Bybit a suitable exchange for a larger audience.
Is Bybit Copy Trading Useful?
Bybit gives its users access to a network of experienced traders. The trading history of the top traders is accessible to copy traders, which helps them decide which professional trader they want to copy. By automatically implementing the trading strategies used by expert traders, novice traders can reap the benefits of that trade, provided it goes well.
How to Choose a Trader to Copy?
As mentioned above, the Bybit exchange has a network of some of the best and most qualified traders. These traders become a part of the network if they fulfill the criteria set by the trading platform, which includes having a good trading record.
Bybit users who want to copy crypto traders can take a look at the past performances of each trader and choose the one they want to follow.
How to Start Bybit Copy Trading?
Copy trading is for both experienced or ‘Principal Traders’ and new traders or ‘Followers’. The process to start copy trading on Bybit is quite straightforward and requires either party to follow the three simple steps mentioned below.
- Begin by signing up, either as a Follower or a Principal Trader.
- Once the application is submitted it takes around 2-5 days for it to be approved.
- The users can then start copy trading. The trades of the Principal Traders will automatically be shared while the Followers can choose an expert trader to follow and mimic their trades.
Why Opt for Copy Trading on Bybit?
Bybit copy trading is a much simpler way to trade digital currencies. This is especially for traders who lack prior trading experience or do not have enough time to monitor the markets and then place trades manually.
Copy trading on Bybit is likely to bring about a lot of convenience to the traders. However, they should still be familiar with some of the top reasons why they should opt for it.
Here are some reasons why Bybit users should opt for copy trading crypto assets.
Copy trading is an automated feature, which means that once you choose a Principal Trader to follow and copy, the trades are executed automatically.
Copy Trading is Reliable
This feature is reliable as the trading platform has set high-end requirements that the expert traders have to meet. This is to ensure that the followers have reliable options to choose from so they can have a good copy trading experience.
Transparency for All Users
Bybit provides all the necessary information a user needs to make an informed decision. Therefore, copy trading supported by Bybit is transparent and showcases all profits, losses and trades for the users to consider.
There are no unnecessary fees one has to pay to get access to copy trading. Bybit aims to make it a simple and easy process for all users, which is why Followers only need to make a deposit and they can start copy trading.
How Much Would a Follower Have to Pay?
Copy trading is free to use for those who want to register as Principal Traders and those who want to register as Followers. However, according to Bybit guidelines, Followers will have to share 10% of their net profits with the experienced traders they copy.
Bybit copy trading also has a referral program, which incentivizes the users to invite their friends and get up to 500 USDT in bonuses and 30% in commission.
Bybit is one of the leading crypto trading platforms in the industry that is already known to offer one of the highest leverages and more. It has now also introduced copy trading, which is one of the best ways for new traders to trade. If you are interested in using the Bybit exchange then you should also know the details of the copy trading feature mentioned above.
You can also read our detailed review or check out our Bybit tutorial below to learn more about the crypto trading platform.