In February 2023, Bitget became one of the biggest crypto exchanges to launch a copy trading feature on the Spot market. At the time, the company said the innovative feature would enhance the trading experience of novice traders.
Bitget’s Spot copy trading functionality allows users with little trading experience to copy the trades of successful traders on the spot market. This means all Bitget users can become profitable traders from day one.
How to Use the Bitget’s Spot Copy Trading Feature
Here are the steps to follow to start copying trades on Bitget’s spot market:
Step 1: First, you need to create a Spot Copy Trading account through Bitget’s web app or mobile app.
Step 2: Select a professional trader. Before you pick a trader to follow their trades, it is important you define your trading goals so that you can choose one that aligns with those objectives. Moreover, assess the performance of the trader by taking a look at their risk score and win rate.
Step 3: Allocate your trading capital. Decide on the amount you are willing to risk to copy trades on the spot market. Remember to invest what you are comfortable losing.
Step 4: Start following the trades of your preffered trader. Once you’ve picked a successful trade and deposited funds to your Spot Copy Trading account, you can begin copying trades.
Step 5: Track your progress. It is vital to monitor the performance of your copy trades to determine whether you need to pick a different trader or increase your trading capital.
How to Select the Right Trader to Follow on Bitget
Bitget provides its users with more than 2,000 traders to choose from. However, not all can help you meet your financial goals. So, how do you identify your ideal trader?
Check if the trader’s track record is consistent: Although traders do post losses, picking a trader that has recorded more wins than losses in a long period of time is key.
Consider the risk management strategies applied: Look for a trader that employs proper risk control measures to protect your capital when trades don’t go as planned.
Monitor Your Investment Anytime, Anywhere
Your Spot Copy Trading account can be accessed from various devices, including a tablet, smartphone, or desktop computer. That said, Bitget’s compatibility with several operating systems allows you to monitor your trades anywhere at any time.
Which Fiat Currencies Can You Deposit into Your Bitget Copy Trading Account?
Bitget lets users deposit GBP and EUR in their Spot Copy Trading accounts at zero fees. The crypto exchange recently announced it will list the following trading pairs on the spot market: USDT/GBP, ETH/GBP, ETH/EUR, USDT/EUR, and BTC/EUR.