As crypto trading becomes popular, existing exchanges strive to attract new users by offering beginner-friendly services. Among such services is copy trading. HTX, formerly Huobi, is a popular crypto exchange that allows beginners to copy proven trading strategies developed by veteran traders.
This article focuses on showing you how to engage in copy trading on the HTX platform. Keep reading to learn more.
A Step-by-Step Guide to Copy Trading on the HTX platform
Step 1: You need to download the HTX trading app and create an account to start copying trades. HTX mobile app is available on both App Store and Play Store, so it is easy to access it.
Step 2: After creating an account, it is advisable to complete the KYC process in order to have access to all features available on HTX. The exchange will request you to provide your selfie and a government-issued document like an ID card.
Step 3: Once HTX informs you that your account is verified, click “Copy Trading” on the homepage to get access to the Futures Copy Trading platform.
Step 4: You will see a list of multiple traders. To quickly find the ones you would like to copy, click “leaderboard” to filter your search. This feature allows you to search traders with the highest PnL and those that have generated the most profits for their followers.
Step 5: Select your preferred lead trader and complete the settings for copy trading. To do this, tap “Follow” on the trader’s profile, allocate a minimum of 20 USDT to the trader, and select the trading pairs you want to copy. Moreover, you will be required to set take profit ratio, margin limit, and stop loss ratio. After that, click “Confirm” to save the settings.
Step 6: Monitor your copied trades. Although HTX offers an automated copy trading service, it is important to keep an eye on the copied trades regularly so that you can adjust copy trading settings where necessary. To modify these settings, click the “Edit” button. Additionally, you can press the “Me” button located at the bottom of the copy trading platform to check your PnL.
Understanding the Copy Trading Settings
You might be wondering what each copy trading setting means. Well, here are the definitions of the settings:
Fixed margin: This represents the amount of funds you wish to allocate per trade. That means if your fixed margin is $20, you will copy each opened position by the lead trader using that amount.
Available Funds: This shows the money available in your HTX copy trading account.
Deposit: This feature lets you fund your account through crypto transfers.
Transfer: This functionality makes it possible to make zero-fee transfers from your HTX USDT-M futures account to your copy trading account.
Margin Limit: If the available funds are not sufficient to allow you to copy more trades, then new positions won’t reflect in your account.
Take Profit Ratio: Any copied trade will automatically close if your take profit percentage is achieved. For instance, if you set your take profit ratio at 50%, HTX will close the trade immediately after the level is hit.
Stop Loss Ratio: This setting helps to avoid blowing your copy trading account. If you are only willing to lose 20% of the invested amount, then set your stop loss ratio at 20%. HTX will close the copied trade when the stop-loss ratio is triggered.
Trading Pairs: With HTX copy trading service, you don’t have to copy all the trades that an experienced trader opens. Instead, you can select specific pairs that you would like to copy.
How to Select the Right Trader
HTX copy trading is a transparent platform, displaying all the critical information you would want to know about the traders in order to select one that matches your financial goals. On every trader’s profile, you will find the following details: win rate, profit-sharing ratio, average profit and loss, preferred trading pairs, and total PnL. This data is key when selecting a trader to follow.