OKX Copy Trading - How to Make Money Copying Trades on OKX

OKX Copy Trading – How to Make Money Copying Trades on OKX

OKX, one of the largest crypto exchanges by trading volume, has continued to introduce unique services to its users. For instance, to allow beginners to profit from crypto trading, the platform has launched its copy trading feature.

This article demonstrates how OKX users can copy the trades of experienced traders on the exchange to earn passively. Keep reading to learn more.

OKX Copy Trading Platform

OKX allows users to copy trades in the spot and futures markets. Lead traders (OKX users who let others replicate their strategies) earn a maximum profit of 13% per successful trade. As of April 2024, OKX hosts nearly 1,000 lead traders.

How to Become a Copy Trader on OKX

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The process of becoming a copy trader on the OKX exchange is simple. Just follow these steps:

1. Open and verify an OKX trading account: You can sign up using the exchange’s Web app or mobile app. OKX will require you to submit your identification document for KYC checks.

2. Fund your account: After the OKX team has verified your details, the deposit and withdrawal methods will be activated. You can fund your account using credit/debit cards or transferring crypto from an external source.

3. Go to OKX copy trading platform: Click “Copy Trading” on the homepage to access lead traders. As mentioned earlier, you can participate in OKX copy trading either in the spot or futures market.

4. Pick a lead trader: To find top-performing traders, check the leaderboard and select one who aligns with your risk appetite and investment goals.

5. Copy the lead trader: Use the “Copy” functionality to start replicating the trader’s trades in real-time.

It is important to mention that OKX offers copy trading in two modes: hedge and one-way. The former allows users to copy a maximum of ten traders, while the latter lets users copy just one lead trader.

Also, you should keep in mind that your account deposit determines how many trades you can copy at a given time. OKX will inform you when you do not have sufficient funds to replicate trades.

How to Become a Lead Trader

There are several requirements you need to satisfy to become a lead trader on OKX. Some include:

1. You should have a minimum trading balance of 500 USDT.

2. You must complete the Know Your Customer checks.

3. Your 30-day profit and loss should be at least 30%.

4. You must be an OKX for at least a month.

Besides these requirements, there are a few achievements that can help you improve your visibility to copy traders. For instance:

1. Growing your account balance from 500 USDT to at least $20,000.

2. Maintaining your maximum drawdown below 25%.

3. Trading mainstream digital currencies like Bitcoin, Solana, and Ethereum.

4. Avoiding the use of considerably high leverage.

How OKX Calculates Profit-Sharing Percentage

OKX calculates how much you will obtain as a lead trader based on the Assets Under management. If copy traders have entrusted you will massive capital, you are likely to get a higher profit-sharing percentage than others. This percentage is updated every midnight.

How to Select a Lead Trader on the OKX Exchange

It is vital to consider the following factors when picking a lead trader on OKX.

Profit and Loss: Ensure the lead trader has consistent positive PnL within a specific time.

Risk management: Check if the trader has implemented measures to minimize losses in case they open losing trades.

Maximum drawdown: Pick a trader with a low maximum drawdown.

Trading style: Focus on traders that trade highly liquid cryptocurrencies such as Ethereum and Bitcoin.

Market coverage: Determine if the trader allows you to copy trade on both futures and spot markets.

Popularity: Settle for traders with a huge following, as this indicates reliability and trust from other copy traders.

Feedback: Check the reviews on a particular trader from other OKX users to understand their experience.

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