Several crypto traders crave attention, openly sharing their trades and promoting themselves for others to see and replicate. However, it’s critical to be cautious of these traders who only showcase their winning trades. When you examine their profiles, you’ll notice a complete absence of losing trades.
Instead of blindly following these “flawless” traders, platforms like Bybit and eToro offer copy trading functionality. This feature lets you discover traders whose strategies and performance you admire and subscribe to their updates.
Once you subscribe to your preferred traders, you can allocate some of your trading funds to them. By activating the autopilot feature on the platform, you can mirror their trades in real-time. It’s as simple as finding a trader you resonate with, clicking the “COPY” button, and letting the platform take care of the rest.
In this article, we review the pros and cons of Bybit and eToro to determine which copy trading product is superior for crypto enthusiasts. But first, what does copy trading mean?
What is Copy Trading?
Copy trading is a form of investing or trading where individuals replicate the trades or investment strategies of other experienced traders. It allows inexperienced or busy traders to automatically copy the trades executed by professionals in real time, typically through a dedicated platform provided by a brokerage or social trading network.
Copy trading usually involves selecting a trader or multiple traders whose performance and strategies align with one’s investment goals. Once a trader is chosen, their trades are automatically copied into the investor’s trading account.
The copied trades are executed proportionally to the investor’s available capital, mirroring the actions of the selected trader. This way, investors can benefit from the knowledge and expertise of successful traders without having to actively trade or conduct in-depth market analysis themselves.
Copy trading has gained significant popularity in the retail market due to several reasons:
Accessibility
Copy trading allows retail investors to access the
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Author: CryptoDaily
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