Do you want to do Copy Trading on Bybit but you don't know how and are having a hard time?
Today I have the best step by step guide on how to do it.
Let's go straight to our point.
Table of Contents
What is Copy trading and how will I make money
The Copy Trading, or else Copy Transactions, is an innovative method of investing in the financial markets, which allows investors to they copy automatically The positions that are opened and managed by other, more experienced investors.
How does it work:
- Choosing a Strategy Provider: The investor (Follower) chooses an experienced investor (Strategy Provider) with a history of successful transactions.
- Link accounts: The Follower links his account to the Strategy Provider's account through the Copy Trading platform for example Bybit.
- Automatic copy: When the Strategy Provider opens or closes a position, the same position is automatically opened or closed in the Follower's account, with a ratio of 1:1.
How to do Copy trading on Bybit
Now to start Copy trading you should register with a top cryptocurrency exchange, after much research the best exchange is Bybit.
Sign up for Bybit
First of all to do copy trading you have to do registration with Bybit and do a quick certification.
Then after you complete your registration, you will need to make a deposit in your local currency so that you have funds to go through the process.
Deposit to Bybit
you will press the category Buy crypto and you will put in your local currency and buy USDT.
Then you will select it payment method which is convenient for you and that was you have bought your first USDT.
Now the USDTs should be in the Funding category, if they are not you will need to transfer them
Copy trader option
Now what you have to do is to choose the best trader you just have to pay attention to some basic things.
- Win Rate: It should be as big as possible.
- Max. Drawdown: This is very important to see if this trader you choose does risk management and it should be up to 12%.
- 90 days: you should see the statistics from 90 days to confirm that it has a long-term uptrend as a trader.
After choosing the trader you want, click on the option that says copy.
There he will put you in the profile of the trader and he will have your wins and losses and in general everything you need to know.
Once you press copy again you should put the money that it will tell you with usually a smaller deposit is $100 although most traders put a smaller deposit of $700.
I personally do copy trading with Trader Bobonya although many times I don't like the trades he gets.
But I do copy trading with him too ITEKCrypto which so far is the best choice for someone looking into this category.
However in more settings it also has the option to put a minimum loss in USDT but there they usually put a big percentage example I deposited $500 I put $100 SL.
It will never get to that much damage but we put it in there just in case something goes wrong.
Once you press confirm it will take you to the copy trade page and there it will detail all the trades that will be open but you will see if you are in profit or loss.
How to close the transaction
bybit also gives you the option so that if you want to close the trades you can press close all and close all the trades that are open.
My scouting view of Copy trading at Bybit
Copy trading at Bybit is a very easy process that anyone can really put their money to work for.
An important advantage is that even with little money one can test their platform copy trading.
LIABILITY DISCLAIMER:
Cryptocurrency trading is VERY risky. Make sure you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your money
Affiliate Disclaimer:
The above links to the services mentioned may be affiliate links. If you use the service through them then you help the BitsounisProject to continue to exist, at no extra cost to you.
Follow it Bitsounisproject.com on Google News to be the first to learn the latest news about Cryptocurrencies, Shares and new projects. Follow us on, Twitter, and TikTok.
