Do you want to do? Copy Trading on Bybit but you don't know how to do it or if it's worth it.
Today I have the best step-by-step guide for you.
What is Copy trading in cryptocurrencies?
Copy trading is a method where you can find a profitable trader on an exchange and deposit money from 100 USDT up to $3000.
and do it every day signals this is so that you get the profits and the trader gets a percentage of 10% to 15% of the fees.
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 Copy Trading on Bybit.
Now to start doing Copy trading you should do register on the exchange Bybit exchange .
If you don't know how to register, I have created a detailed guide in Greek on Youtube on how to do it. Copy trading on Bybit.
Sign up for Bybit
First of all, to do copy trading you should do as we said above registration with Bybit and then you will verify your account (KYC).
Then, after completing your registration, you will need to make a deposit in your local currency so that you have money to be able to do the process I'm going to show you.
How to Deposit to Bybit
The first step you should take is to click on a category. Buy crypto and you will put your local currency and USDT purchases.
Then you will choose the payment method that suits you as Apple Pay, Google Pay or bank card.
And that's it, you've bought your first USDT.
Now USDT should be in Funding category, if it's not you'll have to move them
Copy trader option
Now what you have to do is choose the best trader at Bybit.
However, you should 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 look at the statistics from 90 days to confirm that it has a long-term upward trend as a trader.
After you have selected the trader you want, you will click on copy button.
There it will take you to trader's profile and it will have your win the losses and generally everything you need to know.
Once you press it again copy button You will have to put in the money it tells you.
Usually smaller deposit is $100 although most traders make a smaller deposit of $700.
However, you should always do your research on which trader you choose.
Now at more settings It also has the option to put minimal damage to USDT but there they usually put a large percentage, for example, I put a $500 Stop Loss on a $100 deposit.
It will never get to that much damage but we put it in there just in case something goes wrong.
Once you click confirm, it will take you to the copy trade page and there you will have a detailed list of all the trades that will be open, but you will also see if you are in profit or loss.
How to close a trade in Copy Trading
Bybit also gives you the option to close trades if you want.
So you can press the close all button and close all open trades.
Pros and cons of Copy Trading
Copy trading has quite positive but of course there are also many negatives that I have to show you.
Let's start with the positives.
- Ideal for beginners – If you are a beginner then copy trading is for you because you don't need to know anything, neither about technical analysis nor fundamental analysis.
- Access to top traders – you will be able to copy great traders with a proven track record of success.
- Learning ability – As the trader you have chosen, every time a trader opens a trade, you can learn from him and study why he opened that trade.
Let's go now to Negatives about Copy trading.
- Choosing the right trader – To choose the right and profitable trader, you need enough time and research to find the one that suits you.
- You don't have full control. – This is quite negative because the trader decides how much to risk with your money and a wrong strategy can lead to large losses of money.
- Risk of loss of capital – Even the most successful traders can lose money, so you want to be very careful about the money you invest.
Tips for Successful Copy Trading
Choose the trader carefully – Look at its history, its profitability rate and its risk management method, and of course whether the traders it opens are reasonable.
Start with small capital – Try Copy Trading with a small amount before investing more and of course money that you don't really need.
Don't copy blindly. – Monitor the trader and change strategy if necessary, and of course, if you see illogical things, change the trader you are following.
Now let me tell you my opinion about Copy trading.
My Opinion on Copy Trading on Bybit
The copy trading on Bybit It's a very easy process that really anyone can do, and they can put their money to work for them.
However, it requires a deep and long-term analysis of which traders you will choose to copy trade.
I have lost and also made money from Copy trading, but what I have understood is that you have to find a trader with small returns every month.
Because the smaller the returns, the smaller the risk.
Finally, an important advantage is that even with little money someone can try the Bybit platform for copy trading.
Here you can also read the detailed guide for how to copy trade in forex.
Disclaimer:
What we mention on the website Bitsounisproject is for educational and entertainment purposes, does not constitute investment advice.
The above links to the services mentioned may be affiliate links.
