Beginner’s Guide to Copy Trading with PrimeXBT Covesting
Investing and trading has been a major movement. Everyone strives to be financially healthy, wants to know they can save for retirement, and even retire early. There are many investment strategies that one can use, such as copy trading.
Before the internet, copy trading was something that only the wealthy and financially savvy could access. Today, anyone can start copy trading. You don’t even need to be a financial crypto expert — there are many apps and programs that make trading easy for you.
You’ll benefit from using a convenient yet powerful social trading platform, such as PrimeXBT. If you’re new to copy trading, here’s your beginner’s guide to trading and why you should choose PrimeXBT Covesting.
What Is Copy Trading?
Copy trading is also known as covesting and social trading. This trading method lets you copy the trades from other traders. This is a popular tactic used by those new to trading. They can learn cryptocurrency trading with different techniques and also make some passive income.
This is also a popular technique used by traders. All trades are automated, so they can trade without much effort on their part. However, you can opt for manual trades.
The goal of copy trading is to open positions in different financial markets and then close them once the value of your assets has increased. Like any trading method, this can result in profits and losses.
The Advantages of Copy Trading
Copy trading has many benefits for both traders and followers. Here are a few you’ll experience.
Powerful Trading Options
Some of the financial markets you can trade in include Forex, cryptocurrency, commodities, CFDs on stocks, Bitcoin, and more. Diversified investments help you better manage your risk and can reduce volatility on any price movements.
Easy for Followers and Traders
Copy trading is ideal for beginners because they can familiarize themselves with stocks and trading strategies. Users can start following other traders quickly.
As they learn from experienced traders, they may develop the confidence to start trading on their own. They can easily create their own strategy and be on their way to professional trading.
Copy trading is also ideal for experienced traders. Since copy trading is automated, this is a convenient option for busy traders or ones who just want to easily make extra money.
What Is PrimeXBT Covesting?
While these are all great benefits, you’ll only see results if you use a reliable copy trading platform. While there are many options, such as eToro, users will benefit more when they choose PrimeXBT.
PrimeXBT has established itself as the prime crypto margin trading platform and even won the 2020 best crypto margin trading award from ADVFN. They have access to 30 trading markets, such as Forex, cryptocurrencies, indices, and futures. PrimeXBT currently operates in over 150 countries.
PrimeXBT also prides itself on security. Traders and followers are fully anonymous and their network is extremely secure, safeguarding all users from hackers and identity theft.
PrimeXBT comes with other benefits, including:
- Low trading fees
- Tools and resources (a thorough dashboard, charts, etc.)
- Mobile access
- 99.999% network uptime
- Excellent customer support
- Referral rates and an affiliate program
- Community engagement
Overall, this is the best platform for both followers and traders who are serious in social trading. Start trading in only 3 simple steps: 1. Register; 2. Fund your account; 3. Begin trading. Hence, experienced traders can bring their results in front of the public and monetize their skills. Beginners can follow and automatically copy successful investment strategies. Give it a try and start Covesting today!
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FAQ about COPY TRADING
What is Copy Trading?
Copy Trading (also known as Social Trading or Covesting) enables you to copy positions from experienced professional traders. Compared to mirror trading, a portion of your funds will be linked to the account of the copied investor. It’s an easy way to step into trading stocks, forex, and or cryptocurrencies. Less experienced traders can benefit from successful investors.
Is Copy Trading Profitable?
Copy Trading was launched in 2005 with the purpose of auto-trading, called mirror trading. It became more and more popular in the last couple of years. Hence, YES, it is profitable if you understand the fees, risks, and requirements. Therefore, always make sure you exactly know what you’re doing and follow the advice of top investors who gain value in the long-term and not short-term as Day Trading is a completely different field of investment strategy.
Can you Make Money from Copy Trading?
Yes, you can! But it also depends on who you copy and how often you change investors or positions. Keep in mind that high profit is always in relation to high risk. While you can gain a 120% profit you can easily lose everything. Furthermore, on all trading platforms, you have to pay fees. Each trade and each position change will cost you money. Therefore, we always advise new traders to invest wisely. Only start if you can lose it all and only invest in long-term profits.