Are you ready to start trading crypto but worried about your lack of experience? That's understandable, as cryptocurrency is one of the most challenging financial instruments to trade.
The crypto market is volatile. It's notoriously unpredictable and often has extended periods of uptrends, downtrends and consolidated markets. Novice crypto traders are unsure about how best to read the crypto market and haven't mastered the trading psychology necessary to succeed as a crypto trader.
Copy trading has been an option for crypto enthusiasts for a while now but often got a bad rap, with followers reporting as many losses, if not more, as when they traded themselves.
Primarily, copy-trading success requires followers to have a trading strategy for choosing an elite trader. You may want fast profits and select a trader who uses high-risk strategies, however, there are better ways to achieve growth and sustainability.
This article is a guide to Bitget copy trading, packed with tips and tricks for making the most of your Bitget copy trading experience.
The aim of this article is to help give you clear guidelines for finding the best elite copy trader on the Bitget copy trading platform.
Note: Users located in the US and UK are not supported.
What is Bitget?
Bitget is an established, reputable cryptocurrency exchange. Based in Seychelles, Bitget launched in 2018 and quickly became a popular copy trading platform for crypto copy traders and investors.
The platform has multiple products and features, including copy trading, derivative and spot trading, a launchpad and "Earn" products, including staking and crypto loans.
Bitget supports 40+ fiat currencies, 800+ tokens and 800+ trading markets. The platform has a $300M protection fund and 1:1 proof of reserves.
Bitget Copy trading is one of the most popular services on the platform. You can find out more about this crypto trading exchange in our dedicated Bitget Review. In addition to the Bitget Review, we also have the following supporting Bitget articles:
- How to Get Started with Bitget: Step-by-Step Sign-up Guide!
- Bitget Fees: Analyzing Bitget's Fee Structure
- BGB Token: Benefits, Uses and Tokenomics
- Bitget Security Analysis: Is Bitget Safe?
- How to Buy Bitcoin on Bitget
What is Bitget Copy Trading?
Bitget Copy trading is a popular service. The copy trading platform enables registered users with the ability to automate their trading by copying the trades of skilled, experienced, and some professional traders, of which there are more than 100,000 registered on the Bitget exchange.
Bitget Offers Four Types Of Copy Trading: -
- Futures Trading: Copy Futures traders
- Spot: Copy Spot traders
- Bot: Copy or buy a trading bot
- Create a trading bot of your own
Basic Bitget Copy Trading Bots Include: -
- Spot Auto-invest
- Spot Grid
- Futures Trading: Grid
Basic bots are suitable for beginners or those without sophisticated trading requirements.
Advanced Bitget Copy Trading Bots Include: -
- Spot Martingale
- Futures Trading: Martingale
- Spot CTA
- Futures Trading: CTA
The advanced bots are higher risk and may not be suitable for novice traders.
Copy trading is not unique to Bitget, although the service has a better reputation than many other exchanges offering copy trading. The following section explores crypto copy trading and how it works.
"Trade with the best and benefit from the pros." Source: Bitget
Bitget Has 100k Professional Traders You Can Follow. Image via BitgetWhat Is Crypto Copy Trading?
Cryptocurrency copy trading offers a fantastic opportunity for traders to adopt the strategies of crypto trading experts without having to trade themselves. With this automated method, you can dive into buying and selling crypto assets to reap profits without spending endless hours researching or mastering the complexities of cryptocurrency trading.
How Does Copy Trading Work?
Cryptocurrency copy trading is all about recognising skilled copy traders and automatically replicating their moves. Instead of analysing market trends, studying fundamentals, or deciphering complex trading methods, copy trading software mirrors the actions of the elite Bitget traders.
Suppose the Bitget trader you're copying places a Dogecoin (DOGE) sell order with a 1:3 RTR (risk-to-reward ratio) and a set exit point. The copy trading software automatically replicates the same order for your account within your chosen parameters for risk and drawdown.
Copy trading is a clever way for novice and seasoned traders to leverage the expertise of others and develop their investment skills.
On the other hand, you could join trading groups on platforms like Facebook (Meta) or Telegram to receive advice on cryptocurrency trading strategies or follow trade signals. However, remember that trading comes with significant risks. It's hugely challenging to master crypto trading, and most novice traders eventually give up after taking substantial losses.
Putting yourself in the hands of a skilled and experienced trader means you relinquish the need to get involved in the trading process other than setting up your account. For many novice traders, it's an excellent hands-off approach to trading.
Of course, Nothing is a sure shot in the volatile crypto market. People often confuse copy trading with "social trading", which involves seasoned traders suggesting which crypto assets to buy or sell. Social trading is a manual process, leaving room for potential errors and reducing the probability of success.
You can still become part of a trading community and learn from others. Bitget copy traders have over 410k followers. Maybe, one day, you might develop the confidence to learn trading to a reasonable level to start trading yourself and earn income off of traders who want to copy your trades.
Cryptocurrency copy trading provides a more automated and reliable way to follow experts' moves and potentially earn profits. It's a popular choice for traders looking to boost their crypto game.
Benefits of Crypto Copy Trading
There are multiple benefits to crypto copy trading. In this section, we will explore the main advantages of Bitget copy trading and discover if there are any cons to copy trading.
#1: Copy Trading Is Great For Novice Traders
Learning how to trade cryptocurrencies is not easy. There's a 95% failure rate for new traders, and even seasoned traders can take many years to develop sufficient skills to make consistent monthly profits. In addition, the crypto market is incredibly challenging, with high volatility causing random price spikes and long periods of inactivity.
In addition, with over 23,500 listed cryptocurrencies and hundreds of crypto exchanges, figuring out how and where to start can be overwhelming. Copy trading is a hands-off approach, only requiring understanding and researching trader's profiles to find the one most aligned with your trading goals.
#2: Copy Trading Saves Learning Time
Most novice traders don't appreciate how time-consuming becoming a successful crypto trader is. If you're working full time, you may not have access to the crypto market at peak times, when liquidity is highest. In addition, you have the task of learning the best trading strategies, technical and fundamental analysis and what indicators to use.
Realistically, it can take many years to master crypto trading, with no guarantee of success.
Copy trading is a simple way to learn about trading from professional crypto copy traders. It's not without risk, and one of the things you will learn is how to manage risk. Still, copy trading will save you time and reduce the chances of blowing your account if you choose a successful Bitget trader.
#3: Learn Effective Risk Management
Once you choose a trader to follow, you can adjust the risk parameters in your account. For example, you can assign lot size, maximum drawdown, and RTR (risk to reward) ratio; you might choose a 1:3 RTR meaning one win equals three losses before denting your trading capital.
Let's be clear. Copy trading is not without risk. However, the main reasons for losses are caused by not adhering to sound risk management and going after the big wins instead.
We recommend, if possible, risking no more than 1% of your account per trade because you would need one hundred losses before losing your entire trading capital.
#4: Learn From Seasoned Crypto Traders
Very few crypto traders go straight into profitable trading. Most traders started where you are. However, they have spent time mastering their skills and mindset in the trading arena. They may have traded multiple financial instruments or have deep knowledge of the crypto market.
Some Bitget traders enjoy interacting with their followers and building a loyal community. They may encourage their followers to ask questions, which is great because it allows you to learn the best crypto trading practices and how to develop solid trading psychology.
#5: You Don't Need Deep Crypto Market Knowledge
It may help your stress levels if you have some knowledge of the crypto market so you understand what's happening if a trade is in drawdown. Market analysis can baffle novice traders, but it can come quite naturally for expert traders. They develop the eye to spot market signals. They know when to enter and exit and trade and how to analyse the reasons for crypto price action.
#6: Copy Trading Minimises Emotional Reactivity
Professional crypto traders have mastered trading psychology. They remain calm whether the trade wins or loses because they understand the long game. They stick to their risk management, trading plan and trusted strategies.
Emotions aren't entirely void from copy trading, but a lot depends on your approach. If you choose a profitable trader with consistent results and only check your trades at the end of the day or week, your emotions will stay in check. However, if you watch every trade, you will experience heightened emotions, which can be stressful.
Join the Bitget Copy Trading Platform If You Are a Professional Crypto Trade. Image via BitgetIs Copy Trading Only For Beginners?
No, copy trading has multiple benefits for all levels of crypto enthusiasts and traders.
- Novice Traders: If you are brand new to trading and don't understand the crypto market, copy trading can be an option for learning the art of trading from professional crypto traders.
- Intermediate Traders: Perhaps you have some trading experience but are short on time or want to learn from someone more advanced. Copy trading gives you access to proven experts.
- Experienced Traders: Some top traders use copy trading to create additional income. With thousands of cryptos available, trading all of the assets you would like is impossible. Professional traders can do well because they know the attributes and traits required for successful traders.
Whatever level you are, copy trading is a hands-off approach to crypto trading. Professional traders may have a crypto specialism, such as trading Bitcoin, and are unfamiliar with Ethereum (ETH) price action but want to diversify. Therefore, they may seek a copy trader with in-depth Ethereum (ETH) experience.
Bitget has over 100,000 elite traders. If you have a proven history of trading success, you can apply to become a Bitget elite trader. Once approved, you can share your techniques and strategies with your followers and earn a passive income by allowing them to copy your trades. You can choose to have a public profile or remain anonymous.
Are There Any Risks In Copy Trading?
Yes, even professional traders have losing streaks. Choosing a trader who consistently trades low-risk strategies and has verifiable proof of results is essential.
Selecting a more Gung-Ho trader with higher risk may work out for a while, but it does increase the risk potential.
To protect your Bitget account, set risk parameters for reduced risk, such as maximum drawdown, RTR and lot size.
What Should You Do Before Starting Copy Trading?
It's easy to think you can start copying trades without knowledge, but that's not true. Taking time to understand the basics of crypto trading can significantly impact your copy trading results.
We recommend gaining basic knowledge of the following: -
- How the cryptocurrency market works
- Technical, fundamental and sentiment analysis
- Lot sizes, order types, stop loss and limit orders
- Risk management: How to protect your trading account
- The difference between crypto projects and token utility
- Trading psychology: The kind of mindset required for trading
You may have seen negative reviews of crypto copy trading platforms, but we'd guess that many followers fail to grasp the basics of crypto education. If you have an idea of what's happening on the charts, you will find it less stressful and emotionally triggering.
How to Select the Best Crypto Copy Trading Platforms
There are several factors to consider when choosing a suitable crypto copy trading platform.
Firstly, always select an established crypto platform like Bitget with a good security and customer care reputation.
Trusted Traders With Documented Results
When researching a copy trader, observe the number of followers with live trading accounts. If the trader only has a handful of followers, looking for another with several thousand followers might be best. Even though all traders have to start somewhere, proof of results is a good start.
Carefully read the elite trader's profile and assess their risk management and results.
- ROI
- Win rate
- Watchers
- Total profit
- Total trades
- Total assets
- Days joined
- Max drawdown
- Number of followers
Click on a Trader's Profile and Assess The Primary Factors of Success. Image via BitgetEvidence of Returns
Following traders with high annual returns may seem attractive, but such strategies are often higher risk and tricky to maintain. Look at the analysis section on the trader's profile and observe if growth is like a rollercoaster or shows a slow, steady uptrend. The latter is preferable. The former may be evidence of a trader with a high-risk approach or a gambling mindset. Anyone can be lucky for a period but not for the long term.
Risk Scores
Choose a trader with a low and consistent risk score, which will help reduce the dangers of high drawdown. Ideally, look for statistics of a 20% drawdown or less.
It's advisable not to follow a trader who doesn't use a stop loss for all orders. We assume professional traders naturally have a stop loss to protect their (and your) account, but it's surprising how many traders wing it.
Type of Trader
Does your chosen trader swing or day trade or use a scalping strategy? Scalpers take multiple trades daily. Day traders open and close a few trades daily, and swing traders may hold trades for days, weeks or months. Assess what trading style suits your personality and stress levels.
The trading style also affects how many trades a copy trader takes. Swing traders have fewer trades than scalp traders. Measure the number of trades against the profitability and consistency of results.
Finally, how active is your chosen elite trader? Are they available to the community or disappear for days or weeks without explanation? As with every aspect of copy trading, consistency is the primary goal. If you notice the trader switching strategies, increasing lot sizes and risk against their account, it may be time to unfollow.
You may also want to choose a specialist for a specific cryptocurrency, such as a Bitcoin expert.
How To Copy Trade On Bitget
The first step to setting up your account for copy trading is to choose a nickname. It's optional, but Bitget uses your email address or phone number as the default nickname if you opt-out. Your nickname can be a mix of letters, numbers and special characters.
After that, upload an up-to-date profile photo.
Note: You cannot change the profile name or nickname once set up.
Customer service will then review and, hopefully, approve your account. After that, take the following steps: -
Step 1: Choose a trader to follow: On the Copy Trade page, look for a suitable elite trader to follow.
On The Bitget Copy Trade Webpage, click on “Follow”. Image via Bitget
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On the Bitget App, Click on "Copy" to Follow A Trader. Image via BitgetStep 2: Choose A contract type, follow mode, risk management and leverage. Once selected. Click “Confirm.”
If a trader is at total follower capacity, you can set a reminder for notification of the next available slot. Click on "Slot Reminder" on the trader's avatar.
If you decide to unfollow a trader, return to the Copy Trade section and click "My Trader", "Unfollow", and “Edit.”
What Happens if A Copy Trade Fails?
There are numerous reasons for a copy trade fails: -
- The trader has removed you.
- You do not have sufficient assets.
- The trader may have lost trading status.
- The trader reached the maximum limit of copy trades.
- The copy trader has reached the maximum number of followers.
- You reached the maximum limits of your copy orders. These limits are variable depending on the assets traded. For example, you can copy trade only 3 BTC/USDT trades but 30 ETH/USD per order.
We recommend checking your copy trading account frequently to ensure you have sufficient funds and are happy with the copy trader's risk management and results.
Before activating your copy trades, it is helpful to check Bitget trading fees.
Bitget Trading Fees
Bitget trading fees are competitive:
Image via BitgetWithdrawal fees are variable, depending on the asset. For example, BTC withdrawals are 0.0005.
Copy Trading Fees
Copy trading incurs the same trading fees as if you were trading spot or futures on your own, such as: -
- Slippage
- Trading Fees
- Funding Rates
- Performance Fees (a profit percentage gained from the copy trader's wins)
Depending on each Elite trader's requirement, you may also pay a trading strategy or subscription fee. The benefit of Bitget copy trading is there are no hidden fees. Bitget supports transparency, so you will know potential costs before following a trader.
What Is The Difference Between Social, Copy And Mirror Trading?
There are several differences between social, copy and mirror trading. This section goes behind the scenes to explain how they differ—the positives and downsides and what type of copy replication might suit you best.
Mirror Trading: A Hands-Off Approach
Mirror trading is when you copy the trading strategies of other traders. Companies offering a mirror trading service combine the best-performing strategies of their top traders to give reliable signals.
Nowadays, mirror trading is smarter, using big data and artificial intelligence to make signals accurate and predictable. It's great for investors wanting an easy, hands-off crypto trading experience.
The only downside is that mirror trading requires you to copy everything – you can't choose specific signals to follow. The entire process is automated, so you don't have much control.
Mirror trading requires special software or a MetaTrader plugin that does it all for you to do mirror trading.
Copy Trading: Emulate Top Traders
Copy trading is a more advanced version of mirror trading. Unlike mirror trading, where you must follow all signals without control, copy trading allows you to select specific traders whose trades you want to copy. Your trading account automatically copies a trade whenever the chosen trader opens a trade.
Copy trading is still automated, but you can switch between traders and follow their strategies at different times. In addition, you can even choose to follow multiple traders for various currency pairs, depending on the platform's capabilities.
One of the key benefits of following the best traders is that it provides an opportunity to learn from their strategies. You can monitor their open trades in real-time and try to understand the reasoning behind each trading decision they make.
Copy trading lets you gain valuable insights into successful trading techniques you may use later if you intend to start trading crypto yourself.
Social Trading: Being Part of a Trading Team
A popular copy trade service is social trading. It's a blend of mirror and copy trading with a social aspect. Unlike relying solely on automated signals and plugins, social trading lets you join a community of traders to engage in real-time discussions about market updates.
Social trading offers a learning opportunity for crypto trading novices. You won't have to guess the reasoning behind the trades, such as the technical and fundamental analysis. Instead, you'll have a group of traders to discuss the crypto market and make trading decisions together.
From experience, I know trading is a lonely game, so being part of a community can improve your trading skills as you learn from others.
The best part is that social trading is relatively safe because you retain complete control over your decisions. The signals and insights from the trading group or forum are only guidance and trading aids. This way, you'll master advanced trading strategies much faster and with the support of a knowledgeable community.
The downside of social trading is that executing successful trades relies on timing, and you need to understand the basics of completing an order and setting a stop loss and exit point. It sounds easy, but the tendency to interfere with trades is a daily reality for novice traders.
In addition, the proviso is that you join a reputable social trading community with a solid background in supporting its members.
Bitget Copy Trading Closing Thoughts
Bitget's copy trading service is one of the most popular in the crypto space. With 100k+ elite traders and 400k+ followers, the stats for the copy trading platform speak for its success. If you've tried other crypto copy trading platforms and been disappointed, it's worth checking the Bitget service.
Bitget has an Elite Trader Leaderboard, so you can quickly find a profitable trader that suits your style.
Check Highest ROI And Profit, New and Ranking By Followers to Find An Elite Trader. Image via BitgetIt's easy to get started copy trading with Bitget, and you can unfollow a trader if the results are not to your liking. You have complete control of managing your risk and drawdown levels from the offset. You can cancel a service easily in the copy trade dashboard.
Overall, the Bitget copy trading service gets a thumbs up, and we imagine it will continue to attract many new followers.
