Both Webs 1.0 and 2.0 had important ways of monetizing your following. First from subscriptions, and later as influencers. One way Web 3.0 allows users to monetize their audience is with Copy Trading.
The PrimeXBT Covesting platform will allow you to do just this. In fact, you can join the platform as a trader to garner followers and earn a profit, or you can be a follower, and automatically sync your trading with the experts. Whether new or experienced, copy trading is an increasingly common crypto investing tool. Here’s how it works and how you can make the most of it.
What is Copy Trading
Copy trading works from both ends. You can attract followers who will copy your investment, and you can earn from that. Or, if you are a newer trader and want to follow another person’s investment portfolio.
In copy trading, you will make the same trades and investments as the experts. While no one can guarantee a profit in any trading market, it is nonetheless reassuring knowing that you will be making the same trades as an expert.
The Covesting Platform at PrimeXBT
PrimeXBT offers an excellent copy trading platform called the Covesting Copy-trading Module. You can browse hundreds of traders to find yourself a good match. You can even review their past performance before making a decision.
Each trader will have their own strategy, so you can choose how much you invest in each one. Once you start following, you will get the same returns as your strategy, and you can even follow multiple traders at once.
If you are a trader, you can sign up to acquire followers. Compete with other top traders for followers, and earn more money the more you acquire. Traders earn a second income stream through success fees. You can sign up within a matter of minutes.
Select members of the PrimeXBT Covesting Copy-trading Module receive additional benefits. Being part of My COV provides increased profit share for copy-trade followers. For those on the management side, you can gain exclusive access to charts and 20% off of trading fees.
In other words, membership in the MVP program provides increased profit to both followers and traders!
If you want to attract followers who are willing to use their money to copy your investments, you have to do some work to convince them. After all, this is their hard earned cash. So what are some ways to attract and retain followers?
The first thing is to be transparent. In order to inspire trust that their money will be safe, you can show some of the thinking behind your trades. Even showing a few trades that did not generate profit can be important, especially if you can show how you have outperformed the market overall.
Something else you can do to gain trust is to demonstrate your expertise. Many people will sign up to copy other trades because they do not want to or know how to do the proper research. They want to leave their money in the hands of an expert.
Copy trading comes with many pros and cons. You can keep your emotions out of the game by trusting the experts, and you can finally take a hands-off approach to trading and thus save time and energy. However, all trading comes with risk, and in this platform, you are delegating the ability to control that risk to someone else, generally an expert. All investing comes with its risks, and there’s a reason this is an increasingly popular option among cryptocurrency investors.