In a recent article about the two unique features that distinguishes Bityard as a trading platform, the Copy Trade feature was mentioned. Copy trading on Bityard allows users to simply copy the trades of other users on the platform at no extra cost. The trader who gets copied is rewarded with a commission of 8 – 10% on the trading profit.
As you may already know by now, Bityard is a trading platform that wants to make trading easy, not just for newbies but for professionals as well. Therefore, this tutorial is suitable for all traders, regardless of the level of trading experience.
While it might be true to say that everyone who buys and sells an asset is a trader, regardless of the type of asset, purpose, price or whether with cash or on contract. However, there are two types of traders; the first type of trader merely fits the description above, while the second type of trader goes beyond just buying and selling. The second type of trader meets the following criteria
- He trades for a purpose, and that purpose is most often to gain profit and attain financial freedom.
- He trades in assets that are most likely to yield the most returns so he takes time to study the markets and take advantage of opportunities as they present themselves.
- He manages risk: He puts in measures to protect both his principal and profits. Therefore, he trades a mixture of short-term and long-term assets, he does a thorough analysis of the assets before trading them, and he stays up-to-date with information that might affect the profitability of his trades.
The second type of trader knows what he is doing. He realizes that the high volatility of the crypto market presents a great opportunity for profit to the people that know what they are doing. As much as the opportunity to profit is great, so is the potential for great losses to those who may not know what they are doing. Thankfully, Copy Trade on Bityard allows anyone to trade like a professional trader by simply copying the trades of someone else.
How to use Copy Trade on Bityard
1. You have to download the Bityard app from your app store and make sure it is installed on your device. Go to the Bityard app on your Android or iOS device and select “Copy Trade” as shown in the image below.
2. Once you have selected “Copy Trade”, you will see a list of traders that you can copy. Scroll down the list as shown by the green arrow to see more traders (see image below). As you will see, there is a summary of the traders’ trading styles. Next to each trader’s avatar, you can see their profit rate, win rate, profit and loss ratio, number of days actively trading, and total number of trades in the last 30 days. You can also see the number of followers that are following this trader. You can choose to follow a particular trader who interests you so as to keep that trader on your radar.
Take an example of the trader below with a profit rate of 50.61%. you can see that he has a win rate of 95.83% on the trades he has conducted in the last 30 days, giving him a P/L ratio of 50.40%. He has only traded for 4 days, and conducted 24 trades in the last 30 days. He only has 159 followers.
3. Click on the trader’s avatar to get a detailed outlook of their trades. You can see the last 10 trades that the trader has made, and their profit rate on each of those trades. This information should give you more insight into the trading style of the trader.
4. When you click “Copy” in the picture above, it will take you to the settings page (see image below) where you choose if your copy is fixed count (put a specific amount) or fixed ratio (as a proportional margin), copy amount per day, and the maximum position amount. You can enter “Advanced settings” to choose whether or not your orders should close along with the trader’s. By default, your orders will close along with the trader’s.
Once you are satisfied with the settings, and you have chosen your trading amount, click the copy button as shown below.
How to get copied
In case you are a trader who would like to get copied on Bityard, the brief explanation below highlights how you can do it.
To appear on the list of traders that can be copied, you first have to become a ‘Listed trader” on Bityard. To become a listed trader, you must fulfil the following conditions:
- Your account must have deposits of at least 500 USDT
- Complete your KYC on the Bityard website (on desktop)
- Go the app on Android or iOS, and make your application in “Community”.
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