Measuring the Advantages and Disadvantages of Crypto Copy Trading

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Making profits in the crypto market is now easier because we can earn money from following the transactions of professionals, which is called crypto copy trading.

What is Copy Trading Crypto?

Crypto copy trading is a type of crypto asset trading strategy that has gained popularity over the last few years, due to the strong role of the community in the niche.

This method allows you to take advantage of the best trading opportunities without the trading skills, time and analysis required to track the market and manage risk.

You simply find a platform that has the best performing copy trading services, copy their strategies/bots or portfolios that provide impressive returns. This can be an interesting source of passive income.

How does it work?

Usually, the copy trading software of your choice will do all the work behind the scenes, so you don't have to spend a lot of time thinking about the technical stuff.

For example, we can look at the services of TradeSanta.

In a simple way, you need to create an account at TradeSanta and connect it to your preferred crypto exchange account.

Next, all you have to do is go to the marketplace, sort all the bots based on the parameters that are important to you (exchange, market type, crypto asset pair, bot age), and select the bot with the desired return on investment, then click the “Follow or copies."

The platform will copy any of the selected crypto trading strategies on your behalf and will automatically execute trades on your exchange.

Advantages of Copy Trading Crypto

Copy trading is a convenient way for beginners to enter the crypto market, because you can choose a trading strategy that has been successful in certain performances.

This can be a better and easier way to get started than trying to strategize on your own.

You can analyze the statistics of bots or traders before following them. With all the statistics and charts presented on the platform, it is very easy to see if a trader/bot has a large following, as well as large and consistent results.

If you are not satisfied, you can unfollow at any time without conditions.

Disadvantages of copy trading

In copy trading, there are no surefire guarantees even with professional and experienced experts, or popular bots and trading strategies.

Changes in the crypto market can sometimes turn a strategy into a loss, so past good performance does not guarantee the same in the future. This is common in the world of copy trading.

If your copy trading goes well, you will need to pay a fee to the trader or other platform that helps you.

There is no limit to the fees a professional trader may charge you. However, with automated platforms, a paid plan is usually set and you can figure it out from the start.

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