Social trading or copy trading is not a new term. In fact, the use of these mechanisms has been successfully going on for years. However, in the modern world, the rise of cryptocurrencies is the primary reason behind the increasing popularity of social trading and crypto trading. If you are looking to know more about either of these, you are at the right place.
Social Trading, as the name suggests, refers to a trading method that involves the use of social channels like social media, forums, etc. The process involves following your favorite traders and their activities so that you can use their wisdom to inspire and enhance your own trading style. Social trading doesn’t necessarily mean that you have to exactly copy the trader you follow. Copy-trading, on the other hand, refers to copying the trades of one or more experienced crypto traders. The benefit is that you get to replicate the profits of experienced traders without much effort.
Both social trading and copy trading are ideal for crypto trading beginners. However, there are some fundamental differences between the two. Copy-trading can be constituted as a part or type of social trading. That said, not all types of social trading are essentially copy trading.
Copy Trading Vs. Social Trading: Fundamental Differences
Social trading is a type of information-based trading where you get information about trading strategies and methods from other experienced traders. Copy trading is a more passive kind of trading, where the platform will take automated actions based on the trades of your selected traders.
In social trading, users have more control over their portfolios and trades. In copy trading, users have limited control over their trades and trading decisions.
Social trading is riskier as all decisions are made by the user himself. Copy trading is comparatively less risky.
Social trading needs you to actively make and track your trades. Copy trading is a passive trading method and requires a limited time of yours.
Social trading is preferred for those who like to learn from others but want to have control over their trading decisions or choices. Copy trading is recommended for beginners who don’t care about how decisions are being made and choose to replicate the trades of their favorite traders.
What is a Copy Trading Platform or Exchange?
A copy trading platform is a unique type of crypto trading exchange that lets you copy the trading activities, methods, and strategies of successful & more experienced traders with the purpose to increase your chances of success. This is particularly beneficial for trading beginners who can use the platform to replicate the success of experienced traders without much effort and without having to spend a lot of time and money learning.
Why HIVELLY is the Best Exchange for Copy Trading
HIVELLY is a fast-growing and highly innovative cryptocurrency and copy-trading platform that has been rated as the most trusted, secure & reliable by the trading community. The exchange offers equally rewarding trading opportunities for both beginners and experienced traders using the most innovative copy trading mechanism in the industry.
In addition to a regular cryptocurrency exchange with the best user-friendly interface, HIVELLY offers an extensive set of advanced trading tools for a seamless copy trading experience. Whether you are a trading novice or an experienced trader, HIVELLY is easy to use and offers an intuitive way for you to invest, diversify and transfer digital assets.
While pro traders get to play with many advanced trading tools to up their trading game and earn more profits, beginners can easily copy the trades of experts with the click of a button.
Here’s how it works:
- Join the Hivelly.com Exchange
- Find a Lead Trader by exploring the hundreds of available options.
- Select your favourite trader, i.e. the expert whose trades you wish to copy. Make the best selection based on the trader history and performance stats.
- Assign balance to specific traders. You can assign a specific amount to invest in your selected trader’s trades.
- Click the ‘COPY’ button to confirm. Sit back and relax as the platform automatically copies the trading activity of your selected trader.
HIVELLY – TRADE CRYPTO like a Pro using COPY TRADING!