Cryptocurrencies, where they have helped hundreds of thousands of people make significant profits, there are many who have made losses. For people who have been in the red or simply do not have the time to actively trade, this means that they are losing out on a lot of opportunities.
Copy trading is one strategy that they can utilize to work towards their advantage.
Why Many Don’t Trade Cryptos.
While there are several reasons to this, let us concentrate on three key issues for people who have had bad experiences in this area:
Cryptocurrencies are volatile by nature. While it is normal for any asset or money to move up and down against another, this is more pronounced with cryptos. Unlike traditional securities and monies, cryptocurrencies are not backed by physical assets or governments. This means that their value is purely based on the market demand and supply balance, leading to increased ups and downs than other traditional tradable assets. There are a few exceptions, but this is the case for nearly every crypto.
Lack of Regulations.
Even after nearly a decade and a half, the crypto industry is much like the Wild West. Risky and unregulated. Governments and regulatory bodies have been slow to react to this emerging asset class and there is a clear lack of oversight. With weak controls, this has meant that market manipulation, both by traders and inside bad actors, has led to scams, rug pulls and frauds running rampant.
While cryptocurrency trading is a lot like traditional one, there are still many differences that can catch even the most experienced legacy trader off-guard. Factor in different aspects such as 24/7 global trading, lower entry barrier, celebrity or social influencers having more sway, getting a grasp on crypto trading is more difficult than many believe when they start it.
The combination of these three can result in negative results, pushing people away from taking advantage of the profit making activities.
Copy Trading: The Answer to Crypto Earning.
We humans are social by nature. We thrive in the company of our peers and look up to our idols to become what we dream of.
This has extended to the trading arena, specifically cryptocurrency trading. One of its variations is called copy trading. Though this is not a new concept, it is still extremely underutilized.
In its essence, copy trading is where a passive trader copies the trades of an advanced and more experienced trader. All trades opened by the professional are initiated automatically by the former, where the allocated funds are put in the trade at the same opening value, including stop orders.
By closely following the strategy of the experienced trader, people can potentially make more profits than they can on their own, given the expertise of the latter.
Copy Trading In A Regulated Environment.
While there are several crypto platforms that offer copy trading, there are very few that offer this with a combination of being legally compliant to laws and regulations.
One such firm is ICONOMI. The social trading platform gives users the ability to make potential profits using its copy trading services, all covered under U.K. regulations.
ICONOMI is also a very user-friendly platform that lets users start their copy trading journey in just four steps.
- Registration: An FCA compliant platform, every trader needs to be registered along with specific KYC and AML verification on ICONOMI.
- Deposit Funds: ICONOMI has extremely low enter barrier, with as little as £10 or equivalent BTC and ETH needed.
- Browse and Select Strategy: Users can browse different experienced traders and their Strategies and select one that suits their needs.
- Start Copy Trading: At the touch of a button, users’ funds will start copying all activities made by the Strategy creator.
Each Strategy in ICONOMI is well documented for users to browse and get to know more. This includes an overview of past performances of the Strategy such as profits or losses made, overall returns, structure of diversification and charges involved.
Users are free to browse and compare the Strategies to see which one they are comfortable with. Once a Strategy is initiated, all trades made by the Strategy creator are automatically copied. This way users can sit back and relax, watching their investment grow over time.
ICONOMI also allows users to exit a Strategy at any stage they want.
Reputable ICONOMI Services.
ICONOMI has strived to create a conducive environment and the steps it has taken speak for themselves.
Registered by the Financial Conduct Authority (FCA) of the UK, ICONOMI complies with all the regulations set by the authority for their crypto activities, including top notch assets’ security.
The platform is already trusted by more than 100,000 registered users, who have high praise for ICONOMI on their Trustpilot page.