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A Step-By-Step Guide to Spot Copy Trading With Bitget
Trading has many facets and one of them is taking advantage of the experience of leading traders through a strategy known as copy trading. Considering the growing interest towards risk-minimizing options for trading, similar instruments have been spotted on the market before. Leading cryptocurrency exchange Bitget managed to introduce copy trading in full and make it both accessible and comprehensive to users on a massive scale.
Enter Bitget
Bitget, established in 2018, is the world’s leading crypto derivatives exchange with a core focus on social trading. The exchange currently serves over 8 million users in more than 100 countries worldwide by providing them with one-stop trading solutions aimed at increasing crypto adoption, and has became the largest crypto copy trading platform.
In early 2023, Bitget took a bold step in opening up the cryptocurrency market to a broader audience of traders by becoming the first centralized exchange in the world to launch a copy trading service for the spot market. The new flagship product, dubbed One-Click Copy Trade, is meant to become an intuitive experience for spot traders and a go-to solution for newcomers into the cryptocurrency market.
What Is Copy Trading?
If put in simple terms, copy trading is the process of literally copying an experienced trader’s strategies and trades. Users who either do not have the time or necessary experience to conduct an in-depth technical analysis to derive their strategies or trading algorithms can resort to the actions of other traders and shadow their trading portfolio to increase the possibility of making profitable trades. Given the fact that most professional traders conduct technical analysis on a routine basis, tapping into their experience is a surefire way of compiling a comprehensive overview of the market situation and potential forecasts on asset price movements.
The given approach not only provides a fast track into trading, but also gives all new players a readymade playbook to follow. The transparency that comes with copy trading also discloses the selected trader’s returns, trading history, applied methods and strategies, and portfolio makeup. Combined with a variety of trading tools like Maximum Investment, Stop Loss and Take Profit options, copy trading is ideal for both novice and experienced traders seeking ways of simplifying and enhancing their trading operations.
Advantages of Copy Trading
One of the biggest advantages of copy trading for beginners is that it provides them with an instant and digested overview of broader market dynamics based on the actions of experienced traders. The ability to track a real trader’s moves and trades illustrates the logic behind every operation. This creates a tentative connection between market movements and human reactions to them aimed at making a profit or safeguarding portfolio assets. The convenience of the approach is further bolstered by the availability of a wide variety of trader strategies on offer, each suited for individual preferences and risk appetites. Add to that the possibility of selecting traders based on individual preferences and filters, and copy trading becomes akin to shopping for expected yields.
The ability to find traders whose actions align with preferred strategies and limit orders saves an immense amount of time that would have otherwise been spent on keeping constant tabs on the market, order books, trading volumes and so on. Elite traders have perfected and nearly automated their strategies to take into account every possible scenario, making copy trading of their actions an ideal option for users willing to both learn from the best and enhance the yield-generating performance of their portfolios.
Key Features of Copy Trading with Bitget
Bitget developed its flagship product with users in mind, ensuring that the onboarding process is as seamless and convenient as possible. The application, both mobile and web-based, guides the user through a step-by-step guide displaying all the key functions and actions necessary to kickstart their trading careers using copy trading.
Among the key features that set Bitget’s copy trading solution apart from similar products are the following:
- Availability of thousands of verified traders, both experienced and elite with a successful track record, whose spot copy trading strategies are available for users to copy;
- Selection of filters and metrics allowing users to find elite traders with strategies and trades matching their personal requirements, including trading pairs, timeframes, risk levels, ;
- Broad range of available trading pairs and assets to choose from, including BTC, ETH, XRP, BCH and others;
- Trading turned into a social interaction process through the availability of trade insights, educational articles, elite trader profile details, and real-time market updates;
- Wide range of available tools for amplifying copy trading through multiplier mode and other instruments for maximizing profit-making
- Customized risk control instruments for setting stop loss and taking profit orders based on individual risk appetite preferences.
- Direct access to trading knowledge resources via the Bitget Academy and Bitget Insights, giving unique and firsthand looks at the ways elite traders handle their trades.
Starting Up Bitget Spot Copy Trading
In order to start working with Bitget’s copy trading instrument, users first need to register on the exchange and pass all necessary Know Your Customer and verification procedures.
Once done, it’s required to access the ‘Copy Trading’ section and click on the ‘Spot Copy Trading’ button. The section opens with a selection of traders available for copying along with a filter setup based on total equity, transaction history, follower counts and other criteria. Once a trader has been selected based on individual preferences, the user is required to press the ‘Copy’ button next to the trader’s profile and start on their path to copy trading. After agreeing to Bitget’s Terms and Conditions the user is redirected to a settings page where they can tune the selected trading option and customise following of the selected trader’s strategies.
The application allows traders to invest a fixed amount of equity from $10 to $3,000 once the selected trader responds to the request. A multiplier from 0.1 to 20 can also be set to select a proportion of the trader’s order. The page also provides users with the ability to access the ‘Risk Management’ section and adjust take profit, maximum investment, stop loss and take profit limits. Experienced traders looking for fine-tuning individual trades and more customized options, can use the ‘Advanced Settings’ section.
Once all the adjustments have been made, users need to press the ‘Follow’ button to start following the selected trader. On the profile page, traders can also find the ‘My Copy Trades’ section that gives a detailed overview of their orders and the traders they are following. The section gives users the opportunity to adjust every open order and how they are followed.
That’s it, the copy trading option has been successfully launched and users can now watch their copy trading in action.
How to Find a Trader to Follow
Finding a trader to follow is not always an easy task for a number of reasons. First, there are hundreds of successful traders posting their trading strategies on the platform, each with their own advantages and shortcomings. As such, novice traders should pay special attention to a number of key criteria that can help them identify a trader whose strategies best suit their expectations for successful trading.
First and foremost, consistent gains over the long term are a surefire sign of a successful trader. Truly keen traders with a special connection to the market’s vibe retain high performance throughout bearish and bullish markets alike.
The second key factor is risk appetite. All traders apply risk management in one way or another, however, some have a higher risk tolerance threshold than others. The higher the risk – the higher the potential for profits, but so is the possibility of losses. Users should always take a pragmatic approach to risks based on their own preferences and never chase high-profit indicators at the expense of prudence.
The similarity of many traders’ strategies should come as no surprise, as the approaches to successful trading can align in many cases for many assets. As such, users should draw a clear distinction between the traders they are considering based on a combination of parameters, and not just one.
The follower count is an important indicator of a trader’s performance, as it showcases both high standards of professionalism in market operations and a conscientious approach towards the interests of their followers.
Novices to copy trading must always bear in mind the fact that even elite traders are humans and their fault tolerance is never zero. Any trading strategy is vulnerable to market changes and no single one should be considered perfect. The risk of losses remains even if the selected trader has been demonstrating consistent performance over a long period of time and users must be prepared to set limits accordingly to minimize potential losses.
Copy Trading – The Takeaways
Copy trading by Bitget is an excellent starting point for novice traders willing to generate yields and learn from elite traders with established trading histories. It is also an opportunity for experienced market players to showcase their performance and gain community recognition. The solution from Bitget provides a convenient and straightforward onboarding experience into the world of trading and provides all the necessary instruments to adjust trades and risks to suit individual requirements.
The 2023 Subscriber/Network Performance Report of the Nigerian Communications Commission (NCC) has shown that consumers’ telecommunication spending hit N5.30 trillion in 2023.
The recent figure is a 37.54 percent increase from the N3.86 trillion recorded in 2022.
According to NCC, the increase in spending was fuelled by a spike in data consumption, which translated to higher revenues for telecom operators including mobile network operators, fixed wired, internet service providers, and other telecom services.
“The total volume of data consumed by subscribers increased to 713,200.62TB as of December 2023 from 518,381.78TB as of December 2022. This represents an increase of 37.58 percent in data consumption within the period. The increased data consumption is indicative of the increasing appetite and use for data by consumers,” the NCC said.
This increase in data consumption coincides with only a margin increase in voice calls, with total outgoing calls hitting 205.29 billion minutes, a 0.59 percent increase from the 204.09 billion minutes recorded in 2022.
The total number of active subscriptions increased from 222.57 million in 2022 to 224.71 million, attributed to subscriber loyalty, promos, aggressive consumer acquisition drive, and competitive product offerings across all the networks.
NCC stated that internet subscribers increased from 154.85 million in 2022 to 163.84 million in 2023, and broadband penetration declined from 47.36 percent to 43.71 percent.
This growth in internet consumption has continued into 2024, thanks to increased streaming services and smartphone penetration.
It would be recalled that Karl Toriola, chief executive officer of MTN Nigeria, recently noted that telecom companies are set to benefit from increased demand for data services, which has become the primary driver of telecom revenue.
Between January and September 2024, MTN Nigeria and Airtel Nigeria reported combined data revenues of N1.63 trillion, up from N254.32 billion in the same period of 2019. Over this time, voice revenues—once the primary income source for telcos—grew by only 70.74 percent to N1.44 trillion.
Data usage per user has grown, with MTNN reporting that its average data usage per user rose to 11.3GB in September 2024 from 7.8GB in March 2023.
For Airtel Nigeria, monthly usage increased from 2.8GB in March 2021 to 8.1GB in September 2024.
“We are positioning ourselves to capture the opportunities of growth for the next 10 years. The demand for data in Nigeria is exceptional and will continue to grow,” Toriola stated.
Globacom’s Festival of Joy promo took the centre stage in Abuja on Friday as the company held a draw to select lucky winners of exciting prizes.
The event, held at the Gloworld office on Aminu Kano Crescent, Wuse, was witnessed by officials of the National Lottery Regulatory Commission (NLRC), Glo subscribers, and media representatives.
This draw marks another milestone in the Festival of Joy promo, which has been rewarding subscribers across Nigeria since its launch in October 2024.
Lucky winners in Abuja will receive their prizes, including a brand-new Toyota Prado, tricycles, sewing machines, generators, and grinding machines, on Wednesday, January 22, 2025.
To participate in the promo, new and existing subscribers can dial *611# and recharge their lines (voice and data) during the promo period.
Globacom explained that, “Customers are required to recharge up to N100, 000 cumulatively during the promo period to qualify for the draw for the Prado Jeep, N50, 000 cumulative recharge for Kia Picanto, N10, 000 in a month for tricycle and N5, 000 total recharge in a month to win a generator.
“For the sewing machine, a total recharge of N2, 500 in a month is required, while for the grinding machine, a recharge of N1000 in a week will be eligible for the draw,”.
The subscribers of MTN Nigeria enjoyed the best mobile Internet performances in 2024, according to nPerf’s 2024 report, which analysed mobile internet performance across Nigeria.
nPerf, a French company has been a trusted partner for both fixed and mobile operators, providing comprehensive network testing solutions and analysis.
According to nPerf, in 2024, the mobile market in Nigeria saw significant developments and the leader for this period is MTN, maintaining its position as the global winner.
From January 1 to December 31, 2024, MTN led mobile internet in Nigeria across every measurable category, with great performance. Its subscribers enjoyed an average download speed of 17.82 Mbps, leaving Airtel at 9.98 Mbps and Glo at a distant 5.66 Mbps.
“This period highlights MTN’s continued dominance as the market leader, with no new entrants taking the lead in 2024. MTN emerged as the sole leader, showing impressive advancements across various KPIs and focus areas. The analysis showcases MTN’s superiority in Download speed, Upload speed, and Latency.
Upload speeds were similar, with MTN averaging 8.05 Mbps, Airtel 4.35 Mbps, and Glo 3.43 Mbps, even as reliance on solid internet connectivity never stopped increasing.
Latency, an important metric for real-time applications such as video calls and gaming, further enhanced MTN’s place in the market. The network achieved an average latency of 79.44 ms, comfortably outperforming Glo’s 89.44 ms and Airtel’s 119.85 ms.
These figures are particularly important during peak periods (6 PM to 11 PM) when the network issues are at the highest. MTN’s ability to maintain consistent latency levels during these busy hours speaks to its superior infrastructure.
Beyond raw speeds, the quality of experience (QoE) was also analysed. In browsing performance, MTN scored an average success rate of 36.08%, surpassing Airtel at 28.86%, while Glo lagged at 29.42%.
This difference was also seen in video streaming, where MTN recorded an average streaming success rate of 72.35%, overshadowing Airtel’s 67.04% and Glo’s 53.81%.
Airtel, despite being a distant second in most metrics, delivered a commendable performance in specific areas, particularly video streaming.
Its streaming rate, at 67.04%, shows a strong emphasis on delivering quality experiences in this domain.
However, Airtel’s inability to match MTN’s speeds, browsing performance and latency asserted the gap between the two providers.
Glo, on the other hand, had steady progress throughout 2024. Although it lagged in download (5.66 Mbps) and upload speeds (3.43 Mbps), its performance in latency (89.44 ms) revealed some improvement in network responsiveness.
Glo’s focus on enhancing connectivity is obvious, but it remains apparent that the provider has some ground to cover before it can challenge the likes of MTN or even Airtel.
The data disclosed that whether downloading, browsing, or streaming, MTN subscribers always enjoyed the best experiences.
In the 4G focus area, MTN also stands out as the leader. These achievements underline the positive trends and strong market dynamics” according to nPerf.
The report also said that not only does MTN excel in download speed, upload speed, and latency, but it also leads in Video streaming.
nPerf’s report added that MTN dominates the 4G focus area, reinforcing its pioneering position in the mobile technology sector.
“Significant improvements include a remarkable enhancement in Upload speed. MTN’s consistent contributions have greatly strengthened the overall market landscape” it said
On Airtel, nPerf reported excellence in browsing and streaming, adding that Airtel, while not the market leader, demonstrates excellence in specific categories.
“With a strong performance in browsing and video streaming, Airtel secures its place as a key player. The operator’s contributions are vital to the market’s competitiveness, and its focus on enhancing user experience is evident” nPerf reported.
nPerf further reported that Glo showed steady progress with a commendable improvement in its overall score.
Although not a market leader, Glo has shown improvements in various areas, contributing positively to the market’s dynamics. The operator’s focus on enhancing connectivity and customer satisfaction is noteworthy, according to nPerf.
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