Especially with cryptocurrency, new investors are put off because they believe that only people that know a lot about it can get involved. Considering that crypto is a fairly new concept to a lot of people, this leaves them in the dark about how to trade and, more importantly, what to trade.
That’s where social trading comes in. This form of trading allows inexperienced users to directly copy the trades of people that are more experienced than them. With modern technology, this form of trading has become so advanced that it’s now instant. When one person places a trade, copy software will initiate the trade on the copier’s brokerage.
Copy-trading has come a long way since its beginning, now being one of the best ways those beginner traders can get into investing and even into crypto investing.
Is this an established form of trading?
Absolutely. Copy-trading has been around pretty much as long as trading itself has. In the early days, traders would create email lists of people that wanted to copy their trades. Once they’ve decided on a trade to do, they would send out an email that would arrive in people’s inboxes, telling them to either sell or buy.
While this principle of information sharing has continued on into more modern forms of copy trading, the email platform has long died out. This is simply because emails are too slow. If someone is away from their devices for an hour and doesn’t see the email, the price that they could get for the trade can easily be a figure that is drastically different from the figure that the trader got.
From there, people moved into trading chat rooms, which provides a more ‘instant’ way of messaging potential copiers. Yet, even these still boasted the issue with people not getting the same prices as the copier, either missing the messages or reacting too slowly. This was a frustrating period for copy trading as to do it properly, you had to be at your computer whenever the trader was.
2005: Automation and Signals
In 2005, things started to shift, with Tradency announcing the world’s first automated social trading platform. This ran off a tool called Mirror Trader, which would send out a notification to users as soon as the trade was placed. This was called an ‘Automated Signal.’ Even today, many telegram trading groups that are used by the crypto community will still use these automated signals.
This represented a turning point in copy-trading, with people turning to these to get instant access to information about trades and launch those same trades in their brokerage. Yet, over recent years, this method of trading has been taken even further, with the introduction of social trading and social trading platforms.
What is a social trading platform?
Social trading platforms are sites where users can see the profiles and portfolios of other trades, clicking on them and seeing what trades they’ve recently been making. If a user likes the style, risks, and amounts that a trader is moving, then they can decide to follow that user.
This action creates a link between the copier and the expert trader, with the trades of the latter then being automatically executed by the copier’s account. This instantly overcame the problem of getting the same rates, with the copy trade executing mere seconds after the expert trader hits ‘Buy’ or ‘Sell.’
But, copy-trading hasn’t stopped there, with whole platforms now devoted to creating active communities that can discuss ideas, see the trades of people that they respect, and initiate copy links.
Why Should I be Interested?
There are several benefits of social trading, far surpassing the community aspects. While the focus on community is important, it’s only a small part of what makes platforms like these fantastic to use.
You can expect these benefits:
- Social: Within social trading platforms, you’ll be able to get access to a like-minded community of people that all like to discuss stocks and cryptocurrency, just like you. This can be a fun opportunity to expand your social circle and find some online friends that enjoy talking about trading.
- Passive: Once you start on a social trading platform and set up copy trades on all of your favorite traders, you’ll instantly have made the whole process of trading completely passive for yourself. This can turn crypto trading into a passive form of income for you.
- Easy: These platforms are specifically set up for user access. On them, you’ll be able to navigate to a page where different traders are displayed, often showing statistics about their recent returns and most fresh trades. You’ll then just be able to select someone you like and give the command to start copying their trades.
- Time-saver: Instead of spending hours doing research about different forms of cryptocurrency, you’ll easily just be able to copy someone else’s trades. Trusting your traders to have done their research for you, you’ll be able to work smarter, not harder.
It’s a no-brainer; social trading and copy trading is an easy way to take the pressure off yourself, get over the investing knowledge barrier in one big leap, and start trading today.
✋ Warning
🌐 ONT/ONG explained! Master the ins and outs of this crypto pair for a winning trading strategy! 💪
Okay, I’m in… Now What About Crypto?
If you’re looking to social trade with cryptocurrency, then NAGAX offers the world’s first Web 3.0 social trading platform that’s specifically designed for this digital commodity. Signing up to the platform only takes a few minutes and will grant you access to a popular community of like-minded investors. Within the platform, you’ll be able to start trading as soon as you’ve connected your wallet.
Acting as the world’s first social crypto exchange, you’ll be able to scroll through each post by top traders, looking at NFTs of different trading strategies and visiting people’s trading profiles. On their profiles, you’ll see how much money they currently have in different cryptos, their percentage portfolio breakdown, and recent trades that they’ve made.
You’ll be able to get expert help from the community or directly copy the trades of traders that interest you. Considering that starting a new account is easy, you can get started within the world of crypto social trading the very same day.
If you’re a pro-trader, you’ll also be able to benefit from this community-driven platform by monetizing your channels. There are four ways of generating income based on the social side of NAGAX:
- Ad impression payments (YouTube Views/other social media influence)
- NFT promotion (Financial compensation for recommending a product)
- Subscription (Conversation with other traders and offering your expertise/trade history)
- Affiliate links (Get followers to move to the platform to boost revenue)
Creators can monetize their profiles, creating subscription services where interested traders can pay to access their expert insights, trades, and next trading moves. With this, NAGAX creates a two-way social system, where both beginners and experts can benefit when trading cryptocurrency.
Let’s Get Started!
While social trading has been an established feature of traditional asset trading for many years, the cryptocurrency space has been lacking a platform that fulfills the social side of crypto. With the introduction of NAGAX, that’s now a concern of the past, with the platform constructing a digital space where those interested in learning more about cryptocurrency can go and find out more from their favorite creators.
As a system that’s able to help beginners trade more effectively and helps experts earn a commission, this is a symbiotic platform where absolutely anyone can trade cryptocurrency.
