Copytrading has become an increasingly popular way to get to grips with trading, particularly amongst less experienced traders or individuals with only a limited amount of time to commit to the cause.
At IQDAX, we provide safe, easy access to the worldwide financial trading markets via the TradeHub platform, helping you get started on your own trading journey with ease. Here’s a closer look at copytrading, so you’ll be fully equipped when you begin your own financial investment journey…
Copytrading operates under the same banner as social trading. In essence, it can be a manual or automatic process wherein your trading positions are copied to another account belonging to a different trader.
Individuals can dictate which process they want to use, but this is often an easier route for getting into trading than starting from scratch. Nonetheless, there are certain things you need to keep in mind at the outset.
The Basics of Copytrading
This is an inherently more social way to trade than many alternatives, and relies heavily on cooperation, social networks, and social trading platforms. Through these tools, traders will have the ability to notify others of their positions, which in turn gives you the chance to either follow or take a different route.
The person who others follow is regarded as the primary trader and provides a gateway to others who may lack experience or confidence.
Copytrading has become particularly popular for Forex, though it also exists in other markets. This angle works particularly well if you are:
• Not yet adept at financial trading and investment
• Eager to break into a new market
• An absolute beginner
• Lack the time to start from scratch
Always Do Your Own Research
You can’t simply trust that this is a safer way into trading, so it’s vital to do your own analysis and market research before you invest capital. This can sometimes make the process lengthier, but it will also save you considerable heartache down the line (and help protect your investment).
Even if the investors you follow is highly skilled and experienced, you should never commit without being aware of the risks and your options.
IQDAX TradeHub Copytrading Platform
In January 2022, IQDAX has launched its own copytrading platform TradeHub to enable clients trade by following the strategies of already successful traders.
Copytrading via TradeHub can open markets which would otherwise not be on your radar, but its also vital to play it safe and only invest what you can afford. All trading comes with limited risk, but it also provides the potential for significant rewards – and by trading in this way, you have a lot to gain from only minimal time commitment.
To get started on your own copytrading journey, head to the official IQDAX TradeHub platform and begin trading crypto, Forex and more. Find the TradeHub website online at https://tradehub.iqdax.com/en/.