The last time we have reviewed Bingx which offers its traders Bingx Copy Trading, and its community is increasing day by day with more and more outstanding traders joining their platform. This article will throw some light on Bingx Copy Trading and share in-depth knowledge of the exchange platform.
Table of Contents
- Established in Singapore, Bingx is a crypto derivatives platform and came into the picture in 2018.
- Including the unique copy trading function, the exchange platform also offers you a variety of functions.
- By copying the trading strategy of professional traders you can gain returns without doing literally anything.
- Traders get a net profit of 8% of the follower’s profit.
- However, you should always check the professional traders’ profile before following them, and follow someone with decent reputation and trading history.
What is Copy Trading?
Copy trading is something where professional traders trade on behalf of their followers for a small part of their net profit. It is a win-win situation for both professional traders and copy traders. Further, a follower can choose from a list of professional traders available and follow more than one trader at a time.
Why do beginners prefer copy trading?
Copy trading is a go-to choice for beginners because it enables beginners to copy the trade of professional traders. They need to copy the positions of the traders, and in return, they need to pay them a profit percentage or a monthly fee. Thus, it gives beginners a chance to learn the aspects of trading, and traders gain extra returns.
What do you need to do before starting copy trading?
Before starting your copy trade journey, you should always explore the trader you will follow and his trades. As long as you have done good research on everything, i.e., the trader and his trading history, copy trade will always benefit you. To learn more, you can read My Experience with Crypto Copy Trading. In addition, you will have an idea of which trader is making the best deals by going through their profiles, and this further will help you decide whom you want to follow.
BingX Copy Trading: Types
Copy-trading has two sub-types, and those are as follows:
1. Copy Trade by Amount
In order to copy trade by amount, users need to set the “Max. Margin of Single Trade”. For example, a user will follow the order with a maximum margin limit when the user sets the “Max Margin of Single Trade” as 10 USDT. Thus, the margin limit will be 10 USDT despite the margin amount of the trader’s order.
2. Copy Trade by Proportion
In order to copy trade by proportion, users need to set the “Unit Standard”. For example, when a trader places an order of 1 unit and the user has set the “Unit Standard” as 10 USDT/Unit, you will follow the order with 10 USDT margins. Similarly, you will follow the order with a 20 USDT margin when a trader orders 2 units. Thus, market liquidity affects the actual amount of copy orders.
How to start Copy Trade on BingX?
Before getting started with copy trading, refer to the following steps:
- Visit the Bingx site and click on Copy Trade.
- There is a community of traders on the Bingx platform. Choose a trader from there. Moreover, to get an idea of trader’s position history, click on the trader’s details.
- Then select a trader whom you want to follow/ copy. Next, click on Copy and after that, modify copy trade settings.
- From copy trade settings, select your coin,i.e., USTD/VST.
- Then select a type, i.e., Copy trade by Amount or Copy trade by Proportion.
- Set Max. Margin of a single trade, Copy trading amount, Max. Open position margin and Stop Loss Ratio.
- The copy will then be successful, and you will start following the trader. Moreover, copying revenue can also be checked in real-time.
BingX Copy Trading: Benefits
- There are hundreds of traders available to follow for copy trading on the platform.
- Followers here in Bingx can go through the position history of the traders and get to know their latest trades, trading pairs, open and close time, and the trade’s profitability.
- The platform provides transparency of data by providing the trading data of the traders.
- One can edit the copy trade settings or can stop copying a trader any time they want.
- A trader can earn a profit of UPTO 8% from the daily net profit of what their followers get from copy trading.
- One can become a famous trader by publishing their trading data.
- There is a chance to be listed on the community ranking.
BingX Copy Trading: Traders Eligibility
To apply as a copy trader, one should make sure that they meet the minimum deposit requirement, which is 50 USDT for both Ordinary and Listed Trader.
1. Ordinary Trader
- The KYC should be completed.
- To start sharing your traders on the Bingx app, go to Account and then Share Trading.
Eligible traders can apply directly by making contact with customer service. Then, based on trades made by the trader, excluding the copy trading data, the system will determine automatically if the trader meets the requirements or not.
2. Listed Trader
- KYC completion.
- In the past three weeks, the total trading volume should have been greater than 1,000,000 USD.
- The past three weeks’ trades should be greater than 15.
- The past three weeks’ win rate should be greater than 55%.
- In the past three weeks, account profitability should be greater than 30%.
- The historical deposit of the Account should be greater than 100 USDT.
A trader will be temporarily hidden to protect other users’ rights and interests if the data of the listed trader drops down during the trading period.
BingX Copy Trading: Trading Regulations
Daily Limit on Trades
In BingX copy trading, there is a daily limit on the number of orders by a trader, and that is 10. Traders can still open positions normally if they exceed the limit, but followers will not copy their orders.
- When followers are less than 20, there is no maximum leverage limits for orders placed by traders.
- When followers are greater than 20 and less than 100 for BTC/ ETH, the maximum leverage limit is 50x, and for others, it is 20x.
- When the followers are greater than 100 for BTC/ ETH, then the maximum leverage limit is 20x, and for others, it is 10x.
Also, the follower’s margin limit is set to 40x of the copy trader’s margin.
BingX Copy Trading: Managing Followers
Traders can invite as well as manage their followers on the Bingx exchange. They can do so by following the below steps:
- Open the Bingx website.
- Go to Account and then open “Share Trading.”
- Then, click on “My Followers,” and from here, traders can view the invited followers by scrolling down the page or can remove them. They can also invite other users.
How to edit copy trading settings and stop copying?
Edit Copy Trading Settings
Copy-trading settings of the trader that you followed can be edited anytime. In order to do so, you should open the Bingx website and go to Account on the top-right corner. After that, click “Copy Trading,” where you will view all the traders you follow. Then, to adjust the copy trade setting, click “Edit.”
Click “Stop Copying” present on the top-right corner of the copy trading settings page if you want to stop copying the trader. You will no longer be able to follow the orders of that trader as soon as you stop copying them. Under the control of the trader, already opened orders will remain active. These ongoing orders can also be closed manually if you want.
BingX Copy Trading: Trader’s Commission Rules
The profit that is generated by the follower’s copy orders gets settled daily. Eight percent of the follower’s profit will be shared as a reward by the trader. There will be no profit share if the follower has no cumulative profit for a single day. The profit share is first deducted and then settled.
BingX Copy Trading: Pros and Cons
|You can start trading even if you have little or no knowledge of copy trading.||Market risk is the most significant risk a trader will face during copy trading.|
|One can learn from professional traders by watching them trade.||Followers can lose money if the trader’s strategy is unsuccessful.|
|The relationship is beneficial for both the followers and traders.||If the trading pairs have liquidity issues when markets are volatile then traders will also face the liquidity risk.|
|Traders can earn 8% of the total profit of their followers.|
BingX Copy Trading: Conclusion
BingX is a crypto social trading platform that provides its traders with many features. One of the extremely popular features is its copy trading, where you can copy the most profitable and enjoy good returns. Further, BingX offers you a $100 sign-up bonus, that can help you increase your initial capital for copy trading.
Frequently Asked Questions
Can copy trading be turned off?
Yes, the copy trading option can be turned off, and you can stop sharing your trades at any time. Moreover, as long as you meet all the trader requirements, you will turn it back on. Turning copy trading on and off is not much recommended.
Is copy trading legal?
Copy trading is legal only if the trader is himself regulated adequately.
Where is BingX located?
BingX was established in Singapore in the year 2018. It now has over 1 million users and is located in different parts of Asia, including Japan, Korea, Taiwan, Russia, and Vietnam.