In recent years, millennials have been increasingly interested in investing. Many have moved to stocks, bonds, and now cryptocurrencies due to their high risk and high reward elements.
Being a crypto trader for the first time might be intimidating. As a result, the notion of copy trading was developed. It essentially entails explicitly duplicating the positions made by another trader or mimicking the methods of significant traders or influencers. In this TraderWagon review, we’ll discuss one such website which offers the copy trading feature TraderWagon. But first, let’s understand the concept of copy trading.
Table of Contents
Summary
- Copy traders on the website are just charged a 0.05% fee.
- Being a lead trader, you can earn up to a 10% commission
- Attractive and straightforward to use the user interface.
- Top class security and robust support team
- The referral system offers up to 15% commission for every trade made.
- TraderWagon also provides a binding Binance account feature to your TW account for easy fund transfers.
- The Smartx feature of the TraderWagon offers the users the to start their very own crypto exchange platform.
What is Copy-trading?
Automated trading evolved into copy trading or mirror trading in about 2005. That year Tradency became one of the first to introduce Mirror Trader, an auto trading system in their system. It essentially entails explicitly duplicating the positions made by another trader or mimicking the methods of significant traders or influencers.
And, as a result, Since 2010, it has grown in popularity among online financial trading firms as a tool for less-experienced traders to profit from the successful trading decisions of more experienced investors.
Crypto copy trading platforms are built, so that beginner investors don’t have to learn how to record gains through years of trial and error. Furthermore, you are not required to take lessons on how the cryptocurrency market operates. Thus, you will not necessarily lose money in learning the cryptocurrency market.
Also read, Best Paid And FREE Crypto Trading Bots
What is TraderWagon?
TraderWagon is one of the world’s most popular crypto copy-trading platforms. It has a large number of copy-trading options and features. In addition, it’s a platform that connects experienced and inexperienced traders. Users may use TraderWagon to find, follow, and imitate deals made by the top traders in the world.
TraderWagon provides a comprehensive range of trading capabilities through its dashboards, including an excellent assortment of market charts with hundreds of cryptocurrencies, and many traders. The website’s Smartx function provides users with the tools to start their own crypto exchange.
Investing with TraderWagon is a chance for traders of all levels of expertise. It may be a passive source of income for both total beginners and seasoned veterans: skilled traders can put up a strategy, and when other traders use it effectively, the Strategy owner gets a portion of the earnings. Traders who don’t have the time or skills to keep on top of the markets and make educated decisions, on the other hand, can choose to follow chosen Strategies and earn a passive income in this way.
TraderWagon Review: Cryptos Available
On the TraderWagon platform, more than ten cryptocurrencies are accessible for crypto trading. The trader selects a trade-in in one of the cryptos available on the market. USDT, ETH, BTC, and BNB are some of the cryptocurrencies offered on the site. TraderWagon also offers popular cryptocurrencies such as :
- Polkadot abbreviated as DOT
- Ethereum token powered Chainlink abbreviated as LINK
- Solana abbreviated as SOL
- Network’s native MATIC
- Axie Infinity Shard, abbreviated as AXS
- Terra abbreviated as LUNA
- And 1000 SHIBA
TraderWagon Review: Trading Experience
Upon visiting the website, you will be greeted by a stunning user experience and graphics. Users can view a list of traders they can replicate on the home page. Each trader has roughly 50 vacant spots on their profile. Their profile also includes their net profit, minimum investment pool, and their MDD.
MDD refers to the highest net loss incurred by a lead trader’s portfolio. The more the risk, the greater the retracement. Users on the platform may also use a filter to choose their copy trading strategy based on the currency they invest in and the net profit they make.
TraderWagon Review: Copy Trading Rules
Users can invest between USDT 100 and USDT 50,000 or an equal amount in crypto assets per portfolio on the website. Though profit is the most crucial factor for customers in crypto trading, profits are not guaranteed. There is always a risk with every investment. Copy-trading entails a high level of risk, with the potential for both large profits and losses. Therefore, users should not choose a trader based on past profits since past profits are not predictive of future profits.
Because all TW copy-transactions are completed through a market order, all trades incur an average taker charge of 0.05 percent. Traders would also have to pay expenses related to futures trading, such as Binance’s financing fees. Furthermore, 10% of copy-trading profits will be shared with the Lead Traders.
TraderWagon Review: Lead Trading Feature
We’ve spoken about copying the trades of the lead traders throughout this article, but who precisely are the lead traders? Lead traders are well-versed in the crypto market and are willing to offer guidance to their peers. What’s the catch, though? Lead Traders might profit 10% while also receiving a 10% commission payback from Copy Traders. For example, if a Copy Trader earns $1,000 in total profit, the Lead Trader might get $100. Profit-sharing is another term for this. Furthermore, as a Lead Trader, you may establish yourself as a crypto trading influencer and achieve an industry-wide reputation for your trading skills.
Also Read: CoinCodeCap Launches Copy Trading Service for Investors
How to Register as a Lead Trader?
Following are the steps you need to take to register as a lead trader in the TW:
- Log in to the TraderWagon website by selecting “Login” or “Register” if you don’t already have an account
- Select “Lead Trader” from the drop-down menu.
- Select a username and avatar, as well as your email address and a self-introduction.
- Select “Submit” from the drop-down menu. An email will be sent to you for confirmation after your application has been reviewed and accepted.
- A minimum deposit of USDT 500 or an equal amount in crypto assets is required to start a lead trader portfolio. It’s worth noting that you may only manage two portfolios at a time, each with a maximum of 50 copy-traders.
- After you’ve completed the steps above, double-check the following information in your profile.
- Name of the investment portfolio
- Amount of the first investment
- Portfolio Types
- Trading pairs is the crypto pair you will be trading in.
- When all portfolio criteria have been filled, click “Confirm”.
- You will receive instant access to your portfolio upon completing all the steps above.
Once you’ve finished creating the portfolio, it will appear in the Copy Portfolios section. Trading data would be updated every hour, while MDD would be updated every day at 3:00 UTC.
TraderWagon Review: Referral Program
TraderWagon’s referral program incentivizes existing customers to suggest their family and friends to the website.
TraderWagon allows you to earn 20% of the trading costs of your friend. If your friend signs up using your invitation link, you’ll earn up to 10% commission, and your friend will receive a 5% trading fee refund. Follow the below-mentioned steps to refer TraderWagon to your friends:
- Go to the menu bar to your unique referral page in TraderWagon.
- Copy your invitation code, link, or QR code and share it with your friends.
- During the signup, your friend only needs to enter your referral code
TraderWagon Review: Futures Trading Option
The futures market in the crypto business is a fast-growing sector that produces trillions of dollars in monthly turnover. Like stock options and commodities futures contracts, Crypto futures provide insurance against cryptocurrency volatility and price swings. Benefits of the future option are compiled below:
- Liquidity: A liquid market allows users to trade with less risk since they can readily enter and exit positions with minimum slippage.
- Flexibility: Non-crypto holders might benefit quickly by speculating on the price of a cryptocurrency. You may use stablecoins to open a position in a crypto futures contract, and any winnings will be paid out in the currencies you choose.
- Diversification: Diversify your portfolio among trading tactics to increase your returns. Short-selling, arbitrage, pairs trading, and other advanced trading tactics are possible.
- Leverage: Gain significant exposure to a particular cryptocurrency for a fraction of its entire cost through leverage.
Also read, Best Exchanges to Trade Leveraged Tokens [Don’t Miss]
TraderWagon Review: Mobile Application
In today’s time, most individuals use their mobile phones for most of their jobs. As a result, TraderWagon has expanded its business beyond websites to include an Android and iOS mobile app. The mobile app, like the website, offers excellent visuals and practically all of the functions of the website.
How to begin Copy Trading using TraderWagon Mobile Application?
- Open the TraderWagon App and navigate to the “Copy Trading” menu’s top left.
- To log in to your account, click the top right button on the main web page and select “Login.” If you haven’t already done so, establish an account.
- You may copy traders to follow the app’s homepage, with their information listed below their profile.
How to begin as a Lead Trader using TraderWagon Mobile App?
- Open the TraderWagon App and navigate to the “Copy Trading” menu’s top left.
- To log in to your account, click the top right button on the main web page and select “Login.” If you haven’t already done so, establish an account.
- Click “Be a Lead Trader”, select an avatar, add your nickname, email address, and self-introduction, and then click “Submit”.
- Click “Create Portfolio” after your application has been approved.
- Next, enter the Portfolio Name, the Portfolio Description, and the Portfolio Amount. Then click “Confirm”.
- You are ready to trade with your portfolio.
How to Bind Binance Account to TraderWagon Account?
Binance is a well-known cryptocurrency exchange platform used by millions of crypto traders. In collaboration with Binance, TW enables users to link their TW and Binance accounts. It may be used to send money from TW to Binance’s spot wallet and vice-versa.
Follow the instructions below to link your Binance account to TW.
- Use your email or phone number to access your TraderWagon account.
- Select “Account & Security” from the drop-down menu.
- Find the “Binance Account Link” and click on it.
- To link your Binance account to your TW account, log in to your Binance account.
You may now effortlessly transfer funds from your Binance account to your TW account.
TraderWagon Review: Pros And Cons
| Pros | Cons |
|---|---|
| Instant Fund Transfer. | Not a lot of Crypto is available for trading. |
| Low fees during trading. | The minimum amount required for investment is Dollar 100. |
| It has numerous extra services, such as Smart which can help the customers to open their own trading website. |
Conclusion
In terms of the features, we seek as traders, TraderWagon ticks a lot of boxes. In recent years, the organization has established itself as a brilliant copy trading site with a growing reputation. TraderWagon is a good option if you have intermediate to the expert crypto trading experience and want minimal costs, a large choice of currencies, and sophisticated features.
Frequently Asked Questions
Q.1) How does copy trading work?
Copy-trading is based on systems that allow skilled traders to create trading methods or signals that can be sold or shared with other traders to copy their trading.
Q.2) Is Copy-Trading a good idea?
Yes, it allows new and experienced traders to profit from one other while trading forex, stocks, CFDs, and various other financial instruments. In addition, it allows novice traders to learn while they trade.
Q.3) Is trading legal?
Yes, it is permitted on several authorized brokers and trading platforms that are also very professional. Beginners, experts, and even institutional traders all use it regularly. Moreover, copy and social trading are legal in almost every jurisdiction on the planet.
Q.4) Is copy trading suitable for novice traders?
If you’re a newbie. It enables novices to easily imitate the investing tactics of experienced traders. But, of course, it also makes sense for busy professional traders.
Q.5) Is Copy-trading profitable?
Yes, and it is expected to be one of the most rewarding methods to invest and trade. Profit margins should be in the region of 5-20%.
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