Trading is a fairly technical venture that requires years of practice to make a profit. As a result, many aspiring traders get discouraged and end up pursuing other things. Luckily, copy trading has been introduced, which allows new traders to learn while minimizing their risks. Basically, they trade using strategies of more experienced traders in an automated system on social trading platforms.
This article discusses how to copy a trader on LiveTrades, a platform that helps new traders to become better by facilitating copy trades with experienced traders.
Advantages of Copy Trading
Copy trading has several advantages. Firstly, you don’t need any trading experience to become one. It is worth noting that if you want to be an independent trader, then you will need years of experience to become profitable. However, as a copytrader, you can start making profits from trading one day, even if it is the first time you have heard of trading. All you have to do is jump on the back of an experienced trader, and the system does the rest.
Secondly, no action is required on your part. All you have to do is set up an account and deposit funds. Account will trade automatically, meaning that it will be moderated by the platform, so all you have to do is watch. You only decide when to withdraw your profits to your bank account or crypto wallet, as the case may be. The ease and high profit/risk-reward of this method of trading is the reason why it is becoming rapidly popular.
How to Copy a Trader
Are you ready to become a copy trader? The following are steps you will need to take to start copy trading on LiveTrades:
Open an account: To copy traders, you need to create an account. This is done by providing your name, email address, and password. Once done, you will have a secure-segregated trading account. You will also need to provide some basic KYC documents to verify your identity. This is mainly to prevent money laundering and stop fraudsters from getting on the platform.
Choose traders/systems: There are many traders and systems available on the platform. Therefore, you will need to choose the traders you wish to copy and the systems as well. Alternatively, you can choose the “mixed” option, which is what most new traders do.
Deposit funds: Now, your brokerage account is set. To start trading, you will need to fund it. The account can be funded using either fiat currencies or cryptocurrencies. There is a range of available options for funds deposit with fiat. These include bank wire transfer, credit/debit card, Wirex, and other third-party payment wallets depending on your country. For cryptocurrencies, deposits can be made using any of these digital assets: BTC, BCH, ETH, LTC, XMR, XRP, and USDT. The same options are available for withdrawals.
There are different account types that you can choose from. These are Self-Trading Only, Basic Subscriber, Pro Trader, and VIP Trader. Depending on which one you choose, the minimum deposit amount can be higher or lower. The least is 500 EUR for the Self-Trading Only, and the maximum is 25,000 for the VIP Trader. Deposits are free for all accounts.
However, a withdrawal fee of 25 EUR is charged for the first two, while the last two are free. After funds are deposited, your account will start trading within 24 hours. Trades are in USD/USDT pair, but you can view your account balance in any of the supported currencies on the platform.
Now that you know the steps to follow if you want to copy a trader, it is time to try it out. Livetrades.com is one of the best platforms where you can do this with ease. It gives you the possibility to copy the best-experienced traders, which greatly increases your potential to profit and reduces your chances of losing trades. There are no management or upfront fees, so why not try it out today and start your journey to becoming a profitable copy trader?