TL;DR Breakdown
- Bitget MD Gracy Chen has complained about the negative impact that copy trading is having on the crypto market.
- The firm continues its growth with a sojourn into the Middle East.
Description
Copy trading, a trading strategy that links a portion of a trader’s funds to the account of a copied investor has been making waves in the cryptocurrency industry. Gracy Chen, the managing director of Bitget, a crypto derivatives and copy trading platform, highlighted the strategy’s growing popularity among novice traders. Copy trading has not only … Read more
Copy trading, a trading strategy that links a portion of a trader’s funds to the account of a copied investor has been making waves in the cryptocurrency industry. Gracy Chen, the managing director of Bitget, a crypto derivatives and copy trading platform, highlighted the strategy’s growing popularity among novice traders. Copy trading has not only disrupted the crypto market but has also proven to be effective, especially during challenging times like the “crypto winter.”
Bitget MD backs up his complaints with market data
Chen referred to a report showcasing a remarkable 300% growth in copy trading adoption over the last 24 months. The report, based on Google search data, revealed that while copy trading enjoys global popularity, African traders and prospective users are particularly intrigued by this strategy. The concept of copy trading allows traders to replicate specific strategies employed by seasoned investors.
This approach is especially favored by risk-averse individuals seeking to benefit from the expertise of more experienced traders. Bitget, under Chen’s leadership, has experienced significant growth thanks to the adoption of copy trading. Since its launch in May 2020, over 400,000 traders have utilized this trading strategy on the platform. With the bear market persisting, more risk-averse traders are expected to pivot toward copy trading to leverage the knowledge of professional traders.
Chen shared that Bitget’s internal data indicates that 28% of traders have already resorted to copy trading in 2023. Furthermore, an impressive 109,000 followers of the platform’s professional traders have successfully generated profits. While copy trading is a key driver of Bitget’s market share growth, the platform’s partnership with football star Lionel Messi has also played a vital role in its success.
The platform continues its growth with a sojourn into the Middle East
Additionally, Bitget’s establishment of a protection fund and regular publication of proof-of-reserves have further bolstered user confidence. Bitget’s strategic decision to set up an office in the Middle East is attributed to the region’s crypto-friendly policies. Moreover, the presence of influential figures and strategic partnerships in the Middle East further validates the platform’s choice to expand its operations to the region.
As copy trading continues to gain momentum and attract a broader audience, it is reshaping the landscape of cryptocurrency trading. Novice traders can now access the insights and strategies of seasoned professionals, providing them with valuable learning opportunities and the potential for profitable investments.
The growth in copy trading adoption signals a shifting tide in the crypto market, as investors seek to navigate uncertainties with more confidence. The collaboration between seasoned traders and followers creates a mutually beneficial ecosystem, fostering a sense of community and knowledge-sharing within the crypto space.
With platforms like Bitget leading the way in copy trading, the future of this trading strategy appears promising. As the crypto market evolves, copy trading is likely to remain a prominent feature, empowering traders of all levels to participate in the dynamic world of cryptocurrency with enhanced knowledge and reduced risk. As more traders embrace this innovative approach, the crypto industry is set to witness further disruption and growth on its journey toward wider adoption and mainstream recognition.
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