Bityard is a Singapore-based cryptocurrency derivative exchange that was founded in 2020. Currently, Bityard serves traders from more than 150 countries around the world. The platform offers multiple trading services such as forex, index, commodity, CFD, spot trading, copy trading, and cryptocurrency. While guaranteeing clients with multiple types of assets, Bityard highly values security as well.
From the services it provides, one of the most popular services is copy trade. Copy trading is an innovative method designed for beginners. By first reading open information of listed traders, users are free to choose a trader they trust and copy that trader’s future transactions. For a beginner, learning through observation and imitation allow practice. From the repetitive process, not only could them instantly enjoy trading without being an expert, but they also improve skills from the experience. With the help of copy trading, users save plenty of time doing research on their own or placing orders manually.
A step-by-step guideline
Registration
Before start trading, you need to register an account on Bityard. This will only take less than a minute. Find the register link, input your email/phone number and type in the verification code sent to your email or SMS.
Deposit
After registering with a new account, a minimum deposit of 15 USDT is required in order to start your first trade. For mobile users, click into the section labelled ‘assets’, then you will see on the top of the page two options ‘assets and account’. Click on assets and then you will see a deposit option. In the deposit section, there are a list of cryptocurrencies you can choose from. As for PC users, after log in, you will see an asset option at the top of the page. Click on it and choose deposit, and select from the list a cryptocurrency.
Copy trader introduction
Find ‘copy trade’ and click on the option. After that, you will see a list of professional traders that you can choose from. On the first look, a few basic information about traders is shown, including: trading style, profit rate, win rate and number of active trading days. You can also click on the follow button on the right to keep a selected trader on your radar.
Definition of the listed information are shown as following:
- 30D Total Trades: The total number of trades in the last 30 days
- Win Rate 30D: The number of orders with positive returns in the last 30 days / the total number of orders in the last 30 days * 100%
- Followers: The number of users who are currently following the copy trader
- Accum Followers: The number of people who have followed the copy trader
- Profit Rate: Profit in trades (accumulation of profit and loss) / the biggest margin position * 100%
- P/L Ratio 30D: Profit in trades for the last 30 days / the biggest margin position in the last 30 days * 100%
Start copy trading
- Enter the Copy Trade page and view the trader’s transaction data
- If you want to search by certain condition, click ‘Search’ and ‘Filter’ to pick your preferred trading styles
- After choosing a trader you’d like to copy from, click ‘Follow’ to enter the setting page and select the follow mode, advanced settings and complete the settings
- If the trader has opened a position, the order will be copied from the next time the trader opens a position
Follow mode
In this section, there are two types available for your choice: fixed count or fixed ratio. After choosing one, you can adjust the margin amount you want to copy below. The max single copy margin is 200 USDT. You can also choose your daily copy margin to determine the max daily margin you allow per day.
Advanced settings
You can decide a day’s copy margin Max amount by adjusting Max Position Amount. Once the maximum amount is reached, the system will stop executing transactions until the next day. You can also set a stop-loss ratio to close your trades whenever you like. Otherwise, the stop-loss ratio will be unlimited, and the order will only be closed with the trader.
Proportional copy
The design of proportional copy is to allow followers to follow the relative principal size of several orders before and after the trader. For example, if the trader places an order for 100USDT, and you set the copy ratio to 20%, the copy amount is 20USDT.
A few things to keep in mind
When choosing a listed trader, there are many factors you should consider about such as the trader’s win rate and profit rate. Before following a trader, you should thoroughly study the trader’s history transactions data. You need to pay attention to every position’s kind of currency and holding time. The type of currency can tell whether this trader favors major crypto or new altcoins, and the holding period shows the trader’s trading style (long or short). Moreover, by observing revenues from different positions, you can infer the trader’s win rate.
Usually, a wiser way is to choose a trader with higher average win rate. You can also choose multiple traders and compare their long/short buys within the same period of time, to observe their trading performances. By focusing on a trader’s judgement of buying long/short at a certain period of time, it gives you a hint about accuracy of a trader’s judgments.
Observing leverages of each position can tell you about a trader’s trading style: high-risk or steady. Each style has its advantages, and choosing one suitable for you could be a proper strategy.
Conclusion
At Bityard, we are devoted to bring users enjoyable trading experiences. We hope every trader could enjoy the fun of trading, including beginners. With that faith in mind, Bityard continues to improve its services and is looking forward to bring more assets to global investors in the future.