Copy Trade on MoonXBT: A Step-By-Step Guide
As the flagship function of MoonXBT, the leading crypto social trading platform, copy trading allows regular users to get a pie of the more highly leveraged and more complicated derivative market by mimicking the professional traders’ strategies.
All they need to do is to follow the traders of their liking and finish copy trading in just a few steps. With the help of technology, their orders can be automatically executed according to the trading strategy of the traders they follow and therefore make their trading activities upgraded to pro-level and saving time and energy in the meanwhile.
Compared to the usual trading which includes deposit — trade — withdraw, copy trading just needs to add two more steps:
Choose the trader to follow
Adjust copy trading settings and start copy trading
Let’s break it down:
How to deposit?
Go to “Assets” at the top banner of the website and click funding in the dropdown. Then, you will be directed to the funding page where you will see the function of deposit, withdraw and transfer.
You have the choice of depositing USDT, ETH, and BTC. Both ETH and BTC will be converted into USDT of an equal amount after being deposited.
Choose what crypto you would like to deposit and click at the deposit in the line of the coin. GO TO THE WITHDRAW PAGE OF YOUR OWN WALLET, scan the QR code with your wallet, or paste the wallet address shown in the deposit page as the withdrawal address of your withdrawal from your own wallet in order to deposit from your wallet to MoonXBT.
How to choose the traders you want to copy?
Go to “explore” at the top banner of the homepage, and click on copy trading you will be first directed to the page where you can choose the traders you want to copy.
You can start your initial filtering according to the three dimensions that the platform offers: trading style, trading ROR ( profit & loss of all the orders/max margin), and trading days.
After initial filtering, you can set your eyes on specific traders and look at their numbers in how many copy traders they have ( the number at the bottom, xxx/200, the maximum number copiers of each trader is 200), and the 30 ROR and total ROR, win rate (number of profitable orders/ total number of orders), and their total transaction numbers to form your judgment on the reliability and profitability of the traders.
After you have selected the traders that suit you, you can click on the copy button.
Set the copy trading setting and start copy trading
After you enter the copy trading setting page, you can choose the trading pair to follow and set the amount you want to copy for each trading pair.
After the setting is complete, click “Confirm” to confirm the copy amount and click “ok” to follow successfully.
After the follow is successful, the trader you follow will trade, and you will automatically follow the strategy. Please set the copy amount reasonably! A smaller margin is preferred as a trader could open up to 30 positions at one time.
During the copy trading process, you can also change the copy trading settings. Click “My trader” to find the trader whose settings you need to modify and click “Edit” to enter the settings page.
After the adjustment is complete, click “Change settings” and click OK to complete the adjustment! On the settings page, you can also click [Cancel copy trade] in the upper right corner to cancel the following.
How to withdraw?
On the same funding page as making a deposit, this time click on withdraw.You can withdraw USDT, ETH, and BTC. Just choose the coin you want to withdraw.
Enter your own wallet address according to the coin you chose to withdraw and the amount, then submit your withdrawal request.
And now, it comes to the question we care the most about: how do we make money with copy trading?
Technically speaking, how much you can earn from copy trading is decided by the strategy and leverage of the trader you chose, and the margin you put in.
You need to be aware that in the positions you follow, the margin cannot be adjusted. Stop-loss and take-profit functions are not supported, and leverage is copied by default. Your closing price would follow that of the trader you chose. So you need to set a reasonable margin to control risks. Also, traders’ past performance does not represent their future performance. So you need to carefully evaluate the risks before using the copy-trading service.
That said, once you start copy trading, “how much you can earn” will be most relevant to the traders you choose to follow. You need to choose a good trader and control your margin position for risk management.