MoonXBT Copy Trading – Is it the Best Platform for Copying Trades?

Staring at your computer screen for a whole day to identify good trading opportunities can be exhausting. But you do not have to go through that hassle thanks to copy trading, a feature that lets you follow the trades of prominent crypto traders automatically. In this article, we will focus on MoonXBT’s copy trading functionality. Keep reading to know if it suits your trading needs.

Exploring MoonXBT

MoonXBT is a popular derivatives trading platform. It comes with several features, including Demo mode, multi charts, copy trading, and an easy-to-navigate interface. As mentioned, we will only take a look at the platform’s copy trading feature.

Copy Trading on MoonXBT

MoonXBT welcomes both active and passive traders. As for the latter, they are able to replicate the trades of successful traders without spending too much time monitoring the market. To help you pick the right traders to copy, MoonXBT displays their win rate, trading days, trading style, and return on investment.

Moreover, the platform lets you follow several traders simultaneously, thus allowing you to spread your risk. Note that when you start following a trader, MoonXBT will execute your trades automatically.

Here are some terms used on the MoonXBT copy trading platform:

Follower

As an investor seeking to replicate the trading strategy of a proficient trader, you will be called a follower on the MoonXBT copy trading platform. For every successful trade, you must pay the copied trader a commission, usually about 10%.

Trader

The MoonXBT user who you choose to follow their trading strategy is known as a trader. Before copying their trades, review their trading history to check whether they have been performing consistently since they started trading.

Are you looking to become a trader on the MoonXBT platform? Simply click the “Become a Trader” button to apply. But what are the requirements for becoming a trader? Well, you need to have a minimum USDT balance of $500 and completed 5 trades over the past 30 days.

Style

Traders employ varying trading strategies. Some are long-term, while others are short-term. Short-term trading strategies tend to be riskier than long-term ones. So, we recommend you pick a trader based on your risk appetite.

Win Rate

A win rate compares the number of trades won to the number of trades lost within a specific timeframe. You definitely want to choose a trader with more winning trades than losses.

How Do You Copy a Trader on MoonXBT?

Before copying trades on MoonXBT, you need to create an account. To do so, download the platform’s app on the Play Store or App Store and then follow the instructions for registering an account. After accessing your new account, click “Copy Trading” and explore the various traders listed on the platform. Next, choose your preffered trader and pick the trading pairs you would like to copy. On each trading pair, enter the amount you want to invest. Make sure you have enough funds in your trading account.

After that, confirm if you have entered the right copy trading details and click “OK.”

MoonXBT Profit Distribution

As mentioned, a trader may charge a commission of up to 10% on every successful trade. Immediately after the trader closes a profitable trade, MoonXBT automatically deducts the trader’s commission.

Advantages and Disadvantages of Copying Trades on MoonXBT

Advantages

• MoonXBT displays reliable data about traders’ performances to allow followers to make correct decisions.
• It is possible to adjust your copy trading settings even when there are open positions.
• MoonXBT lets users follow multiple trades, thus allowing them to diversify their investment funds.
• The copy trading feature offers experienced traders an additional way of making money.

Disadvantage

• Past performance does not guarantee future profits. Therefore, it is still possible to lose funds when copying trades on MoonXBT.

Conclusion

While most trading platforms are now offering a copy trading feature, not many are beginner-friendly. MoonXBT is among the few letting novice traders navigate the crypto market with ease through its copy trading functionality. All said, do not register with MoonXBT without doing your own research.