ExpertOption Copy Trading – A Comprehensive Beginner’s Guide

For years, only Forex and crypto brokerages have been known to provide access to copy trading. However, binary options trading platforms like ExpertOption are now embracing the innovative strategy to allow customers to earn passively. In this article, we will teach you how to start copying trades on ExpertOption. Read on to learn more.

Defining Copy Trading

For starters, copy trading involves experienced traders letting other traders replicate their trades in exchange for a small fee. Copy trading can be automatic or manual. If manual, the copy trader will choose which trades to copy, and if automatic, all trades opened by the copied traders are automatically replicated.

How to Open an ExpertOption Account and Start Copying Trades

Here are steps to follow to get started with ExpertOption:

Step 1: Sign Up With ExpertOption

To sign up with ExpertOption, go to Expertoption.com and click “Real Account.” Next, enter your email and password, then press the “Open Account” button.

Step 2: Complete KYC to Open a Live Account

After signing up, ExpertOption will give you access to a demo account, which you can use to test the broker’s features. To create a live account, you will need to undergo the Know Your Customer (KYC) checks. ExpertOption will require you to submit a photo of your identification document, which will be reviewed within 24 hours.

Step 3: Fund Your Account

If ExpertOption approves your KYC details, you will have access to several payment methods to deposit funds. Note that you are required to deposit at least $10.

Step 4: Select Your Preferred Assets

Upon funding your ExpertOption account, decide on the assets you would like to trade. It could be stocks, commodities, Forex, and cryptocurrencies.

Step 5: Go to ExpertOption Social Trading Platform

You can access ExpertOption’s social trading platform by tapping “Social” on the homepage.

Step 6: Understand the Data

Once you access the social trading platform, you will see various metrics, such as the Opened Deals graph that displays active deals for your preferred assets.

Step 7: Explore Traders’ Profiles

Click traders’ icons to visit their profiles to access key details to help you make informed copy trading decisions.

Step 8: Select a Trader and Copy Their Trades

After going through the traders’ profiles, select one that aligns with your financial goals and click “Copy” to start replicating their trades automatically.

How Do You Find the Ideal Trader to Copy on ExpertOption?

These are the factors you should consider when selecting a lead trader:

Proven track record: It is vital to delve deep into a trader’s trading history to get a clear picture of their experience before copying them. Only pick a trader who has been consistent in generating profits over a long period.

Returns: The goal of copying trades is to generate profits. So, choosing a trader that posts positive returns regardless of the market situation is important. However, keep in mind that the trader may record some losses.

Confidence: When a lead trader uses their funds to trade, it speaks a lot about their confidence. Such a trader shows their followers that they believe in their trading strategy. That said, pick a trader who trades using a funded real account.

Number of followers: When a trader has a large following, it suggests they are reliable and have a proven track record of success.

Risk level: The level of risk tolerance varies from one person to another. So, understand your risk appetite and pick a trader that matches it.

Historical drawdown: All traders have drawdowns. Always select a lead trader with a small percentage of drawdown, as this indicates they are good at managing trading risks.

Is Copy Trading on ExpertOption Safe?

Since launching in 2014, ExpertOption has grown to become among the most trusted platforms for trading binary options. The broker emphasizes user safety, which is why it employs sophisticated security measures. So Yes! It is safe to copy trades on ExpertOption. However, doing your own research before signing up with the platform is crucial.