Getting
started to invest could be difficult for a beginner, especially when you lack
background knowledge. Realizing the importance of investing is only the first
step. To choose the ones that are suitable of your own choice from various
asset types could take a while. Whether to acquire more relevant knowledge
first before starting trading is another factor to consider about. The journey
seems endless, with countless research to do and many choices to make. Among the
trading tools on the market, copy trading is one of the methods especially
designed for beginners.
Copy
trading is a trending tool on the crypto market. As its name suggests, copy
trading means to directly copy trading strategies or positions of other
traders, usually the experienced ones. This allows beginners to start trading
even before becoming an expert in the field. Nor do you need to know much about
cryptocurrency. By observing and analyzing professional traders’ trading
strategies, it gives you an opportunity to learn from the history transactions,
incorporate different trading styles and create your own. With the usage of
copy trading, you don’t need to make transactions manually anymore-which
helps save plenty of time. Furthermore, because not all traders are experts in
all types of trading strategies or commodities on the market, copy trade
gathers experts in their respective area of expertise, helping users to explore
as many assets and trading styles as possible.
More and
more platforms are thinking to include copy trading as an option. Currently,
there are a few platforms on the market that have launched copy trade system,
including eToro, ZuluTrade, and BitYard. In this article, we will be focusing
on comparing eToro and BitYard.
eToro was
founded in 2007, and it originally started to be a FX trading platform.
However, as the platform grows, it includes more and more assets such as
stocks, commodities, indices, and cryptocurrency for global traders. Now, eToro
presents itself as a social trading platform. It’s also a platform that highly
values security. It is regulated by FCA in the United Kingdom, CySEC, ASIC, and
MiFID.
On a first
look, the layout of the CopyTrader feature on eToro is similar to a social networking platform. Searching for
professional traders becomes interesting, as if you were looking for new
friends on social platforms. By entering the personal webpage of a trader,
posts written by the traders are shown and anyone can reply to the posts. Next,
a detailed analysis of the trader’s history transactions is also available on
the personal page for your reference. To become an excellent trader, a few
important things to keep in mind include: search information, analyze the data
and make correct judgements. In order to develop a good sense of judgement and
good analytical skills, choosing a cost-effective tool when you trade becomes
crucial. In terms of helping users to distinguish possible risk level of
copying an expert’s trading, eToro adopts a measurement on a scale from 1 to
10, where 1 stands for the lowest possible risk and 10 the highest.
EToro’s interface is highly similar to a top-notch social
platform. Using eToro is just like using Facebook. Users are able to casually
share investing ideas with others including raising questions, giving advices,
and analyzing opinions. This allows users to quickly absorb other peoples’
experiences and consequently form an active discussion group. As users’ social
accounts are tied with transaction accounts, you do not really need to worry
about misleading information. This feature makes ‘social trading platform’ a
more convincing tag for eToro.
BitYard is
a rising cryptocurrency derivative exchange which was established in 2020.
Despite
that it’s only been a year since BitYard founded, the platform covers multiple
asset types and is growing by leaps and bounds. Currently, BitYard is under
regulation of ACRA, MSB, AUSTRAC, and MTR.
Trading can be complicated for a crypto newcomer at first. To help users simplify complex trading, BitYard has been working on improving user interface and the feature of copy trade-in order to bring traders a better trading experience. The overall interface and design of the website/app is easy to navigate, making BitYard a good platform for beginners. Registration takes only a minute and as soon as you own an account, you can conduct demo trades on BitYard without making any deposits. In comparison with eToro, Bityard’s copy trading interface seems to possess with less social interaction functions. However, the entire trading process is easily for anyone to understand. Users only need to complete a few related settings before starting trading.
For a rookie investor, approaching the market under the
circumstances of not being familiar with it could be risky. BitYard’s demo
trade function helps investors to gain a comprehensive understanding of trading
without having to take the risk of losing money. From this point, BitYard is
undoubtedly the best platform for novices.
Bityard is also known for providing various
cryptocurrency trading and CFD. Accessible options include mainstream crypto as
well as popular altcoins. In addition to cryptocurrency, traders can also
choose between multiple assets such as forex, indices, and commodity, etc. Furthermore,
Bityard provides spot trading of more than 70 cryptocurrencies, making a
must-try trading platform for global investors.
In general, eToro and BitYard both have their own
advantages on different aspects. When it comes to copy trade, many people think
of eToro. Compared to BitYard, eToro has a bigger user base. Moreover, with
years of development, the platform’s copy trading function and quality have
become more full-fledged. However, BitYard offers more crypto assets. And the
demo trade function makes it easy for a newcomer to simulate trading without
making a minimum deposit into the account. Among all assets it provides,
BitYard particularly focuses on cryptocurrency. Also, BitYard’s trading fees
are relatively lower than eToro’s, which makes it a fantastic choice for anyone
seeks to invest in cryptocurrency.
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