In 2023, Crypto trading is one of the best skills to have in the crypto world. It’s made many millionaires. But becoming a skilled trader takes time… a long time that many simply can’t afford. Not to worry, copy trading is here to the rescue. It’s a service that allows you to automatically copy career traders’ trades for a little commission on the profits they’ll make for you.
It’s the easiest way to make money through crypto trading with zero trading skills.
I’ve tried a few copy-trading services with good results (for example trademate).
That’s what motivated my experiment with ByBit’s popular copy trading.
So join me as we do a walk-through together.
(Click here if you want to learn to do it using just your phone)
Before we start, if you’re yet to open an account with ByBit, click here to do so immediately.
Next, fund your account: Transfer USDT, BTC, ETH or any crypto of your choice
To do this, click on ‘Assets’ and select ‘Deposit’ to follow the prompt
Now let’s get on with ByBit CopyTrading
Click on ‘ Derivatives’ on the dashboard and select ‘Copy Trading’. This will unveil a new section with all traders you could pick and their trading stats. We will talk more about that in a bit.
First, you need to move some or all of the funds you now have on the exchange to the copy trading section.
How to do that?
Click the section on the top right of your screen that says ‘My CopyTrading’. Once the page is open, click ‘transfer’. And fill in the amount you want to be moved from your Derivative account to your Copy Trading account.
Next, go back to the Copy Trading page (click on ‘Derivatives’ and select ‘Copy Trading’)
Bybit has made it extremely easy to select the best traders to copy their trades.
Some of the important metrics to look out for are as follows:
- The top traders by ROI show the traders netting the highest profit margin.
- Traders with the highest profit for followers show traders with many subscribers, indicating several consider them expert traders.
- The lowest Drawdown shows traders with the lowest loss percentage over 30 days.
- You could also see all the expert traders.
Click on any trader of your choice to also see more relevant stats, such as:
- Last traded: Essential info since some traders don’t trade frequently
- 7-Day ROI
- Trading days: The number of days the trader has been trading on ByBit. Better to go with traders who have been at it for a while
- Total ROI (followers) and number of followers: shows how much profits followers of the traders have made so far
- Total assets: shows the trader’s current portfolio. Better to copy traders with a huge portfolio.
- Weekly Trading Frequency: Go with traders with high trading frequency.
And if you click on All Master Traders, you also get to narrow your search down to Traders from your country.
I find all these helpful in making the best decision on traders to copy.
Also, note that some traders might be oversubscribed already, and you will see a tag that says ‘FULL’ next to their profile. Traders still taking subscribers will have the ‘Copy’ tag next to their profile.
After much deliberation, I was finally down to picking between Matian, Al Copone and NiceCat. (See my thoughts on other traders in the second to the last section below
Take note that you can pick any trader of your choice. I’m not affiliated with any of them in any way. Also, I will keep experimenting with different traders over time. (Writer’s note: Matian doesn’t trade regularly)
Finally, I settled on Matian and clicked ‘Copy’.
It reveals a window to change some settings. You are not an expert, no need to bother; just go with the default settings.
You only have to enter the amount you want the trader to use for each trade in the first box provided. (For example, I typed in $200. You can enter as low as $10). The amount selected will determine if you can take multiple trades. For example, if you enter $10 and your total amount in your copy trading account is $50, it means 5 trades can be taken simultaneously.
How much should I start with?
One of the perks of using ByBit CopyTrading is that it allows you to start with a minimum of $100. I started with around $800.
The service itself is free. But the trader you’ve selected to copy takes 10% of your profit. Fair enough if you ask me.
Thoughts on some ByBit top traders
In no particular order:
Bugs Bunny (Best Trader of 2022 despite the bear market)
Hofman (Trades regularly)
danell_d (good trader, trades regularly)
Vader (decent trader)
NiceCat ( good trader, trades regularly )
tôi là tôi ( decent trader,trades regularly)
Matian (good trader but doesn’t trade regularly)
boy tony (good trader, doesn’t trade regularly)
Hokkaido (good trader, doesn’t trade regularly)
FERRARI SF90 SPIDER (decent trader)
S W E E Trading (decent trader)
KlineLolie ( decent trader, doesn’t trade regularly)
24 Hours After It Is Added (decent trader,trades regularly)
Al CoPone (good trader, trades regularly)
Fair Chance Investments (decent trader, trades regularly)
Aster Crypt (good trader, trades regularly)
KrisCoin (good trader, trades regularly)
I think it’s worth it. So far, it’s been great. I love the simplicity. I love that users are spoilt for choice – tons of expert traders.
Have you used ByBit CopyTrading?
Please share your thoughts in the comment section below.
You can register for a ByBit account here
See all my recommended investment platforms here
(Click here if you want to learn to do it using just your phone)
Super Researched Legit Passive Income Programs
(Last Updated January 2023)
(Scroll down to this list)
In the interest of our esteemed community, we curate a list of legitimate investment platforms. This is especially urgent right now as scam investment platforms continue to flood the market with one juicy offer or the other. But take all that hype with a grain of salt. Always bear in mind if an offer appears too awesome to be true, it is most likely a false offer.
It is no longer strange to see scam platforms like purchasesharesonline (dot) com promising outrageous offers. This is why ideasdome.com has taken it upon itself to painstakingly research platforms that are investment-worthy. And we are talking passive income programs. The real ones are out there albeit hard to find.
Many continue to support scam platforms and projects for referral commissions but ideasdome.com will never be party to that. No amount of commission is worth our integrity.
Do not be surprised that the list below is few. We can add a few here and there every now and then but it will never be a long list.
Only a few can meet up with our requirements
In compiling the short list below, here are our criteria.
– The invest platform must have been in operation for at least 18 months
– Platform must have a known founder. We will never recommend faceless platforms
– Recommended platforms must be truly passive income platforms.
– Recommended platforms must have an easy withdrawal process
– All platforms must not have hidden charges. It must completely transparent and honest with users.
– We will never recommend ponzis or pyramid schemes.
Of course, we do our best. But fact remains there’s no perfect platform. Even if a platform is legit and honest it can still crash due to bad market conditions for example Covid19 pandemic.
Recommended platforms and steps to get started
Click any of the links below
For West Africans
- Piggyvest (Special opportunity for West Africans only. Very active. See review and how to get started here)
- Trove Finance
A lot of people are getting scammed in crypto lately. That’s why we have taken it upon ourselves to fight against by providing a weekly updated list of new scam platforms via our newsletter.
Join our newsletter here