The crypto industry has exploded over the past year, ever since the prices crashed due to the COVID-19 fears in March 2020. At first, it acted as a recovery after the crash. After that, the price increase continued to move until it became a steady growth, and then a rapid rally that even attracted institutional investors.
Many cryptocurrency projects have seen new all-time highs since then, including Bitcoin, whose current record is at around $57,200 at the time of writing (March 29, 2021). Naturally, whenever there are such rapid price surges, there are opportunities to earn, which causes online media to cover the subject, thus spreading awareness.
Copy-Trading: What is it, and What’s the Problem?
With the world still revolving around money (fiat and digital alike), countless new traders have rushed towards the crypto industry, looking for an opportunity to earn. The problem is that crypto trading is very treacherous due to high volatility and the fact that any new development can turn things around in a flash.
Your massive profits could turn into massive losses in less than an hour. Experienced traders know how to handle the risk, but that is more than can be said about novices that are just now having their first experience with crypto. Many have tried to go around their lack of knowledge by turning to copy trading, where they found promising investors, and started copying them.
This has been around for some time, and it is a feature offered on many platforms right now. However, there are still problems with this, as sometimes, top traders also make mistakes, which caused many to believe that even those on the top don’t know what they are doing. Some platforms offer copy trading checks, but they are also not good enough as they are not rigorous enough. And, finally, there is a major lack of transparency regarding copy trading, which once again stands in the way of those who would engage in it, be they new traders or not.
Fortunately, there is a solution, and it comes in a new social trading platform called DTrade.
What is DTrade?
DTrade is a platform based on an exchange called Decoin, which allows users to easily create an account and immediately see top-performing traders at any given moment. The platform is extremely transparent — so much so that it also allows users an insight into the top performers’ last trades.
Essentially, users can see recordings of traders' previous sessions, and decide which one of them seems to be the most successful and the most capable. Then, they can follow that trader or traders, and copy their style, or simply learn from their example.
DTrade also allows an auto-trade feature that copies other traders automatically. Of course, there is a certain time limit, unless you use DTrade Pro — a premium version that has no time limits for copy-trading.
What Makes DTrade Different From Other Social Trading Platforms?
Unlike other social trading platforms which tend to suffer from all the previously mentioned issues, DTrade found a way around them. For example, it aims to dispel the reputation of association that comes from bad players through transparency. It makes it easy for users to understand what top traders do, and how they do it.
By allowing them insight into the top traders’ moves, copy traders can determine whether the trader actually knows what they are doing, or if they simply had a lucky streak.
On top of that, it offers live-recorded trading sessions, which is a major step in the right direction for education of traders and transparency of the whole system. The best way to earn is through example, and this way, traders don’t have to make their own mistakes to learn from them, but can, instead, learn the right way to trade by seeing how experts do it.