Bitop Exchange Activates Copy Trading Function; Trading Volumes Rises to Over $991 Million

Bitop Exchange, a crypto CFD exchange registering over $991 million in average daily trading volumes, now allows copy trading.

The feature activated on September 26 is a portfolio management strategy enabling novice or new traders to copy or mirror the trades of successful and usually experienced crypto traders. In the high-octane crypto scene, the function has found widespread use, seen as an easy way for users to dive into the deep labyrinth of crypto trading while learning the ropes from the industry's best traders.

Unlike traditional markets, cryptocurrency is highly volatile and fast-paced. As a result, this can present challenges to new traders not comfortable with huge daily price fluctuation and a wide array of crypto assets, paired with fiat and other cryptocurrencies, to pick from. Therefore, the copy trading function can be a timely addition that saves time and gradually introduces trades to the intricacies of trading the emerging asset class. Bitop presently supports crypto-to-crypto trading using USDT as a quote currency in some of the most popular assets like BTC and ETH.

The decision to adopt USDT stems from the digital asset's widespread use. Trackers reveal that USDT is the most liquid stablecoin with a market cap of over $68 billion, making it the third most valuable coin after Bitcoin and Ethereum and ahead of the resurgent ADA. The token is also available in more than four blockchains, including Ethereum and Tron networks.

However, activity is heightened in Ethereum. Because of DeFi and NFT activities, USDT-related operations have seen Ethereum burn millions worth of ETH following the activation of EIP-1559.

Through Bitop, traders can take part in the growing DeFi ecosystem. The platform allows the trading of, among other DeFi tokens, UNI and SUSHI derivatives contracts. However, in Bitop's arrangement, the trader doesn't have to custody the coin. Instead, the exchange has several mechanisms in place to ensure they safeguard the client's assets.

For instance, there is the segregation of funds. At the same time, the exchange has dedicated resources for client education, emphasizing the need to set or change e-mail accounts as part of account security.

Centralized cryptocurrencies exchanges are often targets for hackers. Although multi-million hacks have been averted in recent years due to better controls and monitoring, centralized exchanges bore the brunt of nefarious agents, cumulatively losing billions. While safety nets like multi-sigs, fund segregation and thorough, continuous audits have reduced the number of reputation-damaging hacks, compliance with regulators' requirements is critical.

As part of the broader drive from crypto players, Bitop is compliant and regulated by several agencies in jurisdictions of its operations. In the US and Canada, Bitop is registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), respectively.

Because of this, Bitop also complies with anti-money laundering (AML) and efforts to combating the financing of terrorism. Regulators view the under-regulated nature of cryptocurrencies and the slow pace in formulating fitting laws as a primary reason why elements have been misusing cryptocurrencies, executing their illegalities.

Bitop compliance with regulators across their regions of operations, education campaigns and crypto pairs allowing for up to 100X leverage have seen them develop a wider client base of over 100k clients registering from over 80 countries.

The cryptocurrency exchange says it plans to use its experienced development team and their established base to create an autonomous and symbiotic ecosystem that's client-facing.