Copy Trading Has ‘Disrupted the Crypto Industry’ Says Bitget’s Gracy Chen
Copy trading has disrupted the crypto industry and is increasingly the trading strategy preferred by less experienced traders says Gracy Chen, managing director of the crypto trading platform Bitget. While copy trading is gaining popularity globally, traders and prospective users from Africa appear more interested in the strategy than those from other regions.
Africa-Based Users More Interested in Copy Trading
According to Gracy Chen, the managing director of the crypto derivatives and copy trading platform Bitget, copying trading is a trading strategy which has not only “disrupted the crypto industry” but has become increasingly more popular with novice traders. She added that for some cases, copy trading has proven to be an effective strategy during the so-called “crypto winter.”
To support such assertions about this portfolio management strategy, Chen made reference to a report highlighting the “300% growth in copy trading adoption in the last 24 months.” As the report (which relied on Google search data) noted, while copy trading is popular globally, traders and prospective users from Africa appear to be more interested in the strategy.
Described as a method that enables traders to copy specific strategies, this trading tactic is said to link “a portion of the copying trader’s funds to the account of the copied investor.” This trading strategy is thought to be popular with more risk-averse investors and traders.
Copy Trading Favored by Risk-Averse Traders
Meanwhile, in remarks to Bitcoin.com News, Chen also highlighted the impact copy trading has had on Bitget. For instance, Chen pointed to the over 400,000 traders on Bitget who have used this trading strategy since its launch in May 2020. The Bitget managing director also explained how the continuing bear market is likely to convince the more risk-averse traders to pivot to copy trading.
“With the bear market continuing, people will want to leverage professional traders’ knowledge,” Chen said.
Chen revealed that Bitget’s internal user data already indicates that as many as 28% of traders have resorted to copy trading at least once in 2023. She also added that as many as 109,000 followers of the platform’s professional traders have made a profit.
While copy trading is the main reason why Bitget’s share of the market has grown over the past few years, Chen told Bitcoin.com News that the platform’s partnership with the football star Lionel Messi has also proven to be a shrewd business decision. In addition, the setting of a protection fund as well as the regular publishing of Bitget’s proof-of-reserves have also helped reassure users.
On why Bitget chose to set up an office in the Middle East, the managing director pointed to the region’s perceived crypto-friendly policies. She also added that the presence of influencers and Bitget’s partners in the region also justify the decision to set up offices there.
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Source: Bitcoin.com
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Text source: Crypto Breaking News
