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Setting up copy-trading on Bitget

20.06.2024

Copy trading is a form of investing that involves copying the trades of other traders. In simple words, a crypto trader trades with his money and you automatically copy his trades. For this, he receives 0-10% of your profit (he sets the trading commission himself).

I will say right away that I am far from a crypto-specialist and I am not responsible for the loss of your funds. I am only sharing useful information based on my own experience. Cryptocurrency is a rather unpredictable and dangerous asset on which you can both quickly earn and quickly lose.

In 44 days, with an investment of $200, I managed to earn approximately $322 in net profit (including traders' commissions) while doing almost nothing.

Setting up copy-trading on Bitget

Registration on the crypto exchange

  1. Follow the link and register on the Bitget exchange.

  2. Confirm the phone number and email in the "Security settings" section of the personal account.

Setting up copy-trading on Bitget

  1. In the "ID Verification" section, we are verifying personal data (KYC). It can be done later, but it is better immediately, so that later there are no restrictions or problems with withdrawing funds.

Setting up copy-trading on Bitget

Top up balance

We buy at least 200 USDT (cryptocurrency tied to the dollar). I will not tell you in detail about the methods of replenishment, there are many of them, you can read about it on the Internet. I transferred 200 USDT from another exchange, but it is also possible to top up via P2P trading or directly from the card. A simple example of a P2P purchase. Setting up copy-trading on Bitget

Setting up copy trading

  1. We transfer 200 USDT from the spot wallet to futures (USDT-M).

Setting up copy-trading on Bitget

  1. In the futures settings, we set the leverage to 50X.

Setting up copy-trading on Bitget

Setting up copy-trading on Bitget

  1. Go to the Copy-trading section and choose a trader who has free places. When choosing, I focus on: the number of days when he became a trader, the total number of transactions, the ratio of successful and unsuccessful transactions.

Setting up copy-trading on Bitget

4) Click "Follow" and in the settings mark only BTCUSDT and ETHUSDT (more or less stable cryptocurrencies), then click "Switch to Advanced".

Setting up copy-trading on Bitget

Below, in the settings, we specify as in the screenshots and save.

Setting up copy-trading on Bitget

Setting up copy-trading on Bitget

It's done. After that, you will automatically copy all trades of the trader.

An important thing about copy trading

Suppose BTC is currently worth $17000, then 0.001 BTC is worth $17. Since we set a leverage of 50X, we divide $17 by 50 and get $0.34. When a trader opens a trade for any amount, we will copy it with an amount of $0.34.

Why so? At the same time, traders can open a total of 200 trades (in our case, $0.34 * 200 trades = a maximum of $68). When trading, the price may not move in the direction we need, so we can "go into the red" until the price turns around. In order not to catch liquidation (horror, when the exchange takes money for itself), we need to have a reserve of funds in the futures wallet.

If we assume that we have $200 in the account, and traders open 200 trades and they all reach -300% (-$204), then we lose money. Therefore, it is better not to subscribe to many traders at the same time (2-4 will be enough to start with).

That's it, happy trading!