Decoin is rapidly gaining popularity as one of the most innovative crypto exchanges. We recently introduced our new social trading platform called DTrade, which is designed to facilitate the growing trend towards social trading while offering innovative solutions for the crypto world.
What is Social Trading?
Social trading is a relatively new approach to trading, where professional traders allow other traders to observe their trading activities and strategies. The traditional approach to achieving success as a trader is to conduct a lot of technical and fundamental analysis to formulate a rough idea of potential price direction.
Some traditional trading platforms have already ventured into social trading for forex and stocks, and Decoin now offers the same for cryptocurrencies. DTrade allows users to participate in a community where they can learn from professional traders and hopefully tap into the same profitable market opportunities that pro traders leverage to make consistent gains. In simpler terms, social trading is a way of copying the expert traders or mimicking their trading strategies.
The Benefits You Can Derive from Social Trading
Social trading is an excellent and helpful tool for novice traders to start trading profitably right off the bat and it is a crucial learning resource. What better way to learn how to trade cryptocurrencies than from pro traders? Many new traders lose money and give up, but when you are mimicking the steps of a successful trader, your chances of attaining success as a trader increase significantly, and so do your skills. Losses are a natural part of trading, but social trading will help you to minimize them while maximizing potential gains.
The cryptocurrency market can be rather volatile at times, and new traders might have a rough time navigating or weathering the volatility. Social trading offers them the ability to respond accordingly by simply copying the trading moves of their experienced counterparts. This means that amateur traders do not need to struggle with technical and fundamental analysis, which can be quite challenging for anyone new to trading.
The community approach to trading through social trading presents another major advantage that is often overlooked. The GameStop short squeeze that took place earlier this year is a great case study of how traders can move the market and overcome institutional market manipulation. Interestingly, the short squeeze was a socially executed strategy because traders were rallied via Reddit and Twitter.
The short squeeze highlighted the power of trading uniformity. If more people trade socially, the chances are that they may have an impact on price direction. The benefits of social trading also extend to experienced traders. For example, if you know your way around the markets, you can use social trading to confirm your view of the market by following other experienced traders. Such an approach can help minimize the margin of error, thus boosting profitability while potentially minimizing losses.
Information is an essential tool in the arsenal of a profitable trader. The chances are that some traders have information that you have not accessed yet, thus social trading may provide an opportunity to act as quickly as the informed traders.
How To Start Trading On DTrade
Our goal at Decoin is to make it easier for traders to succeed without going through complex processes. The Decoin exchange integrates this mantra into our mission to offer an innovative and transparent social trading platform for users. It provides an easy-to-use interface and a wealth of trading features useful to traders at all levels.
Creating a Decoin account is relatively easy. Applicants are required to fill in an evaluation form that determines their level of skill and proficiency. Once the verification process is complete, traders have the freedom to choose which pro traders to follow, the cryptocurrency pairs they would like to trade and the number of trades they wish to execute.
As far as security is concerned, Decoin is a trusted exchange that stores 99 percent of its crypto holdings in cold wallets, thus providing a high level of security. The platform is attractive to traders looking for an exchange that charges low fees too for enhanced profitability. DTrade also comes at an optimal time when more people are looking for the ideal way to get into crypto trading.
Ready to try social trading? Get started now with DTrade!