How to Start Copying Orders on Bingbon?
How Does Copy Trading Work?
1. Go to the Community section
You'll be presented with a list of top traders whose orders you can start copying:
Next to each trader is displayed his statistics:
• Total profit for all time trading on the exchange
• Number of days spent on the exchange
• Productivity for the last 3 weeks (percentage of profit excluding leverage)
• Maximum losses for the last 3 weeks (maximum loss percentage per transaction excluding leverage)
• Number of orders in the last 3 weeks
• Followers (users who copy his orders)
2. Select the appropriate trader and click Copy
Next you will be taken to the trader’s profile and will be able to study its history. Take this carefully, study all his orders:
You can also click Followers and study the profit history of trader's subscribers.
3. If you think that the trader is really conducting high-quality orders, click the Copy button again
Now you can set the values of the following parameters:
Choose the cryptocurrency that the trader will trade: USDT or VST (Bingbon virtual currency with which you can test the platform).
Choose the type of copying orders: Fixed Margin or Proportional Margin.
What is Fixed Margin?
Fixed margin is a mode of copying orders in which you can set a limit on the maximum amount of one deal. In fixed margin mode, the following options will be available to you:
• Amount — the maximum amount that a trader can use to place one order.
• Max Day Copy — the maximum trading volume that a trader can conduct daily. For example, if you set a limit of 100 USDT, and in the Amount field set the value to 10 USDT, then the trader will be able to conduct no more than 10 orders.
There are also additional settings:
• Position Amount — the maximum amount that a trader can use for simultaneous use in their orders. For example, if you set a limit of 20 USDT, and in the Amount field set the value to 10 USDT, then the trader will be able to conduct no more than 2 orders at a time.
• Order Stop Loss Ratio — the maximum percentage of losses in one trade. So you can manually specify an acceptable stop loss for you, in some situations this can save you from liquidating your position.
What is Proportional Margin?
In proportional margin mode, you need to choose the size of the unit that you’ll trade. The size of this unit depends on the instructions that the trader will give in his telegram channel.
The trader writes that his deposit is $100, and the unit size is $10. Therefore, you need to choose a unit size 10 times smaller than your deposit. So you can copy the risk management of the trader.
Or a trader can immediately inform you that you choose a unit size 10 times less than a deposit, without specifying your own deposit.
If you don’t interact with the trader using social media, then using proportional margin will lead to a huge risk of losing the entire deposit.
In proportional margin mode, the following options will be available to you:
• Unit Standart — the amount to be considered as a unit.
• Max Day Copy, Position Amount, Order Stop Loss Ratio work the same as in fixed margin.
4. After you have selected the copy mode and filled out the necessary data, click Copy to start copying the trader’s orders.