If you are interested in trading and have been exploring different avenues to make money through investments, then social trading might be the right choice for you. It’s a relatively new concept that allows traders to follow and copy the trades of more experienced traders. If you are into Bitcoin trading and looking for a safer transaction, you may click here to visit website of the most recommended online trading for Bitcoin.
DeXe is one such platform that provides social trading services to its users. In this article, we will guide you through the basics of social trading on DeXe.
What is DeXe?
DeXe is a decentralized social trading platform that allows traders to follow and copy the trades of successful traders. It was created to bridge the gap between beginner traders and experienced traders. With DeXe, beginner traders can learn from the trading strategies of experienced traders and potentially make profits by copying their trades.
How does social trading work on DeXe?
Social trading on DeXe works by allowing traders to become leaders or followers. Leaders are experienced traders who have a proven track record of successful trades. Followers, on the other hand, are beginner traders who can choose to follow the trades of a leader. The platform uses smart contracts to automatically copy the trades of the leader, providing followers with a hassle-free trading experience.
To become a leader on DeXe, traders need to have a successful trading history and a minimum of 10 ETH in their DeXe wallet. Followers can choose to follow multiple leaders and allocate funds to each leader as they see fit. The platform charges a fee for each successful trade copied, which is shared between the leader and DeXe.
How to get started with social trading on DeXe?
To get started with social trading on DeXe, you need to create an account on the platform. Once you have created an account, you will need to link your Ethereum wallet to your DeXe account. You can then choose to become a leader or a follower.
If you are a follower, you can browse through the list of available leaders on DeXe and choose one to follow. You can also allocate funds to each leader and set a stop-loss limit to minimize your losses. Once you have chosen a leader, the platform will automatically copy their trades into your account.
If you are a leader, you need to have a successful trading history and a minimum of 10 ETH in your DeXe wallet. You can then create a trading strategy and publish it on the platform. Followers can then choose to follow your strategy and copy your trades.
Benefits of social trading on DeXe
There are several benefits of social trading on DeXe, including:
- Access to experienced traders – Social trading on DeXe provides access to experienced traders who have a proven track record of successful trades. This allows beginner traders to learn from the strategies of experienced traders and potentially make profits by copying their trades.
- Hassle-free trading – Social trading on DeXe is hassle-free as the platform uses smart contracts to automatically copy the trades of the leader. This eliminates the need for manual trade execution and provides a stress-free trading experience.
- Lower risks – Social trading on DeXe provides lower risks as followers can set a stop-loss limit to minimize their losses. This ensures that losses are kept to a minimum even if the leader’s trades don’t perform well.
Social trading on DeXe provides an excellent opportunity for beginner traders to learn from experienced traders and potentially make profits by copying their trades. With its hassle-free trading experience, lower risks, and access to experienced traders, social trading on DeXe is an excellent choice for anyone looking to invest in cryptocurrency trading.