and the distribution of digital products.
5 Best Copy Trading Platforms in Spain
Are you also the one who is really confused about which trading platform to choose when it comes to copy trading? Don’t have prior knowledge of crypto or have very little knowledge? Don’t worry, this article on “5 Best copy trading platforms in Spain” will be enough to enlighten you and will surely help you make the right decision.
Summary What is copy trading?Copy trading is among the most profitable and easiest trading methodologies that a novice or an inexperienced trader can use. Copy trading is also well known as social trading. It can be referred to as an automated way to optimize the portfolio management and investment strategy for traders looking to replicate the portfolio of highly skilled and renowned traders. Moreover, it is the choice of copy trader’s that they whom to copy. However, it’s their choice whether they would like to open the same position as the professional trader or not.
Spain Cryptocurrency LawsCryptocurrencies are largely unregulated in Spain because they are not financial instruments under Spanish law. However, in October 2020, the government of Spain published a draft law to gain higher control of cryptos. This law stated that all the crypto traders must inform the tax authorities about the possession of every cryptocurrency they hold and any transaction that they make in a very detailed way. In addition to this, in March 2021, amendments to the Spanish Securities Markets Law were approved. These amendments were enacted to regulate the advertisements related to cryptocurrencies within Spain.
1. 3Commas3Commas is a Miami-based trading platform developed in 2017. As of now, they have around $22.5 billion in average monthly trading volume, and the platform is available worldwide.
Further, the platforms have a wide range of features, including DCA Bots, Smart Trade, TradingView, Options Bots, Crypto-Signals, Trading Terminal, etc.
One should note that the 3Commas Dollar Cost Averaging is one of the most preferred trading bots on this platform. Beginners can also practice trading at 3Commas using the paper-trading option.
2. BYDFIBYDFI comes under some of the best crypto trading platforms present in the crypto market and has its headquarters in Singapore. As they have a massive network covering almost 150 countries hence the platform allows all its traders to trade independent of their country. Moreover, the platform aims at providing the opportunity to its traders from all over the world to trade their crypto assets with ease. This is because they believe in the concept of “Complex contract simple trade.” Furthermore, their simple user interface helps all novice traders to get their hands easily on the platform.
BYDFI
BYDFI
Also read, BYDFI Copy Trading – An Ultimate Guide
3. Gate.ioGate.io is one of the earliest crypto-to-crypto exchanges from China. The platform comes under the top ten digital currency trading platforms whose main focus is on hassle-free crypto journeys and safe trading. It came into the picture in the year 2013, and ever since that time, it has been providing all the traders with the best trading experience. Moreover, there are many services offered by them, such as Quantitative trading, Leverage ETF, Leverage trading, Secured loans for traders, Future trading, and Hold to Earn Interest.
GATE.IO
Gate.io
4. BingX
BingX is an innovative and unique cryptocurrency trading platform. It allows all the traders to connect with professional and successful traders to bring out the best results for all their investments. The platform held its roots in the crypto market in the year 2018 and since then has been offering spot trading, copy trading, and derivatives trading services across 100 countries. Moreover, there are around 30+ crypto assets and over 100+ crypto pairs. Furthermore, it also provides you with forex commodities, contract trading products, BingX copy trading, and global indices.
BINGX
BingX
Conclusion
Copy trading has now become an extremely popular topic among all novice traders in the crypto market. The reason behind this is that it lets them trade by just copying the trading strategies of the professional traders that they follow. Moreover, in copy trading, there’s no need for novice traders to have a deep knowledge of the crypto exchange or crypto market. Therefore, we think BYDFI can be one of your perfect destinations to get started.
Frequently Asked Questions What is copy trading in Forex?Copy-trading in Forex means that it is a simple and easy way of making currency trades even without the need of having much experience as a trader yourself. Instead, the main idea behind copy trading was to utilize other traders’ expertise and experience to copy the positions they have opened.
What are the advantages of Copy-trading?Copy-trading has many rules and regulations, but the truth is that copy trading is neither a much-complicated practice nor it is that tough to understand. Therefore, this is the main reason why it became so popular in the first place among traders. In addition to this, there are more advantages such as you can save your important time as you will be copying from successful traders. Moreover, you will learn a lot of techniques and strategies from successful and experienced traders, and importantly you are the only one who is in charge of your trades.
On what basis do we choose copy trading?The first thing that the traders need to keep in mind while choosing a copy trader is that they must first observe the total number of followers that the experienced trader has, number of trades placed by him/her, monthly trading results, profit percentage, average trade duration, and also some other factors according to the user’s need.