The cryptocurrency market has expanded disproportionally throughout the past year and it’s currently valued at more than $2.4 trillion. What used to be a small niche industry is now a force to be reckoned with and more people are jumping on the bandwagon
Data from CoinGecko reveals that the daily trading volume is also in the hundreds of billions, showcasing a serious interest when it comes to trading cryptocurrencies. This has especially been the case in 2021 as Bitcoin’s price charted an all-time high at around $65,000 and many altcoins saw even more serious gains.
With this said, retail investors are joining the space in a bid to increase their fortune, but a lot of them fail. This is because they don’t have the necessary skills or knowledge to outsmart the market.
However, many are working on making cryptocurrency trading as easy and comprehensive as possible, and Decoin is no exception.
DTrade: Social Trading
DTrade is a social trading platform brought forward by the team behind Decoin. Its sole purpose is to provide a way for the cryptocurrency community to come together and copy the trades of professional traders who are also streaming their most profitable strategies live.
The exchange aims to take social trading to a new level where users are allowed to decide whether they want to watch live streaming sessions, trade, or simply put the entire thing on autopilot by copying specific traders.
This does offer some benefits, although it also has its own risks. In terms of advantages, it allows retail users with little or no prior experience to participate in a rapidly growing market where opportunities tend to abound. They can mirror professionals and get into the same trades as them.
The trading interface itself is also relatively simple to use as it looks a lot like that of other cryptocurrency exchanges with a few differences. Users are able to check out the top traders, see their trades, and automatically copy them going forward. This is how it looks like:
Main Platform Features
One of the things that users can expect is considerable transparency. They can see the profit-sharing offer which provides a full history of the deals that the top traders did, their profit statistics, their investment balance, followers, and all that. This is basically a lot of the information one would need to make an informed decision.
The reason this model works is quite simple – it provides the appropriate incentives. For the novice trader who’s looking to get crypto exposure, following someone with a lot of experience and a proven track record is the best way to go about it.
For the professional trader – it’s a win-win situation. If they make an unprofitable trade, they would lose money either way, regardless of whether someone copies them or not. But if they make a profitable one, they also get a percentage of the money earned by those who follow them. This incentivizes them to keep up their best performance and optimize their profits. Any user of Decoin can apply to become a top trader. The approval comes once simple due diligence is completed.
DTrade is just the social trading arm of Decoin – a cryptocurrency exchange founded in 2017 which attempts to improve continuously throughout time.
Decoin offers over 70 different cryptocurrencies to trade with, as well as leveraged trading options with Bitcoin, Cardano, Ethereum, and Binance Coin. The leverage trading options are denominated in USDT.
The exchange also has a native cryptocurrency called DTEP – it’s based on a proof-of-stake (PoS) consensus algorithm but it’s built on a dedicated and independent blockchain. DTEP holders benefit from an annual staking reward, as well as discounted fees.
Featured Image Courtesy of Decoin