CoinMarketCap takes a deep dive into TraderWagon (TW), a bridge that lets new traders see how experts around the world are trading right now.
TraderWagon aims to be a platform where both investors and traders can interact and gain mutual benefit from one another. Trading strategies and techniques are freely discussed by users on the platform with one objective in mind — increasing everyone’s trading knowledge.
There are two main components to the TraderWagon platform: the lead trader and the copy trader. In basic terms, a lead trader is a more experienced trader who uses TW in order to showcase his trading strategies, while a copy trader will look to lead traders for experience and quite literally “copy” their trades.
Understanding both of these roles provides a solid understanding of how the whole TW ecosystem works.
To become a lead trader, you have to submit an application through the official website. However, a deposit of 10,000 USD is required to activate a portfolio as a lead trader. At the moment, a single trader can only open two portfolios on the TW platform.
Some of the benefits of becoming a lead trader are the following.
- Lead traders have an earning potential of up to 10%, which is taken from the profits made by copy traders. In simple words, if a copy trader earns $10,000 profit, the lead trader can get up to $1,000 due to TraderWagon’s profit-sharing model.
- A lead trader can choose to become a crypto trading influencer. This can give them the opportunity to earn additional revenue by promoting crypto projects and also create their personalized community and engaged fan-following.
The profit-sharing is paid out when either a lead trader exits their portfolio or a copy trader exits their copy portfolio. This means that the trade has to be closed for the profit-sharing to be delivered to the lead trader from the copy trader's profits.
The earnings of a lead trader entirely depends on the number of copy followers they have — more copy followers means more profit-sharing. Lead traders have to make sure that their trading knowledge is being shared in the TW community and they are providing actual value to their copy traders. This will automatically gain them copy followers over time.
Just like becoming a lead trader, if you want to become a copy trader, you have to login and submit an application on the official website. A minimum deposit of $500 and a maximum deposit of $50,000 is required to qualify as a copy trader on the TraderWagon platform.
The benefits of becoming a copy trader are as follows:
- No prior experience is required if you want to copy other traders. However, if you want to pick and choose between lead traders, only some basic knowledge of crypto and some trading experience will be necessary.
- All user funds will be secured on Binance. When a user copies a lead trader’s portfolio, their funds will move to the TW wallet. For additional security, fund transfers are not done on-chain and the user’s funds remain safe on Binance.
- TW copy-trades have a fee of 0.05%. However, for futures trading, standard funding fees will apply on Binance. These fees are in addition to the 10% copy-trading profits that will be sent to the lead traders.
Selecting a portfolio to copy from a lead trader can be tricky; however, the secret is to go for traders with a long trading history with consistent profits.
Trading Rules on the TW Platform
The lead trader can have two active portfolios, a minimum investment amount of 10,000 USD, and a maximum of 50 copy traders for each portfolio.
The copy traders can also have only two active portfolios and their minimum to maximum investment should fall between 500 to 50,000 USD.
Other trading rules would be subject to the partnering exchange, which is Binance. You can read more about Binance’s rules here
Lead Trader 3-Month Trading Fee Rebate Program
This program allows lead traders to get a three months rebate on their trading fees. To gain this benefit, lead traders have to submit an application and wait for themselves to be onboarded.
It must be noted that the http://traderwagon.com/
website is still under construction. All the features described above are mentioned in their documentation right now. However, more updates can be expected after the official launch.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.