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According to a recent report from a crypto exchange, copy and social trading are increasingly employed by investors in the digital asset landscape. The report reveals that copy trading solutions are now also captivating the hearts of cryptocurrency users. 
Copy trading is a subset of social trading that allows users to mimic the trades of other investors. While social trading lets you see other traders’ investments, copy trading means that your account will make whatever trades theirs does so if they buy, you buy. 
In the report, the exchange reveals that Generation Z traders lead this trend, covering 44% of all copy trading users. Then comes the 25-35 age bracket (32%), the 35-55 age group (17%), and individuals over 55 (7%). About 72% of traders under 25 use the platform primarily for its copy trading option, with a comparable proportion of 65% seen in the 55-64 age group. 
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Simultaneously, while other age groups also participate, traders from Africa and Commonwealth of Independent States (CIS) countries <a href="https://news.todayq.com/asian-and-african-countries-top-crypto-volume-indexes/" rel="noopener noreferrer nofollow">showed</a> significant interest in this trading method. Reportedly, the research assessed the trading activities of a huge group of active crypto traders over the first half of this year. 
According to data, more than 109,000 traders made profits using copy trading techniques, collecting over 74 million USDT in cumulative earnings. Additionally, the research demonstrated a high success rate among copy traders with 93% of futures traders and 82% of spot traders making profits using this strategy. 
Furthermore, the report reveals that the Bitcoin was the most frequently traded asset via copy trading, followed by Ethereum at 44%. 
In the geographical context, most copy traders came from Western Europe (31%), East Asia (26%), and Southeast Asia (19%). Even though Africa represents a smaller share of users, it tops the list in terms of interest in copy trading, <a href="https://news.todayq.com/africa-is-on-a-crypto-spree-ghanaians-are-buying-more-crypto-than-ever/" rel="noopener noreferrer nofollow">signifying</a> the emerging nature of crypto markets in the region. 
These survey results are indicative of the general market sentiment. The use of advanced tools, including AI-based ones, is making such strategies as copy trading both accessible and profitable for users who do not have extensive knowledge of trading. Gracy Chen, Managing Director of Bitget 
Notably, other market reports also support the data reported by the platform. In a report by the Insight Partners, the platform projected that the social trading industry will grow at a CAGR of 7.8% and reach $3.77 billion by 2028, a significant increase from $2.2 billion in 2021. 
On the part of traders, the increasing participation into trading practices reveals the overall rising interest in the asset. However, it also leads to increasing number of scams and frauds. To this, a report from Kaspersky <a href="https://news.todayq.com/report-despite-being-tech-savvy-gen-z-is-most-exploited-by-crypto-scammers/" rel="noopener noreferrer nofollow">reported</a> by Todayq News revealed that despite being tech savvy, generation Z investors were most exploited group by the crypto scammers. 
© Todayq News

Report: Gen Z covers largest portion of 109,000 Crypto traders who made profits via copy trading

Todayq News

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