How to Use WEEX Copy Trading?

WEEX is a centralized cryptocurrency exchange known for its robust derivatives market and competitive fee structure. The platform offers copy trading that lets users automatically mirror the trades of professional futures copy traders in real time. Instead of spending time analyzing charts or worrying about changing trends, you can follow proven trading strategies devised by experienced traders while still keeping funds in your own account.  

This WEEX copy trading guide explains how it works and how to get it started today. 

What is WEEX? 

Launched in 2018, WEEX is a no-KYC cryptocurrency exchange headquartered in Dubai and Taiwan. The platform focuses on building a strong legal foundation and has obtained operating licenses in multiple regions, including the United Kingdom, Japan, Canada, and the United States. This approach allows it to serve users in countries under proper regulatory oversight.  

WEEX caters to all types of traders and offers spot, futures, and copy trading. The cryptocurrency exchange supports over 1,700 digital currencies and a wide range of perpetual contracts with up to 400x leverage. Its copy trading feature enables users to copy seasoned traders in the futures market and increase their profit potential. Additionally, WEEX adheres to robust safety standards, including Proof of Reserves (PoR), two-factor authentication (2FA), SSL encryption, and more. 

Important Reads: WEEX Exchange Security Features Explained!

What is Copy Trading on WEEX? 

Copy trading on WEEX allows users to mirror the trades of professional futures traders. It eliminates the need for deep technical analysis or constant market monitoring. This way, users can follow elite traders and automatically replicate their trading strategies. 

WEEX offers a structured copy trading system where you can either follow others or share your own strategies. Whenever a professional trader makes a trade, it is instantly copied into the copier’s account. For instance, if the elite trader opens a long position, the copier does the same, creating a seamless automated trading approach. 

However, copy trading carries risks. The cryptocurrency market is volatile, and even seasoned traders can suffer losses when prices move against them. Gains and losses are replicated equally in the copier’s account, making it significant to select elite traders whose strategies align with personal risk tolerance. 

How to Start Copy Trading on WEEX? 

WEEX copy trading enables users to mirror the trading strategies of professional futures traders automatically. It helps those who want to participate in futures trading hassle-free. 

Before starting copy trading on WEEX, follow these steps. 

1. Create Your Account 

The first step in starting WEEX copy trading is to create an account. For this, visit the WEEX official website and tap the “Sign Up” tab on the homepage.

WEEX allows users to sign up using their email address or mobile number. Additionally, it accepts sign-ups via Google, Apple, or Telegram IDs. For instance, enter the email address and click the “Claim Your Reward” tab to proceed. 

Enter the 6-digit verification code received at your email address, and tap “Next.” 

Create a strong password and click “Next” to complete the sign-up process.

2. Deposit Funds

After creating an account on WEEX, the next step is to make a deposit. For this, click the “Deposit” tab on the homepage.

Select the “On-chain deposit” option to transfer cryptocurrency from an external wallet or exchange. To learn more about the other deposit methods, see our WEEX Exchange tutorial.

Next, select the cryptocurrency you want to deposit, such as USDT. After this, choose the deposit network. For instance, if you choose “ERC20,” ensure that you select the same network in the wallet from where you are sending funds, because choosing the wrong deposit network can result in the permanent loss of funds. Copy the deposit address to transfer funds into your account.

WEEX Copy Trading Tutorial 

Copy trading on WEEX lets you follow professional futures traders and mirror their strategies. This feature is designed for users who want to participate in derivatives trading with ease.

Here’s a step-by-step guide to getting started with copy trading on WEEX. 

1. Access the Copy Trading Page 

On the WEEX website homepage, click “Copy Trade” in the menu bar. It will take you to the Copy Trading dashboard, where you can see the list of available copy traders.

2. Select the Right Trader 

Here, you can see the available professional futures traders on the platform. Each trader’s profile shows Return on Investment (ROI), win rate, profit share, and trading history. Remember, review each trader’s performance, follower count, and trading style. It helps you choose a trader whose strategy aligns with your goals and risk tolerance. Once you select a trader, click “Copy” on the trader’s profile to begin the process.

3. Select the Futures Pair to Copy 

After selecting a professional trader, you need to choose a futures pair to copy. For this, click “Edit” in the “Trading Pair Section” and select your preferred pair. Alternatively, you can copy all pairs supported by the trader. Once done, tap “Confirm” to continue. 

4. Select the Copy Trading Mode

Select the copy trading mode to decide how your trades will be copied. WEEX offers two Copy Trading modes: 

• Unified Mode: Applies settings to all selected trading pairs. 
• Individual Mode: Enables traders to configure each pair individually with different settings.

5. Set the Margin Mode

Now, select the margin mode for your trade. You can choose between the following margin modes: 

• Position Mode: Allows you to apply personal leverage settings to each trade. 
• Elite Trader Mode: The copied position will use the elite trader’s leverage. If your account’s available margin is insufficient, the trade will fail. 
• Custom Mode: Enables you to configure leverage for each position, providing greater flexibility. 

6. Enter the Copy Trade Amount 

Next, enter the amount you want to allocate per trade. For this, WEEX offers two options: 

• Fixed Amount: It allows you to set a fixed USDT amount. For instance, if you enter 100 USDT and the professional trader executes a 1,000 USDT position, your position will open with 100 USDT. On the other hand, if your balance is less than 100 USDT, the system will automatically use the maximum available amount. 
• Fixed Ratio: It enables you to follow a trader’s position size based on a ratio. For instance, if you set the ratio to 0.5x and the trader executes a 15 USDT trade, your trade size will be 8 USDT (rounded up). This way, you can scale your position based on the trader’s positions.

Select the option that best matches your balance and risk tolerance, then enter the order amount to proceed. 

7. Advanced Optional Settings 

WEEX copy trading lets you use advanced settings to mirror the trades of professional traders. These settings include entering the Stop-Loss (SL) ratio, Take-Profit (TP) ratio, maximum margin, and slippage tolerance. It enables you to manage your trades more effectively, minimizing losses. Once done, click “Next” to proceed. 

8. Review and Confirm the Trade 

After this, a confirmation window will display the summary of the copy trade setup. It shows all the selected pairs, margin mode, trade amount, leverage, stop-loss and take-profit ratios, and more. Carefully review the information to ensure it aligns with your strategy. If everything looks correct, tap “Confirm” to activate copy trading.

Your copy trades will now open or close based on the elite trader’s activity. You can track all trades from your account. 

Valuable Copy Trading Tips for Beginners 

Copy trading helps newcomers to mirror trades of seasoned traders. However, it carries risk because trends can change quickly in the cryptocurrency market. The following tips can help beginners follow a cautious approach with copy trading. 

• Conduct Thorough Due Diligence: Instead of just following the crowd, you should deeply analyze a master trader’s full history, trading style, and risk management consistency. It will help you choose the right elite trader who matches your risk tolerance. 
• Set Clear Goals: Define your financial objectives, investment horizon, and risk tolerance before allocating funds. Start with a small amount that you can easily afford to lose. 
• Diversify Your Investment: Avoid putting all your funds in a single trader. Diversify your capital across elite traders to create a stable flow of profit. 
• Use Risk Management Tools: Always prefer using risk management tools, such as take-profit and stop-loss orders. It protects your investment against losses and automatically locks in gains. 
• Regularly Review Your Performance: Actively review the performance of your selected seasoned trader. Always be prepared to adjust if the trader’s strategy deviates from your expectations. 

Conclusion 

WEEX copy trading offers a reliable way for users to enter the cryptocurrency market. It enables you to leverage collective expertise and simplifies the path to potential investment returns. Moreover, it allows you to avoid the hassle of devising a trading strategy when entering the futures market. Remember, since copy trading carries risk, choose the elite trader wisely and use proper risk management tools.