Aluna.Social recently announced that they have added the feature of copy trading on their social trading platform, enabled for Bitfinex.
This announcement was made via a recent tweet on the official Twitter handle of Aluna.Social.
— Aluna.Social (@AlunaSocial) April 23, 2020
In a blog post, the platform thew more light on how to use the feature to automatically copy trade the best cryptocurrency traders in the world.
More on copy trading
The copy trading feature enables users to automatically copy positions when a selected user, called a ‘leader trader’ opens a position.
It is an important feature in social trading platforms, especially useful for beginners and also popular among veteran traders. Incidentally, we had earlier explained the CopyTrader™ function on eToro while covering an overview of the platform.
Besides copy trading, Aluna.Social also introduced the counter-copy trading feature. This enables users to do the reverse of what the ‘leader trader’ is doing. For example, if the leader trader opens a ‘short’ position on the BTC/USD trading pair, the user will open a ‘long’ one. And, when the leader trader closes his ‘short’ position, correspondingly the user’s ‘long’ position will also close.
How does copy trading work?
The following is a step-by-step guide on how to engage in copy trading.
The first step is to identify a trader to copy.
Users can access the leaderboard to find someone whose trades and performance they want to emulate. Another option is to browse traders via the Insights section on the platform’s homepage.
To navigate to the profile page, users will have to click on their chosen trader’s username or profile picture.
After opening the profile page, next thing to do is click on the ‘Copy’ or ‘Counter Copy’ button.
On the top left of the trader’s profile, the button is placed. To open the same position as the leader trader, users need to click on ‘Copy’. To avail of the reverse feature, users would need to click on ‘Counter Copy’.
The next step is to enter the “Value per trade”.
Users can do this by selecting which exchange they want to copy/counter copy the trader on. Then, they have to enter the “Value per trade” in USD. According to the guide, “this will be the amount used to open a position on your account when your leader trader opens his position”.
The guide further explains how it will work if the leader trader opens a position in a market where instead of USD, the quite symbol is in BTC or ETH. In that case, Aluna.Social will make an automatic conversion of the amount of cryptocurrency traded and match it to the intended position size in USD value.
Currently, value for trade is limited in the range of $10-$250, with an increase in the upper limit likely soon.
The final step is to click on “Start Copying” or “Start Counter-copying”.
With this step, the copy/counter copy feature becomes functional. Users can also click on the ‘Stop Copying’ button when they no longer want to copy the chosen leader trader.
It is pertinent to note that users require a Bitfinex account to use the copy trading feature, as they first need to connect their Bitfinex API Key. Aluna.Social’s blog post has a detailed guide for copy trading on its platform.
Also, Aluna.Social released an update of their Whitepaper recently.
Recently, Bitfinex announced the launch of its staking rewards program for various digital assets. Earlier, the exchange came out with a proprietary surveillance tool, Shimmer, to help curb market abuse.