The Ultimate Guide to Copy Trading on Bingbon — Traders Edition
(Updated 17th of August, 2020)
The copy trading feature on Bingbon has become extremely popular, with great traders rising to the top and gaining a huge following worldwide.
With growing popularity, many users have contacted the Bingbon team with great questions about the different features of copy trading. In this article, we will attempt to answer some of the popular questions we receive from users.
1. Trader Benefits
- Earn an 8% profit share of the daily net profit from your followers’ copy trading.
- Publish your trading data and become a famous trader.
- Be listed on the community ranking (professional traders only)
2. Trader Eligibility
Before you apply to be a copy trader, make sure you have met the minimum deposit requirement (for both Ordinary Traders and Listed Traders ) which is 50 USDT.
- Complete KYC and complete valid trades
- On the Bingbon App go to — Account — Share Trading to start sharing your trades
Eligible users can contact customer service to apply. The system will automatically determine if the trader meets the requirement based on the trades made by the trader him/herself, excluding the copy trading data.
Ordinary Traders must meet the following conditions before they can apply to be Listed Traders.
- Complete KYC
- The total trading volume in the past three weeks > 1,000,000 USD
- Trades in the past three weeks > 15
- Win rate in the past three weeks > 55%
- Account profitability in the past three weeks > 30%
- Account historical deposit > 100 USDT
If the data of the Listed Trader drops during the trading period, the trader will be temporarily hidden to protect other user’s rights and interests.
Either Ordinary Traders or Listed Traders will be disqualified immediately if they fail to meet the requirements or violate the agreements below. In serious cases, the platform will retrieve illegal profits and no longer provide services for those users.
3. Trader Requirements
The following requirements apply to both Ordinary Traders and Listed Traders. The system will immediately cancel the qualifications of the traders who fail to do so.
4. Trading Restrictions
Daily Maximum Trades
To prevent the traders from earning high commission by trading at a high frequency that increases the followers’ risks, the platform restricts the trader’s trading frequency as follows:
To lower the risk when users copying trades, after a thorough discussion, Bingbon technical team has made adjustments to the copy trading regulations as follows:
- When the leverage exceeds the limit, the trader can place an order normally, but due to the market depth problem, other users cannot copy that trade;
- For the interests of users, taking into account the depth of the market and trading risks, the maximum number of followers per trader is limited to 2,000;
For copy traders, there is a limit to how much margin will be followed by their followers. Currently, the follower's margin limit is set to 40x the copy trader's margin.
For example, if a copy trader makes a trade with 100 USDT, the maximum follower's margin will be 4,000 USDT, which is 40x the copy trader's margin.
There are single trade and total position limits when copy trading.
Single Trade: 500,000 USDT
Total Position Limit: 1,000,000 USDT
5. Trader Agreement
- Traders must do their best to help users make a profit, and it is prohibited to trade at a high frequency for commission regardless of the high risks.
- Traders must strictly control risks and undertake proper risk management.
- Do not make any promise to users about profitd. Traders must highlight potential trading risks.
- To protect the interests of users, do not disclose social accounts to users.
- Do not use a well-known IP nickname, or the trader’s qualification will be canceled.
Q: Are all of my trades copied by my followers, or can I do some trades myself?
A: Currently we do not support the function for traders to hide some of their trades. Once a trader starts sharing trades, all of his/her trades will be visible and copied by followers.
Q: Can I turn off copy trading?
A: Yes. You can turn off sharing your trades at any time. You will also be able to turn it back on at any time as long as you meet all the trader requirements. We do not recommend turning copy trading on and off regularly.