Copy trading is a platform where a user, typically a new trader, can see top traders positions and just automatically copy their positions as they cannot understand market predictions yet. To learn more about copy trading, check out our concept article on Copy Trading.
Here is a user guide on how to copy trade as a user.
- Register or log into your Phemex Account.
2. On the left side of the screen, hover on “Contract” and click the second button titled “Copy Trade””.
3. You will be presented with a list of all the top recommended traders, along with their credentials. Users have 2 options; the first one being following a top trader and the second one being following and copying the top trader.
4. Firstly, by following a top trader, you can gain access to their positions. However, keep in mind that traders can hide their positions too if they do not want to be published. Users will also get notifications when the followed top trader opens or closes their positions.
5. The second option is to follow and copy the top trader. Copying the top trader will first lead you to do some settings, such as trading pairs, max investments, leverage) and then depositing your money into a copy trading account. The next step is to wait for the top trader to either open or close the positions, as Phemex will automatically open or close the positions for the users. Users can manage their own copy positions by themselves as well.
- If the user’s copied positions are profitable, then 10% of the profit will be given to the top trader.
- In order to protect the user, Phemex will calculate the profit in a cycle to determine the amount of the profit share.
6. Users can also hover over the “Details” button to learn more about their copy trade.
7. Lastly, to end the copy trade, users must click on the “Close” button at the far right of the table.
8. A pop up window will appear asking the user to confirm if they want to close their position. This will fully close your current position at the present market price. If the user would still like to proceed, click “Confirm”.
9. And that’s it! You are now officially a user who knows how to Copy Trade. To learn more about Copy Trading, check out our Academy article on What Is Copy Trading.
Check out our video user guide below as well: