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Traders can copy the trades of more experienced and successful traders right into their own accounts with binary options copy trading. In this type of social trading, traders can use the information and strategies of other traders to their advantage without having to come up with their own. Here’s a quick look at how it works and the main binary option brokers that offer copy trading.
How Copy Trading in Binary Options Works
Copy trading lets your account copy another trader’s trades in real time, which makes dealing easier and faster. You can pick which traders to follow based on how well they do, what assets they trade, and their plan. You can change the amount you spend, so you don’t have to directly match the number of trades. Instead, you can scale it up or down based on your preferences and risk tolerance.
Binary option brokers offering copy trading
IQCent: IQCent is known for having an easy-to-use tool for trading binary options and CFDs. It also lets you copy trade. It claims to pay out up to 98% of the time and has expiration times that run from 5 seconds to one month. A free demo account is available on IQ cent, to start trading on the real account, a payment of at least $50 is needed.
RaceOption: Has a lot of different assets, pays out up to 95%, and expiration times that range from 5 seconds to 30 days. People like RaceOption because it has tournaments, copy trading, and customer service that’s available 24/7. A deposit of at least $50 is needed to use the broker.
BinaryCent: BinaryCent focuses on giving out high payouts of up to 95% and lets new users use copy trading and binary options bots. BinaryCent is famous for its own platform and many ways to deposit and withdraw money, such as cryptocurrencies and e-wallets. The minimum deposit is $50.
Videforex: This platform is good for both new and experienced traders because it has a unique platform that is easy to use and lets you copy trades. You can get paid up to 98%, and you can sign contracts for a variety of lengths. Also, the least you can put is $50 to trart trading on videforex.
Tips for Beginning Copy Trading with binary options
You need to make an account with a company that lets you copy trade before you can start. After setting up your account, you can look for traders to follow based on how well they do and how they trade. Many platforms let you change the settings for copy trading, like how much of the original trade to copy and how much you can spend in each trade. It’s important to keep an eye on the traders you’re copying to make sure their strategy fits with the goals you have for your trading.
Tips for Success
- Spread your risk by following a lot of different trades.
- Pick trader who have a history of consistently making money.
- When you copy trade, especially with binary options, you should be aware of the risks.
- Before you put real money into a copy trading account, you might want to use a demo account to get used to the site and the process.
Copy trading in binary options can be a good way to use the knowledge of players with more experience. Being careful and doing a lot of study on both the platforms and the traders you choose to follow are important, though.
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