While not as massive as Binance or loved by enthusiasts like Coinbase, ByBit is one of the leading exchanges in the market with a wide range of different digital assets to work with. If you are interested in investing in crypto, you will be quite happy with what this particular company has to offer.
Many people who learn about automation, wonder if one can use a ByBit copy trading strategy since you cannot find it among tools offered by the exchange. The platform has automation solutions aimed at customers, but they are limited to spot markets and work only within the platform. GRID bots are excellent in many cases, but many people simply do not like using them and would prefer options for social trading.
Copy trading at ByBit
The exchange has one of the finest selections of financial instruments including some derivatives and a regularly updated list of tokens that can be purchased early (LaunchPad). ByBit strongly focuses on delivering a stable service that can be enjoyed by professionals and novices. However, it is lacking in terms of available automation tools.
Many traders prefer to use external third-party providers that offer different types of bots not limited to GRID. For example, the spot market is a great destination for DCA buying which is a strategy based on reducing the average price of the asset by purchasing small amounts across a long time frame. It can be a good way to slowly build up your portfolio. DCA bots can be used to create leveraged positions if you have a reliable day trading strategy.
However, the most popular product for ByBit trading is copying what the most successful investors do on the market. It is quite hard to learn everything about any given cryptocurrency. You have to learn about the underlying technology, advantages, prospects, and potential use cases of each digital asset you plan to purchase or speculate on. The vast majority of independent small-time investors do not have the time and resources to focus on intense research.
Successful traders usually have it all figured out and can perform well. You can simply copy their orders on the exchange and achieve similar results.
How to trade Bitcoin on ByBit with WunderTrading
One of the best providers of automation services in the industry is WunderTrading. It is a versatile platform offering a rich selection of great bots that can dramatically increase your efficiency. The lineup of flagship products includes a variety of exciting instruments:
- DCA bots can purchase assets according to their settings and do it 24/7 allowing you to accumulate a significant portfolio while spending less on average.
- GRID bots place buy and sell orders to capitalize on market volatility. You need to define parameters and choose time frames, but they can operate, pretty much, on their own.
- Arbitrage is a style of trading when you compare prices on multiple exchanges looking for discrepancies to capitalize on minute differences.
- Copy trading is a method of repeating orders placed by selected professionals and hoping to see the same level of success as they do.
The latter is an excellent ByBit trading strategy since the exchange has many successful traders and a good daily volume. However, the exchange does not offer any social options to its clients. It won’t stop users of WunderTrading from implementing such methods in their strategies.
Here is how it works:
- Connect your ByBit account to the WunderTrading platform.
- Go to the market tab and choose traders that perform excellently.
- Click “follow” to start copying their market activities.
- Bots will start tracking selected traders and place identical orders in your name.
The bots will use other traders instead of signals that are used for automation methods involving ByBit and TradingView. You don’t have to come up with complex trading strategies and learn the nuances of technical analysis. Just several clicks and you can start generating profits by simply following the best performing traders.
ByBit has a functional API and allows external services to work flawlessly. WunderTrading is a service recommended by the exchange as one of the finest vendors of automation tools. You can use all bots to work with a variety of financial instruments offered by the exchange.
Unfortunately, you cannot use any native social trading tools. ByBit simply does not have one. It seems that such products are not prioritized by the development team. However, the existence of contemporary automation services like WunderTrading and similar vendors is enough to create a great copy trading strategy at this popular exchange.