There has been a massive revolution in the way people invest in financial markets thanks to copy trading. Copy trading allows novice traders to follow the trades of experienced investors. The rise of copy trading apps in Nigeria has also made it possible for traders to invest in global markets, even when they have little experience or expertise.
Are you looking to get started with copy trading? This step-by-step guide can walk you through the process.
Choose the best copy trading platform
To start your journey, you need to choose the best copy trading platform for you. Given the many platforms available for copy trading, you need to consider key things like security, fees, the assets supported, and user-friendliness. Each of the top platforms offers users different features that may suit their trading styles better than the others.
Download and install a copy trading app
Having chosen the best trading platform to use, you move to the next step which is to download and install its copy trading app. You must be careful to be sure that the app is the genuine one from a reputable provider to steer away potential scammers.
Register and validate your account
Before you can start using your copy trading apps in Nigeria, you must set up an account. The process of registering a copy trade app involves submitting your phone number, and email address and setting a secure password.
Many trading apps also require identity verification or Know Your Customer (KYC) verification. This requires you to submit a copy of your passport or government-issued identity card, so have them ready for the authentication process.
When looking for a platform to use for your copy trading, you can consider Weltrade, one of the best copy trading app options. It is easy to use, allows you to replicate successful investors’ moves in real-time, and betters your portfolio with minimum effort.
Fund your account
With your account verified; to start trading, you need to deposit money into your account. The best copy trading platforms allow users to fund their account through several options such as:
· Credit and debit cards
· Bank transfers
· e-wallets like Skrill and PayPal
· cryptocurrencies such as Bitcoin, USDT, etc.
You should start by depositing an amount you’re comfortable risking and matches your trading goals.
Choose a trader to copy
Among the vital aspects of copy trading is selecting the right trader whose trades you can imitate. The best thing is that most copy trading apps in Nigeria give their users detailed information or profiles of professional traders. The details include the expert investors’ past performance, number of copiers, trading strategy, and risk level.
You should evaluate those metrics to select a trader who aligns well with your investment objectives. Also, it would be best to choose a trader with manageable risk levels and consistent returns. You can also consider copying multiple traders to diversify and lower your risk.
Set your copy trading parameters
Before you activate your copy trading app, you should adjust your settings, specifically:
· Investment amount- choose how much to allocate to each trader
· Take-profit- define the level at which to lock in your profits
· Stop-loss- state where to automatically close trades if making losses
Monitor and adjust your strategy
While copy trading automates most of the trade processes, it’s crucial to track your trading regularly. In case you realize that the trader you choose is underperforming, you could consider adjusting your strategy by following another trader or tweaking your strategy for dealing with risks.
Conclusion
New traders without experience can get into trading by using copy trading apps in Nigeria. You can follow the above steps to take advantage of the expertise of experienced investors while managing risks.
