In the last few years, the popularity of cryptocurrencies and crypto trading has significantly increased. Many people have moved from stocks, forex, bonds, and ETF to crypto trading because of their high rewards.
Regardless of the level of experience, every trader invests their asset in cryptocurrency for one main reason: Profitability. Meanwhile, profitability is not achieved overnight, and many traders have lost their assets simply because they have no sound or efficient trading strategy and risk management.
As such, being a crypto trader for the first time might be scary and overwhelming. There’s also an element of emotion in new traders’ decisions that affect their profitability. Their judgment is clouded, and assets get liquidated.
These and many other reasons gave rise to the development of copy trading. Simply, copy trading is an automated crypto trading concept that allows anyone to copy the real trades of experienced and profitable crypto traders.
With copy trading, new traders can explicitly copy the trading positions of their preferred traders with proven track records. Many exchanges have built-in copy trading tools.
For Binance exchange, any futures or spot trader can copy trades of experienced Binance traders using TraderWagon.
If you’re new to copy trading or want to set up your TraderWagon copy trading account on Binance, we’ve got you covered. This article will teach you a step-by-step guide on how to set up your TraderWagon account on Binance so you can start earning profits on the go.
What is TraderWagon?
TraderWagon is a top-tier and world-class copy trading platform. It is a popular social trading project created to level the playing field among traders of every level and bridge the gap between them.
TraderWagon has many copy trading and auto trading features that make it easier for new traders to discover themselves while following and copying trades from notable and profitable traders on the platform.
As a well-established platform, TraderWagon creates an enabling platform where expert and inexperienced new traders can meet, find, follow and copy their deals until they find a foothold in the crypto trading world.
The platform supports many sophisticated capabilities accessible on the go at your fingertips. It also supports a wide range of cryptocurrencies, more than 50,000 traders, and innovative SmartFX functions and trading tools.
Using TraderWagon on Binance is sort of a way to multiply your income stream. You don’t have to make any trading or risk management strategy before you can earn more. Aside from this, you don’t have to worry about exit or entry strategy – all your entry and exit positions are copied from your lead trader.
How Does TraderWagon Work?
Using TraderWagon is easy – especially when it has been fully integrated into your Binance account. However, there are two main components of TraderWagon: the lead trader whom everyone follows and copies trade from; and the copy trader who copies trades from the lead trader.
Understanding both components, how to become one and how to use TraderWagon can help you use the platform effectively.
TraderWagon is reliable because only approved and vetted traders can lead other copy traders. To become lead traders, interested participants must apply to TraderWagon via their official website.
Once the application is approved, the trader must deposit at least $10,000 to activate their lead trader portfolio. A lead trader enjoys benefits, including earning about 10% from copy trader profits. Other benefits include:
- The choice to become a crypto influencer within TraderWagon
- Passive earning from profit rebates
Profits are shared when the lead trader exits their position, and the more the copy traders that follow a leader, the more earnings for the leader.
Anyone can become a copy trader on TraderWagon. If you have a Binance account, you can automatically use TraderWagon without signing up for an account.
Once you’re in, you can deposit at least $500 and a maximum of $50,000 to begin copy trading. However, you will pay a flat fee of 0.05% on each trade you copy with TraderWagon.
Also, 10% of each position’s profit will be deducted to reward the lead trader. However, you won’t pay anything if the position is stopped.
Steps to Copy Trade with TraderWagon on Binance
Before you can use TraderWagon on Binance, you must have a fully verified Binance account with a functional Futures account.
If you’re a new user, you can simply sign up for an account and fund your wallet with enough USDT.
Once you’re done, head to Binance’s Marketplace and choose TraderWagon. Explore the options and filter out the best lead traders with the filter option provided.
You can use their 30 days win rate, Total Profit and Loss, or their 30 Days Profit and Loss to choose a trader. Continue with your Binance account and start copying the trader.
Here’s how to copy trade with TraderWagon on Binance:
- Log in or Sign up for your Binance account
- Fund your account with USDT
- Select TraderWagon on Binance Marketplace
- Choose the preferred lead trader
- Copy Trade
1. Login or Sign up for your Binance account
As mentioned earlier, to get started with copying trade with TraderWagon on Binance, you must have a fully verified Binance account.
Navigate to www.binance.com on your web browser. Click on LOG IN from the top right corner of the homepage if you have an active account.
On the log-in page, input your email address and password and click on LOG IN. Complete the security check by inputting the six-digit verification code sent to your email address.
If you’re a new user, click on REGISTER from the homepage. On the registration page, input your email address and password.
Complete the sign-up by verifying your email address with the six-digit verification code sent to your email.
Once you’ve completed registration, ensure you verify your identity at the Account Settings. Upload a clear copy of any government-issued identity documents and utility bills.
2. Fund your account with USDT
Using TraderWagon on Binance only works for Futures trading on the Binance app. Therefore, you can only fund your account with USDT or the specific asset you want to trade.
After gaining access to your Binance account, click on the BUY CRYPTO section from the top left corner of the homepage.
Alternatively, you can log in directly to your Binance app since TraderWagon is only available for Binance app users.
Select the preferred payment method and select USDT from the token drop-down. Input the amount of USDT you want to buy and click on BUY USDT.
Finally, input your payment details and complete 2FA verifications to approve the transaction. Once the purchase is complete, an equal value of USDT will be sent to your Fiat and Spot Wallet.
3. Select TraderWagon on Binance Marketplace
Once you’ve funded your wallet, you can start using TraderWagon.
In your Binance app, go to Binance Services > MARKETPLACE. Scroll down in the Binance marketplace and click on TRADERWAGON – SOCIAL TRADING.
4. Choose the preferred lead trader
In TraderWagon, you will see the tab for TOP PORTFOLIOS arranged according to their:
- 30D ROI: This indicates a lead trader’s return on investment in the last 30 days.
- Total PNL: This tab shows the lead traders with the best Profit and Loss in a given time frame.
- 30D Win Rate: This tab is for lead traders with the best win rates, i.e., the highest number of positions won, regardless of their profit/loss or ROI.
- Trading Battle: A tab where lead traders show off their trading skills with results from trading and trading experience.
Using the filter option provided, you can also manually search for any lead traders’ names.
5. Copy Trade
Once you find a reliable lead trader with excellent stats, click on COPY to register for TraderWagon and start copying the lead trader.
Agree to the Terms and Conditions of the platform and click on COPY again. Set the fixed copy amount and cost per order. If you’re good with risk management, input take profit and stop loss per order.
Set up preferred leverage for each trade. It is advisable to use the 10x fixed low leverage to prevent unprecedented asset liquidation. This way, you can mitigate your losses and make a fair profit.
Finally, agree to the Binance Copy Trader Agreement and Risk/Rules. Then click on SUBMIT.
Voila, you’ve started following and copying a lead trader automatically.
Is Crypto Copy Trading With TraderWagon on Binance Profitable?
One of the main concerns of new traders using copy trading is the issue of profitability. However, the results and success rate of copy trading are not hidden at all. In fact, it works well.
Typically, an individual can gain an average of 30% ROI on copied trades. While this number stays between 3% and 57%, copy trading with TraderWagon is exceptional. With TraderWagon, top lead traders can reach up to 5000% ROI in 30 days.
However, being wary of the kind of lead trader you’ll follow is important. Ensure they have a good track record with an excellent portfolio. This way, you can be sure they know what they’re doing.
This is because, in copy trading, success and profitability heavily depend on the person you’re copying. Still, good risk management is advisable.
Also, take your time to explore your options and check the top traders. Streamline your options to a trader with decent activity, ROI, PNL, and margin.
In summary, copy trading is easy, faster, and efficient to make good profits as a newbie. It helps you accumulate experience while you earn passively.
You also have little to learn concerning crypto trading. As long as you’re careful with your choice of lead trader, your chances of success will be increased significantly.