For a long time now, social interaction has not been a possibility for online traders. But with the introduction of revolutionary platforms such as Copyop, traders are able to interact, learn from each other and get better returns on their investment.
This article will explain what Copyop is, how it works, its features and why it should be part of your binary options trading strategy.
What is Copyop?
Launched at the start of 2015, Copyop is the first social trading platform for binary options traders. The platform is owned and managed by Anyoption, the largest and one of the oldest binary options brokers in the world.The platform is regulated by the Cyprus Securities Exchange Commission (CySEC). Copyop allows you to copy professional traders so you can profitably execute your own trades.
Copyop rewards investors for the number of followers they have. As such, successful and professional investors are happy to share their trading knowledge with as many traders as possible. It is a win-win for the professional traders who are rewarded and the regular traders who get to tap into the knowledge of the pros so they can make more trades that are profitable.
How Does Copyop Work?
You have the option of opening a EUR, USD or GBP account but you cannot change your preferred currency after you have registered. This account works just like an ordinary binary options trading account in that you are required to deposit funds into your account before you can start trading. Funds can be deposited using your debit or credit card or through wire transfer.
In addition to making your own trades, Copyop allows you to copy other traders on the platform or on the Anyoption platform. After registering, you need to activate the software to start using the social trading platform.
Once the software is activated, you can start copying other traders: your trades are automatically done for you once you choose the traders you want to copy. The advantage here is that you do not have to be logged in or to monitor your trades all day long. In addition to having your trades automatically done for you, you also have access to the social feeds of your chosen traders
How Are You Rewarded?
If your trades are copied, you will receive Copyop coins that are convertible into actual money. For each trade that is copied, you are rewarded with 2 coins and then 1 coin thereafter for each trade. 60 Copyop coins are equivalent to $10 and 600 coins are equivalent to $150. Whether your trades are successful or not, you will still receive the payment but obviously, you will have more copiers and therefore earn more the better your results are.
In summary, you can make money in two ways
1. By making successful traders
2. By making your trades public so others can copy you
How Much Will You Earn?
If you copy an option and it turns out to be successful, Copyop will reward you with a 60% payout and a 15% refund if the copied trade ends out of money. However, when you make your own trades, Copyop will offer you payouts ranging from 60% to 80% if the trade is successful and a refund of between 5% and 25% if the option is not successful at the end of the expiry time.
How to Select Traders to Copy
First, it is important to know you cannot trade on Copyop using a demo account. Every traders requires a real money account to invest, to copy others or for others to copy them. This means that every trader you copy has invested real money in executing the trades and for you to copy their trades and execute them, you also need to invest real money.
There are two ways to find traders to copy:
1. The explore feed - This feed is updated on a real time basis and features the most popular trades taking place on the platform.
2. The hot list - This list features 3 tables showcasing the ‘10 best traders’ based on the total amount of money they have made, the ‘best trades’ and the third table shows the ‘best copiers’ based on the monetary gains over the last 12 hours, 1 week, 1 month and 3 months.
Once you are interested in a certain trader, you can click on them to find more details including their basic contact information, the number of people copying and following them, the number of profitable trades, number of trades per day etc.
You can easily stop copying a trader any time. Another alternative to copying a trader is to just follow and watch their trades and then manually apply their trading strategy to execute your own trades. The advantage with this is that you stand to receive a higher payout but the disadvantage with manually doing your own trades is that you have to be online constantly to keep an eye on all the trades you may be interested in following.
Pros: Why You Should Be on Copyop
Copy anyone- As a social trading platform, Copyop allows you to copy any trader and for any trader on the network to copy you. Every trader you copy has invested real money in executing their trades.
Innovative interface - Copyop’s design is simple and intuitive, making it suitable for beginner traders.
Risk management - Traders can limit their risk exposure through the available risk management tools that let you choose the type of trades you want to copy and the amount you want to invest.
No fees - Opening a Copyop trading account is free. Unlike other social trading platforms, there is no slippage on Copyop i.e. the price difference between what the trader you copy received and what you receive when you copy their trade.
Low trading amount -The least amount you need to copy others is $10 while the least amount you need in your account to make your own trades is $25.