Crypto platform Bybit introduces gold and FX copy trading, making history as the first exchange to offer such services.
In a bold move forward, crypto exchange Bybit has launched the Copy Trading Gold & FX feature, making it the first crypto exchange to offer such a service. This new feature aims to empower every trader with the tools, resources, and opportunities they need to succeed in the complex Gold and Forex markets.
The Copy Trading Gold & FX feature operates through two distribution mechanisms: the Classic Plan and the Gold & FX Plan. Under the Classic Plan, profit-sharing ratios are deducted automatically from daily earnings, with excess deductions refunded to followers. On the other hand, the Gold & FX Plan uses a High-Water Mark Mechanism, where profit sharing occurs only when an account's net value exceeds its previous peak.
Bybit's Copy Trading feature is seamlessly integrated with MT5 for efficient trade execution. This integration aims to enhance portfolio diversification, improve risk management, and create opportunities for optimized trading outcomes within the MetaTrader 5 (MT5) platform.
The feature allows users to replicate professional traders' strategies directly within their MetaTrader 5 (MT5) accounts. Master Traders, who go through a vetting process to ensure expertise and reliability, provide access to professional expertise from seasoned gold and forex traders.
All unethical practices, such as manipulation or misleading performance claims, are closely monitored in the Copy Trading Gold & FX feature. Users have full visibility into performance metrics and trading history in the program. If a Master Trader's position is liquidated, risk measurement measures will automatically close follower positions.
The launch of the Copy Trading Gold & FX feature comes after Malaysia's Securities Commission (SC) launched enforcement measures against Bybit and its CEO, Ben Zhou, for operating without the necessary registration. Bybit has been ordered to halt all operations within Malaysia, including suspending its website, mobile applications, and other digital platforms.
Bybit must comply with these directives within 14 business days from December 11. The search results do not provide the name of the Master Trader selected by Bybit for the launch of the Copy Trading Gold & FX feature. However, the feature represents a significant step in Bybit's mission to provide a structured approach to navigating the complexities of Gold and Forex markets, allowing users to engage with traditional markets without requiring extensive market knowledge or prior experience.
By copying the strategies of professional traders, users can bypass the learning curve associated with trading and focus on managing their portfolios. This new feature is expected to attract a wider audience to Bybit, potentially increasing its user base and solidifying its position as a leading crypto exchange.
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