Traders cannot deny the importance of social trading because it is a very essential tool to educate newbies on how to trade live on exchanges. It is a medium by which a follower or newbie copies the trades of an expert trader via a shared portfolio.
But there’s a major disadvantage of this social trade to followers/newbies on other trading platforms, until the expert trader exits a trade, they get stranded and locked up without any option of exiting the trade even if they’re already running at loss.
But Encrybit has put into consideration the challenges that the newbies pass through, thereby providing another approach to social trading.
Check my previous posts on Encrybit platform here, here, here, here, and here.
How does Encrybit take care of social trading issues?
On Encrybit exchange, there’ll be a smart functionality with review algorithm that affords any trader the opportunity of exiting at his/her desired time after copying a trade. You will all agree with me that this is a distinctive feature of Encrybit exchange. Moreover, traders have the opportunity of accessing several expert traders and decide which of the trades he/she wants to copy.
This undoubtedly is a great tool to learn trading and get more skills therein. Not only does it afford traders the opportunity of learning new trade tactics, it also allow traders who cannot afford to be on a terminal for long feel free to trade and exit at their own will.
However, before a follower joins an expert trade, he/she will have o agree on a fee within the range of 0 to 1% depending on the success ratio of the expert and profile. This fee amount shall be gotten from the volume traded by the follower in form of ENCX tokens and goes to the expert.
This approach of social trading by Encrybit will serve as form of encouragement to experts to publicly share more of their portfolio as they’re being constantly rewarded with more ENCX tokens as they get more followers joining their trade.
Stay tuned for my next post on Encrybit, as I will be reviewing more advantages of this platform over other conventional exchanges.
Check the links below for enquiries about Encrybit and its ICO;
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Author Bitcointalk username; amusanmikel2
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