Social trading has grown larger than ever, which is understandable given the amount of new and inexperienced traders that have been attracted to the digital currency industry. The prices have been skyrocketing for months now, and many are opting to HODL, while others trade coins like Bitcoin on a daily basis.
With social trading platforms, new and inexperienced traders can gain valuable insight into who the most successful traders are, and they can then follow them and copy their moves in order to make successful trades, themselves.
However, this approach has a number of problems that were seemingly unsolvable for a very long time. Now, however, a new platform called DTrade managed to find a way to resolve the issues and make copy-trading more reliable, as well as more transparent.
What is DTrade?
As mentioned, DTrade is a social trading platform — a platform that allows experienced investors to trade cryptocurrencies, but also to present their methods to other traders through a live trading feature.
The platform has a list of top-performing traders, which other users can access and study at any given moment. More than that, the platform also offers users to see the details of the top traders’ past trade, which is a very large step from the transparency point of view.
Users can then follow these traders and learn from their actions, or copy them in an attempt to reach similar results. All in all, it is a rising platform that has been attracting a lot of popularity for its advanced solutions to social trading platforms’ issues.
What Problems does Social Trading Face?
Social trading has been around for a long time now, ever since someone came to the idea to copy a more successful trader’s moves in an attempt to become equally successful. It doesn’t always work, as even the top traders sometimes make mistakes, but it works good enough to become an established trading method.
However, it is not without issues. For example, many digital asset exchanges can be less than legitimate when it comes to some of their dealings. Things get even more complicated when it comes to copy-trading, which many platforms now offer.
Copy trading is a great feature, but people won’t trust it and they won’t use it if the platform in question doesn’t offer the right checks. Without these checks, you can never know that the top traders are trustworthy and reliable enough to be copied.
Another problem emerges on the exchanges that do have certain checks, but they are not rigorous enough. There is also a lack of transparency, where traders can’t view top traders’ past profits or losses, or if there is a complete lack of demonstration sessions. Without these, traders don’t know why top traders are making the moves that they make, which once again causes mistrust and doubt.
How DTrade Solved this?
DTrade’s solution is actually rather simple, and it is based on nothing more but increased transparency. Well, that’s not completely true, as the platform does offer a few other features that help, but its focus is on making things clear and boosting the education of traders as much as possible. It believes that greater transparency can be beneficial not only for new traders, but for the crypto industry as a whole.
Understanding how top traders do what they do and make a profit while doing it is encouraging more people to follow in their footsteps, while unsuccessful trades while trying to copy successful traders can only push them away and cause them to think that the entire industry is a scam.
DTrade understands this, and one example of how it solved the matter can be seen in copy-trading. DTrade makes it possible to see the top traders’ last trades, and the process behind performing them, which shows new traders who among the top performers is truly reliable and competent, and who just had a lucky break.
On top of that, the platform offers live-recorded trading sessions, which can be very educative, as they allow users to watch the movement of their favorite traders and learn what to do in certain situations, through example.
Final Thoughts
DTrade’s approach to solving the issues of social trading is as revolutionary as it is simple, and yet another evidence of how and why transparency can solve a major issue. It is also in spirit with the original purpose of the crypto sector, which is to remove the veil and show the true state of things in the world of finance.
