To close 2023 Binarytools.io welcomes “COPYTRADING” this new library will allow you to expand your possibilities of making profits as a trader. Here we will give you details of this new functionality that we bring to you in this new update.
What is Copytrading?
Copytrading is an investment strategy that allows investors to copy the trades of other, more experienced investors. Now you can do this on our trading platform. Copytrading allows you to have access to the financial markets, regardless of the user’s level of experience.
This modality allows us to send signals to other accounts, or we can receive signals from other traders to our account. If for some reason we can’t operate ourselves, we can locate a trader to operate for us with previous agreement between the parties.
How does Copytrading work in Binarytools.io?
On Binarytools we have a new option or library called “Copy trade”. This’s on the Neuronaltrader section on the left side menu. It must be placed in the “Run Once at start” section of the first element of our bot.
Do you want to know more? take at look here “Binarytool.io #Copytrading”
This library asks us to add a parameter or information called “Token” (Deriv Token). Which is the security key that will allow the connection between the accounts. You can add as many tokens to the list as you wish.
If you want to know the step by step on how to use “Copytrading on Binarytools” click here.
Token
The token is a security key that is given to the trader that we choose to trade for us. And where can we find it? This token or security key can be found in the following section of Deriv
On Deriv go to the manage account setting. Here you will find all the configuration account, on the down-left side you willl find the “Api Token” option.
In this section we have three steps: The first step is to establish the scopes that the account is going to have. The second step is to establish the name. And the third is to copy and paste the Token that we’ll send to the trader that will go to trade for us.
With this information we could already receive the signals that are emitted from the main account or the account where our information (Token) is entered.
The best of Copytrading
Copy trading can be a good way to get started in the investment, in this case in Binarytools.io you can get profit in two ways: As the main trader who is who will execute the operations to copy or as a user or client who is who will receive or copy the operations of the main trader.
Before starting this methodology it is important to be aware and understand the risks involved. Make sure you choose a good risk managemen. You have to have a trading plan and a good strategy, (In the case of a principal trader). In the others side you have to know the principal trader well. Check that he’s a good reputation and a good track record, and make a good agreement (In the case of a client).
Most important of all, remember that copy trading isn’t a guaranteed path to wealth. Always do your own checks before investing money.
Advertencias
Something very important to highlight is that each trader, as well as the parties that are interested in receiving such operations, are responsible for taking care and safeguarding the security information (token). This information should not be shared with anyone without prior agreement between the parties. This is entirely your responsibility as a user, Binarytools.io will have absolutely no responsibility for the actions that each trader takes with this information.
Ultimately, copytrading is a powerful tool for achieving your financial goals. It’s not about blindly following the crowd, but about strategically leveraging the experience of others to accelerate your own learning and success. Take the first step, copy, learn, and soon, you might be the one being copied.
If you want to know more about Binarytools and copy trading come and be part of our community, here you will learn more. What are you waiting for? Join here!
Important: The information and/or knowledge expressed in this article shouldn’t be taken as investment recommendations or financial advice. All investments and/or actions involve a risk and each person is responsible for researching, educating and analyzing before making an investment decision.
