Trading Cryptocurrency Hands-Free
2022.04.11 17:06
Trading Cryptocurrency Hands-Free
- Crypto beginners may get daunted by the amount of education needed to understand the ins and outs of the space.
- Copy trading platforms have lowered the entry requirements, helping newcomers as they trade.
- Tycoon offers the same service as other copy trading platforms but is more reliable and user-friendly along with relevant benefits.
As appealing as investing in crypto sounds — with its speed, 24/7 marketplace, and potential for high returns — crypto and asset trading, in general, is complex. While seasoned traders may be able to profit using trading skills acquired over time, such as technical analysis and portfolio management, newcomers may get daunted by the amount of education needed to understand what they’re doing. Even though crypto appears to be more simple of an investment decision than other assets, its volatility creates additional risk for investors and therefore should not be taken lightly.
However, the high entry requirements for successful crypto trading can be significantly lowered through the use of copy trading platforms. These are essentially platforms that empower new traders by allowing them to copy the trading moves of more experienced traders onto their own portfolios.
One such platform is Tycoon. By simply setting up an account, you can be trading hands-free in a short period of time. Tycoon is non-custodial and uses an API that integrates with the followers’ Binance account — meaning that no funds have to leave the Binance exchange to make trades and that Tycoon does not have access to any users’ funds.
The goal of this platform is to provide its users with a time-saving, simple, and fully-automated experience of trading cryptocurrencies. Therefore, choosing a trader has been made easy. Traders to copy are known as “Tycoons” on the platform and are featured alongside relevant data from their past trading results, such as traders’ profits, number of total trades, and how many followers they have on Tycoon.
The search tab can be used to find and followed specific Tycoons. Once followed, they can be monitored for as long as the investor prefers and be unfollowed at any time. An optional stop-loss feature can also be engaged to automatically unfollow a trader and discontinue trading if the follower loses a predetermined amount from following any specific traders.
Traders — similar to experienced traders and investors in various financial markets — have the objective of maximizing their profits while building a large following on the platform and earning more commission per follower. Privacy is important on Tycoon, and so traders can only be recognizable on the platform through their usernames and trading metrics in order to help followers select the Tycoons.
Although cryptocurrencies and asset trading can seem like a deep and dark new world of information that takes time to get into, it can be rewarding when the correct principles are applied. In many areas of life, learning from people more experienced than ourselves can be the key to making remarkable progress. Wielding the convenience of Tycoon’s API with Binance seems like a great way to step into the world of trading crypto in a way that’s not as complicated as it appears to be.
Disclaimer: CoinQuora does not, and will officially not endorse any company or individual on this sponsored article. Any information published in this sponsored article does not equal financial advice. We encourage everyone to do their own research before investing in cryptocurrencies.
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