We hear you, Bybit Fam!
Bybit Listens, our monthly roundup of upgrades and improvements on our products is back this October! This time, Copy Trading version 3.0 takes center stage, with the latest developments based on your feedback.
Main Takeaways:
- Upgraded interactive features to support engagement between Master Traders and Followers
- Penalties for malicious trading activities by Master Traders
- Leverage adjustment and flexible Margin settings for Followers
Here's the lowdown on all your feedback and the improvements we've made.
Trader: As a Master Trader, I have to rely on personal social media channels to gain Followers. I hope that Copy Trading on Bybit can be more engaging and/or interactive.
We understand that Copy Trading is not only about copying trades — it also involves trust and rapport between Master Traders and Followers. As such, we've added two new features to support engagement between Master Traders and Followers:
- Master Traders may now take on multi-lingual usernames.
- We've built a message board to allow Master Traders to share messages and trading strategies with their Followers.
That's not all! Keep your radars up for the addition of a feed feature in Q4 and a Featured Master Trader page. Here's a sneak peek:
Up-and-coming Master Traders will be featured on our Copy Trading page. This makes it more convenient for Followers to select eminent Master Traders to follow.
Featured Master Traders will be identified based on these four criteria:
- Master Traders with the best 7-day ROI performance;
- Master Traders who generate the highest profit for their Followers;
- Master Traders with the least drawdown; and
- Best Master Traders in short-term trading.
Trader: There are many popular Master Traders but they have a long waitlist. It would be good if we can have automatic notifications/enrollment when Follower spots open up.
We've added a Waitlist Button on the top right hand corner of the Master Trader page, which Followers can click on to enroll in a waitlist to follow a Master Trader. It also reflects whether the Master Trader's Follower quota is full and the total number of Followers currently copying their trades.
If you've clicked on the button to be waitlisted and Follower spots become available, a push notification will be sent to inform you that you can now follow the Master Trader.
Trader: As a Follower, I feel uncomfortable as there are Master Traders who trade with multiple major negative positions so that they don't lose their 100% win-rate. It would be best if such situations can be avoided.
Bybit is committed to creating a safe trading environment to protect the interest of all our traders. To tackle and prevent malicious trading activities by Master Traders, we will impose penalties on Master Traders who engage in malicious trades.
To find out more about the penalties as well as how to avoid further losses, please read our announcement here.
Trader: It would be good if we can get notifications when the Master Trader that I follow opens and closes trades.
We're pleased to inform you that we've made not one, but two improvements on Master Trader Notifications:
Firstly, a new Subscription Button has been added to the Master Trader page. Now Followers can subscribe to their Master Trader's trading strategies and receive notifications on the go.
Managing Copy Trades After Unfollowing
Secondly, when a Follower unfollows their Master Trader, they will be able to choose how to manage the existing Copy Trades. They can either:
- Follow the Master Trader in closing of the position; or
- Close all positions at market price when they unfollow the Master Trader
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Additional Improvements/Features
At Bybit, we're always committed to the continuous improvement of our products. That's why we are pleased to share with you that we have made these new developments to enhance your Copy Trading experience:
Leverage Adjustment for Followers
Copy Trading Followers will be able to set a leverage of up to 100x for different trading pairs.
Flexible Margin Settings for Followers
- Followers can set their margin for each copy order in the range of 1,000 USDT to 2,000 USDT.
- Followers can set daily upper limits on their principal sum used for copy trades. Once a Follower's cumulative principal sum reaches their daily maximum limit, the platform will automatically stop opening positions and copying trades for the day.
- Followers can set upper limits on the size of each trading pair. Once the Follower's cumulative trade size of a single trading pair reaches their maximum limit, no new copy trade positions will be opened.
Sit tight for upcoming features in Q4, 2022:
Spot Copy Trading coming soon!
Spot Copy Trading is currently in soft launch phase and open by invitation only. Find out more here.
Get all the latest updates on our Copy Trading upgrades and events via our Announcement Center.
Thank you for your continuous feedback on our products and services! Your feedback helps us improve our products and make developments that will better support your trading needs. If you have any suggestions, let us know by completing our feedback form.
Liked these updates? Look out for the next issue of our Bybit Listens series for more to come!
Source: Bybit Blog
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