Home> web3.0> body text

Crypto Exchange Woo X Introduces Copy Trading, With a Twist

王林
Release: 2024-09-09 18:48:14
Original
727 people have browsed it

The exchange’s version of social trading comes with a countertrade feature as well as more transparent and equitable profit sharing.

Crypto Exchange Woo X Introduces Copy Trading, With a Twist

Cryptocurrency exchange Woo X has introduced a new feature called "copy trading," which allows traders to automatically follow and copy the trades of more experienced traders, the firm said on Monday.

The exchange’s version of social trading comes with a countertrade feature as well as more transparent and equitable profit sharing.

Speculation Keeps the Market Honest: Analyst

Copy trading, or “social trading,” as Woo X calls it, is not new in either crypto or traditional finance. The practice of easily availing customers of the returns made by the most successful traders was made popular by Israeli fintech platform eToro. It is also offered by several large crypto exchanges, including Binance and OKX.

However, the existing model required recalibration, according to Woo X COO Willy Chuang, such that lead traders don’t just profit from exchange fees or other misaligned incentives. Another improvement was finding a way to reduce the consistent pressure on lead traders to always out-perform, which prompted Woo X to add the flexibility of a countertrade option.

“We conducted extensive research and identified clear pain points for users,” Chuang said in an interview. “Many of the reported returns are misleading or unsustainable, and in some cases, users were being shilled by lead traders. We've introduced a higher profit threshold that protects users, ensuring that profits are only shared with lead traders when the portfolios are genuinely profitable.”

Edited by

Disclosure

Please note that ourprivacy policy,terms of use,cookies, do not sell my personal information CoinDesk is anaward-winning strict set of editorial policies. CoinDesk was acquired Bullish, Block.one; both companies haveinterests

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

The above is the detailed content of Crypto Exchange Woo X Introduces Copy Trading, With a Twist. For more information, please follow other related articles on the PHP Chinese website!

Related labels:
source:php.cn
Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Latest Downloads
More>
Web Effects
Website Source Code
Website Materials
Front End Template
About us Disclaimer Sitemap
php.cn:Public welfare online PHP training,Help PHP learners grow quickly!