With the developments in technology, investing has become easier than it has ever been. These developments have caused more and more new traders to join the investing world. When we say that investment has become easier and more accessible, we mean that it’s easier to invest in assets, but when it comes to strategies and analyses, it still remains harsh territory for newcomers. It is hard for newcomers to decide which strategy works best for them, which assets are best at certain times, and more.
But don’t be alarmed by this as there are platforms that offer social trading as a solution to this problem. Social trading platforms offer traders opportunities to see other traders’ strategies and use them for their own trading. One of the best platforms that offer social trading apps is Exness and here we will tell you why.
Before we dive any further, let’s first discuss what social trading is and how it works in general. Social trading is considered to be a hands-off and less risky trading approach that many traders take. When using copy trading, you don’t need to learn the ins and outs of trading, such as technical and fundamental analysis. You will just need to own a phone and download the Exness social trading app.
When using social trading apps, you will be presented with trading strategies of different experienced traders, and you will simply need to follow that strategy. After this everything is done automatically, whatever move the trader makes, you will make it as well automatically. So if the trader you are following makes profits, so will you, and if he makes losses, so will you.
As we mentioned before, there are many different social trading apps available for us to use, and the best of them in our opinion is Exness. This is a trading platform that had $2.275 trillion in trading volume in April 2022, with 343,361 active clients. With these numbers, we can confidently say that Exness is home to some of the best traders in the world. Because of this, you can be confident that you will find a strategy that will be interesting and profitable for you.
Using Exness social trading can be done with both IOS & Android phones, you can also browse using a web browser, but actual trading is done using only phones. When visiting the platform, you will be greeted with many different strategies categorized in a way to help you find exactly what you are looking for. You will see categories such as most followed, low risk, best returns for the past month, and many more.
When looking at strategies in each category, you will be given some basic information to better understand what this strategy is offering you. Each strategy will have a risk level from 1 to 10, profitability percentage, commission taken by the traders for providing their strategy, and leverage used for this strategy. All of these are important information that will help us decide if we are interested in this trader’s strategy.
Once we see something that has gained our attention, we can click that strategy and there we will be given more detailed information. There you can see profitability by each month, how many people were following this strategy each month, which trading pairs are used by this strategy, open orders, and past order history. With this information, we can make the final decision as to if this strategy is good for us.
When you decide which strategy you are going to follow, simply press the start copying button, and that’s it. From that point forward your account will be automatically making the same trades as this trader. And if you are not satisfied with the results, you can simply press stop following, and you will stop following that strategy.
If you are confident in your trading strategy and sure that you will make profits, you can provide your services to Exness social trading apps and earn commissions from the gains earned by people who followed your strategy.
Social trading in forex is a practice of imitating other traders’ activities. When the platform offers social trading, you will be able to find trading strategies that are offered by experienced traders. Once you find the strategy you like, you can simply copy it and the system will automatically imitate the trades made by that trader.
Exness is a regulated broker, which holds operating licenses from the FCA and other regulatory bodies. This makes Exness a safe platform to trade at. Also, according to them, Exness clients have made total withdrawals close to $1 billion.
Unfortunately no. Exness is available in more than 80 countries, but the US is not one of them.