In the present world, a number of firms offer user-friendly applications and websites to explore the world of cryptocurrency. This scenario is quite different from 2009, the year in which Bitcoin was found. In the initial days of crypto, the options to experience and explore crypto payments were limited, and most of the options were quite complex and more suited for techies and geeks.
As technology advanced, innovations came, and right now, anyone can make crypto payments and trades. Bidsbee is one such beginner-friendly platform with an extremely user-friendly interface. In the fast-changing industry, it is important to stay updated with all the news and use collective knowledge to get ahead in the game.
Bidsbee is a social trading platform that helps you share ideas, discuss them, and formulate trading plans. This comprehensive guide will help you learn more about Bidsbee, its offering, what makes it unique, and how it is the perfect application for a beginner to explore social crypto trading.
What Is Bidsbee?
Bisbee is one of the newly launched social crypto trading platforms for cryptocurrencies. It was launched in 2022 and gained wider popularity within the short time frame. The versatility, flexibility, and simple user interface made it popular among both beginners and experienced crypto traders.
Bidsbee is a secure platform that makes use of blockchain technology. It provides you access to a wide range of real-time trade opportunities through centralized crypto exchanges.
You can start using Bidsbee by creating an account, choosing a plan that suits you, using the API keys you receive, and connecting your favorite centralized exchanges to the Bidsbee terminal, and you are good to go. It is as simple as it gets.
It has an exclusive and comprehensive set of instruments, such as stop loss indicators, trailing options, conditional orders, and trading algorithms, to guide you through the entire process.
What Is Crypto Social Trading?
Crypto social trading works similarly to any other online community. Instead of being involved in lifestyle, political, or daily life chats and discussions, everything will have a strong, keen focus on crypto trading. Crypto social trading offers you the opportunity to learn from experienced traders at minimal cost.
It is considered a voluntary community event in which everyone discusses ideas, exchanges them, and formulates trading plans. There are a number of social trading platforms that offer the opportunity to automate copy trading. Among them, Bidsbee allows you the flexibility to customize copy trades based on a proportion of your assets.
Since you will be learning from experienced professionals, if you have the mindset to research and learn, you can be a successful trader with minimal effort.
What Makes Bidsbee Unique?
Since there are numerous social trading platforms in the market, what makes Bidsbee unique? Here is a comprehensive review of tools and features that act as the main selling point of the Bidsbee social trading platform.
- Copy strategies ─ Once you start using the platform, you can choose from a wide range of experienced traders. Their performance history, risk analysis, and other key points can be explored before making the trade replica. If you are a beginner, find a reliable trader, and then you can automate their trade replica. This will help you gain profits without having to make any decisions.
- Community networking ─ If you intend to be serious about considering trading as a profession. The community that is associated with the platform helps you learn by providing you with valuable learning lessons and resources. If there is room for improvement in your strategy, you can conduct open discussions, share insights, and make changes accordingly.
- Security ─ The Bidsbee platform uses unique API keys for communication and information exchange. The encryption is not easy to break and thus offers a secure environment. In addition, they offer advanced encryption methods and multi-factor encryption tools to ensure the safety of your deposits.
- Availability of different crypto networks ─ A wide range of crypto networks are available to trade. This ensures you can utilize the market opportunities within any network to increase your profit. In addition, this allows you to diversify and explore the versatility of the crypto market, thus reducing the volatility and risk.
- Performance tracking and monitoring ─ Being a social platform, the news and detailed information about different traders is essential to understand their reliability. The Bidsbee platform offers live performance tracking to help you make the best decisions.
- Demo account and user-friendly interface ─ This platform offers you a demo account to experiment with the various features. This allows you to explore the user-friendly interface and make a decision regarding whether the platform is suitable for you.
- Accessibility ─ Bidsbee offers you a wide range of accessibility from all the crypto exchanges in the market. This helps you to make use of the Bidsbee terminal without having to go through all the hassle of moving.
Potential Disadvantages Associated With The Platform
Although the platform offers a wide range of functionality with minimal risk, a number of disadvantages are associated with the platform, including:
- Risk Of loss ─ Since the platform promotes social trading, copying other strategies can be risky. Thus, according to the market, there is always a risk of loss.
- Reliance on others ─ As humans often make mistakes, other’s mistakes can cause you great loss. Thus, finding a reliable trader is necessary to gain profit.
- Limited historical data ─ Since the platform is relatively new, all the data associated with trades are only available from 2022. Thus, making informed decisions can be tricky due to the lack of data.
- Lack of control ─ Since the social trading platform encourages you to follow experienced traders, you might have little control over those trades. If you are using automated trading functions, it can limit the trading control you have on your finances.
Although you will be relying on experienced traders, since it is a financial risk, it is always advisable to learn, study, and research the market before investing. Understanding the market risk is essential to become a skilled trader. By being aware of the changing scenarios and understanding the market conditions, you can be a financially responsible crypto trader.