4️⃣Copy Trading FAQs

FOR FOLLOWERS:

Q: What is contract Copy Trade?

A: Contract Copy Trade - also known as copy trading/social trading - refers to the practice of platform users posting their own trades so that their trading strategies can be used by other users in their implementation.

The initiator of a trading strategy or signal is usually called a trader and the consumer of the signal is called a "follower".

Q: Is there any risk in copy trading?

A: In trading, you must be aware of and fully understand all possible risks before you invest. The future success of a trader cannot be guaranteed based on their past performance.

However, there are risk management features that can help you make the right decision when selecting a trader, which may help maximize profits and minimize potential losses.

Q: How long does it take for a trade executed by a trader to be reflected in my account?

A: Trades are usually executed almost immediately when the trader executes his/her trade.

Q: Can I stop following trades with a trader at any time?

A: You can disconnect from any trader and stop copying trades at any time. Once disconnected, the orders that have been placed with the trader will remain until you actively close your position, after which all orders will no longer be placed with the trader.

Q: Do I incur fees for copy trading?

A: Tapbit does not charge you a commission. You will only pay the commission on the contract and your share of the profits from copy trading, which will be paid directly to the trader.

Q: When I connect to a trader's trade, do I get the same price as the trader?

A: No. Depending on the spread, there may be a delay in execution and you will be able to view this data in your account history.

Q: Why does my trade show that my copy trading failed?

A: There are various reasons that will cause copy trading to fail, you need to check if you are experiencing copy trading failure due to the following conditions, if you can't solve it please contact our official customer service.

-The number of followers of a trader has reached the maximum number

-The trader has been withdrawn

-Zero or insufficient funds in the contract account

-Single day follow margin has reached the maximum

-Copy trading user are following too many traders, causing position value to exceed the upper limit

-Trader's single open position has reached the upper limit

Q: Why are the positions not merged when I open a position myself during the copy trading? A: The copy trading position mode is a separate position mode.If you want all your positions are displayed in merged you need to close the positions you are copying and your own positions first. Then the positions will be displayed as merged when you open new positions.

FOR COPY TRADERS:

Q: Where can I get information about how many followers I have in total?

A: You can manage my followers on the Contracts Followers page and on the dashboard you will find information about the total number of your followers.

Q: Can I withdraw funds from my strategy account?

A: Yes, you will be able to withdraw funds from your strategy account. Before that, you need to disconnect all followers and close all open positions.

Q: How many positions can a trader open in a day?

A: By default, a trader can open up to 50 positions in a day.

Q: When does a trader get a commission from followers?

(Traders get 0%-30% of commission from the followers)

A: Daily settlement

Settlement method:

When a trader closes a position, if the follower generates profit and meets the profit sharing requirements, the system will deduct the profit sharing from the follower's account in advanced, and then settle at midnight (UTC+0) on the next day, calculating the actual total profit of the follower's orders for that day, the "actual realized profit" is the actual commission to be paid to the trader.

If the actual commission is lower than the profit already deducted from the follower's account, the extra profit deducted will be returned to the follower's account, and then the remaining part will be settled to the trader.

Special cases of commissions:

If the user has an open follow order, no commissions will be made until the related position closed, then the commissions will be distributed on the next day.

Commissions account: Commissions is distributed into the derivatives account

Example:

A follower follows a trader(10% Commission) to place an order. Ten orders are placed on the same day, eight of which have a net profit of 200 USDT and two have a loss of 50 USDT.

Follower orders deducted amount: 200 * 10% = 20 USDT

The cumulative realized profit on the day of the second settlement: 200 - 50 = 150 USDT

Trader’s actual commission: 150*10%=15 USDT

The deducted amount that will be returned to the follower after deducting commission: 20-15=5 USDT

The realized profit of the follower for the day: 200-50-20+5=135 USDT