Bringing Social Trading to the Masses
NAGAX, a web3 based social trading platform, has announced that it will be bringing web3 based social trading to traders. The platform focuses on introducing cryptocurrencies to the social trading market, and it provides a robust virtual currency solution and wallet with minimal costs and leading security. Over 700 crypto trading pairs are available on the site and a social News Feed where traders can discuss news, learn new things, and share their content. It enables the safe storage and exchange of over 100 assets, trading derivatives, and access to high-quality, easy-to-understand instructional information.
As a part of bringing social trading to the cryptocurrency ecosystem, the platform is promoting awards with a total of $10,000 to contestants involved who assist in publicizing the debut of the NAGAX platform. The three finalists each get a reward of $5,000, $3,000, or $2,000 in USDT. The second prize pool for the promotion is intended to reward participants who pre-register on the site through the Whitelist. Five winners will be chosen from the first 10,000 people who register and will each earn $1,000.
What is Social Trading?
Social trading allows crypto users to connect with other traders on a decentralized network. It is an excellent way for beginners to observe and track the investing methods of more experienced traders and mimic their activities to boost their prospects of market success. Community is an integral part of a social trading-based platform where users can discuss market analyses, investing ideas, predictions, and more on social trading sites. For beginners to the volatile crypto markets, they provide a good starting point for effective trading.
Unfortunately, most beginning traders lose a lot of money due to a lack of basic technical analysis skills and an inclination for market speculating. Social trading helps these new investors decrease the dangers of the volatile crypto market by providing them with access to skilled traders’ winning strategies.
On social trading networks, cryptocurrency investors may communicate with their favorite pros and influencers, ask questions, and learn how to improve their trading strategies.
Leaderboards are standard on top platforms. They rank different pro traders based on various parameters, including win-to-loss ratios, margin allocation, success, risk, and so on. The site publicly displays each pro’s trading history and data, allowing novice traders to pick the most excellent trades from top strategy managers.
The fundamental goal of crypto social trading is to link beginners with experienced traders. The strategy reduces the entry barriers into the crypto industry by allowing inexperienced investors to succeed by adopting the time-tested techniques of elite traders.
Social trading networks make cryptocurrencies more accessible to both rookie and experienced traders by simplifying the trading process and letting investors communicate and learn from one another. They also allow traders to improve their abilities by sharing with other successful investors and community leaders on the platform.
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Image credits: Austin Distel and olieman.eth.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.