Woo X Redefines Copy Trading, Aiming for Greater Equity in the Market
As a means of simulating the experience of seasoned traders by imitating their market activity, Woo X cryptocurrency exchange said on Monday that it has launched what it claims to be an improved and more equitable version of copy trading. In both cryptocurrency and conventional finance, copy trading—or “social trading,” as Woo X refers to it—is nothing new. Several major cryptocurrency exchanges, including Binance and OKX, as well as the fintech platform eToro, popularized the practice of making available to their consumers the returns generated by the most successful traders.
Woo X Copy Trading Overhaul: Higher Profit Thresholds and Balanced Incentives
Willy Chuang, COO of Woo X, stated that the current model needed to be adjusted so that lead traders would not only benefit from exchange fees and other unbalanced incentives. Finding a means to lessen the constant strain on lead traders to consistently outperform led Woo X to include the flexibility of a countertrade option as another innovation.
We conducted extensive research and identified clear pain points for users. 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.
Chuang
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment