Bitget has published the results of a study looking at the phenomenon of copy trading and social trading on its platform. The data reveals that the users most interested in copy trading are Gen Z, with 44% of respondents falling into this category. Older cryptocurrency traders also benefit from copy trading, but more for professional investment advice. Geographically, the data shows that African users are the most interested in copy trading, followed by CIS countries.
The study conducted by Bitget considered a pool of active cryptocurrency traders who traded throughout the year. In the first half of 2023, more than 109,000 followers achieved profitable returns by applying copy trading techniques, resulting in more than 74 million cumulative profits in USDT. 93% of users who used Futures copy trading during this period made a profit. For spot copy trading users, this percentage was 82%. Bitcoin was found to be the most commonly traded asset through cop trading, at 52%, followed byETH with 44%.
Geographically, copy traders are mostly located in Western Europe, East Asia, and Southeast Asia. Among these regions, Western Europe accounts for the largest share with 31% of all copy trading users, followed closely by East Asia (26%) and Southeast Asia (19 %). Although African users represent a small proportion, they show a higher interest due to the emerging nature of cryptocurrency markets in Africa, where users are often less experienced and more inclined to use copy trading as a starting point. .
In terms of demographics, copy trading is especially popular among Gen Z users, who tend to seek investment advice from their favorite social media influencers. This group (under 25) represents 44% of all copy traders on the platform, followed by the 25-35 age group with 32%. People between the ages of 35 and 55 represent 17% of users, while people over the age of 55 represent 7%.
Interestingly, although older copy traders are less numerous, their interest in copy trading is high. Data shows that 72% of traders under the age of 25 indicated an interest in Bitget’s copy trading platform, which is also the main reason they use Bitget. At the same time, this proportion reached 65% in the 55-64 age group. Older cryptocurrency traders tend to use copy trading strategies to get professional investment advice.
The study carried out by Bitget confirms the conclusions of a report recently published by The Insight Partners which indicates that the social trading industry is growing at an CAGR of 7.8% and is expected to reach $3.77 billion by 2028. This growth of $2.2 in 2021 highlights the importance of Bitget’s commitment to promoting the popularity of copy trading.
“The results of this survey reveal the general sentiment of the market. The use of advanced tools, including those based on AI, makes strategies such as copy trading both accessible and profitable for users who do not have in-depth trading knowledge. Social trading is a real force capable of revolutionizing the sector. We see it in the growing number of users cooperating and helping each other every day. At Bitget, we are committed to continuing to improve our copy trading feature, and this aligns with our overall “Smarter Trading” philosophy. A key part of our current rebranding effort”commented Gracy Chen, the Chief Executive Officer of Bitget, during the publication of the survey.
The full version of the Bitget study is available here.
About Bitget
Created in 2018, bitget is one of largest cryptocurrency exchanges in the world, whose notoriety is due in particular to its flagship copy trading services. Serving over 20 million users across 100 countries and regions, the platform is committed to helping users trade smarter by providing a versatile and secure trading solution. Bitget is also inspiring the general public to adopt cryptocurrencies through collaborations with reputable partners, including legendary Argentine footballer Lionel Messi and official esports event organizer PGL.
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