On August 20, crypto derivatives exchange BitMEX launched a new Copy Trading feature that lets users automatically mirror the trades of professional investors.
The exchange also introduced Reverse Copy Trading, a tool that allows users to take the opposite side of a chosen trader’s positions — a first among major platforms.
The move aims to make advanced trading strategies more accessible to retail users, particularly those lacking the time or expertise to track the fast-moving derivatives market. By following top traders or betting against them, users can tailor their approach to different market conditions.
Commenting on the new copy trading feature, the CEO Stepha Lutz, in a press release shared with media outlets, said:
“Since 2014, BitMEX has been home to some of the oldest and most proficient traders in the crypto space. With Copy Trading, we are democratising access to their expertise, allowing our users to mirror their success. This feature simplifies the trading process, removes the burden of constant market monitoring, and provides a unique opportunity for our community to engage with the crypto derivatives market more effectively.”
How the new copy trading feature works
BitMEX, founded in 2014, is one of the longest-running crypto derivatives platforms. The exchange is known for its focus on security, seeing that it has never lost user funds to a hack, and for publishing regular proof-of-reserves and proof-of-liabilities data to verify holdings.
With the new copy trading feature, BitMEX users can browse a marketplace of “Copy Leaders,” allocate funds, and automatically replicate their trades. Notably, the users retain control over risk parameters such as Stop Loss and Take Profit, and can follow up to five traders at once.
Experienced traders can apply to become leaders, earning up to half of the profits generated by their followers.
At the same time, the users can select Reverse Copy Trading, which gives them the option to take contrarian positions, offering a hedge or an alternative for those skeptical of a leader’s outlook.
The exchange is currently giving away a 100,000 $USDT prize pool to Copiers and Leaders.