CopyOp – Social Trading
Binary options trading has expanded steadily over the past several years. The financial world has also seen an expansion in the use of social media in investing and trading, where individuals express and share opinions about their favourite trading strategies or stocks. It was only a matter of time before these two worlds intersected, and in January 2015 they did just that, with the launch of the new social binary options trading network, CopyOp.
How social trading works
Many novice investors are excited at the prospect of options trading, but don’t have the necessary skills, knowledge, or even time, in order to build a successful trading strategy. CopyOp gives these novice investors the opportunity to find traders they trust and trade alongside them automatically. Or, instead of copying all of another user’ trades, one can simply pick and choose exactly which trades to copy from individual investors. In doing so, traders can copy the best trades from the best traders, all while not having to spend the countless hours of research to become an expert themselves. This can turn any novice trader into a profitable investor instantly.
On the reverse side, expert options traders are incentivised to use the trading platform and allow others to copy their trades. As a trading expert, they can earn extra cash every time someone copies one of their trades. Traders receive cash rewards every time they are copied on a trade, regardless of the success of the trade itself. This makes CopyOp a great platform for those investors already trading options successfully.
Mobile trading options
Social media is almost omni-present in every day life, so CopyOp could not really refer to it as “social trading” if it didn’t offer a mobile trading app for users to access anytime, anywhere. Through the CopyOp app, traders can stay connected to their account balances and always keep track of favoured traders and trades – and copy them in one click. The app is available on both iOS and Android devices.
Solid backing and growing
CopyOp’s service is innovative and extremely useful, but some may wonder how legitimate it really is. Traders can be reassured, as CopyOp is operated by Ouoboros, who are also the firm behind AnyOption, the first and biggest online binary trading website which is currently regulated by the Cyprus Securities Exchange Commission (CySec). Having the backing of Ouoboros gives CopyOp all the credibility that CySec regulation and MiFID compliance brings, along with a strong user base for its social trading services. Through their strong corporate backing, CopyOp has been growing steadily and now has over 10 million trades for customers to copy from.
Social trading Platform
Because CopyOp is geared towards the more novice investor, its platform has been developed to be easy to use and quite intuitive. The site works with a social feed, similar to those seen on social media sites such as Facebook or Twitter. This feed displays updates and trading actions of traders currently being watched. It also provides a feed of the best traders in real-time, with their current returns. This gives potential copiers a starting point to find traders they are looking to copy.
Site Security
Additionally, the company states that their data is 100% accurate and that the site holds no fictitious data or trading bots. This should put traders at ease that the service is reliable and trustworthy. The site utilises the most advanced and powerful security procedures and encryption systems available. Information transmitted between the site and user-end devices is encrypted using a 128 bit ssl encryption certificate. Additionally routine security checks are carried out by the CopyOp information security experts.
More details
A CopyOp account can be opened without depositing any money so that users can browse the platform and see its features. CopyOp allows for deposits in three different currencies, EUR, GBP and USD through the options of any major credit card, debit card, or bank transfer. The services allows binary options traders to trade forex pairs, indices, commodities, and many stocks from worldwide indices. Existing Anyoption account holders can login with their existing Anyoption account credentials.
Trading can be made even more social by connecting any CopyOp account to a Facebook account. By doing so, any trades are shared with friends and also give traders the ability to see their trading activity as well. This additional social element is aimed at helping to grow the CopyOp network even further.
Bottom Line
CopyOp is a service targeted towards novice investors looking to get a leg up along with investors who enjoy the social aspect of options trading. The interface is very intuitive and easy to use and leans heavily on social elements such as the ‘trading feed’, ‘options to follow’ and ‘copy other traders’ features. The site is not even one year old, and is therefore not currently working with a large user base. This does create one limitation – the fact that there is not a large amount of successful traders to copy from. However, as the site continues to grow in popularity and attract more traders this problem will surely disappear.
Social trading is a brand new idea, and has not yet caught on in the mass market. As with most new ideas there are people in the financial world who shun the idea and discredit it, but it is too soon to know if social trading could be the newest craze in the options trading world. In the end, as long as you are comfortable with the idea, CopyOp is a service certainly worth checking out.