Are you interested in exploring the cryptocurrency market but don't know how to get started? Social trading with the DeXe network offers a simpler approach, allowing investors to replicate the trades of experienced traders and profit from successful trades. With robust tools, you maintain complete control over your investment decisions.
But before introducing how DeXe social trading works, it is necessary to better understand the concept of social trading. We should first define this notion and present its main characteristics before explaining how it works.
Social commerce: definition
Social trading, also known by other names as mirror trading, is an online trading technique that emerged with technological advances.
This trading approach focuses on novice investors who want to benefit from the experience of professional traders. With just basic knowledge of technical analysis, you can generate profits quickly.
It is a social network where traders share trading tips and allow novice traders to follow their investment strategies.
Social trading activity allows beginners to familiarize themselves with market trends, learn new investment strategies and avoid major losses. Ultimately, this collaborative approach facilitates the entry of new investors into the stock market.
Key features and how it works
First of all, it is important to note that social trading provides easy access to the financial markets, especially when you interact with other experienced traders to find a common investment strategy.
As a social trader, you can use a community trading site like DeXe or take advantage of the information and advice available on stock market forums.
Regardless of the technique chosen, advice from experienced traders is preferred on social media. However, we believe that adopting a social trading platform is better because it automatically shares trading strategies and tips thanks to the “Mirror Trading” or “Copy Trading” feature. In addition, you can subscribe to a professional investor's channel to receive their positions in real time.
Furthermore, one may wonder if the copied trader does not gain something in return. Obviously, it all depends on the forum or platform you have chosen.
It is good to know that the best traders can be rewarded with a commission on their profits or a ranking based on their success rate.
What assets can be traded?
If you choose to trade socially, know that it gives you the opportunity to trade in a wide variety of financial markets. Below is a list of the different types of assets that can be invested in social trading:
- foreign exchange: Forex currency pairs are the most popular assets for social trading. Some of the most traded currency pairs include EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD and NZD/USD.
- ETFs: Exchange-traded funds (ETFs) are also popular in social trading. ETFs provide exposure to a specific market or sector, making them an ideal diversification tool for investors.
- Stock indices: Stock indices, such as the Dow Jones, CAC 40, FTSE, DAX, Nikkei and many others, are very popular assets for social trading. Investors can invest in a specific stock index to track the performance of the entire stock market.
- stocks: stocks are also common assets for social trading. stocks of large companies such as Netflix, facebook, Google, Apple and others are popular among investors.
- Cryptocurrencies: Cryptocurrencies, such as bitcoin, XRP, ethereum, and others, are popular assets for social trading. Cryptocurrencies offer high growth potential but are also synonymous with high risk due to their volatility.
What is DeXe.network?
The DeXe.network project, or DeXe, presents itself as a decentralized “social trading” platform designed to follow the strategies of the best traders. This platform provides a complete copy trading tool in decentralized finance (DeFi).
To do this, any user must connect to DeXe.network, a wallet for which they have the private key, such as MetaMask or Trust Wallet (excluding those on centralized platforms).
Then you can choose a merchant or a group of merchants based on their performance and subscribe to them.
Once you follow a trader, DeXe.network copies their transactions based on the parameters predefined by the user themselves. For example, the user can request manual confirmation before each operation.
As for traders who want to share their trades, they simply need to install a specific plugin on their browser and then establish a connection between the Exchange and DeXe.network. Subsequently, they will be able to define the desired payment option for those who copy their operations, whether it is a fixed payment or a percentage of the profit obtained.
When launched, the DeXe network ecosystem will already be complete with support for major decentralized exchanges like Uniswap, DeFi protocols like Balancer and Curve, and protocol aggregators like 1inch.
Major centralized exchanges will also be able to connect to DeXe.network, including Huobi Global, Binance, OKEx, Bittrex, and Bitfinex.
DEXE/USDT 5-day chart
DEXE DAO governance token and its use cases
To ensure the decentralization of its ecosystem, DeXe.network is equipped with a governance token, the DEXE. Holders of this ERC-20 token will play a role in the future development of the platform, in particular by proposing possible modifications and approving or rejecting them by voting.
When a DeXe.network user makes profits, the protocol's smart contract will automatically deduct a 30% commission from their earnings and purchase the same number of DEXE tokens on the market.
So, there is 3 parts of these cards. One part will be burned, the second will be an insurance fund, and the third will be distributed to DEXE token holders.
DeXe.network is presented as an interesting solution to copy the portfolio movements of experienced traders, in particular those specialized in DeFi tokens.
By operating in a decentralized manner and letting the user decide on the execution of operations, DeXe.network brings some new features to the field of copy trading.
However, this method of portfolio management is not without risks. If you intend to venture into it, be very rigorous when choosing the trader you follow and select a person who obtains good long-term performance, whether in a market with an upward or downward trend.
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