Broker of the month: City Index, read our expert and client reviews here
If you either a trade leader or trade following in the social trading space you can now trade Litecoin, Ripple and Bitcoin Cash through ayondo.
For those not familiar with crypto copy trading it works like this.
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- You open an account with a social trading broker.
- You trade or you follow.
- If you trade and make money, you get followers, every time they trade you get a percentage of their trading costs and/or profits.
- If you follow you pick a trader that makes money and follow them. Every time they trade, your account copies. If they continue to make money so do you. However, if they lose money so do you.
It’s a bit like an amateur hedge fund for private clients, or a social network for traders.
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Richard started the Good Broker Guide in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously acting as multi asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2000.