What is Copy Trader – Social Trading?
CloakFX has several functions that differentiate themselves from regular trading platforms: You can easily comment on shared trades that helps members to socialize and exchange their ideas with other community members. Detailed statistics provide interesting insights into the activity of other traders. Even better, if other members copy your trades, you will receive a reward for each public trade that closed successfully. Its investors know that CloakCoin is a Proof-of-Stake coin that offers a passive income, now by copy trade profit reward Cloakfx also offers its community the chance to earn a passive income, too!
Each member has a unique profile section that they can edit anytime they want. Members can upload a custom picture and write a short description of themselves on the profile. On the profile page, statistics of shared trades are also publicly visible. This will help Cloakfx members to extend their number of copiers.
Sharing a trade
Only publicly shared trades are visible by Cloakfx community members and will be automatically copied by followers. However, for such trades, the minimum trade amount is 250 USDC per trade. This ensures that a malicious user cannot make risk-free trades while putting the funds of the copiers in danger.
Copy a trader
You can copy successful traders with a fixed amount per trade. For security reasons you can also set the maximum number of trades, you want to copy per day. The creator of trade will have full control over the Stop Loss/Take Profit price and can decide when to close the position. However, you can manually close a copied position at any time as well. If you do not have enough funds to copy trade, you will be notified and automatically unsubscribed from this user.
Rewards and Fees
The copy reward system is based on the performance of a trade. If a shared trade is closed successfully then there will be reward and charges as below:
- Trade owner receives 5% of the generated profits and
- 7% of the profit is charged from the copiers.
Keep in mind that only profitable trades lead to rewards and charges.
The calculation here is an example, Let’s assume each trade a member share is copied with 5000 USDC in total. If the member closes such a trade with 20% profit, the member will receive:
5000 (Copy Volume) * 0.2 (Profit %) * 0.05 (Copy Reward %) = 50 USDC
A person who copied this trade with 100 USDC will be charged with
100 (Copy Amount) * 0.2 (Profit %) * 0.07 (Copy Fee %) = 1.4 USDC