Zignaly does not charge a monthly subscription, users only pay by earning.
The platform also allows you to create your own strategies.
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Copy trading is one of the favorite alternatives for those who are just starting out in the world of bitcoin (BTC), cryptocurrencies and tokens. It is a technique that consists of imitating the strategies of another investor. This involves opening or closing orders in the same way a trader does. And one of the platforms that allows you to copy the portfolio of others and make automatic operations with live bitcoin is Zignaly.
With Zignaly it is possible to do copy trading easily, as it has a friendly platform for most users. You can connect accounts from other exchanges, including Binance, BitMex, KuCoin, VCCE y AscendEX. Let’s discuss more about Zignaly, including its pros, cons, and feature highlights.
What is Zignaly?
Zignaly is a platform designed to copy trading con bitcoin and other cryptocurrencies. Currently, it has more than 350,000 users and a trading volume of USD 4 billion, according to data on its website. At the time of writing this article, about 100 traders offered their services on Zignaly. An advantage of the platform is that it gives us detailed information about each one, such as their statistics, positions, profile, exchanges in which they operate, number of people who copy their positions, and profitability.
Zignaly was created in 2018 with the aim that its clients earn passive income by copying other traders. In exchange, you have to pay a monthly subscription to these providers. However, you can use the platform for free, with no monthly fees, minimum amounts, or deposit or withdrawal fees.
An advert: copy trading, like other investment methods, carries risks. So before you decide to trade on this or other platforms, make sure you are aware of these risks, and don’t invest more than you are willing to lose.
What you need to do copy trading with bitcoin in Zignaly
We liked how incredibly easy it is to get started with Zignaly. The first thing is register on the trading platform. To do this, you must provide a few details, specifically name, email and password. You will receive an email to verify the account, and you will be ready to start.
Now you can connect your exchange account with Zignaly, as long as it is compatible. And this is a drawback, the platform only supports the five exchanges that we mentioned at the beginning, which can be a bit limiting. But, considering that a large number of users use Binance as one of the largest platforms, it should not be a big drawback.
Characteristics of Zignaly
To be honest, we were disappointed with the security mechanisms of Zignaly, since the only measure available to users is the activation of two-factor authentication. As for the platform’s own measures, the company has insurance that covers up to USD 5 million, according to data on its website.
In addition, they assure not to share the data of their users with third parties under any circumstances. Your funds do not remain in Zignaly, but on the exchange you trade on. This means that you do not run the risk of your funds being stolen from the copy trading platform directly. You’ll be glad to know that Zignaly is backed by the Binance Broker Program, which increases trust in the platform.
One advantage of Zignaly is its user-friendly interface. Anyone can trade on this platform without difficulty, even if they have never traded bitcoin before. Upon entering Zignaly, we notice that there are five well-identified tabs or sections.
The first is the main panel, which shows us our open and closed orders, balance, statistics and traders that we are connected to. The second is that of Profit Sharing, where you can invest in traders and pay them a commission on your profits. In Copy Traders all users available to copy their portfolios are displayed.
More advanced users can configure their own strategies. in the tab Signal Providers, you select the trading signals you want to follow, but this feature is not recommended for beginners. The last section is Terminal de Trading. Shown here charts sourced from TradingView of the many trading pairs available.
For the moment, Zignaly does not have a mobile application, something that is a point against. Now the version mobile of the website is comfortable and with a good design. But we know that today an application for smartphones is indispensable when it comes to trading platforms. We will have to wait for the company to decide to launch its app.
Customer service and support
In case you need help, Zignaly has a center where answers to frequently asked questions are shared. The bad thing is that, for now, it is not available in Spanish. Another way to clarify your doubts is to ask the community in Discord. A negative point of the platform is that it does not have live chat. We can only leave a ticket with our data so that the team can contact us. Using this method, the response took longer than expected.
To make deposits, you can buy cryptocurrencies with Visa and Mastercard or deposit directly from a wallet. To withdraw, you can only do it at one wallet external, there are no withdrawals in national currency. The options of payment methods are reduced, but it must be taken into account that Zignaly is not an exchange itself, and therefore does not store funds.
The platform simply schedules and executes orders automatically on the exchange you trade on, just like a bot would. So your money stays in your exchange and not in Zignaly.
We liked the wide variety of cryptocurrencies found on the platform. Some of them are bitcoin (BTC), cardano (ADA), ether (ETH), EOS, XRP, zcash (ZEC), Binance coin (BNB), tether (USDT), pancakeswap (CAKE), dash, dogecoin (DOGE), ethereum classic (ETC), tron (TRX), shiba inu (SHIB) y muchas más.
In which countries is it available
Zignaly can be accessed from most Latin American countries, such as Argentina, Colombia, Mexico, Chile, Peru, Bolivia, Panama, Uruguay, Paraguay, Brazil; Guatemala and Costa Rica. Zignaly does not provide its services in the United States, El Salvador, Cuba and Venezuela, according to their legal terms. If you are in Spain or any other country of the European Union, you will have no problem operating.
What are Zignaly’s fees and commissions?
Zignaly has a model of profit sharing in which the trader who provides the copy services, the user who follows him and the platform share the profits. The company does not charge a monthly subscription, You will only pay a commission when you win which is called the “success fee”.
Every time a position is closed, the profit and loss generated is automatically calculated. Zignaly charges for the success fee only when a trade is closed that has reached a new maximum profit. In this way, the rate will be determined taking into account the difference between the last maximum and the new one. Those users who own ZIG, Zignaly’s native token, get a discount of 6% or more when paying the success fee.
For example, if a trader’s success rate is 15%, he will receive 10%, Zignaly 5%, and the user 85% of the profit generated. If there are no wins or losses, you will not have to pay the success fee.
Conclusion: Is Zignaly a good bitcoin copy trading platform?
If you are just starting out in bitcoin trading, Zignaly could be a good option for you. But you must be aware that it is not a magic solution to get money automatically. You will not always make a profit. We liked that the platform also allows manual trading, although this is only recommended for advanced users.
Zignaly is part of the Binance Broker Program, which offers certain benefits to both the exchange and its users. For example, if you don’t have a Binance account yet, Zignaly will take care of the process. The funds are never stored on the platform, but in your exchange account. In addition, there are no monthly fees, you will only pay a commission when you receive earnings.
However, there are also important disadvantages. One of them is the few security measures available to users. The only one is two-factor authentication. Y Zignaly only supports five exchanges to connect your accounts. We would like to see other trading methods included, apart from copy. But overall, we find Zignaly to be a good platform for copy trading bitcoin.
- Funds are not stored on the platform.
- User friendly interface.
- No monthly fees.
- Zignaly shares in the Binance Broker Program.
- You pay a commission only when you have profits.
- Few security measures for users.
- Only 5 exchanges can be connected to Zignaly.
- The only type of trading available is copy trading.