Gen Z Takes The Lead: Bitget Report Unveils Crypto Copy Trading Trends, August 2023
According to the cryptocurrency exchange Bitget, younger investors are more willing to engage in copy trading or social trading and follow the recommendations of social media celebrities.
According to a Bitget analysis, Generation Z cryptocurrency investors are more likely to use the investment strategy known as copy trading or social trading, which includes replicating other people’s trades.
44% of Bitget’s copy traders were under the age of 25, according to a report the company released on copy trading on August 3. Then came people in their 25th to 35th age, who comprised slightly under one-third of all copy merchants.
35 to 55-year-olds comprised 17% of copy traders, while people over 55 included only 7% of the entire group.
Bitget’s copy trade users are mostly Gen Z and millennials. Source: Bitget
Exchanges have provided copy trading or social trading for conventional stocks and cryptocurrencies. It is now offered deals in the cryptocurrency world, like eToro, Bybit, and MEXC.
An automatic program that effectively clones positions opened and maintained by a selected person is available for users.
The platform proposed that Gen Z’s propensity to consult social media gurus for financial advice could account for their fondness for copy trading.
According to a January Forbes Advisor survey, 80% of Gen Z and millennials rely on social media for financial guidance. The most dependable sites were YouTube, Reddit, and TikTok, and half claimed to have profited from the advice they were given.
In a May report from the CFA Institute and the Financial Industry Regulatory Authority (FINRA) Foundation, cryptocurrency was discovered to be the most well-liked investment for Gen Z.
Approximately 44% of American Gen Z investors began with cryptocurrency investment, unlike 35% of millennials. The cryptocurrency was also the initial investment of 43% of British Gen Z investors and 35% of Canadian Gen Z investors.
According to Bitget’s research, most of its copy-trading users—almost a third—were from Western Europe, but its following two largest geographic divisions, Close to half of all users, originate from East and Southeast Asia.
Latin Americans ranked fourth among Bitget’s copy traders by region. Source: Bitget
The most significant percentage of any region, 62% of African users, were interested in copy trading, although making up just 1% of Bitget’s global copy traders.
