FAQs
Godex SocialFi Trading Onchain, Any Chain.
1. What is SocialFi Trading?
SocialFi Trading is an innovative feature that enables users to copy the real-time trades of experienced traders. It provides a great platform for learning trading while also capitalizing on potential profits. With this, you don't need to monitor the market 24/7.
2. How do I get started on SocialFi Trading?
Here's how it works: · Step 1: Choose a Lead Trader · Step 2: Set a budget for Copying · Step 3: The system will follow the Lead Trader's actions in real-time. · Step 4: When the Lead Trader executes a trade, the same trade will happen in your account. Control remains in your hands so you can stop copy trading at any time.
3. What are the benefits of SocialFi Trading
As a Lead Trader, Copy trading can be exceptionally beneficial as it showcases your trading skill and decision-making expertise. This exposure can enhance your professional reputation and credibility. Moreover, it provides a platform to demonstrate your proficiency and guide novice traders. Lead traders can benefit from profit sharing or earn extra rewards from ongoing campaigns, based on the number of copy traders. This creates a win-win model for all involved.
4. How do I become a Lead Trader?
If you're considering becoming a Lead Trader, there are a couple of requirements that you should be aware of:
You are Partnership Level 1.
Ensure that you have over 500 USDT in your trading account (max up to 250k USDT)
5. How to start using SocialFi Trading?
Slippage cannot be completely avoided, but its impact can be minimized in three ways:
The best way is to choose assets with high trading volume and liquidity.
You can opt for transactions with smaller amounts, which are more likely to be executed, instead of placing large orders directly.
Consider adjusting the slippage tolerance during price fluctuations, where slippage may exceed the preset limit when your transaction is executed. In this case, increasing slippage could avoid transaction failure, but it also means you can't get a good price. Please proceed with caution.
6. How often are profits distributed to lead traders?
Some tokens have a higher slippage tolerance due to the presence of transaction taxes, such as SAFEMOON, which are used for liquidity pool buy-back, token burning, and rewarding token holders. To help you trade these tokens, GODEX has launched automated slippage to improve the success rate of these trades at the current optimal slippage level.
7. What is the Profit Sharing model?
Some tokens have a higher slippage tolerance due to the presence of transaction taxes, such as SAFEMOON, which are used for liquidity pool buy-back, token burning, and rewarding token holders. To help you trade these tokens, GODEX has launched automated slippage to improve the success rate of these trades at the current optimal slippage level.
Last updated