Bitget Report: 44% of Copy Traders are Gen Z, Showing Highest Interest
VICTORIA, Seychelles, Aug. 3, 2023 /PRNewswire/ — Bitget, top crypto derivatives and copy trading platform, has released the results of research entailing the copy and social trading phenomenon on its platform. The data reveals that Generation Z users account for 44% of all copy trading users, exhibiting the highest interest in this strategy while the older crypto traders also leverage copy trading to gain professional insights. The data also shows that African users have the most interest in copy trading, followed by CIS countries.
The research conducted by Bitget took into account a pool of active crypto traders who engaged in trading operations throughout the year. In the first half of 2023, over 109,000 followers experienced profitable returns from applying copy trading techniques, resulting in more than 74 million in cumulative profits in USDT terms. Among the users who employed copy strategies for futures trading in this period, an impressive 93% of them made profits. For spot copy users, the share was 82%. Bitcoin proved to be the most common asset traded via copy trading, accounting for 52%, followed by ETH with 44%.
Geographically, the exchange’s copy traders are primarily located in Western Europe, East Asia, and Southeast Asia. Among these regions, Western Europe accounts for the largest share with 31% of all copy trading users, followed closely by East Asia at 26%, and Southeast Asia at 19%. Although African users account for a small proportion, they exhibit the highest levels of interest due to the emerging nature of crypto markets in Africa, where users are often less experienced and more inclined to use copy trading as a starting point.
When it comes to demographics, the copy trading feature is especially popular among tech-savvy Gen Z users, who tend to seek investment advice from their favorite social media influencers. This group (below the age of 25) accounts for 44% of all copy traders on the platform, followed by the 25-35 age group at 32%. Those aged 35-55 account for 17% of users, while individuals over 55 make up 7%. It is worth noting that, although there are fewer older copy traders, their interest in copy trading is high. The data shows that 72% of traders under 25 indicated an interest in Bitget’s copy trading platform, which is also the main reason they use Bitget. At the same time, this proportion reached 65% in the 55-64 age group. Older crypto traders tend to use copy trading strategies to seek professional investment advice.
The study by Bitget supports the findings recently revealed in a report by The Insight Partners, which states that the social trading industry is growing at around 7.8% CAGR, and is expected to achieve a mark of $3.77 billion by 2028. Such growth from $2.2 in 2021 underscores the importance of the Bitget exchange’s engagement in advancing the popularity of copy trading.
“These survey results are indicative of the general market sentiment. The use of advanced tools, including AI-based ones, is making such strategies as copy trading both accessible and profitable for users who do not have extensive knowledge of trading. Social trading is a major force that is shaping the industry landscape as users are cooperating even more as a holistic community. We at Bitget are determined to continue improving our copy trading feature, and that coincides with the general philosophy of our ‘Smarter Trading’ slogan – a key element of our current rebranding effort,” as Gracy Chen, the Managing Director of Bitget, commented on the release of the survey.
The full version of the Bitget study is available here.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 20 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
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SOURCE Bitget
