The Rising Popularity of Social Trading Among Gen Z Users
Copy and social media trading is gaining immense popularity. Therefore, the findings of a study on the copy and social trading phenomena on Bitget's platform have been made public. Bitegt is a leading cryptocurrency derivatives and copy trading platform. The research shows that Generation Z users make up 44% of all copy-trading users and are the ones who are most interested in this practice. Still, old cryptocurrency traders also use copy trading to obtain expert knowledge. The research also reveals that people from Africa are most interested in copy trade, followed by those from CIS nations. People belonging between the age group of 35 to 55 years comprised 17% of copy traders, while people over 55 comprised only 7% of the entire group.
Exchanges have provided copy trading or social trading for both traditional stocks and cryptocurrencies. It is now provided by exchanges in the cryptocurrency world, like eToro, Bybit, and MEXC, among others.
The copy trading tool is particularly well-liked by tech-savvy Gen Z users, who frequently ask their favorite social media celebrities for investing advice. The 25 - 35 age bracket comes in second at 32%, making up the remaining 44% of all copy traders on the site. 17% of users are between the ages of 35 and 55, while 7% are above 55. Although there are fewer senior copy traders, it is important to note that they are quite interested in copy trading. The analysis reveals that the copy trading platform offered by Bitget, which is also the major reason young traders under 25 utilize Bitget, attracted 72% of their attention. The percentage rose to 65% in the 55 - 64 age range during the same period. Older cryptocurrency traders frequently employ copy-trading techniques to get financial guidance from experts.
According to a January Forbes Advisor poll, 80% of Gen Z and millennials rely on social media for financial guidance. The most dependable sites were YouTube, Reddit, and TikTok, and half of them claimed to have profited from the advice they were given.
In a May research from the CFA Institute and the Financial Industry Regulatory Authority (FINRA) Foundation, cryptocurrency was shown to be the most well-liked investment for Gen Z.
Nearly 44% of American Gen Z Investors began with Crypto Investment
According to a survey, it was reported that there are many people for whom Cryto was their first investment. Approximately 44% of American Gen Z investors began with cryptocurrency investment when compared to 35% of millennials. The cryptocurrency was also the initial investment of 43% of British Gen Z investors and 35% of Canadian Gen Z investors.
The Insight Partners analysis, which said that the social trading business is increasing at about 7.8% CAGR and is predicted to reach a mark of $3.77 billion by 2028, is supported by the Bitget study. Such expansion from $2.2 in 2021 highlights the significance of the Bitget exchange's involvement in boosting copy trading's popularity.
Also Read: Biden Turns Pro-Crypto? His Secret Love for Bitcoin Exposed!
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