Cryptocurrencies are back in favor among investors once again, after going through a few weeks of lull since mid of May. One of the biggest factors attracting new investors to this space is the ease with which they can start trading digital currencies, unlike trading conventional instruments like equities.

High levels of social engagement are also driving interest in cryptocurrencies among investors, with traders and influencers in the field sharing their analysis and insights via Twitter, YouTube and other leading social media platforms. Although, leading video-based social network TikTok banned crypto related content, putting quite a dent in this space a while ago.

Another emerging space that has fostered the community of new investors in cryptocurrencies is the rise of social trading. One such example is that of Decoin, a community-based digital asset exchange, that launched Dtrade – a concept that lets users share information and trading advice with the wider community all in real-time and drive up engagement levels. Hitting the market right on time when the initial bull run of 2021 was underway, Dtrade has been giving new entrants into the crypto space an opportunity to observe and learn strategies from experienced traders. For professional traders, it provides an effective platform to grow their follower base and share their best strategies and teaching points by streaming to an online audience on a real-time basis.

Trust Through Transparency

Decoin’s Dtrade aims to remove the complexities of trading which keeps potential investors away from the cryptocurrency market, making them feel more confident of entering the market via guidance from the best in the field. Saving them weeks or months that they would otherwise spend in gaining an understanding of how crypto trading works, the exchange offers a level of transparency and accessibility previously unknown to newbie traders, giving its users a way to assess professional traders’ history and success to understand if they are reliable and worthwhile to follow and learn from.

Decoin’s intuitive interface is not only more trustworthy than social networks but it also provides crypto traders a more actionable solution to utilize the insights and strategies they learn from professional traders. In addition, the platform offers a more accessible and direct way for both sides of the community to engage with each other and foster the adoption of digital currencies. The exchange is powered by its own blockchain with a PoS consensus mechanism that supports a native token DTEP, which offers an annual staking reward of 6.2% in addition to discounted fees while used for transactions within the exchange.

The Way Forward

While it is true that more investors turned to trading cryptocurrencies during the pandemic, especially in the US where citizens used their stimulus checks as trading capital, the trend is likely to continue even as the situation normalizes. The growing interest in digital currencies among institutional investors lends further credibility to a market previously considered too unstable and unpredictable by the mainstream financial sectors and community. As the interest rises and more investors enter the market, the need for greater transparency and reliability on the information increases – which is where such social trading platforms stand to gain the most – especially as lucrative markets catch the eye of scammers looking to profit from vulnerable investors.