A crypto social trading platform that improves Etoro's copy-trade model

Hacker News

Share card

A crypto social trading platform that improves Etoro's copy-trade model

Hey HN, I was watching an interview of Caroline Ellison (CEO of Alameda Research) the other day and found it interesting that she never uses stoploss (no wonder shit happened). One of the most important skills for traders is how to set up stoploss and stick to it when stoploss is about to hit. I see that most crypto traders don't follow this principle. There is a huge demand for social trading (similar to Etoro) from crypto traders. Fact: 76.2% crypto traders surveyed say that they want to have social trading (copy-trade) features - Source: Statista (2021). There have been multiple attempts from various crypto start-ups (including the ones backed by major crypto exchanges such as Binance or Bybit) trying to build Etoro-equivalent for crypto. However, due to the volatile nature of crypto markets, most of the top traders on such platforms are pure gamblers, who may have luck once in a while. Most of the copiers there cannot obtain sustainable profits from copying the top traders. Users do not enjoy similar benefits of copy-trading as the ones on Etoro. A personal story: I was once a top trader at a crypto social trading platform (Zignaly), attracted some substantial funding from copiers, but later get myself (together with the copiers) liquidated. I recently found out about prop-trade platforms such as Topstep & FTMO. This is a proven business model in forex & stock trading with multiple platforms having 100k+ active users. These platforms evaluate day traders’ performance in real-time simulated accounts, in which those who pass the evaluation/challenge earn a funded trading account (while still being monitored against its max drawdown rule). I realized that prop-trade challenge can be integrated with copy-trade functions and fix the problem of the existing crypto social trading platforms. That's why I built Tordess (a “misspelling” of tortoise). We launched our MVP (open-beta) on October 15th, acquired 700+ beta users/testers as of today and secured affiliate partnership with 2 major Vietnamese crypto trading & prop-trade (Facebook) groups that have more than 200 thousand members. Since launch, several top traders on our platform have produced 100%+ return on simulated accounts, without breaking our rule of maximum 10% drawdown. While it is amazing how talented retail traders are able to achieve such results in crypto bear market, it also shows the potential of fixing social trading (copy-trade) model by combining prop-trade challenges. If these resonate with you, then give Tordess a try. Our competition mode is always for free. Let me know if you have any feedback or questions!