Research carried out by the crypto exchange Bitget has explained the identikit of the trader who is interested in cryptocurrencies in Europe. Let’s see it together.
Who trades cryptocurrencies?
According to this research conducted on a sample of over 2,500 users living in Germany, France, Spain, Italy and the Netherlands, the identikit of the user who works with cryptocurrencies is aged between 30 and 40 years old and mostly male.
In fact, 53% of the participants are between 30 and 40 years old and 32% are under 30 years old. This data lines up with other research showing that millennials make up the majority of cryptocurrency holders.
Men still dominate the industry, accounting for 93% of European cryptocurrency users, which is higher than the global average. Only the Netherlands stands out, with 11% of respondents being female traders.
Cryptocurrency trading habits
European traders are predominantly beginners, with 53% having less than 1 year’s experience and 41% between 2 and 5 years’ experience.
This demonstrates the growing interest in cryptocurrencies in recent years, as well as their growing adoption. For most traders trading is a hobby to earn extra income. A third of the participants trade regularly (several times a week), while another third trade occasionally.
The figure becomes even more surprising if we consider that 50% of respondents prefer futures as a trading instrument, knowing that this instrument is usually more suitable for experienced traders.
Only the French prefer spot trading (55%), compared to 36% who prefer futures.
How social trading works
The concept of copy trading is a type of trading that allows users to follow expert traders’ strategies.
Of the respondents, 40% use copy trading: 23% use it regularly and 24% consider it their main trading tool.
Copy trading adoption appears to be higher in Italy than in the rest of Europe, with 50% of users using this modality. According to 49% of the participants, the main advantage of this template is its accessibility and ease of use, regardless of their experience. 33% also appreciate the opportunity to learn the best strategies by following experienced traders.
Of those who choose not to use copy trading, 42% prefer to implement their own trading strategy and 19% have never heard of it before.
The forecasts on the crypto market
European crypto traders seem optimistic about the future of Bitcoin. According to their year-end forecast, 91% believe that BTC will increase in price, with nearly 60% believing it will reach $45,000.
With these data revealed by Bitget, cryptocurrency users in Europe are relatively inexperienced, information that confirms the growing adoption of cryptocurrencies in recent years.
However, we are still in an early stage and the potential for development is considerable, especially among women, who make up a small percentage of cryptocurrency users.
Research shows that the majority of users in Europe engage in trading as a pastime, which explains the widespread use of tools such as copy trading, which allow anyone to start trading, potentially earn passive income and learn from the most experienced investors.
Original article published on Money.it Italy 2023-07-12 15:19:14. Original title: Qual è l’identikit del trader crypto in Europa?
