https://twitter.com/zignaly/status/1532752216947302401
Zignaly has 430,000 users with $120M+ assets under management, with a cumulative trading volume of over $5.3B.
Funds are custodied as Binance Brokerage Subaccounts, part of the Binance Brokerage Program. This allows them to have FIAT deposit UX on their site - but on the backend everything is on Binance.
Social trading as the traders you follow often post updates about their trades, their view of the market, as well as any problems or errors happening during the bots operation. Traders can choose their own profit-sharing %, but Zignaly will always add 5% on-top as their own fee.
An example of an update posted by a trader. Tech issues in trading can lead to high losses!
The platform does not report numbers like Max DD, YTD performance or sharpe ratio on their traders page. They only show monthly trading performance of the trader. This makes fetching comparison numbers for different traders very difficult, or close to impossible. Trying to calculate returns using the monthly profitability can end up in getting over 100% drawdowns, which should not be possible.
Again, there is not much indication on what types of strategies traders on the platforms are using. Each strategy has a “Bio” section where the trader pitches their skills, and sometimes some information can be extrapolated from this. The top terms and words that appear in bios seem to be things like “Technical Analysis”, “Trend Following”, “Whale Hunting”. Usually bios seem to be more about the merits of the trader behind it rather than information on the strategy.
An example bio from a Zignaly strategy.
One concerning phenomenon on Zignaly is that traders seem to offer multiple strategies with only a slight difference in the name of the strategy (I.E. Trend Bot A, Trend Bot B). This might be an indicator that the strategy is the same, but starting dates are different - allowing luck to influence the results of the strategy.