Bitget Study: European Crypto Traders

Objective

This study has three main objectives:

- Identify the typical profile of a crypto user in Europe

- Understand the trading habits and strategies of European users

- See the level of adoption and key benefits of copy trading

Participants

This study was conducted in June 2023 and involved 2500 crypto users in five European countries: Italy, France, Germany, Spain and the Netherlands. The participants were divided as follows:

The results

Demographic data

Crypto holders were categorized by age, gender, and occupation.

It was observed that the majority of respondents were male, with 93% being male and only 5% being female. The Netherlands had a slightly higher percentage of women at 11%, which is above the European average.

In terms of the average age of crypto users in Europe, 41% were between 35 and 45 years old, while 32% were between 20 and 30 years old. The remaining respondents were over 45 years old.

The majority of participants were employed (56%), 18% were in liberal professions, and 12% were students.

Trading habits

To gain a comprehensive understanding of the trading habits of European crypto users, we evaluated their level of experience, the time they dedicate to trading, and their preferred trading strategies.

The study revealed that 53% of users had less than a year of experience in crypto, 41% had an intermediate level, and only 5% had an advanced level with many years of trading experience.

In terms of trading frequency, 34% traded regularly, while 37% traded occasionally.

Research has shown that Europeans' favorite trading strategies are Futures, with 50% of users, followed by Spot trading at 36.1%. Germans had the highest percentage of people preferring Futures, with 60% of respondents choosing this strategy. Other strategies such as Grid Trading, Margin, or Options were not preferred by EU crypto traders. Only the French predominantly preferred Spot trading, with 55% compared to 36% for Futures.

Copy trading

We aimed to understand the level of adoption of copy trading and gather users' opinions on this strategy. This was done to ascertain its real usefulness and identify potential barriers to its adoption.

Among the respondents, 40% had already used copy trading. 23% had integrated it into their strategy and made it one of their main tools, 23% continued to use it regularly, 24% used it occasionally, and 30% no longer used it. In Italy, the percentage of copy trading users was slightly higher, reaching 50% of respondents.

To understand what attracted them to try copy trading in the first place, 38% answered out of curiosity, and 33% mentioned ease of use. After using this strategy, the main advantages that stood out were its accessibility to everyone (49%), the possibility of earning passive income (33%), and the opportunity to learn from expert traders (32%).

Among those who haven't used the feature yet, the majority preferred to follow their own strategy (41%), 19% considered it risky due to following another person's movements, and 19% were unfamiliar with the concept of copy trading.

Bitcoin Forecast

The final question aimed to get an idea of market sentiment by asking respondents for their predictions on the price of Bitcoin by the end of the year. The answers were rather bullish, with 90% foreseeing a stable or positive evolution. Specifically, 20% believed that BTC would exceed $45K, 36% predicted a range between $35K and $45K, and 34% predicted a range between $25K and $35K.

Conclusion

This research analyzed the responses of 2500 crypto users across five European countries. This allowed us to identify the typical profile of a crypto user in Europe and analyze their trading preferences and feedback on copy trading. The findings indicate that most European users are relatively new to the industry, suggesting a growing adoption of cryptocurrencies in recent years. However, the market is still in its early stages, and there is significant potential for growth, especially among women, who represent a small percentage of current users. Additionally, it is noteworthy that the majority of European users trade as a hobby, which explains the high adoption rate of tools like copy trading. Copy trading allows anyone to start trading, potentially earn passive income, and learn from experienced traders.