50% of cryptocurrency traders in Europe have less than a year of experience
A recent research conducted by the cryptocurrency exchange Bitgets made it possible to reveal the typical profile of a user operating in the crypto sector in Europe.
Who owns cryptocurrencies in Europe?
According to this study of 2,500 participants from Germany, France, Spain, Italy and the Netherlands, the typical cryptocurrency user in Europe is between the ages of 30 and 40 and is more likely to be male.
In fact, 53% of the participants are between the ages of 30 and 40 and 32% are under 30. These findings are consistent with global research showing that millennials account for the majority of cryptocurrency holders. Men still dominate this industry, accounting for 93% of cryptocurrency users in Europe, which is higher than the global average.
Only the Netherlands stands out with 11% female traders among the respondents.
Crypto trading habits
European traders are predominantly beginners, with 53% having less than a year of experience and 41% having between two and five years of experience. This shows the growing interest in cryptocurrencies and their growing adoption in recent years. Most traders take up trading as a hobby to generate additional income. A third of participants trade regularly (several times a week), while another third trade occasionally (when the opportunity presents itself).
However, the data becomes more surprising when one considers that 50% of respondents prefer futures as a trading instrument, knowing that this instrument is generally more suitable for experienced traders.
Only the French predominantly prefer spot trading with 55%, compared to 36% for futures.
Copy trading
Copy trading, a method that allows users to follow the strategies of expert traders, has gained popularity and so it was interesting to see what users thought. Of the respondents, 40% use copy trading, of which 23% use it regularly and 24% consider it their primary trading tool. In Italy, the adoption of copy trading appears to be higher than in the rest of Europe, with 50% of users using this method.
The main advantage of this mode, according to 49% of participants, 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.
Among those who choose not to use copy trading, 42% prefer to execute their own trading strategy and 19% have never heard of it before.
Market sentiment
European cryptocurrency traders appear to be optimistic about the future of Bitcoin. Based on their year-end forecast, 91% believe the value of BTC will increase, with nearly 60% estimating a value of up to $45,000.
In summary, this research provides insight into the typical cryptocurrency user in five major European countries, analyzes trading habits and collects feedback on copy trading. We could see that the majority of cryptocurrency users in Europe are relatively unaccustomed to this sector, confirming the growing adoption of cryptocurrencies in recent years.
However, we are still at an early stage and the potential for growth is considerable, especially among women, who represent a small percentage of users engaged in cryptocurrencies. We have seen that the majority of EU users trade as a hobby, which explains the high adoption rate of tools like copy trading, which allow anyone to start trading, potentially earning a passive income and learning from traders more experienced.
