Fewer than 7% of 292,000 wallets on the social trading app Fomo turned a profit over three months, DWF Ventures said in research published Friday.
Fomo Data Undercuts Copy Trading
The firm put the profitable share at 6.16%, measured on realized gains. Among those winners, only 25 wallets cleared $10,000 in net profit. Everyone else lost money. DWF argues the numbers undercut copy trading's core promise, that following a proven trader improves the odds.
Copy trading started with eToro, which let users mirror a top performer's portfolio in one click and reported signup growth above 50% across Europe and Australia. The research estimates that more than 40% of the platform's users tried the feature. Newer apps such as AfterHour link social profiles to brokerage accounts so that posted positions can be verified.
DWF found that most users across social trading platforms lose money, with the Fomo figures serving as its clearest example.
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Why Serenity's Follower Growth Matters
DWF ties the losses to structure rather than bad luck. Traders who post calls publicly can gain when followers buy in behind them, because that flow pushes the price their way. Followers absorb the drop when the caller sells.
Serenity, a trader covering AI and semiconductor stocks, grew from a few hundred followers in July 2025 to more than 1 million by August 2026. The 2021 GameStop squeeze showed a similar pattern, with Reddit activity moving in step with trading volume and price.
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