In simple terms, Binance, the world’s top cryptocurrency exchange, has announced the arrival of its highly anticipated copy trading feature for regular users.
Starting from April 23rd, as stated in an official declaration, this new tool can be accessed by users whose portfolios meet the set minimum asset threshold established by the exchange.
Qualified customers have the option to sign up as lead traders with this added feature. In turn, these lead traders can profit from their knowledge by guiding other users who want to replicate their trading strategies and methods.
Managing Risks with Automation
Starting from May 2024, Binance aims to make their automated spot strategy trading tools available to all users on the platform, expanding the scope of these features. Some of the beneficial tools include Spot Grid Trading, Dollar-Cost Averaging (DCA), and Rebalancing Bot.
The new spot copy trading tool is specifically engineered to help users in various aspects. It accelerates processes and ensures clarity, minimizes impulsive choices, encourages portfolio diversification, and offers round-the-clock market monitoring.
Using this tool, traders can set up their trading strategies and conditions in advance. This enables them to engage more productively in the crypto market and reduces the risk of making hasty, emotional trading choices.
User’s Great Idea Comes to Live
According to Binance CTO Rohit Wad, the development of the new copy trading feature arose from user suggestions and observations.
“Users frequently provide us with valuable suggestions since they are the ones who understand their needs best. One of these suggestions, which we’ve adopted, is called ‘spot copy trading.’ This feature lets our users automate their trades and experiment with new trading strategies,” he explained.
The new copy trading feature on Binance is specifically geared towards spot traders. In contrast, Binance had previously introduced a futures version, tailored to traders who wager on crypto market trends using derivatives, in certain areas back in October 2023.
Customers can now effectively handle their trading plans and portfolio management on the exchange, as it provides the option for copy trading in both spot and futures markets.
Binance to Offer 10% Profit Share to Lead Traders
Users can now sign up for two distinct roles on Binance: they have the option to become both leaders and followers in trades. (Or, Binance announced that users can take on both the lead and follower roles in trades.)
per user, there is an allowance for a single lead trader account, along with the ability to replicate up to ten different lead trader portfolios. The trading platform grants lead traders having certified portfolios a 10% revenue share and commission discount from followers. In contrast, followers can assess lead traders’ statistics and establish their own risk parameters.
Lead traders can currently use Binance’s website for copy trading with a focus on specific trades, referred to as “spot copy trading.” This feature is planned to be gradually rolled out on the Binance app in the near future.
Lead traders are invited by Binance to begin accumulating assets for their portfolios in preparation for an upcoming competition running from April 24 to May 8, 2024.
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2024-04-23 19:30