For those who want to follow and replicate the trading portfolios and strategies of lead traders, copy trading from Binance could prove to be a game-changer.
In an unprecedented move, BinanceThe world’s largest crypto exchange is set to change the crypto trading landscape with the introduction of copy trading for its highly liquid futures products in selected markets.
As contained in a press release shared with Coinspeaker, this innovative feature will allow millions of users to become lead and copy traders simultaneously, creating a dynamic community of traders who want to grow their crypto trading skills and experiences. Are.
How Binance Copy Trading Works
Copy trading is a trading strategy that allows less experienced traders to copy the strategies of more experienced and successful traders. It’s like an experienced trader guiding your investments without the need to actively manage your portfolio. Binance’s implementation of copy trading takes this concept to the next level.
Binance explained in the press release that its copy trading system empowers both experienced and new traders alike. Experienced traders can become leading traders by sharing their knowledge and strategies with the community, while also earning 10% profit share and a 10% trading commission discount from copy traders who repeat their trades.
It not only provides a platform for experienced traders to monetize their expertise but also encourages them to connect with other users, thereby creating a sense of unity within the trading community.
For those who want to follow and replicate the trading portfolios and strategies of lead traders, copy trading from Binance could prove to be a game-changer. Users can follow up to 10 lead traders at a time, and get access to valuable information like 7-30-90 day ROI, PNL record, max drawdown and AUM (assets under management) of lead traders.
This transparency allows users to make informed decisions about which strategies traders should follow and which strategies they should repeat, effectively lowering the barriers to entry for less experienced traders.
Commenting on the update, Binance Chief Marketing Officer, Rachel Conlon said:
“Binance’s mission is to improve financial access and our products aim to help our users gain more control over their own finances. We believe copy trading lowers the barriers to entry into crypto and can help improve social engagement within the community.
User-friendly activation and management
Binance’s user-centric approach is evident in the user-friendly activation of copy trading, which requires just one click. Upon activation, users receive a dedicated copy trading account, which simplifies asset allocation tracking and management. This dedicated account system allows users to easily compare the portfolios and AUM of lead traders, helping in making informed decisions.
In addition, to ensure user safety, Binance has implemented a series of risk management features for copy traders, including risk control, slippage limits, allocation choice, and leverage risk indicators.
Copy traders have the freedom to choose their own risk settings, including take profit/stop loss levels, leverage levels and margin modes. This customization empowers users to manage their risk according to their personal preferences and risk tolerance.
To protect copy traders, Binance has set the slippage limit at 0.3% for BTCUSDT and ETHUSDT and 0.5% for other futures contracts. If these limits are exceeded orders will not be executed, reducing potential losses.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves writing about real-life applications of blockchain technology and innovations to promote general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain media and sites.
More Read
Bitcoin Crypto Related Post
