Binance has unveiled copy trading for its futures products in selected markets. This feature allows users to follow and replicate seasoned traders' trading portfolios and strategies. It allows users to become lead and copy traders simultaneously, fostering more interaction within the trading community, the company said.
Rachel Conlan, the Chief Marketing Officer at Binance, remarked: "Binance's mission is to improve financial access and our products aim to help our users achieve greater control of their own finances. We are meeting the demand of new users who want to learn from and engage with seasoned traders, who in turn, will now have more ways to share and monetize their experience. We believe copy trading lowers the barriers to entry into crypto and can help improve social engagement within the community."
Customizing Copy Trading Strategy
Binance Copy Trading offers two distinct modes to cater to users' preferences and risk tolerance. The first mode is "fixed amount", which allows copy traders to specify a set amount they wish to allocate for copying trades. The second mode, "fixed ratio", enables traders to follow lead traders' strategies based on their account balance,Binance explained.
Lead traders participating in Binance's copy trading can earn a profit share of 10 percent and receive a trading commission rebate of 10 percent from copy traders who replicate their trades. Additionally, lead traders can share their trading strategies and techniques on Binance Feed.
Copy trading is now live on #Binance. You can replicate the trades of some of the best traders on our platform.Try it here: https://t.co/fLjyikYl4z pic.twitter.com/eHuWKplmBV
— CZ ???? Binance (@cz_binance) October 9, 2023
Benefits for Binance's Copy Traders
On the other hand, copy traders can choose to follow up to 10 lead traders simultaneously. They can access important information about lead traders' portfolios, including their returns over 7, 30, and 90 days, profit and loss records, maximum drawdown, and assets under management. According to the exchange, this makes it easier for copy traders to pick and follow lead traders.
In 2021, Binance ceased its futures, options, and leveraged tokens services for Australian customers in response to increasing regulatory pressure. In addition, the exchange halted the opening of new accounts for trading options, margin products, and leveraged tokens in the country.
This article was written by Jared Kirui at www.financemagnates.com.
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