📓 Before starting Copy Trade with Real money, we have the opportunity to simulate operations.

❓🤔 How to try simulated Copy Trade?

  • ☝️ We need to have the Binance application in Pro mode, to see all the available options

  • ✌️ Then go to wallet

  • 3️⃣ We select (Copy Trading), and in the center of the screen we will have (see portfolio 💼)

  • 4️⃣ Being in the futures option, it will give us the possibility of simulating operations, clicking on the Gray button 🩶, which says simulate.

  • 5️⃣ You can add up to 10 simulated Copy Trade.

🚨 Caution 🚨

  • Copy Trade can cause large losses, you can see in the simulation a -56% loss.

  • Binance Futures launched its copy trading feature on October 9, 2023. However, it is only available to users in certain markets. With this feature, users can replicate other trades

⚠️ This article is directed to the event:

  • Event 🔶 = #IntroToCopytrading

  • @Binance Square Official Proposed the event in the following ⏭️ post = Post 🔶

🚫✋ This post is not investment advice

👨‍🏫🐯 This is an educational article 🤝

⛲📚 The source of the information was extracted from the official Binance Blog and other official sources.

✍️ Let's review a little the Basic Theory of Copy trade 👨‍🏫🐯:

❓ What is cryptocurrency copy trading?

  • Copy trading allows traders to replicate the trading activities of other investors.

❓ How does cryptocurrency copy trading work?

  • The mechanics of copy trading are based on the integration of advanced technological platforms and social trading networks. These platforms work as the connecting bridge between traders.

💼 The process generally involves the following key steps:

1️⃣ Selection of a suitable platform

  • Investors who want to get started in this activity must first identify a reliable and reputable copy trading platform, such as Binance. These platforms function as the intermediary that facilitates the connection between qualified traders and followers who seek to emulate their strategies.

2️⃣ Find traders

  • By accessing a copy trading platform, investors can explore a diverse group of traders and their respective trading portfolios. The platform typically provides detailed performance metrics, historical data, and risk profiles to help investors make informed decisions.

  • Investors can select one or several traders whose trading strategies align with their investment objectives and risk tolerance. The platform must allow for seamless integration, allowing investors to automatically emulate the chosen trader's positions in their own portfolios.

3️⃣ Constant monitoring and adjustments

  • Although the replication process is usually automated, investors are encouraged to actively monitor their portfolios and the strategies of the expert traders they follow. Periodic evaluation and adjustments are essential to ensure that copied strategies remain aligned with the investor's long-term goals and risk tolerance.

✍️ The risks of cryptocurrency copy trading:

  • As with any type of trading, copy trading carries inherent risks and can result in significant losses. Before participating in these features, it is important that you evaluate your financial status and risk tolerance. The responsibility of evaluating whether the traders you follow have the necessary experience, skills and strategies aligned with your risk tolerance.

  • When managing copy trading taxes, it is essential that you understand the specific regulations and taxable events applicable in your jurisdiction. It is important to keep detailed records of all your copy trading activities, including trade history, profits and losses, to generate accurate tax returns. Additionally, it is key to differentiate between capital gains and regular income, as tax treatment can vary depending on the frequency and duration of your trading activities.

  • To effectively navigate the complexities of tax obligations regarding copy trading, we recommend consulting a tax professional or accountant with experience in cryptocurrency transactions. They will be able to provide you with personalized guidance based on your specific trading practices and the tax laws in your region.

📕 The future of copy trading in the cryptocurrency landscape

  • As the cryptocurrency market continues to evolve and expand, the role of copy trading is set to become increasingly important. The integration of advanced technologies such as artificial intelligence and machine learning is expected to further enhance the capabilities of copy trading platforms, allowing investors to access more sophisticated trading strategies and real-time market insights. .

🔎 More information:

❓ How to swipe and discover top wallets on Binance Copy Trading?

  • You can now use the 'Discover' tab in Copy Trading from the Binance app to find wallets that suit your trading needs.

  • Swipe the screen with your finger and get a selection of personalized wallets for you. Swipe right to favorite a portfolio or left to go to the next one.

  • Get all portfolio performance metrics at a glance.

  • Choose simulated or copy trades directly in a portfolio.

❓ What is the Binance Copy Trading bot?

  • The Binance Copy Trading bot offers Copy Trading users real-time updates and information about their subscribed portfolios in Telegram groups. Top traders can also follow specific portfolios with their community.

Special features

  • Personalized Alerts: Track traders' rankings and key performance metrics.

  • Real-time portfolio updates: Receive a notification when a position is opened or closed in your subscribed portfolios.

❓ How can I interact with the Binance Copy Trading bot?

You can search for the bot 🔎🤖(BinanceOfficialCopyTradingBot) and interact with it.

  • If you are an admin of a public channel or a private group, invite the bot 🤖(BinanceOfficialCopyTradingBot) to the group. Members will then be able to interact with the bot.

❓What are the main advantages of the Binance Copy Trading bot?

  • Deploy the bot to your group to share real-time portfolio updates with your community. You can also set your referral ID so that it is included at the end of the URL. When a new user registers through your link, you can earn a referral bonus.

list of commands for the bot 🤖

  • 🤖 /trader <trader_name>

  • Allows you to see the performance of a trader in the last 7 days

  • ✍️ Note: Nicknames of some top traders may be translated by an automatic engine. To subscribe, use the names listed on their profiles.

  • 🤖 /sub <trader_name>

  • You subscribe to trading alerts from a top trader

  • ✍️ Note: Only non-anonymous group administrators can use the '/sub' function.

  • 🤖 /unsub <trader_name>

  • ✍️ Unsubscribe from a trader's trading alerts

  • 🤖 /rank o /rank ROI

  • ✍️ Shows you the top 5 top traders ranked by PnL or ROI

  • 🤖 /help

  • ✍️ Allows you to view instructions and information about bot commands

  • 🤖 /set_ref <referral id>

  • ✍️ Set the group's default referral ID so that the trader's referral ID is included at the end of the URL. Users in the group will be redirected to Binance through the referral link, and the trader will be able to earn a referral bonus.

  • 🤖 /reset_ref

  • ✍️ Reset the group's default referral ID

🤝🐯🧡 Thank you for the support.