👉🏻To successfully trade cryptocurrency, you need to be able to use fundamental and technical analysis, understand decentralized technologies, and follow the news. All this requires experience and time.✅
So what should we, beginners, do?
👉🏻Copy trading is a portfolio management tool that allows traders to copy trades made in the markets by other experienced traders 🔥🔥
What to consider when copy trading!?️⁉️
👉🏻Binance has a copy trading function and a section for setting it up. There you can select traders, as well as conditions for copying transactions - for example, methods of paying for a subscription:👇
percentage of profit - a portion of the proceeds will be retained for successful transactions;😉
copy trades:👇
automatic - transactions are duplicated without the participation of the subscriber;😉
manual - the user receives notifications about new orders and can optionally copy them manually;🤨
semi-automatic - when an expert opens a position, its subscriber can, with the click of one button, confirm or reject a similar action on his account. 🫡
It is important to set the position size:👇
copying the amount (if there is a sufficient deposit);
copying the coefficient - the ratio of the transaction amount to the deposit is taken into account.
Overall, copy trading on#binanceoffers a unique opportunity for traders at all experience levels. It provides an opportunity to benefit from the experience of successful traders and expand your investment opportunities.😅🚀
Frequently asked questions about copy trading on Binance???
1).How many spot pairs does copy trading support?
Currently, more than 100 pairs are supported for spot copy trading. The list may change periodically depending on market conditions. You can view supported pairs on the trading page.
2).Is the copy trading account merged with the Binance spot account?
No, the spot copy trading account is separate from the Binance spot account.
3).How many portfolios can a copy trader copy at the same time?
Copy traders can copy up to 10 portfolios at a time.
4).What happens if I withdraw all funds from my copy trading account?
The copy trading account will be closed and you will need to create a new one if you wish to continue participating in the spot copy trading program.
The minimum account balance for copy traders is 10/100 USDT in Fixed Amount and Fixed Odds modes respectively and 500 USDT for lead traders
Are there any risks ⁉️⁉️
Although copy trading can be very profitable, there are certain risks. Thus, subscribers should remember that the past profitability of Masters of Trading does not guarantee high profits in the future. Additionally, subscribers' return on investment (ROI) may not be 100% the same as their Trading Masters due to variables such as slippage, different entry points, etc.