Binance Futures' copy trading feature, initially launched in October 2023, has seen a significant uptake, with the average weekly trading volume in the first three months surpassing $2 billion. In response to the strong demand and to improve user experience, Binance has now introduced several user-centric features such as simulated copy trading, private chat rooms, and Sharpe ratio indicators.
Simulated copy trading allows users to experience copy trading without investing real money. They are given a virtual amount to use in a simulated environment for contracts and copy trading. The introduction of private chat rooms has now enabled communication in over 150 countries and 14 languages, thereby breaking down communication barriers. Furthermore, the Sharpe Ratio Indicator provides an additional tool for users to evaluate performance risk and reward effectively.
Binance CTO, Rohit Wad, expressed enthusiasm about the platform expansion, citing this as a testament to Binance's commitment to creating products that are genuinely useful to users. He reinforced the vision of turning trading into a learning and growth experience rather than just a transaction.
The copy trading feature caters to both lead and copy traders. Lead traders can trade over 100 contracts while enjoying benefits like a 10% profit dividend and a 10% copy trading commission. On the other hand, copy traders can lower their entry barriers, gain knowledge from other traders for as little as $10, and simultaneously create up to 10 investment portfolios. With these enhancements, Binance continues to lower entry barriers to the crypto industry while promoting user learning and aiding more informed decision-making.