Binance said it now allows users to play dual roles on the platform. Users can register as both lead and follower traders.
Binance, the world’s leading cryptocurrency exchange, has launched its much-anticipated copy trading tool for spot clients.
According to an official announcement on April 23, the new tool is available to select users who meet the exchange’s minimum portfolio asset size requirements.
The feature also allows eligible customers to register as lead traders. These registered traders can choose to monetize their expertise for users who leverage their experience and skills to execute the same trades.
Managing risk through automation
Binance plans to expand the service to all customers on the platform by May 2024, thereby expanding its range of automated spot strategy trading tools. These tools include options such as spot grid trading, dollar cost averaging (DCA), and rebalancing robots, providing traders with various conveniences.
For the newly launched Spot Copy Trading, the tool aims to assist users in a number of ways, such as increasing speed and transparency, reducing emotional decision-making, facilitating diversification and risk management, and providing continuous market coverage.
Traders using this tool can rely on preset trading strategies and parameters, allowing them to participate in the cryptocurrency market more efficiently while avoiding impulsive trading decisions.
Users' great ideas become reality
Binance CTO Rohit Wad said the launch of the copy trading tool was based on insights gathered from user feedback and experience.
He said, “Our users provide great ideas as they usually know what works best for them. Spot Copy Trading is one such idea that came from community feedback. It is a great tool that automates trading for our users and enables them to try out new trading strategies.”
While the new copy trading tool is designed for spot traders, Binance has already launched its futures counterpart, designed specifically for futures traders who are betting on cryptocurrencies to outperform. The company launched the copy trading tool for its highly liquid futures products in October 2023 for certain regions.
The exchange said that now customers can better manage their trading strategies and overall portfolio as both spot and futures copy trading are available on the exchange.
Binance will provide 10% profit share to lead traders
Binance said it now allows users to play dual roles on the platform. Users can register as both lead and follower traders.
Each user can have a lead trader account and follow up to ten lead traders’ portfolios. The exchange will provide 10% profit sharing and trading commission rebates of follower traders to lead traders with qualified portfolios. At the same time, follower traders can review the performance indicators of lead traders and set their own risk control.
The company said that the spot copy trading feature is currently available to lead traders on the official Binance website and will be gradually rolled out on the Binance app.
Binance also called on lead traders to start building their portfolios to qualify for the upcoming competition from April 24 to May 8, 2024. #跟单交易 #币安
