Binance seeks to advance crypto trading by introducing copy trading for its futures products in select markets. The feature allows the newbie crypto exchange’s users to replicate the strategies of seasoned traders, enhancing community engagement and broadening access to financial opportunities.
According to the company, lead traders whose strategies are replicated, will gain a 10 percent profit share and a 10 percent trading commission rebate from copy traders who mirror their trading decisions. In addition, experienced traders can share their trading insights and techniques through Binance Feed, aiming to create a dynamic ecosystem for knowledge exchange among the community.
Newbie copy traders can follow up to 10 lead traders, accessing important portfolio data like ROI for different time periods, profit/loss records, drawdown and assets managed. This will help beginners tap into seasoned traders’ expertise with ease.
Rachel Conlan, Chief Marketing Officer at Binance, emphasized the platform’s commitment to financial access, stating, “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,”
she added.
To enable copy trading, users can locate this feature within their Binance accounts. Users’ copy trading accounts will remain separate from their futures accounts to ensure efficient management of both trading activities.
For risk management, Binance has implemented several features for copy trading. Users will have the freedom to customize their risk settings, including Take-Profit/Stop-Loss levels, leverage levels, and margin modes. Slippage limits have been set at 0.3 percent for BTC/USDT and ETH/USDT and 0.5 percent for other futures contracts to safeguard copy traders.
Furthermore, users can choose between Fixed Ratio or Fixed Amount allocation to manage trade funds. Leverage Risk Indicators now show portfolios with 10x to 20x leverage in yellow and over 20x in red, giving users essential risk insights.
In September, Binance Japan partnered with Mitsubishi UFJ Trust Bank to create a compliant Japanese stablecoin. The collaboration aims to introduce a unique stablecoin bridging Binance’s global platform with the Japanese market, available in Japanese Yen (JPY) and U.S. Dollars (USD) starting in 2024.
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