💵What is Copy Trading Copy Trading on Binance allows users to automatically replicate the trades of experienced and successful traders. Here's how it typically works:
1.👉 Choose a Trader: Users can browse through a list of available traders, reviewing their performance metrics, trading strategies, and historical success rates.
2. 👉Allocate Funds: Once a user selects a trader to copy, they can allocate a portion of their funds to follow the chosen trader's trades.
3.👉 Automatic Execution: Trades executed by the chosen trader are automatically mirrored in the user's account proportionally based on the allocated funds.
4.👉 Monitoring: Users can monitor the performance of their copied trades in real-time and make adjustments to their allocations or choose to stop copying a trader at any time.
This feature is particularly beneficial for novice traders who want to leverage the expertise of seasoned traders or for those who prefer a more hands-off approach to trading.