Experienced users on Binance, the globally prominent crypto exchange with the highest trading volume, now have access to the long-awaited spot copy trading tool. Eligible traders, identified by significant portfolio sizes, can utilize this feature. A comprehensive launch for all users is projected for May 2024.
Introducing a new addition to Binance’s collection of automated trading tools, the launch enriches the offering that currently consists of Spot Grid Trading, Dollar-Cost Averaging (DCA), and Rebalancing Bot.
Excited announcement from Binance: Spot Copy Trading will be available shortly for traders. (Professional traders, sign up now for the Binance Lead Traders Competition to learn more!) #Binance #CopyTrading #Competition #TradersCommunity
— Binance (@binance) April 23, 2024
With copy trading through spot accounts, individuals have the ability to automatically replicate the transactions made by skilled “senior traders.” This gives less experienced traders the advantage of utilizing the proficiency, methods, and risk control measures of others. In return, adept traders can profit from their knowledge by allowing others to duplicate their investment portfolios.
To become a Lead trader you have to register first, with satisfying all the requiremnts
Benefits of using automated trading tools such as spot copy trading include:
- 24/7 coverage: Automated trading tools allow the user better control over how they choose to participate in the crypto market which trades 24 hours and seven days a week.
- Speed and efficiency: Once a user has set their trading strategies and parameters, automated trading tools can process vast amounts of market data and execute orders within milliseconds, beyond what the individual user can otherwise do by themself.
- Removes emotions from decision-making: Automated trading tools help the user to avoid emotional or impulsive trading as it operates according to predetermined trading strategies and parameters.
- Diversification and risk management: With an continuously growing range of automated trading tools, users have more diversification and risk management strategy tools at their disposal.
If you aim to be a leading trader and impart your knowledge on Binance, first, sign up and meet their stringent conditions. By doing so, you’ll bring sufficient experience and an adequate trading portfolio to the table, which instills confidence in those who follow your trades.
Rohit Wad, Binance’s Chief Technology Officer, shared that Binance regularly takes user suggestions into consideration. Users frequently provide valuable insights due to their hands-on experience. One such suggestion led to the development of Spot Copy Trading – an automated trading feature allowing users to test new strategies based on others’ trades.
Back in October 2023, Binance initiated copy trading for advanced futures contracts with high market liquidity in certain areas. By expanding this feature to markets that support both spot and futures trading, Binance empowers users with exceptional versatility when handling their crypto investment portfolios.
On Binance, users have the freedom to act as both principal traders and followers. Every user is allowed to set up one principal account and replicate the portfolios of up to ten principal accounts. Principal traders receive a 10% profit slice and a 10% commission reduction from followers who mimic their transactions.
Copy traders have the ability to examine a leading trader’s statistics, including profits and losses, prior to choosing to emulate their trading style. Additionally, they are allowed to establish their own risk parameters.
Binance spot copy trading benefits for lead traders include:
- Ease of Use: Simple to sign up with no lengthy registration required.
- Revenue Sharing: 10% profit share and 10% commission rebate from followers.
- Largest User Base: Millions of potential copy traders to engage with.
- Regular Payouts: Payouts are sent weekly.
Binance spot copy trading benefits for copy traders include:
- Ease of Use: User-friendly interface makes copy trading easy.
- Learning: Leverage experience of lead traders to learn about trading strategies.
- Transparent: Lead trader performance metrics are readily available.
- Highly accessible: Market-competitive fee structure makes trading accessible.
Starting soon, the Binance app will gradually introduce the copy trading feature for spot markets. Meanwhile, Binance is encouraging top traders to prepare their portfolios and join the Lead Trading Competition taking place from April 24 to May 8, 2024.
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2024-04-23 18:28