- Binance introduces copy trading feature, allowing users to mimic seasoned traders’ strategies.
- The new system provides both flexible investment options and comprehensive insights into lead traders’ portfolios.
Binance, a leading cryptocurrency exchange, has just launched its new “Copy Trading” feature for futures in selected markets. This groundbreaking feature empowers users to systematically emulate the tactics and portfolios of professional traders, thus cultivating a dynamic and educational milieu within the trading ecosystem.
A Tailored Approach to Investing
Binance’s new system introduces two distinct modes to suit traders’ needs and risk appetites. In the “fixed amount” mode, users can set a specific sum for copying trades. Meanwhile, the “fixed ratio” mode grants traders the flexibility to mirror leading traders’ moves according to their own account balance, presenting a versatile strategy for investment management.
Rachel Conlan, the Chief Marketing Officer at Binance, expressed the company’s vision as primarily focusing on elevating financial accessibility and granting users deeper financial autonomy. This new venture is a direct response to the increasing interest from rookies wanting to learn and connect with veteran traders. Furthermore, it opens up opportunities for these seasoned traders to both share and profit from their vast knowledge.
Delving Deep into Portfolio Insights
Binance’s copy trading feature stands out by offering users a chance to gain from the wisdom of lead traders. These leaders, while sharing their strategies on Binance Feed, stand to earn a 10% profit share and a 10% trading commission rebate from those who choose to emulate their trades. This not only promotes the distribution of knowledge but also encourages experienced traders to actively participate and offer their insights to the community.
For those on the following end, copy traders can keep tabs on up to 10 lead traders at once. They receive crucial data about these traders’ portfolios, including returns over different durations, profit/loss metrics, peak drawdowns, and assets managed. This level of transparency ensures that every decision made by the copy trader is well-informed.
It’s worth noting that in the previous year, Binance decided to pull its futures, options, and leveraged token services for its Australian clientele. This move was in response to increasing regulatory constraints in that region. The company further demonstrated its dedication to adhering to regulations by halting the creation of new accounts for certain trading products in Australia.
