Binance has launched a new feature that allows users to copy the trading strategies of other traders on its futures platform. The feature, called Copy Trading, aims to enhance the engagement and profitability of futures trading on Binance. Copy Trading enables users to browse through a list of master traders who have proven their skills and performance in futures trading.
Binance Moves Foward with Another Innovative Feature
Users can view the master traders’ return on investment (ROI), maximum drawdown (MDD), assets under management (AUM), and other metrics to help them choose the best one to follow. Users can also adjust the copy ratio, leverage, and stop-loss settings according to their preferences.
Copy trading is now live on #Binance.
You can replicate the trades of some of the best traders on our platform.
Try it here: https://t.co/fLjyikYl4z pic.twitter.com/eHuWKplmBV
— CZ 🔶 Binance (@cz_binance) October 9, 2023
Once users start copying a master trader, their futures account will automatically execute the same trades as the master trader in real time. Users can monitor the performance of their copied trades and stop copying at any time.
Users can also switch between different master traders or copy multiple ones simultaneously. Master traders, on the other hand, can earn a share of the profits generated by their followers. The profit-sharing rate is set by the master traders themselves, ranging from 5% to 20%.
Master traders can also increase their exposure and reputation by attracting more followers and showing their trading results on the leaderboard. Binance’s Copy Trading feature is designed to lower the entry barrier and learning curve for futures trading, especially for beginners who may lack the experience and knowledge to trade effectively.
By copying the strategies of successful traders, users can potentially improve their trading skills and outcomes. Binance’s CEO and founder, Changpeng Zhao, announced the launch of Copy Trading on his Twitter account on Oct. 9, 2023.
He said that Binance’s copy trading platform allows users of different levels of expertise to replicate the trading strategies of some of Binance’s most skilled traders.
Binance is not the first cryptocurrency exchange to offer copy trading services. Several other platforms, such as PrimeXBT, Blofin, Bitget, Bexplus, and others, have also launched similar features in the past year. However, Binance’s Copy Trading feature is expected to attract more users due to its large user base and market share.
