Binance's Copy Trading: Empowering Users To Mimic Expert Strategies

Major cryptocurrency exchange, Binance BNB/USD announced a new feature named Copy Trading for its futures products which will be available on both the exchange’s website and on the app.

This will enable users or "Copy Traders" to replicate the real-time futures trading strategies of experienced traders or "Lead Traders" seamlessly and learn the trade strategies. The feature will be initially available in a few eligible regions only and will expand user engagement and trading experiences.  

Also Read: Binance Joins Initiative To Combat Pig Butchering Scam, Millions In Assets Seized

Copy Trading has two different modes, Fixed Amount and Fixed Ratio. For choosing strategies that match the copy trader’s risk tolerance levels, they can analyze the lead traders’ return on investment, profit and loss, maximum drawdown, and AUM. One copy trader can follow up to 10 traders at a time.

Find out more strategies that crypto exchanges are adopting, Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!  

Lead traders will not only receive a 10% share of the profits made by their copy traders but also earn a 10% commission on the trading fees generated by them. Lead traders will also enjoy exclusive benefits and can create content on their trading strategies and techniques on Binance Feed to interact with other users. Users can become lead and copy traders at the same time to attract more engagement and enhance user experience.

Copy traders can apply their own risk settings including Take-Profit/Stop-Loss, leverage levels, and margin modes. Risk management features like leverage risk indicator will enable traders to have a yellow tag for lead trader portfolios with leverage levels between 10x to 20x and a red tag for leverage levels above 20x.

Benzinga's Future of Digital Assets conference is scheduled for Nov. 14. Attend and learn more about experienced traders on crypto. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

Read Now: Binance CEO Changpeng Zhao Faces Class Action Lawsuit Over Alleged Misconduct That Led To FTX's Collapse

Photo: Shutterstock