Binance unveils Spot Copy Trading on its platform, allowing users to replicate the trading strategies of expert traders.
With the new capability, users can immediately mimic the trading techniques of seasoned traders. Binance also clarified the distinction between copy trading in the spot and futures markets.Â
“Spot trading involves buying or selling crypto at current market prices. Futures trading, meanwhile, often uses leverage. This can significantly increase potential gains, but also risk, especially given market volatility.”
Exchange customers will have the ability to duplicate ten traders’ transactions concurrently. In addition, 10% of copy traders’ profits and a 10% trading commission discount are promised to users in the message.
Portfolios of seasoned traders have to be between $500 and $250,000, with no more than 200 copy traders. The exchange’s native token, BNB, increased in value after word of the feature rollout.Â
The coin’s price increased to $580 the previous day, up over 2%, according to statistics from CoinMarketCap. Even with the announcement of the new feature, trade volumes increased by a mere 1%, remaining almost unchanged.
On the Binance Futures platform, Binance introduced copy trading in October of last year. Users may now view performance indicators, keep an eye on the trading portfolios of seasoned traders, and base judgments on this data thanks to the new feature.
Trader incentives on Binance Futures included a 10% discount on trading fees and 10% of copy traders’ profits. In addition to sharing trade methods, qualified market participants can generate content on the Binance Feed platform.
