Binance Expands Features with New Spot Copy Trading Service
Key Takeaways
- Binance has introduced a spot copy trading feature that allows users to mirror the trades of professional traders on the platform.
- New features automate the trading process and allow users to explore new strategies effectively.
- Lead trader registration is now open, and the copy trading tool will be gradually rolled out to users in May.
Binance, the world’s leading cryptocurrency exchange, Spot copy trading feature introduced.
this tool Users can automatically replicate trades from some of the platform’s top traders. It aims to simplify trading and enable users to adopt new strategies more effectively.
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Allowing less experienced traders to leverage the expertise of seasoned professionals through copy trading is not a new practice. Pioneered by social trading platform eToro Copy trading has already been adopted by major cryptocurrency exchanges. Representative examples include Bybit and OKX.
Rohit Wad, Binance’s Chief Technology Officer, emphasized that this feature: Developed based on user input, Statement:
Users often provide great ideas because they know what works best for them. Spot copy trading is one of the ideas that emerged from community feedback. This is a great tool that automates trading for users and gives them the ability to try new trading strategies.
Binance has started the registration process. The “lead trader” must-do We manage portfolios ranging from 500 USDT to 250,000 USDT. they will receive 10% of profits and Receive a weekly 10% trading fee rebate from your followers.
Binance Offer Detailed indicators for lead traders, Include their profit and loss records. Users can track portfolios of up to 10 leading traders and customize their trades using automated tools. Like stop loss orders and fixed rate copying.
This function is set up as follows: It will be gradually rolled out to users starting in May. It marks another milestone in Binance’s efforts to improve user experience and engagement.
This development was introduced while Binance is the target of a class action lawsuit in Canada that claims the company violated securities laws.
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