Binance Introduces New Spot Copy Trading Option
The spot copy trading feature has been announced by Binance.
With it, users can mimic the trading strategies of other traders.
A comparable option was introduced on Binance Futures by the firm in October 2023.
Spot copy trading is now available on Binance, a cryptocurrency exchange.
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Quoted from Binance’s May 15, 2024 tweet:
According to the message, customers now have the option to directly mimic the trading strategies of seasoned traders. Binance went on to clarify how copy trading works in the futures market as opposed to the spot market:
One key distinction is the nature of the assets that are exchanged. While futures traders frequently employ leverage, spot traders purchase and sell cryptocurrencies at the current market price. Potential profit and risk can both rise as a result of this.
It has been confirmed that users of the exchange will have the capability to replicate the actions of ten traders simultaneously. Users will also receive a discount of 10% on trading commissions and 10% of their copy traders’ profits, according to the message.
According to the company, a portfolio of experienced traders should be between $500 and $250,000, and there should be no more than 200 copy traders.
Don’t forget that Binance Futures had a comparable feature when it was launched in October 2023.