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Binance Expands Features with New Spot Copy Trading Service

Key Takeaways

  • Binance has introduced a spot copy trading feature that enables users to mirror the trades of expert traders on the platform;
  • The new feature automates trading processes and allows users to explore new strategies effectively;
  • Registration for lead traders is now open, with a gradual rollout of the copy trading tool to users planned for May.
Binance Expands Features with New Spot Copy Trading Service

Binance, the globally leading cryptocurrency exchange, has introduced a spot copy trading feature.

This tool allows users to automatically replicate the trades of some of the platform's top traders, aiming to simplify trading and enable users to adopt new strategies more effectively.

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Allowing less experienced traders to benefit from the expertise of seasoned professionals through copy trading isn't a new practice. Pioneered by the social trading platform eToro, copy trading has already been adopted by major crypto exchanges, such as Bybit and OKX.

Rohit Wad, Binance's Chief Technology Officer, highlighted that this feature was developed in response to user input, stating:

Our users give us great ideas because, very often, they know what works best for them. Spot copy trading is one such idea that came from community feedback. This is a great tool that automates trading for our users, and gives them the ability to try new trading strategies.

Binance has started the registration process for "lead traders" who must manage a portfolio ranging from 500 USDT to 250,000 USDT. They will receive a 10% share of the profits and a weekly 10% trading commission rebate from their followers.

Binance offers detailed metrics on lead traders, including their profit and loss records. Users can follow up to ten lead trader portfolios and tailor their trading with automated tools like stop-loss orders and fixed ratio copying.

This feature is set to roll out gradually to users in May, marking another milestone in Binance's commitment to enhancing user experience and engagement.

The development is introduced while Binance is being targeted by a class-action lawsuit in Canada, which alleges the company violated securities laws.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
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Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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