The world’s biggest crypto trading platform, Binance has introduced copy trading for its futures trading customers. The feature is available on both the Binance website and the app.
Traders from all eligible regions can start copying the futures trading strategies of experienced traders right away.
Copy trading is a kind of trading in which a new or less experienced trader copies the strategies of a more experienced trader. This affords the less experienced trader the opportunity to learn how to trade better while maximizing their chances of trading profitably, since they mimic the trading styles of pros.
On Binance, the lead traders will earn 10% profit share from their Copy Traders, 10% commissions from their Copy Traders’ trading fees, and receive more exclusive benefits.
Commenting on the new feature, Binance’s chief marketing officer Rachel Conlan said the feature provides an opportunity for new traders to learn from pros and increase their chances of succeeding in their trades.
“Binance’s mission is to improve financial access and our products aim to help our users achieve greater control of their own finances,” she said.
“We are meeting the demand of new users who want to learn from and engage with seasoned traders, who in turn, will now have more ways to share and monetize their experience. We believe copy trading lowers the barriers to entry into crypto and can help improve social engagement within the community,” she added.
Taking Copy Trading to the Next Level
Binance is introducing copy trading for its futures trading customers, but it is doing it with a little more than the conventional way. Copy trading can be done in one of two modes. The first is a fixed amount and the second is a fixed ratio. The mode a trader chooses depends on his risk tolerance.
The fixed amount mode allows copy traders to specify a set amount they wish to allocate for copying trades. This ensures that traders don’t risk more than they wish to and gives them the freedom to choose and reduce their risks.
The fixed ratio mode enables traders to follow lead traders’ strategies based on their account balance. Copy traders will be able to review the performance of lead traders from their past data before deciding to copy them, which gives them the opportunity to choose the best traders.
The data includes their returns over 7, 30, and 90 days, profit and loss records, maximum drawdown, and assets under management. Furthermore, copy traders can copy the trades of up to 10 pros at the same time,
Binance Grows Despite Woes
Binance is facing regulatory challenges in several jurisdictions at the moment, especially in the U.S. The exchange, alongside Coinbase, is facing allegations of violating securities laws by permitting the trading of “securities”.
Binance is also facing challenges with meeting regulatory requirements to operate in some Jurisdictions, particularly in Europe.
It is therefore remarkable that the exchange is still introducing new features to help make trading more rewarding for its customers.
Nevertheless, Binance is also striving to meet the regulatory standards of countries like the U.K, where it launched a new platform for UK users as a way of complying with the new crypto rules introduced by the Financial Conduct Authority (FCA). Binance seems determined to also meet the demands of other countries in the future to continue to broaden its reach.
The post Binance Introduces Copy trading for Its Futures Customers first appeared on CryptocyNews.com.
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