Binance has introduced spot copy trading to enable traders to replicate expert trading strategies. The new feature allows users to automatically replicate the trades of lead traders. Unlike futures trading, which involves leverage and heightened risk, spot trading offers a more straightforward approach, Binance said in a statement today (Wednesday).
Up to 10 Lead Traders
This development followed the launch of Binance’s futures copy trading last year. To use the latest feature, users must select a lead trader and allocate investment funds. The offering enables users to diversify their portfolios and track performance with the ability to simultaneously copy up to 10 lead traders.
On the other hand, lead traders can monetize their expertise by earning a share of profits from their copy traders and a commission on trading fees. The new feature displays information about the performance of lead traders and their strategies. According to Binance, spot copy trading promotes trust and confidence while offering learning opportunities for users.
You asked and we listened.Introducing Spot Copy Trading on #Binance!Replicate strategies of #Binance top traders in a few clicks.Get started ???? https://t.co/kY1KnOjw0T pic.twitter.com/QsVtPewuXj
— Binance (@binance) May 15, 2024
Last year, Binance rolled out copy trading for its futures products in selected markets. This feature enables users to emulate the trading portfolios and strategies of experienced traders, fostering greater engagement and interaction within the trading community while offering opportunities for lead traders.
Binance's futures copy trading allows users to customize their trading experience according to their preferences and risk tolerance. The platform offers two distinct modes: "fixed amount" and "fixed ratio." The former allows copy traders to specify a predetermined amount for copying trades, while the latter enables them to follow lead traders' strategies based on their account balance.
Binance Expands Copy Trading Program
Lead traders participating in Binance's copy trading program could benefit from various incentives. They can earn a 10 percent profit share and receive a trading commission rebate from copy traders who replicate their trades. Moreover, lead traders have the opportunity to share their trading strategies and techniques on Binance Feed, further enhancing community engagement and knowledge dissemination.
Meanwhile, The US Department of Justice (DOJ) recently selected Forensic Risk Alliance to oversee Binance's compliance with money-laundering regulations and trade sanctions. This decision is part of a plea deal between the DOJ and Binance concerning allegations of violating financial regulations. It followed legal challenges facing Binance, including a $4.3 billion settlement with the DOJ and a lawsuit filed by the Securities and Exchange Commission alleging securities law violations.
This article was written by Jared Kirui at www.financemagnates.com.
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