- The spot copy trading option has been launched, as revealed by cryptocurrency exchange Binance today.
Users can now immediately replicate the trading techniques of seasoned traders with this new option. Binance has clarified the distinction between copy trading in the futures and spot markets.
Exchange customers will have the ability to duplicate ten traders’ transactions at once. Additionally, 10% of the earnings made by copy traders will be given to users, along with a 10% trading commission discount, according to the letter.
A portfolio of 500 to $250,000 should have no more than 200 copy traders, and experienced traders should aim for this range.
The native token of the cryptocurrency exchange, BNB, increased in response to news of the feature rollout. Data from CoinMarketCap indicates that the coin’s price has increased to $580 in the last day, a gain of more than 2%. Nevertheless, trade volumes only increased by 1% after the new feature was announced, staying essentially same.
Copy trading on the Binance Futures platform was introduced by Binance in October of last year. With the new feature, customers may see performance indicators, keep an eye on the trading portfolios of seasoned traders, and base judgments on this data.
In addition to a 10% discount on trading expenses, Binance Futures traders also benefited from a 10% share of copy traders’ profits. On the Binance Feed platform, qualified market participants can also discuss trade methods and provide content.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
