Binance introduces copy trading for futures, offering users two modes for investment flexibility and enhanced financial control. By Maxwell Mutuma 2 hours ago Updated 2 hours ago
Binance cryptocurrency exchange has rolled out a copy trading feature for its futures products in select markets. This innovative feature enaBbles users to meticulously follow and replicate the trading strategies and portfolios of experienced traders, thereby fostering a more interactive and educational environment within the trading community.
Binance Offers Flexible Investment Management Options
Binance Copy Trading presents two modes to accommodate users’ preferences and risk tolerance. The “fixed amount” mode allows copy traders to designate a specific amount they wish to allocate for copying trades. Moreover, the “fixed ratio” mode enables traders to adhere to lead traders’ strategies per their account balance, providing a flexible approach to managing their investments.
Rachel Conlan, Chief Marketing Officer at Binance, articulated that the company’s mission revolves around enhancing financial access and aiding users in more profound control over their finances. Consequently, this initiative responds to the burgeoning demand from new users who aspire to learn from and engage with seasoned traders. Additionally, experienced traders now have augmented avenues to share and monetize their expertise.
Copy Traders Access Comprehensive Portfolio Insights
While sharing their strategies and techniques on Binance Feed, lead traders can earn a 10 percent profit share and receive a 10% trading commission rebate from copy traders who mirror their trades. Hence, this feature facilitates knowledge sharing and provides a financial incentive for experienced traders to share their expertise with the community.
Copy traders can follow up to 10 lead traders simultaneously, accessing vital information about their portfolios, such as returns over various time frames, profit and loss records, maximum drawdown, and assets under management. This transparency ensures that copy traders have all the necessary information to make informed decisions about whom to follow.
Best Crypto Exchanges and Apps September 2023 Must Read Top Meme Coins to Buy Now: What You Need to Know Must Read Top 10 Web3 Games To Explore In 2023; Here List Must Read
In 2021, Binance withdrew its futures and options and leveraged token services for Australian customers, adhering to the rising regulatory pressures in the region. The exchange also paused the initiation of new accounts for trading options, margin products, and leveraged tokens in Australia, showcasing its commitment to compliance and regulatory adherence.
Read Also: SBF Trial: What to Expect From Caroline Ellison’s Testimony this Week
