Binance has launched a new feature for spot copy trading. This functionality will enable users to replicate the trading activities of some of the platform’s most profitable traders.
Binance spot copy trading functionality
Binance’s Chief Technology Officer, Rohit Wad, mentioned in a press release provided to Cryptopolitan: “At Binance, we’re always listening to our users and incorporating their feedback into our products. 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.”
He also said: “This is a great tool that automates trading for our users and gives them the ability to try new trading strategies.”
The term copy trading was popularized by eToro, which allows users to copy the trading strategies and risk management of experienced traders. In return, these traders make money by having others copy their trades. This method was also very recently adopted by some of the leading cryptocurrency exchanges, such as Bybit, OKX, and Bitget.
Binance’s spot copy trading feature is now open for registration
Binance’s spot copy trading feature is now open for registration for “lead traders” who meet the necessary conditions for minimum assets under management. Users who are interested in copying trades will have this functionality activated in May and onwards.
According to a Binance spokesman, to be a lead trader for this service, one should have a managed portfolio of 500 to 250,000 USDT. These leading traders get a 10% profit share and also a 10% rebate on trading commissions weekly from the copy traders who mirror their trading decisions.
Participants can act as primary and secondary traders. This feature will initially be introduced in certain Latin America, Europe, the Middle East, and Asia Pacific markets. It will initially cover more than one hundred spot pairs, and the spokesperson said there are plans to diversify the list of available pairs in the future.
In addition, Binance announced the top trader competition that will take place from April 24 to May 8. The contest gives top traders the opportunity to start building their portfolios even before the official release of the products on the Binance application.
