Binance Introduces Spot Copy Trading Feature for Users to Mirror Expert Traders
In a move to simplify trading and enable users to explore new strategies effectively, Binance, the globally leading cryptocurrency exchange, has introduced a spot copy trading feature. This new tool allows users to automatically replicate the trades of some of the platform’s top traders.
Copy trading, a practice pioneered by the social trading platform eToro, has already been adopted by major crypto exchanges such as Bybit and OKX. The introduction of this feature by Binance comes in response to user input, with Chief Technology Officer Rohit Wad stating that the idea for spot copy trading came from community feedback.
Registration for “lead traders” is now open, with these traders required to manage a portfolio ranging from 500 USDT to 250,000 USDT. Lead traders will receive a 10% share of the profits and a weekly 10% trading commission rebate from their followers. Binance offers detailed metrics on lead traders, including their profit and loss records, allowing users to follow up to ten lead trader portfolios and tailor their trading with automated tools like stop-loss orders and fixed ratio copying.
The spot copy trading feature is set to roll out gradually to users in May, marking another milestone in Binance’s commitment to enhancing user experience and engagement. This development comes at a time when Binance is facing a class-action lawsuit in Canada alleging violations of securities laws.
Overall, the introduction of the spot copy trading feature by Binance aims to empower users with the ability to mirror the trades of expert traders on the platform, providing a valuable tool for both experienced and novice traders alike.
