Cryptocurrency exchange Binance has launched an innovative copy trading feature on select markets, allowing users to follow and copy the trading portfolios and strategies of leading traders.
This allows users to become lead and copy traders at the same time, creating more opportunities, increasing active interaction, and improving the quality of experience in the crypto trading community.
Lead traders receive a 10 percent profit share and the same rebate on trading commissions from copy traders who copy their trades. They can also create content about their trading strategies and methods on the Binance feed to interact with other users, PRNewswire reported.
The main uniqueness of the new feature is that copy traders can simultaneously follow 10 top traders and view top traders' portfolio information, including 7-30-90 day ROI, profit and loss statements, maximum drawdown, and assets under management.
In addition, users can find and select the top traders they want to copy trades from, allowing less experienced users to leverage the knowledge and strategies of more professional market participants.
"Binance's mission is to improve financial access, and our products aim to help our users achieve greater control of their own finances. We are meeting the demand of new users who want to learn from and engage with seasoned traders, who, in turn, will now have more ways to share and monetize their experience. We believe copy trading lowers the barriers to entry into crypto and can help improve social engagement within the community," said Rachel Conlan, Chief Marketing Officer at Binance.
The exchange notes that copy trading accounts are separate from futures trading accounts, allowing users to manage trades easily and efficiently.
In addition, Binance offers a wide range of risk management features for copy trading, such as risk controls, slippage limits, choices of fixed ratio or fixed amount allocation, and various leverage risk indicators.
Read also: Citi Group sells retail wealth management business in China to HSBC.
