Binance platform introduces leverage limits
Binance platform introduces leverage limits
Cryptocurrency exchange Binance has announced that it is introducing leverage limits for top traders' portfolios on its Copy Trading platform as part of risk control measures.
Starting at 08:00 (UTC time) on February 21, 2024, top traders will only be able to open new positions with up to 5x leverage if the assets under management (AUM) of their respective portfolios exceed $1,000,000, according to Binance's website.
However, the exchange clarified that top traders with an AUM of $1,000,000 or less will not be subject to the limits.
This decision will help protect users by reducing the exposure of top traders' portfolios and mitigating risk.
Copy Trading allows users to copy the trades of experienced traders in real time. In addition, Copy Trading allows new traders to familiarize themselves with the cryptocurrency market and learn strategies and techniques that will help them become better traders.
To use Copy Trading on Binance Futures, you need to:
- Log in to your Binance account and go to [Trading] - [Copy Trading].
- Choose a portfolio and click on [Copy].
- Filter the portfolio by maturity, performance, portfolio popularity, etc.
- Set [Fixed Amount] or [Fixed Ratio] as desired.
- Accept the service and click [Copy].
After that, the investment amount will be transferred from the trader's spot wallet to the Copy Trading account.
Recall that now the crypto exchange Binance will give away 1,000,000 points and valuable prizes as part of the February loyalty program.
The Binance exchange was founded in 2017 and is one of the largest cryptocurrency platforms, both in terms of daily platform turnover and the number of active clients.
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