Crypto exchange Binance is rolling out a spot ‘copy trade’ tool that allows users to follow and automatically execute the same trades as eligible “lead traders.” The giant stock exchange announced that this practice will start in May. He also stated that lead traders will earn 10% profit share and followers will earn 10% commission rebate.
Binance launches spot ‘copy trade’ tool!
cryptokoin.comAs you follow from , Binance develops new applications in line with user demands. In this context, Binance is preparing to launch a new spot ‘copy trade’ tool. The exchange will thus allow users to follow the same trades as some of the platform’s top traders. Thus, users will be able to perform these operations automatically. Binance CTO Rohit Wad said the following in his statement on the subject:
At Binance, we always listen to our users and incorporate their feedback into our products. Our users give us great ideas. Because most of the time they know what’s best for them. Spot ‘copy trade’ is one such idea that came from community feedback. This is a great tool that automates trading for our users and gives them the ability to try new trading strategies.
What will the application be like and what kind of opportunities will it provide?
In copy trading, social trading platform eToro is leading the way. This allows everyone to monetize their expertise by opening their portfolios to copying. In recent years, other major crypto exchanges such as Bybit, OKX and Bitget have also started using it. Binance’s new spot ‘copy trading’ product will be open for registration starting today to “lead traders” who meet minimum portfolio asset management size requirements. Additionally, the tool will gradually be available to users later in May.
A Binance spokesperson stated that lead traders’ spot ‘copy trade’ portfolios should be between 500 USDT and 250,000 USDT. Lead traders will receive a 10% weekly profit share from copy traders who copy their trades. Additionally, they will be entitled to a 10% trading commission refund. Users can review metrics such as profit and loss records of leading traders, the spokesperson said. He also stated that there will be the possibility to copy the portfolios of up to ten leading traders at a time. Additionally, they can set their own automatic risk controls, such as stop-loss and copying at a fixed rate or fixed amount, he noted. Finally, he also noted that there will be no leverage for spot ‘copy trading’.
Application regions and transaction parities
By the way, it is possible for users to become both leading and copy traders. This feature will initially be available in select markets in Latin America, Europe, the Middle East and Asia Pacific. The stock exchange spokesman announced that the application will start with over a hundred spot parities. He also noted that more will come into play over time.
Binance will also hold a leading trader tournament between April 24 and May 8. The exchange announced that leading investors can start building their portfolios before the products are made available on the Binance application.
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