Binance Launches Copy Trading Feature, Here's What You Should Know!

Binance launched the copy trading feature. (Photo; Doc. The Coin Rise)

JAKARTA - Binance, the world's largest crypto exchange, seems to be changing the way crypto trading people introduce innovative copy trading features. This feature will allow millions of users to emulate experienced traders trading strategies, creating dynamic communities in the crypto trading world. Here's a brief explanation of the definition of copy trading.

What is Binance's Copy trading?

Copy trading is a strategy where less experienced traders can emulate experienced traders' strategies. This allows you to follow in the footsteps of experienced traders without having to actively manage your own portfolio. With Binance's copy trading, this concept is improved.

In Binance's copy trading system, experienced traders can be "major traders" who share their knowledge and strategy with the community. In return, they get 10% of the profits made by "copy" traders who imitate their trading methods, as well as 10% discounted trading commissions.

This provides an opportunity for experienced traders to generate money from their expertise and encourage interaction between members of the trading community. That way, Binance users can follow up to 10 main traders at once and gain access to valuable data such as ROI within a period of 7, 30, and 90 days, profit and loss records (PNL), maximum withdrawals, and total assets managed (AUM) by major traders.

This information helps users to make more informative decisions when determining which traders they want to imitate and which strategies they want to follow.

Binance's Chief Marketing Officer, Rachel Conlan, explained that copy trading is a step that supports Binance's mission to increase financial access and empower users. Binance believes that the copy trading feature will lower barriers for traders who have just entered the crypto world and increase social interaction in the community.

Binance's copy trading activation is very easy, it only takes one click. Users who activate this feature will have a special copy trading account that facilitates asset tracking and management allocation. This account system also allows users to easily compare portfolios and AUMs of major traders, helping them make better decisions.

Binance has also implemented various risk management features to protect copy traders, including risk control, price slip limits, allocation options, and risk leverage indicators. This provides a copy of freedom traders to manage their own risks according to their respective preferences and risk tolerances.

Binance's copy trading feature opens the door for crypto traders, especially those without experience, to learn and follow experienced traders' strategies without having to be self-experts in crypto trading. With easier access and more transparent information, crypto trading becomes more inclusive and accessible to more people.