Binance has recently added a copy trading feature for its futures products in selected markets.
This feature allows users to easily follow the strategies and portfolios of experienced traders, known as “lead” traders, in order to simplify their own trading process.
Users who are registered with Binance can act as both copy traders and lead traders. When a copy trader chooses to copy the trades of a lead trader, the lead trader receives a 10% share of the profits.
Copy traders have the option to follow up to 10 lead traders simultaneously and can also customize their own risk preferences, such as setting take profit/stop loss levels, leverage, and margin configurations, as outlined by the exchange.
In a statement, a Binance spokesperson highlighted the potential of the copy trading feature to improve engagement within its trading community.
They added that they believe this feature will make it easier for people to enter the crypto market and help facilitate better social engagement within the community.
The exchange did not reveal which specific markets will incorporate the new feature, but the spokesperson stated that Binance regularly reviews its products and remains committed to adhering to regulatory guidelines.
