Binance Introduces Spot Copy Trading, Allowing Users to Earn 10% of Trader Profits

Exciting news from Binance! The cryptocurrency exchange has just rolled out its latest feature: spot copy trading.

This new feature enables users to mimic the trading strategies of seasoned traders directly. Binance has taken the time to explain the distinctions between copy trading in the spot market versus the futures market.

โ€œSpot trading involves buying or selling crypto at current market prices. Futures trading, on the other hand, often involves leverage. While this can amplify potential gains, it also introduces higher risks, particularly in volatile markets.โ€
Binance announcement

Users of the exchange can now replicate the transactions of up to 10 traders concurrently. In addition, they are entitled to receive 10% of the profits generated by their copy traders, along with a 10% discount on trading fees.

For experienced traders looking to participate, their portfolios must fall within the range of $500 to $250,000, with a limit of 200 copy traders per profile.

Upon the announcement of this feature, Binance’s native token, BNB, experienced positive growth. According to data from CoinMarketCap, the coin has surged by over 2% in the past 24 hours, reaching $580. However, trading volumes have seen only a marginal 1% increase despite the introduction of this new functionality.

Source: CoinMarketCap

Last year, Binance introduced copy trading on the Binance Futures platform. This feature empowered users to observe the trading activities of experienced traders, review performance metrics, and make informed decisions based on this data.

Benefits for Binance Futures traders included a 10% share in copy traders’ profits, along with a 10% discount on trading fees. Additionally, eligible market participants could generate content on the Binance Feed platform and exchange trading strategies with the community.

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