With a brand new upgrade, millions of spot traders will be able to benefit from Binance's industry-leading transparent and resource-efficient copy trading toolkit. This meaningful upgrade is expected to be rolled out fully for all users in May 2024.
Binance (BNB) enables copy trading for spot pairs
Binance (BNB), the industry-leading crypto exchange by trading volume, announced today the launch of its highly anticipated spot copy-trading strategy tool. The novel feature is now available for experienced users who meet minimum portfolio asset size requirements to register as lead traders. The full-fledged release is set to arrive as soon as next month.
The launch of spot copy trading further increases Binance’s diverse and popular offering of automated spot strategy trading tools, which includes Spot Grid Trading, Dollar-Cost Averaging (DCA) and Rebalancing Bot.
The newly released functions are expected to significantly advance the trading experience for all customers of the spot exchange on Binance (BNB).
Automated trading tools allow the user better control over how they choose to participate in the crypto market during the entire process of placing the order, checking the price dynamics and closing.
Once a user has set their trading strategies and parameters, automated trading tools can process vast amounts of market data and execute orders within milliseconds, beyond what the individual user can otherwise do by themselves.
With a continuously growing range of automated trading tools, users have more diversification and risk management strategy tools at their disposal.
Lead Trading Tournament kicks off on April 24
Rohit Wad, Chief Technology Officer at Binance, is excited by the potential effects of the new development for the user experience of Binancians across the globe:
At Binance, we’re always listening to our users and incorporating their feedback into our products. Our users give us great ideas because, very often, they know what works best for them. Spot copy trading 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.
Users on Binance can simultaneously become lead and copy traders. Each user can have one lead trader account and copy up to 10 lead trader portfolios. Lead traders receive a 10% profit share and 10% trading commission rebate from copy traders who replicate their trades.
Availability on the Binance app will be introduced gradually, and Binance invites lead traders to start building up their portfolios and participate in the Lead Trading Tournament that will run from April 24 to May 8, 2024.
Arman Shirinyan
Yuri Molchan
Alex Dovbnya
