🌎 Binance Launches Spot Copy Trading Feature for Cryptocurrency Markets

Cryptocurrency exchange Binance has launched its spot copy trading feature. This new option allows users to replicate the trading strategies of experienced traders directly. Additionally, Binance has clarified the differences between copy trading in the spot and futures markets.

“Spot trading involves buying or selling crypto at current market prices. Futures trading, meanwhile, often uses leverage. This can significantly increase potential gains, but also risk, especially given market volatility.”

With this new feature, Binance clients can copy the transactions of up to 10 traders simultaneously. Users will receive 10% of their copy traders’ profits and a 10% discount on trading commissions. The portfolios of experienced traders should range from $500 to $250,000, with a maximum of 200 copy traders allowed.

Key Features of Binance Spot Copy Trading

Replicate strategies of top traders in a few clicks
Copy up to 10 traders simultaneously
Receive 10% of copy traders’ profits
Enjoy a 10% discount on trading commissions
Portfolios range from $500 to $250,000
Maximum of 200 copy traders per experienced trader

Impact on Binance Coin (BNB)

Following the announcement of the new feature, Binance’s native token, BNB, showed a price increase of over 2% in the last 24 hours, reaching $580. However, trading volumes remained almost unchanged, increasing by just 1%.

Last October, Binance introduced copy trading on the Binance Futures platform. This option allowed users to monitor the trading portfolios of experienced traders, view performance indicators, and make informed decisions. Binance Futures traders received several benefits, including 10% of copy traders’ profits and a 10% discount on trading fees. Qualified market participants can also create content on the Binance Feed platform and share trading strategies.