Binance Copy Trading Product Sees Strong Demand and Adds New Features
Main Takeaways
The Binance Futures' Copy Trading feature, launched in October 2023, has seen high demand with a total weekly average trading volume of over $2B in the initial three months.
The platform added new user-centric features, like mock copy trading, private chatrooms and a Sharpe Ratio indicator, which are enhancing the user experience, promoting learning and enabling more informed decision making.
Binance's Copy Trading feature offers benefits to both Lead Traders and Copy Traders, providing profit opportunities, access to various futures contracts, and multiple rewards programs.
Launched in October 2023, Binance Futures’ Copy Trading feature is designed to make the trading experience more social, help experienced traders monetize their expertise, and support beginners as they explore the world of futures trading. The product is off to a great start, recording a total weekly average trading volume of over $2B over the first three months, which underscores strong demand for social trading features among Binance users.
Smashing Barriers to Entry
With copy trading, we continue to demonstrate our commitment to lowering the barriers to entry to the many opportunities that digital finance offers, as well as expanding the ranks of crypto users. The strong growth and traction of our new copy trading functionality is another step toward making the traditionally sophisticated field of futures trading more widely accessible.
In the past month, we introduced three new user-centric features to improve the user experience.
Mock Copy Trading: A tool allowing traders to experience the process without investing real money, it offers users virtual funds to experiment with and learn about futures and copy trading in a realistic simulation environment.
Private Chatrooms: Available in over 150 countries and 14 languages, Binance Copy Trading has introduced private chatrooms with translation capabilities to further reduce barriers for learning between Lead and Copy Traders.
Sharpe Ratio indicator: We have added Sharpe Ratio, a return-per-unit-risk indicator, as another performance criteria copy traders can utilize when reviewing and selecting lead traders to follow.
Rohit Wad, Binance’s chief technology officer, shared: “With the Copy Trading platform, our vision was to create an industry-leading social trading product where trading is not just transactional, but also about learning and growing together. The positive response and support we’ve received from the community so far is a testament of Binance’s commitment to building products that users truly value. We’re very pleased at the product’s promising start and we’re excited to see it continue growing and evolving in 2024, as we continuously strive to innovate and offer the best for our users.”
Everyone's a Winner
Binance Lead Traders can leverage advanced tools to trade over 100 futures contracts while also enjoying attractive benefits such as a 10% profit share and a 10% copy trader fee commission. We have also introduced an Elite Trader program, which provides further rewards and incentives for those who have demonstrated outstanding performance.
In turn, Copy Traders benefit from leveraging the knowledge and experience of other traders for as low as $10. They can also diversify their investments across up to 10 portfolios simultaneously.
For more information regarding Binance’s Copy Trading product, visit the product page here. More experienced traders who would like to become Lead Traders can create their portfolios via the link here.
Further Reading
Disclaimer
Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Futures trading, in particular, is subject to high market risk and price volatility. All of your margin balance may be liquidated in the event of adverse price movement. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. Trading by following and/or copying the trades of other traders involves a high level of risk, even when following and/or copying the top-performing traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Past performance is not a reliable predictor of future performance. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. Copy trading is restricted in certain countries and to certain users. This content is not intended for users/countries to which restrictions apply. For more information, see our Terms of Use and Risk Warning.