LIVEBinance just launched a new tool called spot copy trading. This lets users automatically copy the trades of experienced traders, allowing them to benefit from their expertise and strategies. Experienced traders can also make money by sharing their portfolios for copying.
There are two sides to this coin: being a lead trader and being a copy trader.
Lead traders need to apply and meet certain requirements set by Binance to ensure they have enough experience. If accepted, they can earn money through profit sharing and commission rebates from users who copy their trades. Binance is also hosting a competition for lead traders from April 24th to May 8th.
Copy traders can browse leaderboards to find experienced traders to follow and see their performance history. They can then choose to copy their trades automatically while still having control over their risk settings. This is a great way for beginners to learn from experienced traders and potentially make money without needing to constantly monitor the market.
The spot copy trading feature is still rolling out, but experienced traders can sign up now and prepare their portfolios. The full launch for all users is expected in May 2024.
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