Binance launches Copy trading on the spot market

In a context marked by recovery for the crypto ecosystem, the Binance exchange has just announced the imminent launch of copy trading. In the course of this article, we will review the features as well as the prerequisites for this new functionality.

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Updated on 24/04/2024 at 13:57 by Léa

copy trading spot binancecopy trading spot binance

Binance defies regulatory restrictions with on-site copy trading

While Binance continues to face an uncertain regulatory climate, the platform announced the implementation of copy trade on the spot market. It will be open to the public from May 2024 via web interface and app.

Currently, this new tool is only available to certain users: Leading traders. We will discuss the necessary conditions to join this group of advanced traders later in this article.

This functionality implemented by Binance joins the other tools attached to automated trading available on the platform. Within this selection we find especially Rebalancing BotTHAT Spot Grid Trading and Dollar cost averaging (DCA).

How copy trading works on the spot

Copy trading is a tool that is especially appreciated by users, it allows reproduce transactions carried out by other traders. The latter is usually experienced and benefits from one strong reputation within the ecosystem.

With this feature, novice investors can benefit news strategies as well as more advanced risk management. At the same time, Lead Traders are rewarded for sharing their skills through a passive income stream.

The biggest advantage of copy trading is that it frees the user from part of the appearance emotional. Specifically, the investor reports each of his decisions on the experience of a trader with an advanced level. Nevertheless, one determined attention of the crypto market is strongly recommended due to the risk of loss associated with copy trading.

Become a Lead Trader on Binance with the new Spot Copy trading option

The first step to becoming a Lead Trader is to have one verified account on Binance. If you have already completed the procedure KYCyou can click directly on the tab Actso on Copy trade.

Step 1 to copy trade on BinanceStep 1 to copy trade on Binance
Source: Binance

Second, click on the tab Spot copy tradingso on Become a Spot Lead Trader.

Step 2 to copy trade on BinanceStep 2 to copy trade on Binance
Source: Binance

The last step is to configure your profile. It will be necessary to enter a nickname and give a short description. choose Spot as the main transaction type and then enter the amount to be transferred from your Spot Wallet to your Lead Trader account. Notice that minimum amount is set at 500 USD.

Step 3 for copy trading on BinanceStep 3 for copy trading on Binance
Source: Binance

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This article is published for informational purposes only and should not be considered investment advice. Some of the partners presented on this site may not be regulated in your country. It is your responsibility to check whether these services comply with local regulations before using them.

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