Binance, the world's largest cryptocurrency exchange by trading volume, announced the launch of a new spot copy trading tool.
According to the statement, this feature will allow users to automatically copy trades from some of the platform's largest traders.
Binance CTO Rohit Wad said in a statement:
“At Binance, we always listen to our users and incorporate their feedback into our products. Spot copy trading is one of these ideas that emerged from community feedback. This tool automates trading for our users and gives them the opportunity to try new trading strategies.”
This concept has also been adopted by other major crypto exchanges such as Bybit, OKX and Bitget.
Binance's new spot copy trading product is now open for registration for “lead traders” who meet minimum portfolio asset management size requirements. The tool will be gradually rolled out to copy trading users in May.
Lead traders' spot copy trading portfolios should be between 500 USDT and 250,000 USDT. Investors who have their transactions copied will receive a weekly 10% profit share and 10% trading commission refund.
Users will be able to review leading investors' metrics, such as profit and loss records, and copy up to ten leading investor portfolios at a time. It will also be able to set its own automatic risk controls, such as stop-loss and copying at a fixed rate or fixed amount. However, leverage will not be available for spot copy trading.
This feature will initially be available in select markets in Latin America, Europe, the Middle East and Asia Pacific. It will launch with over a hundred spot pairs and more will be added over time.
Binance previously launched a copy trading feature for futures products in select regions in October 2023. Lead traders registered for the current futures copy trading product must also register for spot copy trading.
*This is not investment advice.
