Binance has rolled out a new “copy trading” feature that gives its users the ability to replicate the strategies employed by top crypto futures traders.
“Copy traders” can now mimic the real-time futures trading strategies of “lead traders,” according to a new announcement from the exchange.
Copy traders will be able to review the performance metrics of lead traders and set a specific strategy based on their risk tolerance. They will also be able to trade fixed amounts per trade or use a fixed ratio based on their total portfolio.
Lead traders will receive 10% of the profit earned by their copy traders and 10% commission on their copy traders’ trading fees.
Binance chief executive Changpeng Zhao teased the new feature on the social media platform X, saying the users of the exchange could copy “some of the best traders” on his platform. He also noted that the exchange’s employees are prohibited from futures trading, eliminating the possibility that traders could mimic employee strategies.
The CEO, however, says he might be open to changing that company policy.
“This creates a problem that most of our people don’t know our products anymore. Maybe we should allow futures trading for testing purposes, say with a max $10,000 cap…”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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