Binance has recorded substantial success with its Copy Trading product launched in October 2023, reporting an average weekly trading volume of over $2 billion in the first three months. The impressive growth rate and traction in copy trading have underlined Binance’s position as an industry leader in the cryptocurrency ecosystem. In the past month, Binance has taken their efforts a step further by providing their users with the following additional features:
- Mock Copy Trading: This feature enables users to experience what it’s like to Copy Trade, all without really investing any money. They get virtual money to experiment with in a realistic simulation setting, learn about futures, and practise trading.
- Private Chatrooms: This is a new feature that Binance Copy Trading has implemented to help lead and copy traders learn from each other. Users in over 150 countries can access these chatrooms in over 14 languages, and they even have translation capabilities.
- Incorporating Sharpe Ratio indicator: Copy Traders on Binance Copy Trading now have another performance metric to use when evaluating and choosing Lead Traders to follow: the Sharpe Ratio. This indicator measures the return on investment relative to the risk involved.
A lead trader can benefit from innovative tools to trade more than 100 futures contracts, and they’ll also get exciting rewards, including a 10% cut of profits and a 10% commission on copy trader fees. Elite Traders, who have shown exceptional performance, are eligible for further rewards and incentives through Binance’s new programme.
Conversely, there is less of a hurdle to admission for copy traders. They can diversify their holdings over as many as 10 different portfolios simultaneously and use as little as $10 to tap into the expertise of other traders.