Cryptocurrency exchange Binance announced the launch of spot copy trading. Representatives of the platform informed ForkLog about this.
With the new tool, users will be able to track and automatically execute the same trades as top traders. The latter, in turn, will receive a weekly 10% share of profits and a 10% discount on commission from users who repeat their strategies.
Among the benefits of the feature, Binance cites the speed and efficiency of transactions, as well as diversification and risk management.
Copy traders can view top traders' performance metrics, such as profit and loss statements, and select the ones they want to follow, setting their own risk controls.
At the moment, spot copy trading is available to experienced users whose assets meet the minimum requirements for registration as lead traders — from 500 to 250,000 USDT.
General access to the tool will be opened in May.
To recap, Binance expanded its copy trading functionality for futures trading in January in response to “strong demand” from users.