The global blockchain ecosystem, Binance, announced the achievement of a significant milestone with its copy trading product, with a cumulative weekly average trading volume surpassing $2 billion during the initial three months since its inception in October 2023, as per the latest information shared with Finbold on January 16.
The robust expansion and substantial traction further solidify Binance’s prominent position in the cryptocurrency industry. By introducing copy trading, the operator of the largest digital assets exchange reaffirms its dedication to reducing entry barriers and facilitating the emergence of the next generation of cryptocurrency users.
New features introduced by Binance
Over the preceding month, Binance has extended its initiatives by introducing several new features to enhance user experience.
In a recent update, Binance introduced a new feature known as mock copy trading, enabling users to engage in trading activities without investing real funds. This innovative feature allocates a virtual amount to users, fostering hands-on experimentation and learning within a realistic simulation environment dedicated to futures and copy trading.
Moreover, Binance copy trading has implemented private chat rooms accessible in over 150 countries and 14 languages, with translation capabilities. This addition aims to diminish further learning barriers between lead and copy traders.
In a recent enhancement, Binance has integrated the Sharpe Ratio indicator into its platform. This metric, measuring return per unit of risk, enriches the performance evaluation toolkit for copy traders. It provides an extra criterion for evaluating and selecting lead traders to follow on the platform.
Rohit Wad, Chief Technology Officer at Binance, said:
“With the Copy Trading platform, our vision was to create an industry-leading social trading product where trading is transactional and about learning and growing together. The positive support and response from the community so far is a testament to Binance’s commitment to building products that users truly value. We’re very pleased with the product’s promising start, and we’re excited to see it continue growing and evolving in 2024 as we continuously strive to innovate and offer the best for our users.”
Benefits for lead and copy traders
Lead traders can utilize sophisticated tools for trading across a portfolio of more than 100 futures contracts. In addition to these advanced capabilities, lead traders are entitled to compelling benefits, including a 10% profit share and a 10% commission on copy trader fees.
Binance also unveiled the elite trader program, designed to offer additional rewards and incentives to individuals with exceptional performance in their trading activities.
Copy traders can enjoy a diminished entry barrier, gaining access to the knowledge and strategies of other traders with an investment as modest as $10. This enables them to diversify their investments across up to ten portfolios concurrently.