Cryptocurrency exchange Binance has announced the launch of spot copy trading, as reported to ForkLog by representatives of the platform.
The new tool allows users to track and automatically execute the same trades as leading traders. These traders, in turn, will receive a 10% share of profits and a 10% discount on fees from users replicating their strategies on a weekly basis.
Binance highlights the speed and efficiency of trades, as well as diversification and risk management, as advantages of the feature.
Copy traders can view the performance metrics of leading traders, such as profit and loss reports, and choose whom to follow while setting their own risk control measures.
Currently, spot copy trading is available to experienced users whose asset volumes meet the minimum requirements for registration as leading traders—ranging from 500 to 250,000 USDT.
General access to the tool will be opened in May.
In January, Binance enhanced its copy trading functionality for futures trading in response to “sustained demand” from users.