I want to share my thoughts on Spot Copy Trading, a new feature introduced by Binance. I always try to find something that will make me trade better and other people’s opinions that could make it easier for me to trade in the market. Upon hearing about this new feature, I was very thrilled and couldn’t wait to test it out. Here is what I think about it.
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Spot Copy Trading is a new feature on Binance where you can copy experienced traders’ trading strategies. So if you are like me, sometimes not clicking at the right time or with wrong trade, then this may be of great help to you. Essentially, you select a trader whose strategy appeals to you and your trades become their mirror image. It is an opportunity to learn from experts without doing much of the groundwork yourself.
Starting off with Spot Copy Trading takes a few simple steps outlined below:
- Log in to your Binance account.
- Go to the [Trade] section and click on [Copy Trading].
- Select [Spot Copy Trading].
- Pick a trader’s portfolio that you like and click the [Copy] button.
It was an easy setup; Binance has made it user friendly. You have two main options: Fixed amount and fixed ratio copying. Here you specify the amount of money you want to use for copying trades. What this means is that your trade amounts will be proportional to those of the trader you are following if he or she places a large order. There is some wiggle room here so that one can choose what best fits their budget and risk tolerance.
One interesting feature about this is the ability to view a trader’s performance metrics before copying them. ROI (return on investment), PnL (profit and loss), and other details can be studied by any potential trader copier such as me in order to make an informed choice and select a trader with similar goals.
I picked the one who had the highest return on investment alongside being consistent. I’ve seen some positive changes within hours after I started doing this. It’s amazing seeing my trades being replicated by someone else experienced in trading, learning from them in the process. Even though we have never met, it feels like there is somebody guiding me through everything like a mentor does.
Also, it was amazing to me that the Lead Traders whose trades we are copying had some good benefits. As such, they get a 10% profit share from each trade we copy and also earn 10% commission on trading fees. In addition to this, they have exclusive privileges on Binance. This is fair because they share their knowledge with us so, it is fair for them to enjoy something out of it.
Generally speaking, I think Binance has done a great job with its Spot Copy Trading platform. For me as someone who isn’t very experienced in trading, this is an excellent way to learn from more experienced traders and also benefit from their strategies. It’s easy to set up, the platform is user-friendly and there are opportunities to make money.
I would recommend trying Spot Copy Trading on Binance if you haven’t already done so while you’re still For those who are just starting and others looking forward to bettering their trading game this functionality has got much inside.
That's all then. I hope that my thoughts here could be useful for you. Good luck!
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