- The Binance Futures copy trading feature is going live.
- The feature will be launched in phases.
- The announcement comes as copy trading gains traction among young users.
In a move seen to demonstrate Binance’s commitment to innovation and the fostering of a next-generation trading ecosystem, Binance Futures has announced the launch of a copy trading feature. The announcement noted that the feature will be enabled gradually from August 22 at 6:45 a.m. UTC.
Copy trading is an automated strategy that enables novice users in crypto to follow and replicate the trades of experienced traders, effectively circumventing the steep learning curve.
Rules for Copy Trading
Per Binance’s announcement, the implementation of copy trading will allow users to follow and duplicate the contract strategies of experienced traders in real time. In return, traders will earn commission rebates and other exclusive incentives from copy traders when their orders are executed.
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Notwithstanding the efficiency and ease of use, copied orders can also fail, as pointed out in Binance’s copy trading rules. Factors that may contribute to the failure of the order include an insufficient margin for documentary items and market slippage beyond the maximum rule limit.
The Rise of Copy Trading in Crypto
Copy trading has recently emerged as a popular strategy for crypto traders, especially among Gen Z users, who account for 44% of all copy traders. The strategy is also gaining traction among seasoned traders who want to stay on top of current market trends and insights.
Binance joins numerous other exchanges offering built-in copy trading features, including Bitget, the first centralized platform to pioneer the feature in the crypto space in 2020. As platforms continue to migrate toward copy trading, experts forecast the global social trading industry to grow to $3.77 billion by 2028.
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Binance futures copy trading is slated for full launch in mid-September 2023.
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