- Binance has rolled out a new feature to improve the experience of copy traders.
- The new feature appears to be heavily inspired by Tinder.
- The feature promises to offer multiple functionality within a single interface.
To foster crypto adoption, it has become necessary for crypto firms to simplify user experiences. Among the drivers of innovation in the sector is Binance, the world’s largest crypto exchange.
In August 2023, the firm joined the likes of Bitget to rollout copy trading, a feature that allows novices to skip the learning curve and replicate the trades of successful traders. Less than a year later, the firm seeks to bolster the copy trading experience with a new feature as its platform grows.
Binance Introduces Discover
In a press release shared with DailyCoin, Binance asserted that the number of traders on its copy trading platform has grown by over 78% since the start of 2024. At the same time, the platform now boasts over 1,000 top-performing portfolios from leading traders.
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To help users better navigate the expanding platform, the firm disclosed that they will roll out a new “mobile-only” feature called Discover next week. According to Binance Product Marketing Lead Sherrine Tan, Discover takes a page from “non-financial products” to offer a “streamlined interface” for more engagement within the community.
"We constantly listen to our users and as it became clear there is demand for a more streamlined interface, we decided to look beyond our sector and take a page from non-financial products to innovate. 'Discover' is a great addition to our copy trading product, catering to mobile users who want an enhanced experience to explore at their own pace."
What was the inspiration for Binance’s Discover, you might ask? From all appearances, Tinder.
How Binance Discover Works
Binance Discover works very much like Tinder. Unlike Tinder, however, users would not choose from potential love interests. Instead, they would select from traders they could piggyback on for profits.
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On switching to the Discover section within the copy trading platform, users will be presented with a full-screen interface that presents one trader portfolio at a time from which they can choose. How? You guessed it by swiping left to skip and right to add to favorites.
"The 'Discover' feature enters a full-screen mode to present one portfolio at a time, showing more details such as lead traders' self descriptions, copy trader profits and other metrics. This allows users to focus on the detailed performance metrics of each portfolio, and not feel pressured or be overwhelmed by the large number of portfolios."
Beyond selecting leading portfolios, traders can also engage in mock or real copy trades straight from the Discover page with just a click of a button.
On the Flipside
- Binance has yet to roll out the new copy trading feature.
- Despite providing ease in picking trades, copy trading still requires proper risk management.
Why This Matters
A key hurdle to crypto adoption has been the complexity of the space. Features like Binance Discover that can abstract away these complexities and offer users a gateway to the industry in a familiar and intuitive package would be key to onboarding new users.
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