Binance Unveils Private Portfolios for Spot Copy Trading
In Brief
In a significant move, Binance has rolled out private portfolios designed for spot copy trading. This allows lead traders to create tailored portfolios and share them exclusively with chosen copy traders.
Cryptocurrency exchange Binance Binance has launched an innovative feature called Private Portfolios specifically for spot copy trading. Now accessible via both their website and mobile app, this feature empowers lead traders in designated regions to craft private portfolios and share them through a unique invitation link and code. This enhancement grants lead traders greater authority over who can engage with their copy trading initiatives.
Copy traders are given the option to pick which lead traders they want to follow, providing them with a chance to absorb diverse trading tactics and leverage the insights of seasoned traders. There are two distinct copy trading modes available: Fixed Amount and Fixed Ratio. These choices afford users the flexibility they need in executing their trades.
Before deciding on a lead trader to copy, individuals can scrutinize essential performance indicators like ROI (Return on Investment) and PnL (Profit and Loss) to ensure their choices resonate with their own risk appetite. Meanwhile, lead traders stand to earn profits from the activities of their copy traders and also benefit from commissions tied to the trading fees of those they mentor, not to mention exclusive perks.
How to Set Up a Private Portfolio and Initiate Copy Trading
To establish a private portfolio for spot copy trading, users need to log into their Binance account, proceed to the 'Trade' section, and select 'Copy Trading.' From there, they should opt for 'Spot Copy Trading,' choose 'Lead,' and select 'Spot – Private.' Users can decide on the amount they wish to allocate to the portfolio and establish a profit-sharing percentage before hitting 'Confirm.' Afterwards, they can click 'Create' and set a limit on the number of participants allowed in the private portfolio. A special invitation link and code will be generated for others to join.
To kick off copy trading, users should log into their Binance account, navigate to 'Trade' and 'Copy Trading,' then select 'Spot Copy Trading.' After identifying their desired portfolio, they can simply click the 'Copy' button to get started.
Binance stands out as a leading global blockchain platform, acclaimed for running the largest cryptocurrency exchange worldwide in terms of trading activity and user registrations. Serving over 250 million users spread across more than 100 countries, the platform is revered for its robust security features, transparency, high-performance trading engine, and extensive range of digital assets available. Binance offers a comprehensive suite of services that includes trading, financial activities, educational resources, research initiatives, social finance projects, payment solutions, institutional offerings, and capabilities tailored for Web3.
Recently, Binance has introduced Enjoy zero-fee trading on all trading pairs within the Binance Wallet, with this promotion set to remain in effect until September 17th.
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