Jul 20, 2023 12:35
The shortcut to trading like a pro... literally, EXACTLY like one.
The concept of copy trading isn't new, most have probably heard of it or even used it on another platform, but none even a fraction of the size of Binance, making this truely feel like a completely new experience.
We've watched the concept continually grow each year, but it's no surprise people want to mirror the strategies of successful traders, removing the stress and benefitting from their tried-and-true tactics.
However, with Binance Copy Trading finally becoming a reality, you can now the follow top traders on the largest exchange in the world, which makes it a very different experience from the smaller exchanges where you may have already tried copy trading..
Copy Trading on Binance is Different than All Other Exchanges...
First, the best traders (the ones you actually want to copy) typically use Binance. When it comes to true professional traders, who trade crypto as their full-time job - odds are they're doing it on Binance.
The second reason (and a big reason why so many pro traders use Binance) is liquidity. Because of the platform's popularity, trading volume is high, sellers typically find buyers fast, and visa versa. Most aren't aware of just how massive Binance is - their daily trading volume has recently been around $6 billion per day. The #2 exchange is Coinbase, which has about 10% of that.
While liquidity is an important factor regardless of what method you're using to trade, it's especially important when you're doing anything that automates your trades, weather that be using a trading bot or copy trading. You don't want to see it wasting a lot of time just trying to get in or out of trades.
Not Just for Beginners...
Obviously someone just getting in to crypto would benefit the most from copy trading, I know I wish this existed when I was a newbie.
But experienced traders also know there's too many coins, and too many hours in a day to catch every profitable trade.
Deciding who to copy isn't a roll of the dice, you get access to trader stats and can see a breakdown of their performance based on the last 7 days, 30 days, or 90 days.
Take a deep look in to lead trader's stats before copying them. Now pro-traders basically have a new partner in their business, one who's just there to make savvy investments, or quickly adjust your sails as the market winds shift - together conquering the often stormy seas of crypto trading.
If You Don't Profit, They Don't Either...
The lead traders you copy are rewarded by getting a 10% cut of whatever profits they earn you - so they're motivated to make the best trades possible, otherwise, they don't earn anything either.
A quick tip for selecting the right people to copy - click on the user name from the main
list of lead traders (shown in the screen shot above) this will bring you to that users profile. From there, toggle between the options of viewing their history for 7 days, 30 days, and 90 days. Someone may have had a good week, but then you discover that over 30 days their followers actually took a loss.
We recommend using this method to find the best lead traders to copy and only following those who are profitable in all 3 time frames. There's so many choices, there's no reason not to.
Or Let People Copy YOU...
Are you so good at predicting the market, people will want to follow your lead? Seasoned traders get the chance to make a name for themselves and earn some extra income by applying to become a 'lead trader'
Lead Traders will earn 10% profits from the earnings of Copy Traders that follow them. To illustrate, if a Copy Trader accrues a total profit of $50
How To Start Copy Trading on Binance in 5 Minutes...
If you're a Binance user there's just two quick steps to begin by creating your free account and linking your Binance account to TraderWagon, no API keys needed. Unlike bots that work on Binance, they are actual partners so copy trading is seamlessly implemented.
Setup is quick and easy, you can be up and running in 5 minutes!It's all done without your funds ever leaving your own wallet. At no point is your personal info or wallet info shown to another trader, and you are still the only one able to withdraw funds.
Use this special invite link and your account will receive a discount on trading fees - permanently!
------- Author: Jules Laurent
European Newsroom
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