Binance Futures is the popular crypto derivative trading platform that has recently launched one of its trading features “Binance Futures Copy Trading”.
It’s a type of automated trading method that enables new traders of the crypto market to follow and mimic the transactions of experienced traders easily. The copy-trading feature expands opportunities for people who wish to boost their investment potential by removing the trading’s steep learning curve.
In this blog, we’ll take a closer look at the Copy Trading Feature of the Binance Futures Platform.
What is Binance Futures Copy Trading?
The Binance Futures Copy Trading enables users in real time to view and imitate the contract techniques of experienced traders. This makes it possible for new traders to gain from the knowledge and accomplishments of those who with a track record of success.
Users can automatically replicate the trades performed by their chosen traders via copy trading which makes it a practical and effective way to trade. Basically, this feature eliminates the boundaries between experienced traders and newbies in the crypto market.
Why Do Copy Trading on Binance Futures?
New and experienced traders can get benefits from copy trading on Binance Futures which offers various enticing advantages. Why you might think about Binance Futures Copy Trading is as follows…
Uncomplicated Investment Strategy
Even though those who have no prior trading experience can use it. Because copy Trading does not require in-depth market analysis or technical forecasting knowledge. With the assistance of more experienced traders, new traders can engage in the market with confidence.
Real-Time Trading Replication
Basically, Users can replicate trades in real-time by using Binance Futures Copy Trading. By doing so they may adapt quickly to market changes and seize lucrative opportunities when they present themselves without having to continuously watch the market.
Incentives and Discounts
Traders whose strategies are imitated by other users will earn incentives and other special discounts when their orders are executed. As a result, an ecology where everyone gets benefits and encourages experienced traders to divulge their winning tactics.
Now that you know why Binance Futures Copy Trading is worth enough, Let’s dive into the trading process…
How to do Trade on Binance Futures Copy Trading?
Following your selection of profitable trading to copy, you can begin to copy trading on Binance’s “Trader Wagon”. To follow a trader, just click on “Click Now” next to their name.
For copy trading, $10 itself is the minimum fund and also depending on your risk and budget you can invest more in it. Additionally, you have the option of setting a target profit and stop loss percentage to have trades automatically closed once they have reached a specified profit or loss limit.
Let me show you the general steps to do copy trading…
Create an Account
First, you need to create an account. Sign up to create an account on the copy trading platform which is “Trader Wagon”.
Connect Binance Account
Following account creation, you will be directed to link your Binance account to the copy trading platform. In order for the platform to replicate trades on your behalf, this step entails authorizing access to the relevant permissions.
After you have linked your Binance account to the platform, you need to fund your wallet. On the platform, go to the deposit section and add available funds into it in order to make trades.
On the copy trading platform, you can now access the leaderboard. The leaderboard lists a number of experienced traders along with their performance and ROI (Return on Investment) over various timeframes.
Analyze the performance of statistical data of the traders’ profiles on the leaderboard. Look at the traders who have a history of successful trading and a continuous positive ROI. You can choose one of them who suits you to do copy-trading.
Do Copy Trade
Click the “Copy Now” or comparable button next to the trader’s profile that you want to copy. When you take this action, the platform will start replicating their trades into your account to begin the copy trading process.
You can choose your investment amount per trade, goal profit percentage, and stop-loss percentage when setting your copy trading. With the use of these parameters, you can control your risks and ensure your investing objectives are satisfied.
Keep performance under review
As soon as you begin copy trading, keep under review how the traders you are following are performing in the market. Keep a record of all open positions, gains, and losses, and do any adjustments you might wish to make to your copy trading settings.
These are the general steps involved in the Copy Trading process. If you want to stop copy-trading then get into the platform’s dashboard and find the necessary options for ending or changing the copy-trading connections.
Hence, with the launch of Binance Futures Copy Trading, Crypto trading is available to a wider audience. You can navigate the copy trading world with confidence and increase your chances of succeeding on Binance by being diligent and having a thorough understanding of the process.
Hoping that the above-presented information is helpful to you. Get in touch with our experts to get clarification on any further questions you may have. As they have various knowledge in all current trading methods and Binance Clone Script.