Topic: Binance Founder CZ said that, Copy trading now live on Binance. - page 2. (Read 523 times)

I was trying to think through how this copy trading will affect other traders and how lazy some people will be do common assignment and learn some basic tips of trading and what happened over Blackrock fake ETF approvals comes to my mind. How will copy traders deal with such situations that happened like that day. Imagine following a trade idea of shorts market that were liquidated, who bears such responsibilities? This will not end well for any lazy person that decide to pick this as means of making money from trading than their over their own analysis.

Binance is ahead of other exchange, I expect to see other exchange integrate this to their exchange soon just so they don't loss customer to CZ. However, the action twist behind this is for Binance to have more liquidity that any other exchanges. Bull run is coming, many people had left Binance due to some reasons like making FTX to collapse and also internal investigations. Binance is trying to established simple platforms to get back users into their exchange to have all the shares in crypto.

I think the idea is to get the people who claim to be good traders to prove themselves, not that you would follow them. If you are not paying someone to make you more money, then you do not have to worry about this, neither do I, because we are not paying people to give us information on what to trade at this moment right? If that's so, why would we follow anyone else's trades?

It doesn't really make sense to give our income shared with them when they could very well end up losing. No, this was created so that people that are selling their bots, their signals and all that or even influencers who tell people to buy this or that, they could all start a leading position and tell people to follow, if they don't then why would I trust them, if they do, then we can see if they are good or not.

This is all because of that, just to make sure that people who lie about being a good trader to be shown how fraud they are with the proof that they suck at copy trading.

Try updating the app dude. If you ask me then I can see this feature on my ios app. But when I log in into the desktop version, I am unable to find this feature. Nevermind, this feature seems interesting and Binance has really done a smart move to attract more traders. Now people will follow big traders and will automatically copy their trades. Just need to find the id of big and successful traders to start copying them. Already invested some amount in a random trader’s trades. Let’s see how far it goes.

Exactly!

What kind of guarantee do you have that the trader you are copying is not a muppet or a Turing-complete brokerage program? In that sort of case, you're usually screwed.

I have never liked the idea of all these blokes coming in and trading without proper training in this field, because the inexperienced people will always lose money (no exception).

"Leverage" is a good keyword here. In order for someone to follow you, you have to achieve correspondingly high percentages of profit. This usually only works with very high leverage, e.g. x100 ... but in return this also means that you have to invest a lot of money/BTC/... if the trade fails.

The idea with the additional, free income, sounds very tempting at first, but you also have to keep in mind what is behind it to get "followers" at all. I think this is very difficult, especially for traders who only trade from time to time.

I am telling you so simply, you will understand this post of mine bro.
I have done the post about Copy Trading long ago but today I will discuss with you in detail about Copy Trading. How to do copy trading and in which country is it legal?
If you have Binance exchange app then first go to play store and update it to new version. Then you will come to your account and click on the future button.
Then you will see in the right corner of your account there is a text called Copy Trading. You click there.
If you click on Copy Trading, such an interface will appear in front of you. Suppose you want to copy trade with this trader in the picture I showed. But let's say one thing that you have to pay 10 percent of the 100 percent of the copy trade with whom or with any user. That means you will get 90 percent. If you want to do copy trading with any user then click copy text as shown in the picture.
When you click on copy text you will see a page like this. Then you can place your desired amount there and trade.
But if this copy trading is legal in the country you are from then you can do it freely. And if it is not valid in your country, then when you click on Copy, you will see this.

However, I am publishing a list of countries where this copy trading is legal.
Check list

I am giving a video link for your understanding which will help you to know more about this trading.

Video link

Getting this type of "affiliate income" sort of thing would be great for traders. Not only you are trading to make money, but if anyone follows you then you are making money that way as well, you are leveraging your spot trading which is awesome. Not like they could lose anything, if you trade and people follow and you lose, you only lose what you lose, what others lose do not matter to you at all, and if they earn you get some of it, which is great.

For the followers, I still do not suggest copy trading because following others to make trades do not make sense, you should always learn how to make a trade yourself and would be a lot better as well. If you learn how to do it yourself then you are going to be able to trade a lot better and then you will not be forced to depend on others.

It seems they are now the same with Bybit now. Because before Binance was just using another 3rd party copy trader platform called TraderWagon.
With this new update of Binance, I am afraid that TraderWagon will lost a lot of users as for me, they only became famous because of their integration with Binance.

Even highly skilled traders can't predict future so following someone who seems to be strong in chart and technical analysis along with money management can lead to get some losses. The only big difference is that you will be able to limit your losses thank to his skills and risk management. But if you can do better profits with a noob trader just because he is currently lucky by undergoing a long winning streak.

It's only available to certain countries. It's kinda weird that you can use the future trading but the copy trading isn't.

My Binance app is up-to-date and already set to Binance Pro but I don't have copy trading tab on my account.
I also tried to switch to the lite version and go back to Pro but still no copy trade.

Maybe I'm not lucky to have this feature and maybe it's only available to those who have big funds in their wallet?

So, these educators that are teaching on how to be good traders, show yourselves through this feature of Binance.
People are going to follow you if you've got some good stats and you get a commission if they're giving that commission for successful trades.
For non traders, you can it if you want but your results will vary on how good the trader you'll be copying with so do it with caution.

The amount of money that someone could make from this is definitely not that bad. I mean you are getting %10 profit share, which means that if the people who follows you makes a profit, you take 10% of their profit, this means if they deal with 1 million dollars and make a million dollars in profit, you get 100k in profit. Obviously nobody will use copy trading with a million dollars, but if all the people that follows you reaches that level, then you could definitely do some good bucks from there.

I believe that people who claim to have signal groups, who think they can trade, who say they have bots, all these people should get together and start a lead position. I mean if you really think that you could make me that much money, open a copy trading account and prove it to me. If you are really good, and you ask us to pay you, then we should be able to see it and you would be able to make profit from it as well so you are not doing it for free neither. I get that there is nothing that could hurt anyone who has a good confidence, that means that you should be able to make a huge return from this and definitely could be doing something that will benefit people on the long run.

I believe that we are going to make some profit from it and that doesn't mean that we can't follow people. Look at the list and if you think that you found someone with a good return, follow them and see if they are making good return and if they are making a good return that will mean that you could copy trade their moves and could get some great results.

First of all, I don't like the idea of copy trading and secondly doing that on a centralized platform is a no-no. Why I don't like copy trading is because you are copying other's work. In this process, you may win or lose. But the main issue here is that you are learning nothing. Maybe it's a cheat code or something useful to get quick money, but how long will it last? Other platforms have been providing this for a long time but I have never bothered to use them.
World's leading crypto exchange platform or not, it is centralized. So keeping your money and giving the access to your assets to that platform doesn't seem right. Protect your privacy protect yourself and protect your assets. Doesn't matter how juicy the offer is, that should always be some strings attached to it. If you want to try it, try it on your own risk. But I won't recommend something like this.

Did a quick search on the major exchanges that supports copy trading. I think this will help a source from Coinbureau

 https://www.coinbureau.com/review/bitget-copy-trading-review/

I think it's going to be worse than that. Traders will open 10 accounts, go for riskiest returns on tiny amounts (or even wash trade between themselves to sacrifice bankroll on alts to get huge profits). Post these 100% weekly gains. Hypnotize the sheep and rake in the commissions. If he profits even 10% people will stay. If he loses, people will also stay waiting for the 100% to hit again

Like what I've said on my old post about this topic.

Copy trading is also a high risk high reward kind of thing, because if your fund didn't match to the fund of the trader you copy and his trade is with a cross margin, there's a chance you'll be bankrupt if you're not aware of such thing. Also, not all of the trades of the trader you will follow will give you profit every single time, so there's also a chance that you're gonna lose more than make a profit since your funds is much smaller to the trader you copy.

Binance are exchanges don’t have much liquidity as they used to in the last 2 years, copy trading is just one of the smart move CZ and other exchanges are trying to use to bring back people to the exchange. Remember last year December when people were reporting exchange of not having customers fund and despite the report of proof of reserves, many withdraw there coins just to be safe, copy trading is only another vehicle for distraction, nothing dazzling about the copy trading feature.

People don't know how something work, they will not ask, they will rush and do it, it's after they failed you see testimonies and outcries of scam, copy trading is the same thing. People are lazy if not, why will you copy another traders idea and set up just to think they are experts, even experts makes mistakes and the funny move about the copy trading is that, a mistake from a particular trader will result in plenty of traders losing money as well, the exchange take their trading fees and you are left with nothing.

My country is not listed in the list you provided, and I was able to see the copy trading tab in the future section of my Binance app.

Maybe you will consider updating your Binance application, or if you are operating on the Binance Lite section of the Binance app, you should consider switching to Binance Pro; that's where I found the copy trading tab.

Trading isn't that hard? Did you tried trading already that you can say this words? If you did, are you a successful one? If yes then congratulations... I guess.

Trading in general is already hard, so some investors who are hoping to earn money by doing little to no work will try this copy trading. I didn't try doing this at all, and right now I don't want to especially after experiencing consecutive losses in trading. Trading in the spot market is still difficult, completely opposite on what you said that it's not that hard. It's almost the same as futures, but the only difference is, the risk is higher in futures because of leverage, but both of them are still difficult especially when you're a newbie.

Overall, with how many users Binance has currently, and with how attractive copy-trading is for others, I'm pretty sure that there are many who will try this one. I'm still waiting for the results of some people who tried doing it. Maybe I'll wait for a couple months.