Binance Founder CZ said that, Copy trading now live on Binance. - page 4.

DVlog

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Quote from: taufik123 on October 10, 2023, 12:48:49 PM

Although copy trading is a well-established strategy on other exchanges,
Binance seems to have some advantages and benefits for members who join as lead traders or as copy traders.

Lead traders can receive a 10% profit share from their copy traders.
The remaining 90% goes to their copy traders. In addition, they receive a 10% commission on their copy traders' trading fees.

I think other exchanges also share a similar business model. The only advantages i see binance having are massive liquidity and a huge community from all over the world. It is obvious why binance has the biggest copy traders in the crypto industry. Binance wants to keep its competitive nature despite the fud about them and they are trying to provide all the services a user needs.

jeraldskie11

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Quote from: albert0bsd on October 10, 2023, 01:33:51 PM

I don't know much about copy trading, but the latest news that I hear about it is people losing their money because they follow some pseudo-influencer. Obviously this was driven by an unskilled person. and by people who wants to be rich over-night.

Unless you know who are you following and what is he doing i don't recomen copy trading.

Many of the influencers do not know how to trade, so how will they know which lead trader to copy trade if they themselves do not know how to trade. That's why newbie traders are so pitiful because of them. Beginners follow influencers to learn and get guidance but there are influencers who take advantage of the benefits they get from their followers, which result a negative impact in them on how they see crypto. That's why we can't just rely on them for our crypto learnings, we should also know how to do our own research to avoid this kind of incident.

Peanutswar

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I guess Binance must be early to have this feature to their active traders but well yeah its on the current updates of the Binance they even changed some of the UI in their mobile so there's a big update, but in the mobile you didn't too much notice because its the end of the header navigation of their application, this seems to be a great news because there's a lot of people want to trade but don't have enough time but feels sad this feature is not currently supported in my country, only limited. You can check it out guys when you click the copy button once you see this feature.

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Quote from: taufik123 on October 10, 2023, 03:00:58 PM

yes, I saw it, I wasn't careful enough and there is indeed a Futures tab and it is "New".

Have you seen these features in your Binance app?

I tried to check the futures tab but I can't find it even though I updated the Binance app to the latest version I can't still find the copy trading features. According to the announcement the copy trading features are only available to selected users only.

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I always have my share of doubt towards these copy trading reading reviews everywhere there's positive and negative reviews but more prominent negative that talks about how these copy trading will eventually results in demise or losing money.
I'd say lets see how binance can deal with such issue and see whether the copy trading in binance is actually that great, it can be really effective for those that are newbies and want to delve into copy trading but it could also be problematic.
I personally haven't even tried copy trading but seeing its in binance guess I'd try myself.

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Quote from: albert0bsd on October 10, 2023, 01:33:51 PM

I don't know much about copy trading, but the latest news that I hear about it is people losing their money because they follow some pseudo-influencer. Obviously this was driven by an unskilled person. and by people who wants to be rich over-night.

Are you referring to copy trade on some platforms, or just people following influencer calls on social media? If it is the latter, I wouldn't be surprised. Pump and dump is not new, and sadly a lot of people still fall for this trick due to fomo. If it is the former, then some blame lies on the follower since most platforms show the trader's track record. It is quite naive to think that the platform is wrong when they choose a risky trader. If the platform doesn't show any risk profile, then people should stop using them. If Binance doesn't have a feature like that, I don't think they will last long since people can blindly choose a trader without knowing how terrible their calls are.

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Binance introduction of copy trading is a welcome development because the product has proved to be effective on other top cex especially Bitget. In as much as the product looks cool, it's important those copying other traders do their own research because they may end up incurring a serious loss.

taufik123

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Quote from: Faisal2202 on October 10, 2023, 01:05:30 PM

-snip-
well just to clear the doubts of BitMaxz and taufik123 of not availing the option of Copy trading on Android version. It is available on my side maybe it is due to the difference of region but just to clarify.

We have to see it in the Future trade option. This feature would be of great use to all of us, especially for the newbies.

yes, I saw it, I wasn't careful enough and there is indeed a Futures tab and it is "New".

Quote from: Bushdark on October 10, 2023, 02:31:04 PM

I still don't know why some persons see copy trading as a breakthrough for themselves since they don't really know how to trade and earn some funds for themselves. I had tried copy trading many times and sometimes I end up losing money looking at the capital those big influencers are using to trade in the market and comparing it with what you are using.

Market volatility casue one to lose money from the if care is not taken especially if we are trading with a very small amount of capital. I would prefer us to try to learn and understand trading than to go for copy trading which can be very addictive and not profitable in a long run. Many exchanges are making big profits from copy trading in case we don't know.

Responding to the phenomenon of copy trading, actually this is a feature that does make it easier to trade,
only need to copy or follow other professional traders then it will automatically trade according to who will be selected.

There are many pros and cons of using copy trading,
but this feature is mostly used for beginners who do not have 24 hours to watch the market and those who cannot make good decisions.
Trading emotions can be avoided because it only copies the positions of other traders.

It's a good idea before copying, to research whether the person you're following has a good portfolio or not.
There are points that determine whether the trader is recommended or not.

But certainly always relying on copy trading is not good, learning to trade manually and analyzing by yourself is the best in order to gain appropriate trading skills and expertise.

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Quote from: albert0bsd on October 10, 2023, 01:33:51 PM

I don't know much about copy trading, but the latest news that I hear about it is people losing their money because they follow some pseudo-influencer. Obviously this was driven by an unskilled person. and by people who wants to be rich over-night.

Unless you know who are you following and what is he doing i don't recomen copy trading.

I still don't know why some persons see copy trading as a breakthrough for themselves since they don't really know how to trade and earn some funds for themselves. I had tried copy trading many times and sometimes I end up losing money looking at the capital those big influencers are using to trade in the market and comparing it with what you are using.

Market volatility casue one to lose money from the if care is not taken especially if we are trading with a very small amount of capital. I would prefer us to try to learn and understand trading than to go for copy trading which can be very addictive and not profitable in a long run. Many exchanges are making big profits from copy trading in case we don't know.

albert0bsd

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I don't know much about copy trading, but the latest news that I hear about it is people losing their money because they follow some pseudo-influencer. Obviously this was driven by an unskilled person. and by people who wants to be rich over-night.

Unless you know who are you following and what is he doing i don't recomen copy trading.

Faisal2202

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I think this news is already shared here a while ago here it is --> https://bitcointalksearch.org/topic/m.62769873 This was the first thread where I came to realize that Binance doesn't have a copy trading feature because till then I thought they do have copy trading, well just to clear the doubts of BitMaxz and taufik123 of not availing the option of Copy trading on Android version. It is available on my side maybe it is due to the difference of region but just to clarify.

We have to see it in the Future trade option. This feature would be of great use to all of us, especially for the newbies.

taufik123

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Although copy trading is a well-established strategy on other exchanges,
Binance seems to have some advantages and benefits for members who join as lead traders or as copy traders.

Lead traders can receive a 10% profit share from their copy traders.
The remaining 90% goes to their copy traders. In addition, they receive a 10% commission on their copy traders' trading fees.

Can have 1 lead trading portfolio and 10 portfolios for copy trading simultaneously

Binance system will add a "High Risk" tag to the portfolio if the maximum leverage reaches or exceeds 10x in the last 7 days.

To earn another commission, you can use the Biancne Referral program for Leda or Cipy Trading.
The more you invite, the more bonuses you get.

Source:
https://www.binance.com/id/support/faq/pertanyaan-umum-tentang-copy-trading-binance-futures-6ed0995daf0b42d5816beaf1e31ca09d

Quote from: BitMaxz on October 10, 2023, 12:47:23 PM

I tried to check on mobile but I couldn't find this copy trading feature on Binance mobile is this only available on desktop?

I found the announcement about copy trading it seems it is not currently available to some users only selected customers can able to use copy trading.

It seems that it is not available yet, and the Binance App on Android also has not been updated since the last update on October 6.
May still have to wait for a while
I only found it on the website version

BitMaxz

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I tried to check on mobile but I couldn't find this copy trading feature on Binance mobile is this only available on desktop?

I found the announcement about copy trading it seems it is not currently available to some users only selected customers can able to use copy trading.

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CZ announced that the automated copy trading module has already started on Binance (BNB), the world's leading crypto exchange. Binance CEO and founder Changpeng "CZ" Zhao announced this upgrade on October 9, 2023, on his X account. A 22-second video has been made on his official X account about this, you can watch it if you want.
Video

Topic: Binance Founder CZ said that, Copy trading now live on Binance. - page 4. (Read 594 times)