Topic: Binance is Rolling Out Copy Trading? - page 2. (Read 543 times)

Trading is a difficult job to some people, Binance is only trying to bring people that are having less interest to trading, more like a short cut but this technique of trading will burn plenty of hands. It will be profitable perhaps when we enter bull market but even the real traders avoid trading during bear market, only the traders with coconut head(stubborn types) trade that time and mostly lose money because they trade futures to short market and we all know how dangerous future trading can liquidate accounts quickly.

As you also said, more fees for exchanges. Binance isn't the only exchange I have seen with this featurebof copy trading, okex has it already. I'm not sure about Kucoin but if they don't yet, they will do that as soon as possible because they wouldn't be the last people that will not enjoy the fees.

I will not advice any trader to indulge in this sham trading, in the long run they will run out of market because been too independent on another person is really really bad for a trader. Mroe like a trader that copy signals from one telegram group to another and when the Telegram group is deleted, you will be helpless.

I am very glad that someone else thinks exactly the same as me that Binance is late for the copy trading, that this is a necessary for users who use this feature and that this move is a great. Although I am not someone who uses this feature, I definitely think it is beneficial for some small investors to help profit-making users earn money by copying their transactions and for people whose transactions are copied to earn extra income from this feature (copy trading commissions). Although it is a feature that takes place over general market transactions and doesn't have a different transaction parity for these transactions it is also possible to say that this feature causes volatility in the markets because the person whose transactions are copied actually uses not only their own transaction amount but also the budgets of the people who follow them. We also see that parity causes transactions with higher amounts to be opened due to copy trading feature.

Although Binance is generally a leading company in cryptocurrency exchanges and markets, it had to lag behind its competitors for its trade copying feature and follow these competitors. Of course, this was not a huge disadvantage for Binance but as a business first in the cryptocurrency markets it should have activated this feature for its users long ago.

It is a new thing in binance and could be helpful for many people. But I have always been against copy trading. It could lead to many problems in the future. Those who are making profits out of copy trading, I am not against them. But I personally don't like it. Imagine you are copying someone who may have profited a lot in the past and our first thought would be to follow them or copy them. But it is not that they will always make profit. They are going to make losses too. That is how trading works. There are profits and losses.

Also, about the amount that they are trading with, the leverage they are using, and for how long they are going to keep the trade open is unknown. All you see is if they are taking a short or a long trade. Then there's other problem which is for the newbies. Those who are doing trading for a long time would know if the one they are copying is doing right or wrong. That's not the problem. But the problem arises when newbies try to do copy trade. They are not learning anything about trading and just following blindly what other people is doing. In the long run they will have no knowledge no experience about what to do if that service is not available anymore. They will have no choice but to learn everything from the ground up. And that is a huge risk if you ask me.

So for the newbies, do not copy trade and learn everything on your own. Enjoy trading while you learn. It will be the best weapon your future.

Without a doubt this is a move that makes sense for binance as they are bound to get more volume and get more fees in return, however traders need to ask themselves if this is the right move for them, and in my opinion this is not really the case.

Whenever we think about some of the ideals behind the market, ‘not your keys, not your coins’ is often mentioned, however letting another person to trade on your behalf is on essence to leave your financial future to a person you have never met and of which you do not know their capabilities as a trader, meaning that not only you are going against the most basic principles behind this market, but also this is a terrible financial decision, as who leaves their financial future on the hands of someone else?

The exchange makes money on fees, it is beneficial for them, that as many traders as possible trade on Binance, and how successful this copy trading can be, is no interest to them. Repeating after someone means actually giving someone the opportunity to manage your funds instead of you, in my opinion, this is a very bad idea and will not bring anything good. When it comes to your money, you need to be very careful and trust only yourself.

That's actually not a problem if they offer the same features and experience as regular copy trading. It is integrated legitimately, I think binance will be responsible on the failure of that third party module.
Anyway, before your post, binance actually launched their new copy trading feature on the futures market^[1]. I haven't checked further whether it remains a 3rd party or their own module.

1. https://twitter.com/cz_binance/status/1711370601133203555

This has been around for several months if I'm not mistaken and still requires a third party if you want to use it. Binance is trying to attract more people to the features they offer and Copy trading might be useful for those who are lazy about learning how manual trading works that relies on their own analysis. Of course it is not a complete decision when we use it and our own intelligence in analyzing must also be combined to get a much better experience.

The Binance development team understands what they need to add to other features and Binance is one of the exchanges that has wide trust value for many people and Binance also has a good reputation for the class of several exchanges that exist today. So there must be innovation that they need to develop so that the stock exchange remains one of the choices of many people, they understand the business side much better than the developments carried out.

Oh yea, that was part of the reason I didn't really try copy trading on Binance. I use it on my other exchange that doesn't require a third party before trying out the copy-trading feature

That would give a lot of new users to Binance as well, that's why they add something like this. They know that there will be a whole influx of new people that came in because of the influencers who tried to get them to follow their lead, and that would result with influencers bringing their thousands of users to check their own results, which would benefit Binance because they would have bunch of new customers who trade.

I bet that this will increase the volume of Binance as well, it may take sometime because it can't be all within a single day but I bet that it is going to happen. Of course we are also at a point where bitcoin price went up as well, so people may think it could be the FOMO that increased the volume or they could think it was this, but you could compare the increase in volume of other exchanges and on Binance as well and see the difference, if one place went up 20% and the other 50% that could be the increase Copy Trading helped Binance get.

Copy trading has nothing, absolutely nothing, to do with trading. Copy trading is an entertainment like going to the casino and betting everything on red.
Why? You have absolutely no influence on what happens, you are completely dependent on someone else and the learning effect is (almost) zero. So it's similar to roulette or playing slot machines.

Copy trading is fun (have tried it myself for some time), but you must not see it as an investment strategy or even trading.

I absolutely agree with your viewpoint Binance's introduction of the copy trading capability, if somewhat late, is a great move, particularly for traders who cherish this service. In such a volatile and competitive market, it is critical for big exchanges like Binance to adapt and present its consumers with a diverse range of alternatives. While it's difficult to pinpoint the precise pioneer of copy trading in the spot market, Bingx, PrimeXBT, and Kucoin have all been early adopters and important participants in this field. One of these sites is believed to have played a substantial influence in popularizing and establishing the notion of copy trading in the bitcoin market.

I've been seeing COOY trading added as one of the features of Binance for a few months now. Maybe CZ noticed that the top exchange has copy trading on their respective platforms, and he is the only one who doesn't have it, so he went along with it.

But I don't think anyone pays much attention to copy trading on Binance right now. Because copy trading means that if you are lazy, you can try it, or even if you don't know anything about trading, you can still do it.

This is quite a long time now. Is there any reviews done by Bitcointalk members using this?

I do hope that would happen as well. I didn't know or didn't see that there were announcements for them to do that. Any related news about this that could bring up the usage to the Philippines or any reason behind it?

Binance announced that the copy trading feature was activated recently. Although I am someone who doesn't use this feature it was definitely a huge deficiency that an exchange where the world's largest cryptocurrency trading takes place didn't offer this feature while many of its competitors did. For this reason, although it is a late feature I think it would be good for the platform and its users if it was activated late since it never existed.

Although I don't remember the name of the bringing this concept to the spot market that first offered this feature and caused it to be widely used in the market. I remember that it is a feature that has been used by Bingx, PrimeXBT and Kucoin for a long time. Considering that all three platforms I mentioned have a serious power in the cryptocurrency markets, I think that one of these three platforms was the first to offer this feature and cause it to be used so much.

I just realized that the copy trading feature is not yet available to other countries including the Philippines. I am no stranger when it comes to copy trading as I have done that before in other platforms like Bityard and Prime XBT.

But it would be very interesting if the copy trading of Binance would be available soon in the Philippines. Most of us here in the Philippines using Binance are into P2P, spot, margin and futures.

Even though copy trading is not likely the best trading method especially for newbies and beginners who didn’t have any knowledge yet, but they can explore it as long they acknowledge the risks and managing them at the same time.

Let’s just hope that Binance would make copy trading available for the Philippine users.

Thank you for sharing, been following their updates. The CEX recently added new coins to their one-click copy trade.

Maybe Binance learned that copy-trading really matters in the platform that's why they decided to add this feature. They might noticed that copy-trading encourage a lot of users to use the platform. As what I have noticed, copy-trading was being hype by influencers and mentors which really gives positive impact to all platform that has copy-trading feature. Since Binance is the top 1 Exchange, it would be better if they add this too as the other exchanges already added it. Also, it would never be too late and possibly encourage more users to use the platform.

It's on Bitget's official website:https://www.bitget.com/academy/Tutorial-For-Selecting-A-Trader-On-Bitget-Copy-Trade It seems to cover the basics of selecting a trader and understanding their performance. Definitely worth a read for anyone new to copy trading on Bitget.

It is always better to do your own research on each coin you want to trade with.
For beginners, this may help. However, they should not be dependent on this kind of trading technique.
You are also copying to a human trader, so he is also prone to mistakes and misjudgments.
But in case, you will go to this route, better be smart in choosing the trader you want to copy with.
Check their portfolio or background. And then pick-up the strategies that he is possibly using.
It is not always that you need to follow these people. In time, you will know your own moves.

Yeah better late then never and I don't know my possibilities of catching up with the copy trading feature of the binance app because I really watched alot of YouTube videos before catching up with  the normal binance processes but I think I might be more safe while using the binance  copy trading features because I believe binace even though being centralized,  it has alot of security measures and those measures really keep me secure.
I hope that binace keeps the entire process very easy and simple and they should also consider the ease of using this feature as the easier it might be, the more people would want to check it out.