Topic: Binance is Rolling Out Copy Trading? (Read 543 times)

Well, it could be like that, but when I copy the trader always has their reputation I remember the last one I did copy trade the master trader had a reputation for more than 90 days but now is gone.

the best choice right now is do trade by yourself or copy with realiable trade with low leverage and track record more than 100 days

Service fees are still there but you don't realize it. Copy traders also have to pay 10% of the profits made - so it's not free.
So far I don't think beginners should be tempted by copy trading - I mean it's only easy but why do they need to entrust their profits and losses to someone else? It's better to learn to do it yourself instead of having someone else do it for you - that makes more sense to me.

I recently found out about Binance copy-trading. Don't know much about it for now but it seems to be a normal copy trading process, just like the other platforms offering similar services. I hope we will have something unique about the one on Binance that will distinguish it from the other copy trading platforms.

Copy trading is an attempt by newbie traders to get access to the same level of skill of expert traders without having to pay for such service, and while in theory it may seem like a good option this is not really the case.

And this is because those traders which are actually experts on this field are not going to allow anyone else to copy their trades, and the few interested on that will charge a fortune for this, so the only ones that will allow it are the traders that are nowhere near as good and that have been going through a lucky streak, and once you decide to follow them it is unlikely their good results will continue and you will lose money just as everyone else.

Like me, I do not like that type of copy trading, personally I do not really understand all that hype about it neither, it's just that you are copying the trades of someone else, that means you need to trust someone else better than what you would normally do, that doesn't make sense to me, why would I trust someone else with my money?

Why would I think that they would make more more money than I would make for myself. They do have incentive, the profit a bit goes to them, but they could make a loss and not lose anything neither, so it is not like it's a good idea for them. I think it doesn't really make sense for me to keep following them, it just doesn't make sense for me at all, it's useless for me personally.

Well, it's a choice if you want to do copy trading, as it is only an additional feature offered by Binance. and I agree with you that some traders don't want to use this feature, maybe because they don't want to trust their money to anyone. But copy trade is a well-known feature for most trading apps, and it is a realible feature, especially for beginners in trading. But of course, you can't just use copy trade recklessly, as you still need to consider things like equity and the funds your account has. For example, your trade will not be forced to close due to too much downtrade; if you have enough equity, then it will not happen. But if you do copy trade and the one you follow raises too much leverage beyond your equity's capability, then it is bad news.

In short, copy trading is a good feature to be added; traders will have more options to earn through Binance.

In this case, you are not choosing the reliable trader to follow but you are choosing the ghost one.
Well, I hope you've thought and realized already that copy trading is not really the best option to choose when trading. Though it can help us beginners gain ideas, however, it was also needed for us not to just rely on them but to do research as well. This is the option I used before but yes, if we want to improve, we must also encourage ourselves to carry the risk alone. We can explore the market and use a strategy that we think is effective. There are a lot but we need to choose 1 or 2 to avoid confusion.

Any additional feature that they do which people would like to use is a very welcomed one if you ask me. You have to remember that Binance is a business at heart, sometimes people think that it is there to help them, like was created out of some sort of idealistic point of view to enhance bitcoins power on the world, but that is not the case at all, they couldn't care less about it, if demise of bitcoin made them more money they would support that but the hype and FOMO of bitcoin market is a lot more profitable for them so they try to make sure that bitcoin is loved by all.

So, whatever they are adding new is not the benefit for you, it's benefit for them and a way for them to make more profit, but along the way if their profit means more money for you then that's a good thing and we shall use it. I personally do not use this feature so far, but I would never say never, maybe one day someone would convince me enough to make me use this feature in the future.

Most of the usual exchanges has this feature even before Binance did it. I've just checked my Binance account which hasn't been open for so long to validate this news and yes, there's already a copy trading on my account. But check out as well on which countries it is being supported.

Through this link: Binance Futures Copy Trading Service List

Anyway if it's futures copy trading, I'm not going to copy anyone with their trades. I need also to go through with the policies first with copy trading because you'll never know if these most copied traders might go on a trip and try to bring their copiers into pit so everyone gets to lose and Binance wins their money.

Another interesting thing that I have seen is that they also made some integrated social media inside their own platform.

This is the first time I’m getting to hear Binance has copy trading. I have always known Bitget to be at the fore front of copy trading in the crypto space.

If we trade our money through Binance there is no possibility of any loss of our money. Binance keeps our money 100% safe. I love this transaction through Binance. I do my own transactions. It is very reliable. I personally think it is nothing but a form of foolishness if I allow someone else to manage any of my own assets. Of course I should always be careful with my own money or wealth. Being reluctant to do so will do nothing but harm to myself. So it is wise to be careful with one's money.

Although this point is not very important, but it is true that copy trading is done in Binance. However, other exchanges have been using this topic for a long time, but it is newly revealed in Binance exchange. However, not all users use this type of copy trading, mainly people who are new to the exchange notice these things. Moreover, Binance knows how to promote their business and attract people to their exchange, which may be why it was launched.

It actually happened to me on the last try I tried trader wagon with a different master trader I copied it for about 100$ and lost it 70$ and then the master trader was gone.
Secondly, I tried a new copy trade on Binance by using 10$ and ended up gone  

I don't know what happened but I chose master trade carefully.

Choosing the best trader is the important part here. I find it easy to copy trade at Binance compare to other platforms which provide this feature. I check the most ROI percentage in the last 7 days and filter the traders in this manner. Then I go for traders with more successful trades than unsuccessful ones. Finally I place bet in Fix ratio section rather than fix amount. I had invested around 600$, right now I am at 100$ profit to be precise. You just need good luck and a good trading leader.

Yes, copy trading is easy. In fact, copy trading does not require experience since it depends on copying all the trades of the most successful traders, so as you mentioned, you only need to choose the best traders carefully.

I have not tried copy trading on Binance. I remember that I tried it on another exchange a while ago. I expect it to be the best traders on Binance. Do you have an idea how much the fees are for copy trading on Binance?

They are late because seems like most of their users are knowledgeable with traders and to the newbies they are letting them use the spot trading before understanding the risk of futures trading, some of them risk their assets to experience this but do not all have the same story of their futures trading, this kind of feature copy trading will now become more user friendly to their users because they can now make a trade by using copy trading now they will check it out the trader win rate of the player they want to follow but of course, budget is a must in copy trading somehow they will commit a trade that you cant afford so you cant make a position.

The problem here is that traders' success rates always represent the past. If a trader has a success rate of 51%, for example, this says nothing at all about whether his future trades will also be successful, because unfortunately luck also plays a role in trading that should not be underestimated.

I myself was once lucky and followed a trader on 1Broker who was 300% up, accordingly "my" trades were also successful. There was a real hype around him and a lot of people jumped on his trades ... unfortunately, this was also the peak of his trading career, most of his trades went wrong from this point on ... and so did all the trades of those who followed him.

Picking the right trader is and will always be the main problem of using copy trading or signals, because even if you were to pick the right option there is no guarantee you will get profits as humans are not perfect and we make make mistakes or we simply have some bad luck.

And if you are copy trading someone when they are going through such difficult moments then you will lose your money, and while this is bad enough you will lose that money while learning nothing in the process, which at least to me is by far the worst outcome that can happen to any aspiring trader.

Binance actually rolled out Copy Trade a year ago from another app called traderwagon and it turned successfully and now they integrated the system into Binance main website. I tried it and lost  even from their Trader Wagon app setup copy trade is easy because only need money and a couple of clicks the hard part is to choose the provider because we risk our money to them so you better chose carefully.

I think this new model Binance introduced where the trader being copied is limited to 200-400 followers (depending on his preferences) might be viable (top traders with highest P / L and RoI are already maxed out),

they are keeping the number of copy subscriptions relatively small so that the original strategy doesn't lose its edge; in liquid products and working with traders who have a proven track record with professional risk parameters, this can be a profitable option for passive income...

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.

Binance has had the copy trading feature for some time. Personally if you ask even though I haven't seen any question asked about it, Copy trading on Binance which should be done with utmost care is more advisable than copy trading done on ByBit. The third party service which Binance uses is Traderwagon and they are a direct partner with Binance.  You can trade using  the funds in your Binance account so you could  just leave your money in your spot account and  then it will transfer to Traderwagon when you use  your account on the website but here is what I love, the money doesn't actually leave Binance. You are sure that your money is safe because of the security of your funds provided by Binance.

If Binance should roll this out, they will be the one missing because there are some of their customers attached to this service even though if they halt the entire copy trading, it's left for the people to either use other forms of trading or make use of a different exchange in performing copy trade, knowing also that it's all about future trades, is this really going to be the fact that Binance are taking action on or just a buzz on crypto news with Binance.

In crypto exchanges spot market, there is not anything called copy trading, it is only in crypto exchange derivative market just like I have once said. I agree to that.

That link was posted by EarnOnVictor already in his previous post. The link was 2022 not something recent and it would be about Tradingwagon which is the third party providing the copy trading on Binance.

How many articles do you want? Just google it

I said a leader exchange industry in general, not specific about features. I mean, binance doesn't want to be the "first", but the "most". So, why not to collaborate with established companies to absorb some of their users. When binance launched their own feature, they have got some new users.

I am new to copy trading but I'll love to give it a try. Does Bitget have a toturial on how to use copy trading on their platform?

It's good to be curious, because that's how we learn best.
I think I got to know about the copy trading feature first from Bitget. This Bitget exchange just celebrated it's 5years of existence and they pride themselves in offering advanced traders options like copy trading and A.i integrated features to aid pro traders do more and gain more from trading.
Binance is only just catching up with copy trading, as it mostly serves beginners and intermediate traders/part time traders with its easy to understand features and modus operandi. We should still expect more development from the Binance team in coming days because as other exchanges are coming up, the competition for top spot is in serious contention.

Do you mind sharing your findings with me? Or any of the article you came across? I do believe Binance is a thriving exchange but not a leader when it comes to copy trading.

That's why I am also too excited to see how it will attract more people because in my knowledge Binance is accessible in most of the countries so this feature could attract more people toward crypto and trading. But honestly, I have no love toward copy trading instead using it to analyze the market and to understand the behavior or sentiments of other people.

I agree with you on the fact that copy trading is not a good option due to numerous factors such as the trader whom one is copying might be using huge capitol while many try to copy with small capital and end up in loss. Other wise there are also many other factors present but copy trading has its own benefits too. And to be honest I think Binance will attract more people and might pave the way of adoption too.

True, they were like the pioneers of Copy trading but aren't they limited to some certain countries only?  They're not operational globally.

To be very honest I also thought copy trading is already exist in Binance. As I am seeing the option of copy trading from a long ago. But I as many members are discussing and from there discussions I can conclude that those copy trading features which Binance was providing before was via 3rd party platforms but now they introduced there own in future trading.

One thing more, there was a option of leaderboard where all the trading results are shared I think I am mixing the option of copy trading with that. Well I do not know for sure because I did not performed copy trading in my life. But let's see how it turns out to be.

PS: I saw you made two consecutive posts, which is not allowed. But I think you are newbie here so please avoid it next time.

Still limited to futures markets only. A good good start tho. They'll have a long time to catch-up with the fore-runners in the spot markets.

Ahh, it sounds like Binance is trying to pull up more businesses with the collaboration of the top traders who will directly facilitate Binance to have fun with the traders..  (Never Mind just a comment in criticizing the copy trade system). I openly used to say I didn't like copy trades because I have seen with my eyes people blindly following their crypto celebrity even allowing them to play with their funds just in the greed of making the way to a passive and effortless income.

Those who trust blindly in greed end up losing all, even sometimes committing suicide, its is a sad reality that whatever we say in support of copy trade it is useful in learning, and comparison and bla bla people outside this concept take it as a shortcut to make money (I don't think anyone will disagree on that).

I was reading above the Op asking who brought the concept of copy trading in this market lets see what ChatGPT says on it;

Sorry about that, I just edited my post now and included the link.

Even though it's not really important, I need more validity to this claim. Some of the articles I found about bitget copytrading were published around January 2023. That's actually relatively new compared to Binance's. And all the user cares about is the functionality of the feature regardless of its implementation. I think Binance as a leader in the exchange industry knows how they should grow their business.

I'm surprised by the OP and how some people believe this is true despite seeing copy trade and leadership features on the exchange regularly. Binance has been offering copy trade service for years and this has been with both Binance direct offering and a third-part bridge in my understanding.

I don't copy any trader, so I can't fully say about this, but the recent feed I saw about what the OP is referring to is about futures trading (https://www.binance.com/en/feed/post/1010653?ref=70111088). It's possible they offered the copy trade directly on spot trading only before now.

The OP could have done better by sharing a link on this article.

Binance's copy trading can only be accessed via a third party provider like Wunder Trading unlike other exchanges with 1 click copy trading feature.  Also no, not all exchange's copy trading features are centered on the futures market. Bitget introduced Copytrading for the spot market first before other exchanges. 
Source: https://www.vanguardngr.com/2023/02/a-step-by-step-guide-to-spot-copy-trading-with-bitget/#:~:text=In%20early%202023%2C%20Bitget%20took,service%20for%20the%20spot%20market.

Honestly I had no idea one couldn't directly use copy trading on Binance. I just did a little research now after your comment and confirmed for a fact that it was only accessible via 3rd party providers. I saw one of them; WunderTrading.

I'm surprised.

Copy trading has been on Binance many months ago if not years. Since I know Binance, I saw copy trading on the exchange, but I do not know when it was introduced.

But Binance copy trading is in future market not sooty market. On all other crypto exchanges as well, copy trading is on future market, not spot market.

Yes, through TradingWagon which is the third-party.

@R1dwanRz, can you share the link to the announcement?

Yeah, it's just that Binance uses 3rd party services that are integrated directly into your Binance account. If you want to use the feature, you must first move your futures funds to that service.
Regarding the new futures feature you mean, I think Binance will launch their own and remove collaboration with 3rd party apps so you don't have to take funds out of your account anymore.

did Binance just announce they're finally jumping on the copy trading feature? I mean, kudos to them for catching up, but seriously? Copy trading wasn't a thing on Binance before this? I genuinely thought Binance had this feature ages ago.

But hey, better late than never, right? Now that Binance is stepping into copy trading, I'm curious: Who was actually the trailblazer in bringing this concept to the spot market?