Binance Futures Unveils Copy Trading Feature – Blockchain Reporter

Binance Futures, a major centralized cryptocurrency exchange, announced intentions to phase in a copy trading function on August 22, 2023, at 6:45 a.m. UTC. This creative innovation will change how customers trade contracts by allowing them to replicate seasoned traders. By mid-September 2023, the entire plan will be in place.
The new copy trading function from Binance Futures aims to help traders, especially beginners, gain confidence in their strategies. This feature lets users follow and copy professional traders’ real-time contract trading tactics. Optimizing user engagement and increasing Binance Futures’ ecosystem involvement are the major goals.
Copy trading lets users learn trading methods and improve their skills by watching professional traders. After copy traders copy their strategies, traders who place trades can receive commission rebates and exclusive incentives. Copy trading is one of Binance Futures’ many features that improve traders’ experiences.
Copy trading automates the replication of skilled traders’ real-time trading tactics. This concept simplifies trading by making it easier to copy industry experts’ strategies.
Futures copy trading in cryptocurrency has many methods. Bybit, a cryptocurrency exchange, uses PAMM models. Many API-accessible third-party platforms enable copy trade. These services use read-only API keys for traders and trade-only credentials for copy traders.
Read-only API keys allow the copy trading platform to monitor and duplicate exchange account transactions, mirroring the trader’s activities. In the meantime, trading API keys enable replicated actions across unified copy trader exchange accounts, establishing a simulated trader’s account.
Binance Futures’ copy trading shows its commitment to innovation and customer satisfaction. Binance Futures aims to democratize trading by providing a platform for anyone to learn and utilize skilled traders’ methods. Traders and enthusiasts may expect a lively and comprehensive trading environment as new features are added.
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
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