Binance (BNB), the world’s largest cryptocurrency trading platform, has rolled out an automated copy trading module, inviting all of its customers to explore this new feature. The platform features a leaderboard showcasing master traders who have impressive Profit and Loss (PnL) figures and substantial Assets Under Management (AUM).
The launch of the copy trading module was announced by Binance CEO and founder Changpeng “CZ” Zhao on October 9, 2023, through his X account.
According to CZ, Binance’s copy trading platform allows users with varying levels of expertise to replicate the trading strategies of some of the most skilled traders on Binance. Crypto traders can select a “master trader” whose trading strategy they wish to replicate through a newly introduced dashboard. To ensure transparency in copy trading, Binance provides essential metrics that characterize each trader’s background.
These metrics include “Return-on-Investments” (RoI), “Maximum Drawdown” (MDD), and “Assets Under Management” (AUM) displayed on the trader’s profile. The most proficient and successful traders showcase a 500% RoI in 90 days, with data available for 7-day and 30-day periods as well.
In return for their contribution, “master traders” receive a share of the profit generated by their subscribers, typically set at 10%. Over the past 12 months, several centralized exchanges, including PrimeXBT, Blofin, Bitget, and Bexplus, have launched similar copy trading modules.
Additionally, Binance announced that it will continue its operations in the U.K. under new crypto regulations, with an adjusted promotion strategy and limited functionality. These regulatory changes have led some major crypto exchanges to exit the U.K. market, with Bybit being one of the largest platforms to cease operations in the country.
