For the futures markets, Binance has introduced a copy trading function. Users are able to mimic the actions of seasoned traders thanks to this function.
Binance, a cryptocurrency exchange, has added the ability to “copy trade” certain futures contracts across a number of other marketplaces. This new feature is meant to streamline trading by letting users model their actions after those of successful “lead” traders.
The exchange allows copy traders to follow up to ten lead traders at once, and each copy trader may customize their risk exposure by adjusting parameters like take profit/stop loss, leverage, and margin.
Binance said in a statement that it believes the copy trading function would increase participation in its trading community. The exchange’s spokesman stated, “We believe that copy trading reduces the barriers to entry into cryptocurrencies and can help to increase social engagement there.”
When asked which markets will be included with copy trading, the exchange refused to respond. Binance, according to the exchange’s spokeswoman, is dedicated to following all applicable regulations and so conducts regular assessments of its products.
“As new rules and guidelines emerge, Binance is always taking stock of its product lineup. This is why copy trading is only offered in specific areas, and why we’ll keep evaluating our products in order to make sure they’re well-received by users and authorities”, the representative said.
Concerns have been voiced by regulatory organizations in a number of different jurisdictions that Binance may not have taken enough steps to prevent its platform from being used for illegal financial operations.
Legal action was taken against Binance by the SEC in the past on the grounds that the company offered unregistered securities to U.S. customers by means of its BNB token and the related BUSD stablecoin.
Furthermore, Binance faced regulatory hurdles in countries like as Canada, the Netherlands, and others. Because of this, Binance has reduced or stopped offering its services in some areas.
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