Binance is not without reason considered being the most popular crypto exchange – the number of its users reaches tens of millions. It has become much more than just a place where you can trade digital assets. Binance has long gone beyond crypto trading exchnage and became a full-fledged blockchain system with its own token, educational portal, binance copy trading marketplace, infrastructure solutions, staking and launchpad features and much more.
It comes as no surprise that anyone who feels involved in the world of cryptocurrency wants to trade on such a well-known platform. That’s because Binance provides access to more than 350 digital coins and thousands of trading pairs. Also, it has long proven itself as a trusted participant in the crypto space, allowing users to buy, sell and store crypto safely.
There is nothing complicated about this if you are a professional in exchange work. However, those who are just starting this path are often afraid of making a lot of mistakes and losing all their money. Usually, this results in newcomers getting disappointed in trading, thus missing the chance to make huge profits. It was for them that copy trading was developed.
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What is copy trading?
Imagine that you trade in the exchange without taking any independent actions or decisions. Someone else who has significant experience in trading cryptocurrency decides when to open a trade, at what moment to enter the market and what asset to bet on in order to make a profit.
This is what copy trading is all about
You choose a profi who is good at it and you copy his deals on the exchange and end up with the same trading result as he does. Of course, copying cannot be complete – for example, if he buys five Bitcoins and you don’t have much money, you cannot do it. But you will still buy Bitcoins, only in smaller amounts, and you will make a profit if their value goes up later.
As you can see, copy trading crypto Binance is a great chance to start trading. Not only will you profit from the deals of professionals, but observing their actions will give you the skills you need to act on your own.
What is the benefit of copy trading for those whose deals are copied? It’s very simple: for the opportunity to use other’s knowledge, newbies pay him a fixed percentage for each deal. In other words, each side is interested in this strategy. This is the reason why it is so popular.
There are two types of copy trading
The first option is called manual and involves direct communication with the trader. For a small fixed fee, the trader gives you information about the deals he will make. Based on this data, it’s up to you to decide whether to follow his advice or not. The advantage of manual copy trading is that by opening transactions on your own, you quickly gain skills and become a professional. The disadvantages are that you have to be in touch with the trader all the time and not to miss a moment when he enters the market to make a deal. Also, it is possible to make mistakes, especially if you are inexperienced.
The second variant is the most interesting for us, and we will describe it in detail. This is an automatic Binance copy trade.
As you can see from the name, you do not need to do anything yourself – all trades will be copied for you by the system.
How to automate copy trading on Binance?
In order to start Binance copy trading, you need to connect its account to the trading platform.
It is software designed to automate traders’ work.
The Binance copy trading platform gives you the opportunity to:
- Trade on several exchanges simultaneously, using a single interface.
- Copy deals of other traders.
- Buy and sell digital coins.
- Use crypto robots to automate your work.
For these actions, we recommend using the WunderTrading. Created by two crypto-enthusiasts in 2018, today it has become a full-fledged and powerful tool used by tens of thousands of traders. Its Binance copy trading bot is considered one of the best for implementing this strategy.
In order to start free copy trading in Binance, you need a few simple steps.
- Create an account on WunderTrading.
- Connect your Binance account to your Wundertrading account via API.
- Select the trader whose deals you want to copy.
- Click the “follow” button.
As you can see, each of these steps is straightforward. In addition, the platform’s website has detailed instructions for each of them. For example, if you’re having trouble setting up the Binance copy trade API, the site tells you in detail how to do it.
You can copy any strategy of any trader on Binance. For example, if you need Binance futures copy trading, choose a trader who trades futures and copy his deals.
You can copy trades not only of Binance users but also of any other exchange on which you have an account. Connect it to WunderTrading with the same steps we described above and start copy trading.