Copy trading on Binance allows users to automatically replicate the trades of professional traders. Binance offers copy trading through its Binance Copy Trading feature, which lets you follow and copy the strategies of experienced traders. Here’s a full step-by-step guide to start copy trading on Binance:
Step 1: Create a Binance Account
If you don’t already have a Binance account, follow these steps:
1. Go to Binance's official website.
2. Click on Sign Up and create an account using your email or phone number.
3. Complete the KYC (Know Your Customer) verification, which requires uploading identification documents.
Step 2: Access Binance Copy Trading
1. Log in to your Binance account.
2. Go to the Copy Trading section:
On the Binance website, navigate to “Trade” > “Copy Trading”.
In the Binance app, go to “More” > “Copy Trading”.
Step 3: Choose a Trader to Copy
1. Browse the list of available "Lead Traders" (experienced traders).
2. Review their performance metrics, such as:
✅ Profitability (ROI)
✅ Risk level
✅ Trading history
✅ Followers
✅ Assets under management (AUM)
3. Click on a trader’s profile to check their detailed statistics and strategy.
Step 4: Allocate Funds for Copy Trading
1. Click on "Copy" on the trader’s profile.
2. Enter the amount of USDT or other supported cryptocurrencies you want to invest.
3. Choose a risk management setting, such as:
▪️Fixed investment per trade (Each trade will use a set amount of funds).
▪️Percentage-based investment (Your trade size will be a % of the leader’s trade size).
▪️Stop-loss & take-profit settings (To limit risk and lock in profits).
4. Click "Confirm" to start copying trades.
Step 5: Monitor and Adjust Your Copy Trading
1. Track Performance: You can check your open and closed trades under the Copy Trading Dashboard.
2. Adjust Settings:
▪️Increase or decrease your investment amount.
▪️Modify stop-loss and take-profit settings.
▪️Pause or stop copying the trader if performance declines.
Step 6: Withdraw or Reinvest Profits
1. When you earn profits, you can:
▪️Reinvest them by increasing your allocation.
▪️Withdraw them to your Binance wallet or bank account.
Tips for Successful Copy Trading on Binance
▪️Diversify: Copy multiple traders to minimize risks.
▪️Choose Low-Risk Traders: Look for traders with consistent returns rather than high-risk ones.
▪️Set Stop-Loss Limits: Protect your capital by setting automatic stop-loss levels.
▪️Monitor Regularly: Don’t blindly follow a trader; track performance and adjust if needed.