Binance Rolls Out “Discover” Feature To Simplify Crypto Market Copy Trading
In Brief
Binance unveiled mobile-exclusive feature, “Discover,” within its futures copy trading product assist traders in exploring lead portfolios.
Cryptocurrency exchange Binance unveiled a new mobile-exclusive feature, “Discover,” within its futures copy trading product. With a simple swipe right to like and swipe left to skip mechanism, “Discover” aims to assist copy traders in effortlessly exploring lead trader portfolios from a vast selection pool. “Discover” will be accessible on the Binance mobile application starting next week.
“We constantly listen to our users, and as it became clear there is a demand for a more streamlined interface, we decided to look beyond our sector and take a page from non-financial products to innovate,” said Sherrine Tan, Product Marketing Lead at Binance. “‘Discover’ is a great addition to our copy trading product, catering to mobile users who want an enhanced experience to explore at their own pace,” she added.
“Discover” integrates the Copy and Mock Trading functions into its interface, allowing users to interact with lead trader portfolios. It will enable users to practice copy trading in a realistic virtual learning environment without investing real money. Users can swipe right to add items to their favorites or swipe left to skip them. Additionally, they can click “Mock” to test with virtual funds or “Copy” to trade directly.
The “Discover” also transitions into a full-screen mode to showcase one portfolio at a time, providing additional details such as lead traders’ self-descriptions, copy trader profits, and other metrics, enabling users to focus on the performance metrics of each portfolio, removing the pressure of the extensive selection. Users can quickly swipe right to add a portfolio to their favorite list and swipe left to move to the next available one.
Binance Copy Trading Sees Significant Growth, and Inspires Creation of “Discover”
Introduced in October 2023, Binance copy trading has experienced continuous expansion. The number of copy traders on Binance has surged by 78.3%, and assets under management have grown by 138.1% since the onset of 2024.
Currently, the exchange has thousands of lead traders on its platform, featuring over 1,000 top-performing lead trader portfolios. Notably, lead traders offer their portfolios for copy traders to follow, earning a 10% profit share and a 10% trading commission rebate from copy traders who mirror their trades.
According to Binance, the development of the “Discover” feature stems from user feedback. The aim is to offer a more seamless social trading experience, enabling users to effortlessly explore and engage with various portfolios.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
