MMO CR Has anyone here tried Binance's copy trading feature?

[Mylingna]

I've been checking out Binance's copy trading feature for a few weeks now. Has anyone given it a try? Their knowledge base isn't very helpful in explaining things.

Edit:

PS: Update

I lost all my investment. Not doing it again. LOL.

 

[WetSizzlin]

I didn't know they had that feature. Are there any experienced traders who have had success over a long period that we can imitate? When did the copy feature start on Binance? Can we still rely on Binance after the investigation?

 

[Mylingna]

I didn't know they had that feature. Are there any experienced traders who have had success over a long period that we can imitate? When did the copy feature start on Binance? Can we still rely on Binance after the investigation?

I've noticed that in the past few weeks, maybe they've activated it based on user levels.

 

[Emporing]

I noticed the copy trading feature on another exchange that's like Binance. Isn't it just a way to make those who made money during a crypto boom look good? Or is there actually a strategy behind their investments?

 

[Mylingna]

I noticed the copy trading feature on another exchange that's like Binance. Isn't it just a way to make those who made money during a crypto boom look good? Or is there actually a strategy behind their investments?

In my view, it's similar to mutual funds where someone else handles your investments for you.

 

[WetSizzlin]

Do you really believe life works that way? Just give someone money and expect to get returns without any effort?

You give the guy a percentage as payment for his work.

 

[Cebeobr]

I've also wondered about this. Could it be based on location too? I've heard people mention it, but I haven't seen it myself.

 

[Glamoco]

You give the guy a percentage as payment for his work.

Yeah, and he takes no risk at all—seriously?

 

[Glamoco]

Do you really believe life works that way? Just give someone money and expect to get returns without any effort?

 

[WetSizzlin]

Yeah, and he takes no risk at all—seriously?

He needs to invest some money before I can follow his lead. That's the key idea. I think you're not quite getting how this works.

 

[Cebeobr]

Is it profitable?

 

[Mylingna]

Update: I just put in 100 USD using copy trading. The trader hasn't been online for the past three days, so there's been no change in my investment. I'll wait another week to see what happens.

 

[Shucket]

If you consider copytrading from the bot owner's perspective, the main advantage is that you can earn 10% from trades without taking on any risk if they fail. Copytrading can be risky, but if you dig into it, there are two kinds of copytrading:

AI bots
Traditional copytrading, where a person handles it.
With AI bots, you can make money, but only if the news doesn't cause sudden price changes. With traditional copytrading, you face all the risks I mentioned earlier.

Based on my experience, I've used AI copytrading a few times, as recommended in my trading group. In just two weeks, the bot doubled or even quadrupled the deposit, but then it cut my gains in half after some big news hit. So, do your own research (DYOR).

 

[Mylingna]

PS: Final update

I lost my entire investment.
Not doing this again.
Haha.

Mods, please add this to my original post if you can.

 

[Haner]

PS: Final update

I lost my entire investment.
Not doing this again.
Haha.

Mods, please add this to my original post if you can.

How did it happen? Did the Master Trader make a bad trade and you lost your entire deposit?

 

[Mylingna]

How did it happen? Did the Master Trader make a bad trade and you lost your entire deposit?

Yes, and setting a stop loss doesn't help because the price drops too quickly.

 

[Landrater]

I just read your post. I could have told you this would happen. Someone I knew went through the same thing. I'm sorry for your loss.

 

[ThinkWar]

I've been checking out Binance's copy trading feature for a few weeks now. Has anyone given it a try? Their knowledge base isn't very helpful in explaining things.

Edit:

PS: Update

I lost all my investment. Not doing it again. LOL.

Binance doesn't offer copy trading, buddy. It's Bitget that's used for copy trading.

 

[Cetical]

I tried it before and ended up losing $300 across my three Binance accounts.

 

[Ferrancy]

Binance's copy trading details are not very clear. New features can be confusing without clear instructions. But remember, copying others doesn't always lead to success. Just because someone did well in the past doesn't mean it will happen again in the future. You might find more information about specific Binance experiences on online forums.