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

[Upilword]

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.

Mods, please include this in my main post if you can.

What if the owner of the bot took your money? Couldn't they just reverse the trades and keep your money as profit?

 

[Batersch]

You should create your own trading system. It's the best solution. That's how I do it.

 

[Runnish]

You should develop your own trading system; it's the best solution. That's how I do it.

 

[Blazershb]

I used to think like you. It's not always a scam, but there are definitely a lot of risks involved.

 

[PunkMega]

This is risky unless you personally know the trader.

 

[Lunatoury]

I tested the trading bot on KuCoin. It made around 2% profit in 5 days. But if I had just bought the coin and held onto it, I would've made almost the same profit. So, in my opinion, it's not worth it.

Many of these systems seem to be designed mainly to make money from trading fees for the exchange. That's where most of their profit comes from, after all.

 

[Marysis]

It's tough. Just because they're pros doesn't mean they always make the right decisions. Hopefully, you can bounce back from this financial loss.

 

[Sadhelenn]

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.

I avoid any kind of trading. If you don't control your investments, you'll almost always lose. You are your best investor. Always use your brain when investing.

 

[Dataville]

Is it profitable?

If you find the right person to follow, you can make some money.

 

[Styxin]

Are you asking about the services provided by Google review sellers? @pelican Nema

 

[SosaHelpful]

I've been copy trading for a few months now. Contrary to popular belief, it's not about making money effortlessly. You need to understand the markets and evaluate key metrics before choosing a trader to copy. It took me at least a month or two to finalize the trader I wanted to follow. I won't discuss performance here.

 

[Execusp]

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

This situation arises for traders who aren't adequately prepared for copy trading, lacking solid risk management techniques.

 

[Verigent]

I'd suggest Zignaly. Direct message me for a link with 25% off fees.

 

[Bigan]

I believe you might have copied the wrong trader. It's crucial to find a reliable trader first before engaging in copy trading. While copytrading can be beneficial for beginners, it carries risks if you follow the wrong trader, potentially resulting in a loss of all your funds. Therefore, it's essential to identify a stable, consistent, and proficient trader to follow. Start by investing a small amount and observe their return on investment (ROI) for at least a month. If their performance meets your criteria, then consider investing more.

 

[PanetCute]

I attempted copy trading on Mexc twice and ended up losing money both times.

 

[SelfDev]

Thank you for the update.