Binance has announced today the addition of a new mobile-only “Discover” feature to its popular futures copy trading product. The feature uses a swipe right to like and swipe left to skip simple mechanism, helping copy traders more easily discover lead trader portfolios of their choice from a large selection pool.
Launched in October 2023, Binance copy trading has enjoyed consecutive growth. The number of copy traders on Binance has increased by 78.3% and assets under management have grown by 138.1% since the beginning of 2024. Binance now has thousands of lead traders on its platform, with over 1,000 top performing lead trader portfolios. The “Discover” feature is designed in response to user feedback for a streamlined social trading experience so that they can more easily explore and interact with a wide range of portfolios.
Lead traders on Binance make their portfolios available for copy traders to follow, and receive a 10% profit share and 10% trading commission rebate from copy traders who replicate their trades.
The “Discover” feature enters a full-screen mode to present one portfolio at a time, showing more details such as lead traders’ self descriptions, copy trader profits and other metrics. This allows users to focus on the detailed performance metrics of each portfolio, and not feel pressured or be overwhelmed by the large number of portfolios. Users simply swipe right to add a portfolio to their favorite list, and swipe left to view the next available one.
“Discover” also integrates the Copy and the Mock Trading functions into its interface, allowing users to seamlessly interact with lead trader portfolios. Mock Trading lets users practice copy trading in a realistic virtual learning environment without investing real money.
We launched copy trading to help facilitate sharing of traders’ experience with each other and promote more social engagement within the community. We constantly listen to our users and as it became clear there is demand for a more streamlined interface, we decided to look beyond our sector and take a page from non-financial products to innovate. “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,” commented Sherrine Tan, Product Marketing Lead at Binance.
The “Discover” feature will be rolled out to all copy trading users over the next week. Binance invites the community to directly suggest ideas for the product features they want to see developed here.