Binance unveils Discover, an industry-first futures copy-trading service

Binance, the world’s most extensive cryptocurrency exchange platform, has unveiled a novel futures copy-trading service called “Discover,” as per the information shared with Finbold on April 5.

The innovative, mobile-centric addition employs a straightforward swipe-right-to-like and swipe-left-to-skip mechanism, simplifying the process for copy traders to browse a wide variety of lead trader portfolios.

The Discover user experience

The new service is rather intuitive: a swipe right adds a portfolio to your favorites, while a swipe left lets you move on to the next option.

Moreover, seamless integration allows users to effortlessly toggle between virtual “Mock” fund testing and direct trading.

Also, lead traders on Binance offer their portfolios for replication, earning a 10% profit share and 10% trading commission rebate from copy traders.

As such, the design allows for a focused evaluation of each portfolio without overwhelming users with numerous options.

Copy-trading growth

Binance has witnessed a remarkable 78.3% surge in copy traders and a staggering 138.1% increase in assets under management since the beginning of the year.

Currently, the platform boasts thousands of lead traders and over 1,000 top-performing portfolios, and the Discover feature was developed in response to user feedback, aiming for a more streamlined social trading experience.

Sherrine Tan, Product Marketing Lead at Binance, emphasized the company’s commitment to enhancing social engagement within the community, stating:

“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.”

— Sherrine Tan, Product Marketing Lead at Binance

The rollout of the Discover feature to all copy-trading users is scheduled over the next week, and Binance encourages all community feedback for further product enhancements.

Source