BingX users can now copy trades of seasoned traders on the spot market, according to a recent announcement from the trading platform. Previously, the BingX copy trading feature was only available on the futures market.
For starters, copy trading in crypto involves investors with limited trading experience following the trading strategies of experienced traders. The concept is not new, as it has been used in traditional financial markets since 2008.
Crypto copy trading is becoming popular among novice traders since it allows them to open profitable traders despite their little trading experience.
BingX’s spot copy trading feature will operate in real-time on the spot market, letting users copy orders as they get placed. Note that the feature is not limited to any trading pair, meaning you can copy orders placed on all pairs, including the most popular ones like ETH/USDT and BTC/USDT.
Before copying the trades of any trader, BingX will allow users to view the profiles of those traders to assess their performance. The profiles display details like win rate, the number of users copying the traders’ orders, and the commission charged.
Further, BingX announced its Elite Copy Traders Program, which, per the announcement, is open to all experienced spot traders across the globe. The crypto exchange says it is looking to provide users with a wide range of copy traders through the program.
The Singapore-based trading platform has over 7,500 copy traders, with more than four million users copying their trades. As of September 5, BingX has executed in excess of 120 million copy trading orders.
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Last month, BingX announced it had extended its contract with security firm Certik. The exchange said the partnership has boosted the platform’s security, offering users a safe trading environment. CertiK will continue monitoring BingX and providing security scores that will be displayed on the trading platform for users to see.
In June, BingX integrated with CoinTracking, a well-known tax reporting and crypto portfolio management protocol. At the time, the crypto exchange said the integration would offer users an effective way to track their digital asset investments and generate accurate tax information.