By
Steve Muchoki
May 16th, 2024
Binance says that the “Discover” feature will provide a seamless social trading experience for users to easily explore and interact with a wide range of portfolios, just like in Tinder.
In an interesting development, the world’s largest crypto exchange Binance is introducing the new mobile-only “Discover” feature to its much popular futures trading product. This feature comes with a user-friendly mechanism that allows crypto traders to easily discover some key trader portfolios of their choice from the large collection.
Launched last year in October 2023, the Binance copy trading has enjoyed significant growth. So far, the number of copy traders on Binance has surged by a staggering 78.3% while the assets under management have surged by a staggering 138% since the beginning of this year. As a result, binance has attracted thousands of lead traders to its platform.
Binance says that the “Discover” feature will provide a seamless social trading experience for users to easily explore and interact with a wide range of portfolios. Copy traders can follow the portfolios of lead traders on Binance. As a result, the lead traders will get a 10% profit share and 10% trading commission rebate from all those copy traders who replicate their portfolios. Speaking on the development, Sherrine Tan, Product Marketing Lead at Binance said:
“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.”
More About The “Discover” Feature
The “Discover” feature maximizes screen space on mobile in order to showcase individual portfolios. Thus, it offers comprehensive details like lead traders’ descriptions, copy trader profits, and other additional metrics.
This streamlined presentation enables users to delve into each portfolio’s performance without feeling inundated by numerous options. Users can easily add portfolios to their favorites by swiping right or exploring the next available option with a left swipe.
The “Discover” feature will also integrate mock trading and copy trading functions into its interface. The goal is to allow users to seamlessly interact with the lead trader portfolios. Also, the Mock trading feature allows users to practice copy trading in a realistic virtual learning environment without putting real money into play.
Binance said that it would roll out its “discover” feature to all copy trading users during the next week.