Binance also launches "Copy Trading" feature! Scheduled for full release in mid-September. What are BingX and PAI News commenting on this?

After selecting the appropriate trader, the "copy trading" feature, which allows users to automatically follow the trades of the chosen trader, has recently become a must-have feature for emerging exchanges. The leading centralized exchange, Binance, announced today that it will be launching this feature, with full functionality expected to be available in mid-September. How do other exchanges feel about facing the competitive pressure from Binance?

Binance Launches Copy Trading Feature

According to an announcement from Binance, the exchange will gradually roll out the "Copy Trading" feature starting today at 2:25 PM. Initially, only the signal provider function will be available, with the copy trading feature set to be fully launched in mid-September this year.

Within the copy trading interface on Binance, users can already set themselves up as signal providers, with actual copy trading set to go live 19 days later on September 10th.

According to Binance's rules for signal providers' profit-sharing and commission rebates, signal providers can receive:

• 10% profit-sharing from copy traders
• 10% commission rebates from copy traders' trading fees

Furthermore, profit-sharing and commission calculations are done weekly from 8:00 AM on Mondays to 11:59 PM on Sundays Hong Kong time, with settlements for profit-sharing only taking place when the copy trading portfolio has no open positions. Commissions are not affected by open positions.

BingX and Pionex's Thoughts on Binance's Copy Trading Feature Launch

As a leading centralized exchange, Binance's sudden foray into the "copy trading" market is bound to catch the attention of exchanges that focus on this feature. BingX and Pionex shared their thoughts on this development:

BingX stated: "As the first cryptocurrency copy trading platform, we welcome many other exchanges to follow this trend. We hope to collectively enhance the diversity and professionalism of copy trading products, providing users with a better trading experience and allowing more traders to be seen and share their trading strategies."

Jeremy, Chief Product Officer at Pionex, commented: "The real-time contract trading advantage of copy traders is to lower the threshold for users to trade contracts. However, the disadvantages are equally significant. Users' profits heavily rely on traders' judgment of trends at a certain stage and the emotional impact traders face in volatile markets, as well as the intentional exploitation of rebates by malicious actors. As for how to address this issue, Pionex stated that they have improved the flaws through product mechanisms."