July 9, 2024

Binance Spot Copy Trading Launches Elite Trader Program for Lead Traders

Binance Spot Copy Trading Launches Elite Trader Program for Lead Traders

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Binance is popular because it has something for everyone.

NFT enthusiasts can trade tokens on the Binance NFT marketplace, account owners can dabble in Binance cloud mining, and people looking to build their portfolios can do so with any one of the newest Binance listings rated by Michael Graw. The platform also allows spot trading, spot copy trading, and a new entry with the Elite Trader program for lead spot copy traders. 

Spot trading should not be confused with spot copy trading. The former is the purchase and sale of financial instruments, in this case, cryptocurrency, at the current market price, also known as the spot price, with an expectation of taking immediate delivery of the asset. This is different from the futures market, where traders buy the same assets and expect delivery at a later date. 

So, what is Spot Copy Trading?

Spot copy trading allows “copy traders” to duplicate the buy and sell orders of more experienced traders or “lead traders” on the Binance platform. This idea benefits both the copy and lead traders. Copy traders get to meet people who can show them the ropes, while lead traders gain more experience and put their skills to use. 

Beyond gaining more expertise, lead traders are rewarded a portion of the copy trader’s profits from their different campaigns. On the copy trader side, they have the opportunity to replicate the strategies of multiple lead traders, as many as ten. This allows them to create hybrid configurations, use different leverages, and experiment with their profit and loss limits. 

But it’s about to get even better for lead traders on Binance with the announcement of the elite trader program on May 13th, 2024.

What is the Elite Trader Program for Lead Traders?

The simplest way to put it is that the elite program is a continuation of regular spot copy trading with added incentives. It appears that the idea is to get more Binancians to become lead traders. It’s important to note that it is not open to all lead traders and with eligibility determined by a minimum of 300 copy traders and at least 750,000 USDT as assets under management (AUM) on the platform.

Steps to joining the Elite Trader Program

The following are steps to follow for traders interested in being a part of the program.

1. Become a Lead Trader

Important notice: To become a lead trader with Binance’s Spot Copy Trading, your funds will be locked in your spot copy trading wallet and can only be accessed once the duration of your copy trading has ended. 

That being said, the first step is to create a lead trader account. After logging in to your Binance account, navigate to trade and then copy trading. Navigate to spot copy trading and click the Become a Spot Lead Trader option.

The next step is to create your profile. It requires you to provide a portfolio description and a nickname and then choose Spot as the lead trade type. The last step before you are ready to lead trades is to enter the amount you want to transfer from your spot wallet to your spot copy trader wallet, with a minimum of 500 USDT and a maximum of 250,000 USDT.  

Other prerequisites other than the amount to be deposited

  • Binance users can only have one lead account and 10 copy trader accounts
  • The number of copy traders for each lead account is capped initially at 200
  • These services are only available to Binancians with documentation from certain countries and regions. 

2. Join the Elite Trader Program

To join the Elite Program, you need to fill out an application. You should know that the elite program is only for elite lead traders, and they fall into the following categories:

  • Cadet: Traders in this category have at least 300 copy traders and assets in management totaling at least 750,000 USDT.
  • Champion: Traders in this category have at least 500 copy traders and assets in management, totaling at least 1,000,000 USDT.
  • Master: Traders in this category have at least 800 copy traders and assets in management, totaling at least 2,000,000 USDT.
  • Legend: Traders in this category have at least 1000 copy traders and assets in management, totaling at least 2,500,000 USDT.

Benefits of joining the Elite Trader Program

Upon approval of your application, which will be confirmed in your email provided during the application, successful applicants will receive an Elite Trader badge, which cements their bragging rights as crypto market makers alongside these other benefits. 

Elite traders, compared to regular lead traders, will have an increased minimum copy account and an increase in their Adjust Balance Limit regardless of what category they belong to. Their profit ratio will be up by 12% for Cadets, more than the regular lead trader’s 10%, as much as 15% for Champions, up to 20% for Masters, and up to 30% for Legends. Other benefits believed to be in the works are in the areas of the Lock-Up Period, API Rate Limit, portfolio privacy, and increased portfolio exposure. 

Binance Ts and Cs

It is important to note that these are with terms and conditions. Some of these include but are not limited to the following:

  • Binance withholds the right to review the performances of the elite traders on a weekly basis. 
  • The benefits granted are not done so indefinitely and are only awarded at Binance’s sole discretion. 
  • Binance, at its sole discretion, can promote or demote accounts of participants in the elite trader program. 
  • Binance can, at any time, decide to cancel or discontinue the elite trader program without giving any prior notice. 

How this can influence the crypto space

The beauty of Binance’s initiative is that there are many winners. Other than the copy traders and lead traders, the general crypto community stands to benefit. Binance’s being one of the leading crypto exchanges means that most of its initiatives are emulated by other exchanges, if not wholly, sometimes in parts. 

Binance, alongside other exchanges adopting this elite trader program, indirectly educates the cryptocurrency community about the many positives surrounding increased crypto adoption. Its ripple effect will be felt in other crypto use cases, with anonymous casinos, crypto staking, crypto mining, and crypto gaming, to name a few. This will spur many lead traders to intensify their efforts to become eligible, which means teaching more people to trade on the platform with the added reward of the benefits on offer. 

The result of having more lead traders want to join the platform is that there will be even more copy traders looking to learn from the strategies of this growing number of elites.

Conclusion 

Binance launching its Elite Trader Program is exciting for Elite Traders and crypto enthusiasts at all levels. With various lead trade levels, there are multiple ways that experienced traders can get involved and encourage and support casual traders as they learn the ropes of cryptocurrency. 

author avatar
Bernard - Side-Line Staff Chief editor
Bernard Van Isacker is the Chief Editor of Side-Line Magazine. With a career spanning more than two decades, Van Isacker has established himself as a respected figure in the darkwave scene.

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