At Extreme Investor Network, we are always on top of the latest updates in the world of cryptocurrency and blockchain. Today, we are excited to share some breaking news from Binance Futures regarding their Copy Trading service.
Binance Futures has announced a significant update to their Cooling Period rules for lead trader public portfolios, which will be effective from November 11, 2024. This update aims to streamline the suspension process and enhance the functionality of the Copy Trading service.
Under the new guidelines, the Cooling Period will now simply involve suspending the trade function for a period of 24 hours. This is a departure from the previous rules, which included the cancellation of all open orders and the closure of open positions at market price. By simplifying the Cooling Period process, Binance hopes to reduce disruption for traders during this time.
The Cooling Period will be applicable to public portfolios with an accumulated assets under management (AUM) of 500,000 USDT or more and a maximum drawdown of 20% or greater over a seven-day period. Binance will regularly check portfolios to identify those that meet these criteria, with reassessments taking place every two hours. Once a portfolio is subjected to the Cooling Period, it will not be reassessed for the following seven days.
For those unfamiliar with Binance’s Copy Trading feature, it allows users to mirror the trading strategies of experienced traders in real time. This service is especially beneficial for novice traders looking to learn from experts and improve their trading skills. By automating the process of copying trades, Binance aims to provide a seamless experience for users seeking to leverage the knowledge of lead traders.
If you want to delve deeper into this update, we encourage you to refer to the official Binance announcement for more details. Stay tuned to Extreme Investor Network for more insights and updates on the ever-evolving world of cryptocurrency and blockchain.