Binance Futures Revises Cooling Period for Copy Trading Portfolios
Rebeca Moen Nov 11, 2024 06:25
Binance Futures announces an update to its Cooling Period rules for lead trader public portfolios, effective November 11, 2024, streamlining the suspension process.
Binance Futures has announced a significant change to the Cooling Period rules for its Copy Trading service, effective from November 11, 2024, at 08:00 UTC. This adjustment is aimed at enhancing the functionality of lead trader public portfolios by simplifying the Cooling Period process.
Updated Cooling Period Rules
Under the new guidelines, the Cooling Period will solely involve suspending the trade function for a duration of 24 hours. Previously, the rules included the cancellation of all open orders and the closure of open positions at market price. This modification is expected to streamline operations and reduce the disruption for traders during the Cooling Period.
The Cooling Period will be applied to public portfolios that have accumulated assets under management (AUM) of 500,000 USDT or more and have experienced a maximum drawdown of 20% or greater over a seven-day period. Binance will conduct checks every two hours to identify portfolios that meet these criteria. Notably, once a portfolio is subjected to the Cooling Period, it will not be reassessed for the following seven days.
Understanding Binance Futures Copy Trading
Binance's Copy Trading feature allows users to replicate the trading strategies of experienced traders in real time. This service is particularly beneficial for novice traders who are looking to gain insights into the crypto market and develop their trading skills. By automating the process of copying trades, Binance aims to provide a seamless experience for users looking to leverage the expertise of lead traders.
For further details on this update, interested individuals can refer to the official Binance announcement.
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