Rebecca Moen
November 11, 2024 06:25
Binance Futures announced updates to its cooling off period rules for lead trader public portfolios starting November 11, 2024 to streamline suspension procedures.
Binance Futures announced significant changes to its copy trading service cooling-off period rules, effective from 08:00 UTC on November 11, 2024. This adjustment aims to improve the functionality of the Lead Trader Open Portfolio by simplifying the cooling off period process.
Updated Cooling Off Period Rules
According to the new guidelines, only trading functions will be suspended for 24 hours during the cooling-off period. Previously, the rules included canceling all open orders and closing open positions at the market price. The modifications are expected to streamline operations and reduce confusion for traders during the cooling-off period.
The cooling off period applies to public portfolios with cumulative assets under management (AUM) of more than 500,000 USDT and a maximum drawdown of more than 20% over a 7-day period. Binance conducts checks every two hours to identify portfolios that meet these criteria. Specifically, if a cooling off period is applied to a portfolio, it will not be re-evaluated for the next 7 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 especially useful for novice traders who want to gain insight into the cryptocurrency market and develop their trading skills. Binance aims to provide a seamless experience for users who want to leverage the expertise of lead traders by automating the process of copying trades.
For more information about this update, interested individuals can refer to the official Binance announcement.
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