Welcome to this guide, where we are going to see how you can copy trade with Binance and copy strategies from other professional traders.
To do this, we will use a platform that allows us to link our Binance account and automate the whole process. With a few simple clicks we can have it linked and start copying the trades of the users we are most interested in. This platform we will use is coinmatics. There may be other similar platforms, but this is the most used for copy trading and in addition to binance you can use even with other exchanges like bybit if you have an account.
To follow this tutorial, you must create an account with coinmatics that you can do with the link you’ll find here. And once you enter your email address, you must confirm it with the code that you will receive in your email. And with this, you will have your account created and ready to follow this tutorial.
Linking binance and coinmatics
With the account created, the next step is to link the binance and coinmatics account. And to do this, when you log in you will see an option to add account, we will click there.
Select Binance. Click on next step and next step.
Now you will see that you will be asked for API keys, and to get them we will have to log in to our binance account. In case you don’t have an account with binance yet, you can create one just below.
In binance, from the main dashboard you will see an api management option, click there. Here we click on create API. We indicate any name, such as coinmatics to know that it is the api of this platform.
Now enter the codes to verify that you are the one creating the api, and it will appear. With this we have the apis, but we must enable some options. Here, we must enable the option to enable spot &margin trading and in case you want to copy a copy trader of futures also the option to enable futures. To do this, click on edit restrictions and select these two options or if you only want to copy spot accounts, only the spot one, and click on save.
With this, we will have the api ready and we will have to copy the API key and paste it in coinmatics. And below copy the secret key and paste it. Simply paste each api with the name it has in coinmatics. And with the api’s listed, just click on add account.
In this way, we will have the accounts linked and ready to start copying the copy tader we like the most.
Choosing the copy trader
Now, go to the menu and click on copy trading and list of strategies. Here we will find all the copy traders that we can copy. The important thing here is to analyse and see the requirements that each one has.
Some have a minimum amount, and others you will have to pay a monthly commission to copy their trades. And most importantly, on the right hand side, the profit they have accumulated. In Exchange/type you will be able to see if it is in spot or futures and the Exchange that you will be able to copy, in this case we will look for binance.
Other important aspects are that the copy trader is verified for more confidence and the cryptocurrency you will have to have in spot to copy, whether it is BTC, USDT or other.
Click on the one you like, and you can find more detailed information, such as the risk of the strategy, the accumulated profit and the pairs it operates. You can even see below all the recent trading history to see what kind of trading it does.
With this, just click on subscribe to copy trading. You will see a price in USD that we must pay every 30 days to make copy trading, and there is also the option to pay less and have the signals when you make a trade. The signals we will have to make the operations, so I recommend using the copy trading option.
Deposit funds
To pay for the subscription you must have funds inside coinmatics. To do this, when you click on subscribe if you do not have funds you will get the message that you do not have sufficient funds. To do this, click on the deposit funds button.
We will be able to deposit both BTC and USDT. My recommendation is to select USDT. Once you have selected the cryptocurrency, indicate the amount you want to deposit and click generate.
You can always withdraw the remaining funds from the platform again.
Now, you will see the address where we need to send the USDT to make the deposit. If you don’t know how to do this, you can see a guide here.
With the funds in your coinmatics account, click again on subscribe and this time click on accept to start copying the trades of that copy trader.
Now you will have your binance account trading automatically copying the trades made by the copy trader you have subscribed to. Just remember to have enough balance to pay the subscription fee every 30 days, and you will have all the automated trading in expert hands.
Always keep in mind that the most important thing is to choose the right copy trader, and analyze before anything else all its strategy and operations to be able to make profits with cryptocurrency copy trading.
I hope it has helped you to learn more about how you can do copy trading with binance and coinmatics. Remember that if you do not have an account with binance or coinmatics you can create one just below.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
