Community Forex Questions
What is Binance mirror?
Binance Mirror is a trading platform that allows users to mirror the trades of successful traders on Binance, one of the world's largest cryptocurrency exchanges. The platform uses advanced algorithms to analyze the trading patterns of top traders and automatically execute the same trades on the user's account. This allows users to benefit from the expertise of experienced traders without having to do the research and analysis themselves. Binance Mirror is a great way for new or inexperienced traders to learn from the best and potentially make profitable trades. It is important to note that mirror trading is not without risk and it is always recommended to do your own research before making any investment decisions.
Binance Mirror is an off-exchange settlement solution launched by Binance, the largest crypto-asset exchange by global trade volume, for institutional clients. With this solution, institutions can lock a specified amount of crypto with a qualified cold storage wallet, and assets will be mirrored on their Binance exchange account with a 1:1 balance. The assets held in cold storage will be kept safe as long as the mirror position remains open on the Binance exchange, which can be settled at any time 1. Binance Mirror allows institutional investors access to liquidity via assets held in cold storage. By using the mirror service, institutional investors have access to the range of products on the Binance exchange, as well as “institutional VIP Loans”. Binance’s custody subsidiary, Binance Custody, launched in December 2021, offers segregated accounts and wallet systems 1. Binance Mirror experienced significant growth during the final quarter of 2022. The launch of Binance Mirror follows the exchange gaining authorization in seven European Union countries.
Jan 27, 2023 15:59