Over the weekend, Binance introduced a new feature called ‘Trader Profiles’ to its community-focused social platform, Binance Square. This addition is designed to help experienced crypto traders share market insights while enabling users to connect based on their trading patterns, as per the exchange. With this update, Binance aims to foster a more interactive and knowledgeable trading community. The launch was officially announced on February 21 through a blog post on Binance Square.
Recently, Coinbase CEO Brian Armstrong and Dubai’s crypto regulator VARA, have raised concerns about the daily influx of new tokens, making it challenging to verify their legitimacy. To address this, Binance Square introduced the ‘Trader Profiles’ feature, aiming to help investors avoid unreliable sources and mitigate financial risks.
Explaining its utility, the announcement post claimed, “Trader Profile on Binance Square adds transparency to the trading experience. By enabling this feature, traders can build credibility and connect with the community while controlling what they share (Trader Profile is fully customisable).”
Traders who set up their Trader Profiles can share portfolio overviews and display profit and loss percentages on their investments.
In November 2024, India’s CoinSwitch crypto exchange had also announced a similar feature called ‘SmartInvest.’ Designed to help novice traders navigate crypto safely, it provides investment guidance from market experts.
As part of Binance Square’s new feature, traders with strong portfolios and reliable insights will earn ‘Trader Badges’ as a mark of credibility. These badges come in different types to represent various trading styles, helping new traders identify and follow mentors suited to their interests.
“Badges are earned based on trading behavior. These badges offer a quick snapshot of a trader’s style, helping users connect with others who share similar interests and strategies. Your badges can change over time as your trading patterns evolve, ensuring it reflects your current strategy,” the blog noted.
The feature is now live on Binance Square, accessible from the homepage of Binance’s website and mobile app, which together serve a global user base of over 250 million.
Launched in 2022, Binance Square serves as a social networking hub for the exchange’s community. It allows users to track market performance, engage in discussions, participate in reward-backed competitions, and share short audio and video clips. The platform also offers crypto creators opportunities to monetise their channels.
