Binance Copy Trading Bot + White Label Platform

What Is Copy Trading?

Crypto copy trading is the process of executing replications of one exchange account’s actions (trades) into one or more other exchange accounts.

Generally speaking, two copy trading models exist. First, copy trading on crypto exchanges as a service or feature, second, copy trading via API keys, which are provided by third-party copy trading platforms, websites, and applications.

Copy Trading on Cryptocurrency Exchanges

Many crypto exchanges in the industry have various forms of copy trading as a native service, feature, or independent application. This form of copy trading is very simple as it’s primarily designed to serve the mass public investors, from fresh new market participants up to veteran traders.

Traders simply make a trading strategy available to copy for the platform’s public users. Investors (copy traders), on the other hand, select and copy a trader or strategy, and if they profit, the copy trader makes the same profit proportionally.

The exchange (copy trading host) has certain payment methods (performance and management fees or a combination of fees) for investors to pay the copied traders.

The user-friendliness and simplicity of copy trading on a crypto exchange cause this model to be quite limited in terms of implementation versatility. Check the list below:

• Lack of customization forces traders to follow certain rules or pricing models. In other words, they need to bend their trading strategies to fit the platform’s capabilities.
• Exposing a trading strategy to the mass public will spoil the strategy.
• Exposing the client community (private copy trader community) to other traders, in other words, lack of private copy trading services.
• Lack of proper communication channels between the traders and their investors (copy traders).

Binance Copy Trading via API Keys

Application Programming Interface (API) connections are communication channels between two or more pieces of software, computers, and/or applications. API keys are used to sign and establish the API connection and also send/receive data among the connected parties.

Binance copy trading via API keys - AKA Binance API copy trading - begins with reading and copying actions (trades) from one exchange account via read-only API keys. After copying, the platform will execute proportional replications of the copied trades into exchange accounts that are connected via trade-only API keys. We’ll tell you everything about API keys and using them further below.

API copy trading is much more versatile than copy trading on crypto exchanges and has many more applications. You see copy trading for trading bots on auto-trading platforms, as an independent platform, or even a fully personalized and customizable copy trading software; more on that under the Finestel white label heading at the end.

Binance Copy Trading via Finestel

Finestel is a trading solution provider, and copy trading is one of the services the website provides for the spot and futures markets of Binance, Bybit, KuCoin, and OKX; stay tuned for more.

Finestel copies actions (trades) from Binance accounts that are connected via read-only API keys, and executes proportional replications of those copied actions into Binance accounts that are connected via trade-only API keys.

You connect your trader Binance accounts (read-only API keys) through the back office, which is the first dashboard you see after logging in to your Finestel account.

Investor-type exchange accounts (trade-only API keys) connect to Finestel through the front office, which is the dashboard you see in the Copy Trading menu on your back office dashboard.

Let’s tell you a little more about the front and back office, and then we’ll dive into Binance API key configurations (read-only & trade-only) first and how to do Binance copy trading on Finestel afterward.

Finestel’s Front & Back Offices

The concept of the two environments will make more sense when you read about the Finestel White Label briefly thought:

The Back Office

The back office is the dashboard you see after logging in to your Finestel account. It’s the environment where you connect trader exchange accounts (read-only API keys) whether to monitor, using the portfolio tracker app, or list as a trading strategy for copy trading, by making the account public; more on that later.

The Front Office

Accessible via the Copy Trading menu on the back office, the front office is where you or your clients connect investor exchange accounts (trade-only API keys) whether to use the portfolio tracker app or copy a strategy.

Binance copy trading, or crypto copy trading on other supported exchanges by Finestel, has two different categories, which we’ll briefly explain below and you’ll get the in-depth breakdown at the bottom of this paper.

• The Finestel Copy Trading Service:

  A fully proportional and automated copy trading system running on top of Finestel’s automated copy trading algorithms. The Finestel copy trading supports both spot and futures markets on Binance, Bybit, KuCoin, and OKX; stay tuned for more!

• The Finestel White Label Copy Trading:

  The white label copy trading contains all the Finestel’s copy trading service capabilities but with some more features, namely:
  Personal Modifiability: The white label Finestel can be deeply personalized with your brand properties and business preferences, using your logo, brand name and color, integrate with your personal or third-party services, or even deploy under your personal domain or subdomain address.
  Customizability: The white label owners have access to partially customize some of the white label tools and services, like the reporting system’s parameters and cycles, billing and pricing methods, and more.
  Fully Automatic Client Management System: Private and public branded support channels, a branded online chat infrastructure capable of integrating with the services that you’re currently using (e.g., Hubspot chat, Crisp, etc.), customizable billing and reporting systems, and a few more are what the white label’s client management system provides.
  Exclusive Support: This is what our customers rated us the most for. The white label owners will be in direct, 24/7 contact with the Finestel technical support team via a private Telegram group. Please note that none of the Finestel team members will contact your clients directly.

Binance API Key Configurations for Connecting to Finestel

Log in and select “API Management” from your Binance account’s profile icon drop-down menu. Hit the yellow “Create API” button. Pick a name for the API and verify your credentials.

The read-only API access is required for connecting exchange accounts on the back office dashboard (the My Exchanges menu), using the portfolio tracker app, reporting and notification systems, and start using Finestel’s copy trading privately.

On the Binance API management section - where you create or edit API keys - the read-only configuration is the “Enable Reading” option, which is grayed out and checkmarked by default.

Now you need to white list Finestel’s IP address. To do so, log in to your Finestel account and go to the “My Exchanges” menu. Hit the “New Accounts” button, select Binance on the next page, and hit “Next.”

Give the account a name, and complete the optional details (country and profile pic) if you like. Now just copy the IP address you see on the page and white list it on your Binance account by pasting its blank on the API configuration page.

Save the API configuration, copy and paste the API key and the secret key into their blanks on your Finestel account, and hit the Next button.

On the next step as you can see in the image, you can set your preferred pricing with two pricing methods:
1) Performance Fee 2)Subscription Fee

We will explain both further below.
Note: You can set a performance fee-only, subscription-only and combine those two. You should define your pricing on both spot and futures separately, as they’re considered as two different strategies.

Congrats! You’ve connected your Binance account successfully and are prepared to go further.

Important Notice:
On the back-office, the new trader-type exchange accounts can be connected for “Only Spot” or “Only Futures” copy trading or for copy trading on “Both” the spot and futures markets. If you select the Both option, you will have two cards displaying the connected exchange account. One card is for your connected spot market account and the other is for the futures.

Within 60 seconds after connecting, Finestel connects to your Binance account and lists it on the My Exchanges menu. The card shows a summary of your exchange account stats and if you hit the “Manage” button you’ll gain access to edit the account details, visibility on the front office, and pricing.

Binance Trade-Only API Configuration for Connecting Investor Accounts to The Front Office

Connecting an investor (copy trader) Binance account to Finestel is almost exactly the same as connecting trader accounts via read-only API keys. The only differences are:

Investor Binance accounts connect via the front office: The front office is the environment that you have access to via the copy trading button on the back office dashboard and copy trader accounts or strategies.

The Binance trade-only API keys:
The creating process and connecting the account is exactly the same. However, to create Binance trade-only key you need to checkmark the “Enable Spot & Margin Trading” for Binance spot copy trading and also checkmark the “Enable Futures” option for Binance futures copy trading.

Warning:
Make sure to white-list Finestel’s IP address on your Binance account API Management section (explained under the next heading).

Like all other exchanges, Binance will show your API secret key only once and when you create it. If you miss the secret, you’ll need to delete the API and create a new one as the secret is not retrievable.

Alright, Binance API configurations and connecting to Finestel are done, now let’s do some copy trading. Due to some slight technical, substantial, and execution differences between the spot and futures markets copy trading, we’ll get into them individually.

Nevertheless, please note that a lot of stages for connecting an exchange account and starting copy trading are quite similar in Binance spot and futures copy trading. So, we’ll give you a full breakdown on Binance spot copy trading, and for Binance futures copy trading, we’ll only highlight the differences.

Binance Spot Copy Trading on Finestel

Finestel provides two types of spot copy trading for Binance,“With Syncing” and “Without Syncing.”

Start with Syncing Portfolio

The copier exchange account open spot orders will get canceled, and Finestel will immediately (within 60 seconds) execute proportional replications of the copied trades and open orders into the Binance account. The copier Binance account will stay synced with the copied trader’s as long as the investor account is copying them.

Start without Syncing Portfolio

We used to use this method for futures copy trading only, but due to our customers’ requests, we implemented it for spot market copy trading as well.

Unlike the previous method (syncing), Finestel will not sync the investor's current spot portfolio with the copied trader’s current spot portfolio and open orders at the starting point.

In this method, Finestel’s spot copy trading software turns the investors’ spot portfolio into the copied trader’s favorable quote currency (USDT is the default). After that, Finestel will only copy and execute the equivalent value of the copied trader’s spot orders using the favorable quote currency into the copy traders’ Binance accounts. It’s somewhat like trading the futures market on the spot.

We should also mention that replicated order size for copy traders (investors), would be proportional again. The investor’s order size would be proportionally the same and equal to:

[the trader’s order value (value in preferred quote currency)] / [The trader’s portfolio value (in quote currency)].

We can also change the quote currency to USDC or BUSD if you ask for it.

Note: The “syncing” spot copy trading scenario is the default method. To change it to the “unsyncing” scenario, just contact support.

Now the Finestel spot copy trading how-to:

Head over to the My Exchanges menu on your Finestel dashboard (the front office). Select one of your connected Binance spot accounts/subaccounts and hit the “Manage” button.

On the profile page, you can edit the connected account’s basic info (profile pic, name, bio…), as well as its copy trading billing and visibility.

To make the connected trader-type Binance account available to copy or list it as a strategy, you must first set the account visibility to Public and its pricing or billing method; let’s see what they are.

Copy Trading Billing System on Finestel

Connected exchange accounts can have different pricing models:

• The “Subscription Fee” is a monthly fee, which the trader account owner can set for each connected account.
• The “Performance Fee” is the trader’s share of the profits they made for their clients (copy traders).
• The “Min. Investment” is the minimum account balance the copy trader must have to copy the trader account.

The Account Visibility (Public & Private)

The visibility is for listing the exchange account for the copy trading service and does not impact your experience on our other services for the connected exchange account (such as the portfolio tracker).

• Private exchange accounts will not be listed on the “Strategies” tab on the front office. So they will not be visible for investor exchange accounts for copying.
• Public exchange accounts will be listed on the front office dashboard’s “Strategies” menu and available to copy for connected investor exchange accounts.

Alright, set your Binance account’s pricing and make it public to list it on the copy trading environment.

Now you need an investor Binance account/sub-account to copy your trader account.

Connect an Investor Binance Account & Copy a Strategy

Hit the Copy Trading menu on your back office dashboard to get to the front office. On the front office dashboard find the “Add New” button or click on the card that reads “Add Exchange Account.”

Select Binance on the next page and hit the “Connect with API Key” button. It’s worth noting that you cannot use the Binance account that you’ve already connected as a trader account (via a read-only key) and Finestel will prevent you from connecting it.

Hint:
So, you will need another Binance account. A simple way around the issue is using Binance sub-accounts, which perform exactly as a normal Binance account. The only difference is that you cannot withdraw assets from your sub-accounts. However, the asset can be transferred to the master account for withdrawals.

Alright, assuming that you have already logged in to your new Binance account/sub-account, created a new trade-only API, and white listed Finestel’s IP on the new account’s API Management settings.

Now just like connecting a Binance trader account to Finestel, copy and paste the new “investor” (copy trader) Binance account’s API key and secret key into their blanks, pick a name for the account, and hit the Connect button.

Important Notice:
Please note that checking the “Enable Spot & Margin Trading” only on your account’s API management section and leaving the “Enable Futures” unchecked will allow Binance copy trading for the spot market only. For Binance futures copy trading checking the “Enable Futures” option is of the essence, as well.

Investor Binance account connected (you’ll see it on the front office dashboard), now go to the “Strategies” menu to find the trader account that you made available (public) for copy trading. Please make sure the “Spot/Futures” switch is on Spot. Otherwise, you will not be able to copy spot strategies.

Hit the “VIEW STRATEGY” button on the account card to go to the account profile. The profile gives you crucial details about the trader account’s performance and statistics.

To copy the trader account, you need to have equal to or more than the trader account’s subscription fee in your Finestel wallet and your Binance investor account balance must have more than the trader account’s Min. Investment; if so, hit the “Invest” button.

Binance Futures Copy Trading on Finestel

All the processes are quite similar except for a few differentiations that you see below:

• The trade-only API key that you connect your investor account with for Binance futures copy trading must have the “Enable Futures” option check-marked.
• You need to make sure the Spot/Futures switch on your front office dashboard is on Futures. Otherwise, you will not be able to copy Binance futures strategies.
• Unlike spot copy trading, Binance futures copy trading on Finestel does not have the initial syncing process. Finestel will copy the Binance trader account’s open positions and orders for trading pairs that already have an open position. Because the copied trader’s open positions could be close to their SL or TP, and executing a replication of them on the investor exchange accounts will most probably harm their capital. But, Finestel will execute proportional replications of all the trader account’s new orders into the copier accounts.

Who Is Finestel For?

Crypto Traders & money managers! Ranging from fresh new market participants to veteran traders, portfolio and asset managers, trading institutions & teams, crypto business owners, and so on. Finestel answers each of these segments with a tailored solution. Finestel even benefits affiliate marketers, drop shippers, and bounty hunters with its soon-to-come passive income solutions (strategy marketplace); stay tuned for more!

Using the copy trading service, traders are able to distribute one trading or portfolio management strategy on multiple investor accounts simultaneously and proportionally; best for friends and family or private and small investment fund managers.

As told before, Finestel empowers the users with its trading solutions not only in the form of a service provider dashboard but also as a white-label solution provider. Meaning that users are capable of not only using Finestel’s services, but also offering these services to their clients as their native services and under their own brand and utilizing branded customizable services such as copy trading and proportional order execution, reporting, CRM, and more. We’ll tell about the white label more below.

Our white-label solutions are best for bigger businesses and more professional ones with a bigger number of clients:

• Professional traders with a community of copy traders
• Crypto investment fund, portfolio, and asset managers
• Crypto business owners
• Crypto community owners and managers

Now let’s take a tour of Finestel’s dashboards, and then we’ll tell you more about the white label Finestel and its capabilities.

Finestel’s Services & White Label; A Brief Tour

The white label renders all of the Finestel services that you’ve read about so far plus a few more! So first, let’s review the services off the white label mode and then review the added services on the white label.

The Back Office Dashboard

We’ll briefly introduce back office features, menus and services:

My Exchanges

The My Exchanges menu on top contains the read-only exchange accounts. The “Manage” and “Stats & Reports” button will give you access to:

The Manage Button

• The exchanges’ visibility. By switching to “Public” the connected exchange account will get listed on the “Strategies” menu on the front office dashboard.
• The exchange profile details (profile pic and name).
• Set different time frames for each exchange account.
• Edit the API key permissions.
• Customize the billing system by setting the “Subscription” and “Performance” fees, and the “Min. Investment.”

The Stats & Report Button

• The connected account’s performance overview (balance, AUM, return, copiers, and more).
• The connected account’s “Open Orders” and “Order History.”
• The connected account’s “Asset Allocation.”

Services

• Copy Trading:
  This menu will take you to the front office (AKA the investor-view) where you connect copy trader exchange accounts (via trade-only API keys) and copy trader accounts that you’ve set their visibility to “Public.”
• Portfolio Tracker:
  The back office portfolio tracker is for the exchange accounts that connect using the read-only API keys.
• Tradingview Bot (soon):
  The ability to connect Tradingview bots via Tradingview webhook to execute strategies of your Tradingview accounts on your connected exchange accounts on Finestel.
• More services to come! You can even reach out and ask us to develop your favorable services. We value your demands.

The Front Office White Label Dashboard

By hitting the plus button in the white label section of the back office menu, you’ll see a pop-up where we ask you a few questions about the states of the business that you want to personalize the white label to its preferences; or the copy trading business that you want to start from the ground up.

Afterward, you’ll get to choose a Finestel sub-domain using your brand name and you can change to a personal domain address when you apply for a fully personalized white label Finestel.

Now the three menus under the White Label make sense, right?

• Overview: gathers around a summary of your platform's overall performance.
• Users: your platform’s subscriber count, AUM, their accounts’ performances…

The White Label’s Extra Tools & Services

Yes! The white label has a few extra services:

• The customizable, fully automated client management system (the Finestel CRM).
• The customizable marketing tools (email, Telegram, Discord…) and consultations from Finestel’s marketing team.
• Direct 24/7 exclusive access to Finestel’s technical support team via a private Telegram group.

White label owners have access to customize the front office, which they’ve already personalized with their brand and business logo, color, domain address…

The software is capable of building digital automated money management firms or integrating with digital investment management businesses. Here are the white-label services:

Branded Customizable CRM

The white-label owners have access to customize the billing methods and cycles, portfolio trackers time frames, reporting system’s cycles and parameters, and more!

Exclusive Finestel Support

This is what our users rated us for the most, proudly though. The white-label owners have direct access to the Finestel technical support team via a private Telegram group. However, no Finestel team member will directly contact the white-label customers.

Customizable Sales & Marketing Tools

The white label arms the owner with a set of marketing tools such as third-party email services for email marketing campaigns or the access to embed various social media profile links to the front office.

The white label can also integrate with the third-party or personal service that the owners are already using for their businesses.

Branded Portfolio Tracker App

Your customers have access to a portfolio tracker, which could be free to use or through cyclic fees; it’s your platform, your call.