Last weekend, Binance launched a new feature called “Trader Profile” to its community-focused social platform Binance Square. This addition is designed to help experienced crypto traders share market insights while enabling users to contact based on the trading methods obtained by the exchange. With this update, Binance aims to promote a more interactive and knowledgeable trading community. The release was officially announced on February 21st through Binance Square’s blog post.
Recently, Coinbase CEO Brian Armstrong and Dubai’s crypto-regulatory Vara have raised concerns about the daily influx of new tokens, which makes it a challenge to verify its legitimacy. To address this issue, Binance Square introduced the “Trader Profile” feature, designed to help investors avoid unreliable sources and mitigate financial risks.
The announcement post claims that when explaining their utilities, “the trader profile on the binary 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 completely customizable).”
Traders who build trader profiles can share a portfolio overview and display a profit or loss percentage in their investments.
In November 2024, India’s Coinswitch crypto exchange also announced a similar feature called “Smartinvest”. Designed to help novice traders safely navigate cryptocurrencies, it provides investment guidance from market experts.
As part of the new features of Binance Square, traders with a strong portfolio and reliable insights will receive a “Trader Badge”, a hallmark of credibility. These badges have different types of representations of various transactions, helping new traders identify and focus on mentors who are suitable for their interests.
“Badges are obtained based on trading behavior. These badges provide quick snapshots of trader styles to help users connect with others with similar interests and strategies. As trading patterns develop, your badges may take over time Change by passing to make sure it reflects your current strategy,” the blog notes.
The feature is now live streamed on Binance Square and is accessible from the homepage of the Binance website and the mobile app, which together provides a global user base of over 250 million.
Founded in 2022, Binance Square is the social networking hub of the exchange community. It allows users to track market performance, conduct discussions, participate in reward-supported competitions, and share short audio and video clips. The platform also provides opportunities for crypto creators to monetize channels.
