How GV Follow Works? (continued)
Part 2: Copy trading with your Binance account.
In our previous article we looked at how Genesis Vision Follow is used with our Genesis Markets broker. We will now look at how you can also use your Binance account with our copy trading module!
Binance is the only exchange supported at the moment, but we can assure you we are working on adding more of your favorite crypto exchanges. You can begin using GV Follow by loading your Binance API keys (without trading rights to deliver signals) without interacting with the Genesis Vision interface. Trade as you normally would on Binance and also reap the rewards of leading, on Genesis Vision Follow!
Once the API keys have been loaded, your trading history will appear in Genesis Vision, from here you will be included in the GV Follow list. Everyone will see your account and will be able to follow your trading strategy. You will then earn GVT from commissions from your subscribers!
Notes:
- If you are providing signals — you do not need to keep money in the GV platform.
- If you are a subscriber and want to follow your favorite leaders — you need to have GVT on the platform to pay commission
- You do not require KYC if you are using your external accounts with GV Follow.
- You can revoke the API key at any time through the exchange interface and trades will no longer be copied.
How to attach an external account and become a Signal Provider?
- Navigate to the Trading page.
- Press ‘Attach external account’
- Follow the Binance guide on how to create your unique Binance API key and secret
- Input your Binance account API key and API secret
Your new account will appear in the Private section with a ‘Pending’ status. It will take a few minutes to make sure everything is validated, and your status will then change to ‘Active’.
Once this is attached, you can upgrade your Private External account to Signal External trading account (Follow).
> Open a Copy Trading account <
How do I subscribe to Follow?
Click the ‘Follow’ tab, and discover managers who currently have their trades available for you to copy.
To follow trades, you need to have a trading account on the Binance Exchange.
So when you click the Follow Trades button on the trader’s page, it will offer you to choose an existing External account of yours, or to attach a new External account.
When you do this, the trades will start copying to your trading account according to the chosen subscription type.
>> Discover the best traders <<
What types of subscriptions are available?
There are three types of subscription available: by balance, percentage and fixed.
By balance. When choosing this subscription, the volume of the position opened is proportional to the coin balance of the leader and the follower.
For example:
The Provider has 100 USDT and 20 GVT on the External account (in this example 1 GVT = 2 USDT).
The Provider balance = 140 USDT (100 + 20 * 2)
The subscriber has 30 USDT and 20 GVT.
The Subscriber balance = 70 USDT (30 + 20 * 2)
The Provider opens a trade to buy ADAUSDT, volume = 100.
The subscriber will copy the position for the same asset (ADAUSDT) but with a volume of 30.
Percentage.
When you choose this subscription type, you set the volume percentage of the Provider’s opened position that the subscription will copy.
Meaning if the Provider has opened a trade for 100 GVTBTC while the percentage the Subscriber has set is 30%, it will open the trade on the Subscriber trade account for 30 GVTBTC.
Fixed.
By choosing this subscription type, the positions will open only for the fixed amount that the Subscriber has set in the USD equivalent field when subscribing to the signal program/trading account. It does not depend on the size of the trade of the provider.
For each subscription type, you will need to set a Tolerance percentage (maximum possible deviation of the trade price from 0% to 20%). This means if you set it to 0% for the chosen subscription type, the trade must open at the exact same price as the provider’s trade. If a subscriber’s price at the moment of the opening is worse than than the original trade price for more than the set Tolerance percentage, the trade won’t be opened.
You can edit the terms of your subscription at anytime. It can be done on the trading account page that is subscribed to the trader.
Commissions
The table below shows all the commissions paid by Subscribers.
- Success fee is the fee charged on profits from a trade transaction when Copy Trading. It is calculated according to the HWM system as a percentage of the profit received from a trade transaction when copy trading. No profit means no Platform Success fee is charged.
- Platform Success fee is the fee charged on any profits generated from a trade transaction when Copy Trading. It is calculated according to the HWM system as a percentage of the profit from a trade transaction when copy trading.
- The volume fee is a volume commission charged for each transaction. It varies from 0 to 30% of the amount of paid trading fee by the trader.
- GV commission is 15% of the amount of the Trading Commission on Binance.
For example: Binance trading fee = 0.1%.
GV Commission = 15% from the Binance commission.
Total trading fee = 0.115%
* This percentage depends on the amount of GVT stored in the wallet. The maximum Success fees without any discounts applied is 10%. For every 1 000 GVT stored in the wallet reduces the success fee by 1% (i.e. an investor holding 1 000 GVT will only pay a 9% Success Fee, an investor holding 10 000 GVT will pay no Success Fees).
How do I cancel the subscription?
You can cancel your subscription on the trader’s page or on the page of your external account, and press the “Unfollow” button.
The only way to close trades on Binance, is by manually closing them. When you unsubscribe from the signal provider, all the opened trades stay open. The Subscriber can close the open trades manually at any time.
Please note:
- You can always close a trade by yourself regardless of the type of subscription. To do that you need login to your Binance account and close the trade.
- If the provider opens a position, and the subscriber does not have enough funds to open precisely the same amount, then the Subscriber transaction will not open.
- If the calculated lot volume is less than the minimum lot volume for this symbol on Binance, then the Subscriber deal will not open either.
- You can unsubscribe anytime, no exit fees apply. The opened trades will be closed according to the way you choose.
- You can only use the copy trading functionality if you are a GVT holder. To subscribe to trading signals of a manager, an investor needs to have GVT. Signal fees are withdrawn from the GVT wallet.
- You can view the entire history of copying transactions in the Trading log on your trading account page.
As always, thank you for reading our explainer articles! See you in the next one!
