Binance Launches 2.0 Platform, Margin Trading
- Margin trading is available across six cryptocurrencies: BTC, ETH, XRP, BNB, TRX, and USDT, with fees as low as 0.01%.
- The 2.0 platform also includes “an advanced trading engine for better order matching and press indexes for margin level calculations to enable lower liquidations.”
Binance CEO Changpeng Zhao speaking at an “Ask Us Anything” conference. Binance
Binance, one of the top crypto exchanges by trading volume, has launched its 2.0 platform and added margin trading for its customers, the company announced in an official blog post today.
The first hint we got of a possible margin trading on Binance was from the exchange’s CEO Changpeng Zhao in late May, when he tweeted a screenshot of their new platform, which had a Margin Trading tab. As we all know, margin trading allows exchange account holders to use their current balance as collateral to open both long and short positions on a crypto asset, and can either lead to big profits or big losses. Binance’s Co-Founder Yi He explained:
“Though the current cryptocurrency market and legacy platforms for margin trading poses greater risks and benefits at the same time, we are confident that its development coupled with more knowledge on proper risk management will help realize greater benefits in the long run.”
In order for Binance users to take advantage of the new service, they would have to first go through a KYC (know-your-customer) check and have two-factor authentication set up as an extra layer of protection. Margin trading is available across six cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Tron (TRX), and Tether (USDT). The fees are 0.02% on all of them, except BNB, which has a fee of 0.01%.
According to the announcement, the new Margin Trading platform is hosted under a newly optimized interface. The 2.0 platform also includes “an advanced trading engine for better order matching and press indexes for margin level calculations to enable lower liquidations”. A new “Margin Wallet” has also been launched. With it users can move funds to their primary Binance Wallet without any fees. In today’s announcement, Binance’s CEO Changpeng Zhao said:
“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.