Cryptocurrency
Cryptocurrency
Major crypto exchange Binance launches margin trading service
The world’s largest digital currency exchange, Binance, has launched its highly anticipated margin trading service, as part of its continuing effort to expand its business.
“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,” Binance’s chief executive officer Changpeng Zhao said in a statement. “We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”
In a blog post published earlier today, Binance noted that margin trading offers higher profit potential, but also higher risk, especially given the volatile nature of the cryptocurrency market. Still, margin trading was one of the most requested features by Binance users.
“With margin trading being one of the most requested services from our community, this is a testament to the large market demand from retail and institutional traders alike and its promising possibilities in the future,” Binance co-founder Yi He said.
The news came just a day after Binance officially launched a new fiat-to-crypto trading platform in Singapore. The platform supports three digital currencies – Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) – and trading in the Singapore dollar.
Earlier this month, Binance announced that crypto futures would be coming to its platform. The company said at the time that the feature would be introduced a few weeks after the roll-out of the margin trading.
Meanwhile, Binance’s proprietary token, BNB, has suffered some significant losses over the past 24 hours amid a larger cryptocurrency downswing. As of 14:34 BST, the BNB price stood at $30.16, down almost 7% from the same time yesterday. The coin’s total market capitalisation currently stands at $4.2 billion, which makes BNB the seventh-largest digital currency on the market.
Featured image: ymcgraphic /Shutterstock.com
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