Major crypto exchange Binance launches margin trading service
Cryptocurrency

Major crypto exchange Binance launches margin trading service

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

More Resources

Add Comment

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.