The cryptocurrency exchange Binance has recently confirmed that it will be launching margin trading for different digital assets. In a recent tweet uploaded by the platform, the exchange revealed two different interfaces for Binnace, one completely white and the second one completely dark. In these images, it is possible to see that the exchange is already testing margin trading.
Binance Could Soon Launch Margin Trading
Binance is one of the most popular exchanges in the market and it has been working in order to attract a large number of users. After being launched in 2017, it became one of the largest platforms for traders in the space. This time, the intention is to offer new features to users, including margin trading.
At the moment, there is no information about which is the leverage level that the company is going to be offering to its users. As they didn’t provide any guide regarding their plan for the future about margin trading, it is not possible to know which are going to be the digital assets that will have margin trading activated.
There are different digital currency exchanges that are currently offering margin trading, including Poloniex or BitMEX. However, Poloniex doesn’t offer a very competitive platform for margin traders. Kraken is also offering margin trading to its customers, while Coinbase Pro does not compete in this category.
Binance, with a large number of users, an easy to use interface and a fast service, became a recognized digital currency exchange. The firm has been also affected by a hack a few weeks ago that resulted in the loss of over 7,000 Bitcoin (BTC), worth close to $40 million at the time. With this new implementation that could be rolled out in the near future, according to Changpeng Zhao, the CEO of the company, the intention is to attract investors that were using other platforms to trade digital assets with margin.
Alex Krüger, a recognized crypto investor, released a poll on Twitter in which 36% of the respondents answered that they are going to be long crypto when margin becomes active on the platform. 14% answered that they are going to be shorting crypto. 32% said that they are not planning to use margin. Finally, 18% selected the “see results” option.
Binance likely to announce margin trading soon. What would you use margin on Binance for?
— Alex Krüger (@krugermacro) May 21, 2019
At the time of writing this article, Binance is the second largest crypto trading platform with a market capitalisation of $2.31 billion traded in the last 24 hours.
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