The recognized cryptocurrency exchange Binance has finally rolled out for all of its users its recently announced Bitcoin (BTC) futures trading platform. The information was released by Binance in a blog post on September 12.
Binance Releases Bitcoin Futures Trading Platform
After receiving an overwhelming response from users about its new Bitcoin Futures platform, the futures have been released today at 4:00 AM (UTC). The platform is now supporting Bitcoin futures paired with Tether (USDT), the largest stablecoin in the market. Individuals can use up to 20x leverage.
In the future, the exchange could add support to other pairs and coins, however, there is no information about it at the time of writing.
This is not the first cryptocurrency exchange that is offering futures to crypto users. Other platforms such as bitFlyer, BitMEX and CoinFlex are also offering similar solutions to interested investors.
According to Skew, Binance futures trading volumes started very well with $170 million handled by the platform since it was launched. This makes of the exchange, the fifth platform in terms of Bitcoin futures volumes.
BitMex, for example, registered $2.52 billion during the same period of time. Meanwhile, bitFlyer was able to handle $860 million. Thus, Binance has yet a long way to go before reaching the top two.
The third platform with the largest Bitcoin futures trading volume is CoinFlex with $330 million during the same period. Just by doubling its trading volume, Binance could reach the top 3.
Looks like a strong start for Binance futures – $170mln trading in last 24h with max leverage 20x pic.twitter.com/qlkt8XE4vS
— skew (@skew_markets) September 13, 2019
Users will also receive a 50% discount on trading fees when trading on the Binance Futures for the first three months. All the fees are paid using Binance Coin.
In addition to it, users that participated in the Battle for Binance Futures competition and voted for the Futures A will enjoy a further discount on the trading fees. At the same time, Binance will include the trading volume of the futures in the calculation for the quarterly Binance Coin (BNB) burn.
Binance burns a portion of the total BNB supply according to the profits they make each quarter. These quarterly burns will end once the total supply of BNB reaches 1 billion.
Binance continues to expand in the cryptocurrency market. The company does not only want to offer trading services but also become an integral part of the whole crypto ecosystem.
The exchange registered a trading volume of $707 million in the last 24 hours, according to data provided by CoinMarketCap.