Binance Could Soon Include An OCO (One-Cancels-The-Other) Feature To Its Trading Platform
- Binance registers a new record in trading volume close to $5.5 billion
- The exchange could eventually add an OCO Feature to its trading platform
The cryptocurrency market continues to expand and Binance is one of the most popular exchanges and companies in the market. In a recent tweet shared by Binance, they shared an image in which it is possible to see a new tab called “OCO.” This could be making reference to a “One-Cancels-The-Other” feature.
Binance Could Be Testing OCO Orders
The Binance cryptocurrency exchange continues growing in the cryptocurrency market. This time, the exchange has hinted that it might be testing OCO orders, which would allow traders to have more professional and personalized trading experience.
Let's try this again 😆
— Binance (@binance) June 26, 2019
One-Cancels-The-Other order would work in periods of volatility or specific announcements in which a trader can set up two orders and when one gets filled, the other gets cancelled. This is used by traders to mitigate risks during times of uncertainty.
This is not the first time that Binance hints that they could be working on a new feature by sharing a picture on social media. In the past, they shared another Tweet in which they suggested that margin trading could be added to their trading platform. A few weeks later, the exchange added support for margin trading, which was one of the main features that traders were waiting for.
In addition to it, Binance has registered its highest trading volume in history. In a recent tweet released by Changpeng Zhao, the CEO and founder of the exchange, Binance registered over $5.5 billion in trading volume. The most popular trading pairs at the exchange were BTC/USDT, ETH/USDT and ETH/BTC, accounting for almost 50% of the total trading volume in the platform.
— CZ Binance (@cz_binance) June 27, 2019
Binance was followed by Huobi Global in terms of its trading volume. The exchange registered $4.404 billion in funds transacted on its platform, a massive number never registered before by crypto exchanges.
Binance has also announced that it would allow users to buy Binance Coin (BNB) using credit cards such as Visa or Mastercard. There were other digital assets available for credit card purchases including Bitcoin, Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and XRP.
Binance Coin is currently the seventh largest digital asset in the market with a valuation of $4,84 billion. Each BNB coin can be purchased for $34.25 according to data provided by CoinMarketCap.
The increase in trading volume in these exchanges comes after the massive price increase that Bitcoin experienced to $13,700. In just a few weeks, Bitcoin surged more than 50%, triggering FOMO (fear of missing out) in the market.
Coinbase, one of the most popular exchanges in the market, has been affected by an outage for a brief period of time when Bitcoin was close to $14,000 on June 26. After some hours, the digital currency dropped down to $10,700.