Binance Futures Exchange Launches Market Makers Reward Program; 400K USDt Up For Grabs
Binance the leading cryptocurrency exchange known for its all-round features and versatility is introducing a new market makers program onto its platform. This is in an effort to bring more liquidity and offer a superior trading experience for all users.
As per their announcement, the Market Maker program welcomes traders whose 30 day trading volumes exceed 1000 BTC (or can achieve 1000 BTC) and have quality market maker strategies. Some of the benefits of this new program are free trading regulations, higher API limits, a 400,000 USDT bonus pool and better support services. The overall aim of the program however is to improve ‘liquidity and user trading experience’ on the platform.
— Binance (@binance) November 8, 2019
The program is limited to the BTC/USDT Binance Futures trading pair, is expected to run until 30th December 2019. According to Binance, Market makers will be scored based on meeting predetermined requirements as well as maker volume and overall performance. The fees will be assigned based on the score rankings. Total order size, offer spread, maker volumes and order durations are just among the indicators that the company will use in calculating the composite score.
Less than a month ago, Binance unveiled a strategy to attract Crypto Whales who are known for moving large amounts of crypto with its new Market Maker program. This was done to easily avail services that will encourage them to keep trading. Up until October 25th this year the leading cryptocurrency platform Binance recorded that its Binance Futures Program volume was on the rise. It had hit the staggering $1 billion volume mark.
Since September 13th 2019 when the Binance Future program launched, the trading volumes have been on an upwards trend. This performance saw Binance reach and maintain 4th spot in the BTC/USTD features volume ranking until now. Its growth has clearly been unstoppable.