“Binance Futures is Coming” Largest Crypto Exchange Launching a Trading Platform With 20x Leverage
- Binance soon will allow to open long and short positions on Bitcoin price
- The futures platform will be introduced with 20x leverage
The world’s largest cryptocurrency exchange by trading volume Binance is now planning to offer Bitcoin futures trading option.
During the Asia Blockchain Summit in Taipei on Tuesday, July 2nd, Changpeng Zhao, the founder and CEO of Binance revealed this by showcasing a futures trading interface on the exchange in his presentation.
“Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks.”
Referring to the screenshot that shows features of long and shorts on crypto assets further added, “This is an actual screenshot of the working system. So Binance futures is coming.”
Back in March, the exchange announced that it will offer margin trading service and now the introduction of leverage on Bitcoin future, as part of its expansion plan will only propel the exchange to greater heights while providing it the edge on its competitors.
What’s more, is the leverage could be up to 20 times.
Indicating to the presentation slide, Zhao also shared that the futures trading will be initially offered on Bitcoin with 20 times leverage. This will allow users to maximize their profits.
No release date is set as of yet, however, a Binance Spokesperson told CoinDesk that the futures testnet will be launched in the coming weeks after the margin trading is rolled out to all of its users by July 11 or so.
Here we go!@binance just announced Binance Futures which will support 20x leverage for Bitcoin futures in the coming months.
More sophisticated products. More liquidity.
The virus is spreading 🔥
— Pomp 🌪 (@APompliano) July 2, 2019
While Binance is planning to launch the futures trading platform, BitMEX is eyeing fixed income as its CEO Arthur Hayes revealed that in the coming weeks he will announce the launch of zero coupon bonds for bitcoin.
Bitcoin price, in the meantime, is trading at $10,020 with 24 hours loss of 5.79 percent, at the time of writing, while managing the trading volume of $2.87 billion.