Binance will soon be raising its trading leverage to 5x according to an official announcement of the firm’s blog post. Back in July, the Malta-based digital asset exchange pioneered its margin trading feature and would only support 3x leverage until the latest unveiling.
1. New Turkish lira $TRY Fiat Gateway 🇹🇷
2. Margin trading max leverage increased to 5x
3. $100,000 $MCO Give away with @cryptocom
4. #Binance Will Support Upcoming $AION Upgrade & Hard Fork.
5. MCO/USDT trading pair added
6. @BinanceSGD lists @chainlink#BUIDL pic.twitter.com/YBDzmC9fnB
— Binance (@binance) November 19, 2019
Prior to the release, stakeholders including the larger crypto community expected a 20x leverage from the leading crypto exchange. This seems to be on course with the recent 5x leverage milestone in addition to the adjustment option feature. The platform also added more crypto coins to its scope of leveraged assets; initially, Binance only supported six digital currencies.
According to the blog post, supported cryptocurrencies in the new leverage position include XLM, ETC, BCHABC, ADA, USDT, TRX, BNB, and BTC. The web interface for Binance’s network will now offer clients an adjustment option between the 3x and 5x leveraged positions for these digital assets. This Malta-based exchange also allowed sub accounts to access its margin trading features a while back.
However, Binance is still conservative in terms of leverage compared to the 100x offered by BitMEX on a couple of products. Other players that offer similarly aggressive leverage positions are StormGain and ByBit.
Binance $50 million Volume mark!
The most recent monthly report from Binance applauds the exchange for hitting a $50 million volume figure. According to the report, the Binance chain upgrade is among the fundamental factors that fueled its growth. Furthermore, there has been impressive progress in partnerships as well as new validated listings within the Binance Decentralized Exchange. The new 5x leverage might boost the BNB network activity and ultimately the BNB coin value given the project’s prospects.