Both Binance Futures Platforms Are Subpar According to One Early Use Testing Them Out
Binance has recently decided to launch not one, but two new futures platforms. Now, however, some people have affirmed that these platforms are not as good as advertised. An early tester has posted on Twitter complaining about the platforms.
Currently @binance is running a testnet for two proposed futures exchange platforms. Futures platform A was seemingly developed in-house, platform B was developed by the recently acquired JEX exchange. I didn't really like either one. Some of my thoughts in this thread. 1/13
— doublejump (@2xjump) September 6, 2019
According to him, none of the two platforms are any good. Futures platform A was created in-house by the Binance team, while platform B was created by the JEX Exchange, which was recently acquired by Binance. Both platforms lacked what was considered
The user affirmed that both only have a single contract to offer: perpetual BTC/USDT swaps, a vanilla futures contract. The design is not very friendly and you can only trade in lots of 1 BTC, which is a lot of money.
He also affirmed that platform A is unusable, but it does have a better interface when compared to the other. Platform B has other issues as well such as not being well documented and having a large unwieldy leverage system.
Other complaints included a liquidation fee which was deemed high and how the exchanges determine prices. They use the following platforms: Bitfinex, Binance, OKEx, Huobi, Bittrex, and HitBTC. The tester considers HitBTC not to be very trustworthy, so he was concerned about this.
Despite Binance being such a huge platform for trading, it looks like it was not fully successful with these two new platforms. In both of them, there are several mistakes that make them unlikely to become successful.