COBINHOOD Cryptocurrency Exchange Rolls Out Margin Trading Feature
Recently, the cryptocurrency exchange COBINHOOD rolled out the beta launch of its new margin trading feature and whitelist collection. This feature will enable its users to borrow money against their current funds to trade cryptocurrency “on margin” on the COBINHOOD exchange.
COBINHOOD users will be able to leverage their existing cryptocurrency by borrowing funds to increase their buying power and benefit by having to keep less cryptocurrency on the exchange at a time. For users that trade high amounts of cryptocurrency and want to make sure it is protected, they will have the advantage of keeping most of their funds in an offline wallet, keeping only enough on the COBINHOOD exchange to trade with using leveraged buys.
When asked about the launch of the new feature, their CEO and co-founder Popo Chen said:
“We're excited to expand the trading capabilities on our service platform, and improve our overall user experience. By giving COBINHOOD users the ability to buy and sell on margin, we're allowing them to get more value out of their trades, and take advantage of a feature that is underutilized in the cryptocurrency industry right now. We look forward to continuing to expand our platform and offer additional features that will give our users the best cryptocurrency trading experience.”
The date for the beta for margin trading is expected on July 13th. The official launch date will be announced in the coming months as it depends on the performance and reception of the beta.
They launched their own coin, COB, through an ICO in September/October of 2017. Despite intentions to offer fiat-to-crypto exchange they only provide crypto-to-crypto exchange on their platform at this time. This may change in the future depending on government regulation for fiat-to-crypto exchange which is currently affecting many exchanges around the world.