New Binance Trading UI Shows Margin Option #MoonMode Coming for Large-Volume Investors
The recognized cryptocurrency exchange Binance has confirmed that they will be offering margin trading for traders.
The information was released through a social media update on Twitter in which the exchange showed that they were testing dark and light modes.
Binance Shows It Is Working On Margin Trading
Binance is working on a new Night and Light mode in which users can select their own interface colour. At the same time, they teased enthusiasts with the possibility to launch margin trading. Changpeng Zhao said that a margin trading system is rolling out “very soon” and that they are now in a testing phase with traders.
— Binance (@binance) May 24, 2019
Binance is working on different products and initiatives that aim at expanding its presence around the world. For example, one of the most interesting things is related to a decentralized exchange called Binance DEX.
With margin trading, users will be able to use their balances as collateral and open the possibility for higher profits. However, this has a larger risk for investors. At the moment, Kraken, and BitMEX, among others are currently offering this tool.
During an Ask Me Anything (AMA) session that Changpeng Zhao gave a few weeks ago, he said that they are working on margin trading for their trading platform. About it, Changpeng Zhao said:
“As we are working on our margin system, that’s rolling out very, very soon. We will do a gradual rollout of the margin platform; it’s actually being beta tested by our internal team.”
In a recent survey conducted by the crypto analyst Alex Krüger, he asked the community whether they will be using margin trading on Binance or not.
The answers show that 50% would be going to short or long crypto (14% and 36% respectively) and the remaining 50% said that they will not be using margin or that they just wanted to see the results (32% and 18% respectively).
Binance likely to announce margin trading soon. What would you use margin on Binance for?
— Alex Krüger (@krugermacro) May 21, 2019
A few weeks ago, Binance has been affected by a hack that resulted in the loss of $40 million in Bitcoin (close to 7,000 BTC). The exchange decided to cover the losses with its SAFU fund that receives financing from fees that they take every time a trade is performed on the platform.
In addition to it, Binance is going to be releasing a new platform for virtual currencies in Argentina, which is going to be a new fiat on-ramp for individuals in the country. This comes after opening fiat exchanges in different jurisdictions.