New ‘Block Trading’ Service Launches by Binance for Traders Wanting to Make Big Crypto Buys
- Traders that want to make large purchases can do so on the OTC trading platform with Binance.
- Binance also recently launched a margin trading service this month.
Binance, which is the world’s largest cryptocurrency exchange by trading volume, has worked to offer more and more products to consumers that give them the most out of their trading experience. Now, the company is offering an over-the-counter service that they are calling “block trading,” according to a new blog from Binance directly.
According to Binance’s management, the new OTC trading option makes it possible to traders to collect more digital assets without the need for an order book, reaching over 10 Bitcoin in value. The blog post explains that block trading is good for traders that want to avoid potential loss, based on the price slippage that happens with large orders being logged.
The new service makes it possible for investors to use over 150 cryptocurrencies, benefiting from a reduced counterparty risk. They can also “discuss trades directly over chat.” The settlements happen on the users’ exchange accounts, and there’s no need for a third party to finalize the transactions. Within one or two minutes, the user can then confirm their transaction over chat.
The new service makes it possible for account holders to trade cryptocurrency pairs, even if some of them are not listed. One example is in the trading of altcoins, which can be traded directly while still using the fast pricing process. However, to participate, the users will need to pass the level-2 verification process, and they must already be members of messaging platforms like WhatsApp or Telegram.
The OTC trading for Binance was recently launched on January 23rd, 2019, allowing the transactions to take place between two parties, but there is no oversight by an exchange. Along with these flexible trading options, Binance recently announced margin trading this month as well.
The full blog from Binance can be viewed at https://www.binance.com/en/blog/361098747368058880/Block-Trading-Services-with-Binance-Trading.