Binance platform adds a basic modification about leveraged trading
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Answer Binance platform adds a basic modification about leveraged trading
Every now and then the trading platforms add more features and extensions in order to attract as many users as possible.
Recently, the Malta-based Binance platform has introduced the option of margin trading, or what is also known as leverage, to its users.
The platform started with the support of six cryptocurrencies with only 3x leverage which was previously expected to reach 20x.
The recent announcement by crypto exchange led by Changpeng Chao appears to be paving the way for the platform to reach its 20x goal.
According to the new announcement, the maximum leverage has been raised to 5x, along with the leverage adjustment function.
Binance announced this on Twitter.
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#finance Margin trading increases the maximum leverage to 5x and enables the leverage adjustment function pic.twitter.com/1ixnob4E8z
– Binance (binance) November 19, 2019
As stated in statement On the official Binance blog, users will be able to increase the maximum leverage up to 5x.
Since 3x was the previous maximum leverage on Binance’s margin trading platform, the tuning and adjustment function has been enabled so that users can set the desired leverage between 3x and 5x.
Please note that this feature is currently restricted to web interface users only.
Where the Binance platform and through the margin trading service recorded significant growth, the platform is updating the service by adding new currencies to the already existing list, where the margin trading feature supports each of the currencies:
BTC, ETH, BNB, TRX, USDT, ADA, ETC, BCHABC and XLM, among many other currencies.
Recently the margin trading platform has been made available for sub accounts as well.
Despite the growth of Binance, it is still behind BitMEX in margin trading as BitMEX offers leverage of up to 100x on a few of its products.
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