The inclusion of leveraged coins for trading on Binance is not new, as Binance has previously included FTX coins, but what is new is Binance’s creation of its own leveraged alternative coins.

Binance launched its own leveraged coins after it was based on FTX coins, but Binance received many complaints from users about their lack of knowledge of how these coins work, and users also indicated that these coins did not work when fluctuations occurred in the crypto market.

Binance announces the deletion of these coins and makes it clear that many users do not have a sufficient understanding of how these leveraged coins work.

Will Binance’s New Leverage Coins Get a Good Reception from Traders?

Previously, leveraged currencies were very popular among traders.

Read:Hackers steal more than 200 million dollars from trading platforms, including platforms in the Middle East

This made Binance consider issuing its own leveraged coins to remedy the problems that users encountered when using the old FTX tokens.

For new icons, please Advertising Binance around as follows:

Leverage Binance Coins was newly designed by Binance, after carefully considering user requests and evaluating existing leverage products.

The new coins offer lower risks and fees compared to derivatives and other traditional leveraged tokens (not issued by Binance), providing users with better protection.

Details of the new Banance Leverage Coins:

Binance stated that the new coins are not similar to the previous FTX coins as Binance indicated that the new coins rely on a constant leverage and maintain it between 1.5x and 3x, and these coins are also implementing a “smart rebalancing mechanism” to try to limit losses.

As for the announced leveraged Binance coins, they are:

BTCUP and BTCDOWN

These coins will provide effective exposure to Bitcoin, and these coins will have USDT trading pairs.

As for the date for the start of trading and the launch of these currencies, it will be on May 14 at 10 am UTC.

Read:The crypto community awaits the release of US CPI data…Details here

It is worth noting that Binance notes that users who previously traded leveraged coins on Binance will receive a full discount on trading fees for the new leveraged coins between May 14 and June 13.

Despite the changes, Binance’s leveraged coins still come with many risks associated with leveraged trading, so you should trade them with caution, and if you ignore dealing with them, it is better to stay away from them.

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