Exchanges Allow Dumping Savings at the Speed of Lightning
You don’t even have to use a PC to dump money anymore: convenient Binance iOS app allows you to do it from anywhere. So, mom won’t guess where all the money goes even if she really wants to.
Using your precious iPhone, as a Binance customer you are now able to trade BTC/USDT contracts with up to 125x leverage. The traders also get up to 50x leverage on the contracts made in the ETH/USDT pair. Aaron Gong, director at Binance Futures, noted:
“Binance Futures is embedded with the fastest and most robust matching engine to ensure a consistently smooth and stable trading experience, with a capacity of hosting one million traders simultaneously without sacrificing user experience… In our continuous efforts to improve the product, we have been rolling out new major features in the past two months and will continue to release new major updates with more innovative functionalities.”
Binance is approaching the task with extreme caution, launched two test contract platforms back in September 2019. When tests were over, the platform officially announced a renewed iOS app. It can bring additional convenience to users who admire iOS-based products over the Android-based ones.
Binance iOS App Allows Institutional Traders to Create Large Deals
The company claims that the app for Apple fans will replicate the success of the Android version.
The exchange says that Futures trading is popular among retail investors. During their first two months of trading, Binance Futures market was setting the records on Android. It now reaches 370,000 Bitcoins in daily circulation. Such a huge pile equals $2.7 billion at the time of writing.
Stats show that large institutional capital holders account for 81% of the trading volumes. They prefer safe trading at a leverage of 20x and below. However, the majority of the traders (who keep over 60 percent of all contracts) are trading above the 20x leverage level.
Both on desktop and mobile, around 21 percent of all the traders pick the risky 125x leverage. Such trading may seem insane to some people who familiar with classic trading. Yet in the cryptocurrency space, crazy deals are something of a normal and typically risky nature.
Centralized Exchanges Still Have to Develop Transparency
It is very good that exchanges like Binance are working on new products to keep people in this game. However, they should put some time into increasing their transparency levels too.
During the Celer Network‘s recent IEO, Binance claimed that they distributed the 597 million tokens among participants. According to theresearchers, Binance simply sent 2/3 of all the IEO funds back to themselves. Then the token was heavily dumped via Gate.io and some other places by anonymous yet large players. It was disclosed:
“A conversation with a Celer Network representative/developer on Twitter reveals that they have no clue what the hell is going on and there are several hundred million tokens that are currently unaccounted for. ”
The drama appeared because somebody was the largest backer of the Celer Network’s IEO, from the beginning. Presumably, it was the Binance crew enacting one big dumping of the token, which has made the key developers fill their panties and consider fantastic motives.
Author: Jeff Fawkes
Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
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