Binance, the world’s largest cryptocurrency exchange by trading volume, is launching a new futures trading platform which will allow users to trade with up to 20x leverage.
During a presentation at the Asia Blockchain Summit in Taipei on Tuesday, Changpeng “CZ” Zhao, founder and CEO of the Binance exchange, showcased a trading interface with features including the ability to go long and short on crypto assets.
The CEO said: “Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks.”
The futures trading feature comes after the firm rolled out margin trading on the platform last month, with plans to offer it to all users by July 11.
Competition is heating up
Competition is heating up in the high-leverage trading market, with Bitfinex also recently announcing that it is ready to ship a derivatives product with up to 100x leverage. BitMEX also offers a similar product with up to 100x leverage on its Bitcoin perpetual swap contract.
CZ indicated in his presentation that the leverage could be up to 20x and will be offered for trading on Bitcoin initially. While a firm release date is not yet set, it has been reported that the futures testnet is planned to go live in just two weeks.
For more news, guides, and cryptocurrency analysis, click here.