The addition of new features into existing cryptocurrency organizations is seen as a mark of growing adoption rates and showcase the increased integration between the product in the market and the customer base.

Binance, the world’s largest cryptocurrency exchange has been one of the few consistent players in the market who have managed to make news regarding developments on a consistent basis. One of the biggest highlights of this year [till date] from the Binance stables was the announcement of the launch of margin trading by the Changpeng Zhao-led company.

Binance’s decision put them square in competition with margin trading bigwigs like Bitmex and Bitfinex, two platforms that have been hit with multiple criticisms in the past. The success of Binance’s margin trading launch was attributed to the trust users had in the organization as well as the aforementioned negative news about its competitors. In a recent post, Jacob Canfield, a popular trader, gave his opinion on the margin trading atmosphere by stating:

“Future Prediction: Margin trading on @binance will allow them to capture a majority share of the margin trading market from Bitmex and Bitfinex and make $BNB a top 3 token in the near future. Congrats to @cz_binance for the new platform upgrade and listening to the community.”

Binance unveiled a new look for its margin trading services on May 24, when the organization stated that users could now conduct business in both a dark mode and a light mode. The announcement also had a positive effect on the price of Binance Coin [BNB], allowing it to surpass its all-time high yet again. The cryptocurrency rose by 34.65 percent over the course of a week, enabling it to clock in a market cap of $4.724 billion.

Canfield further went on to talk about the reasons why users won’t prefer trading on Bitfinex or Bitmex, tweeting:

“Future Prediction: Margin trading on @binance will allow them to capture a majority share of the margin trading market from Bitmex and Bitfinex and make $BNB a top 3 token in the near future. Congrats to @cz_binance for the new platform upgrade and listening to the community.”

Although Canfield’s comments were speculative, a lot of users on social media platforms sided with him, with many admitting that Binance was ‘making the right moves’.

The post Binance’s margin trading platform could outperform Bitfinex, Bitmex, predicts prominent analyst appeared first on AMBCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

204 +