Binance announces new VIP structure for margin trading

Leveraging a massive portfolio of services and offerings, Binance today stands at the forefront of enabling crypto-startups and crypto-investors. The Malta-based exchange recently announced the addition of several leading cryptos for margin trading, with Binance also keen on pushing out promoting new VIP levels, speculated to be aimed at customer retention. An official announcement from the exchange read,

“Fellow Binancians,

To support our users and their usage of the Binance Margin Trading platform, Binance will release a Margin Trading VIP structure at 2019/08/09 12:00 PM (UTC).”

Diving down to the crux of this offering, the new VIP structure enables certain users to gain up to 10x the standard borrowable amount, as well as up to a 20% discount on daily interest rates. The eligibility of users will be purely determined by their individual 30-day BTC trade volume and BNB balance, which is detailed in the image below.

Source: Binance

Clarifying the above, the post added,

“By default, if you hold BNB in your account, your trading fees will be automatically subtracted from your BNB balance. Using BNB for transaction fees applies a 25% discount to your trading fee will be applied.”

As Binance’s fee-structure currently favors VIP traders, speculations around “bank-like” processes have started doing the rounds within the crypto-community. Binance’s growth in the crypto-trading space will also improve the value of its in-house token, Binance Coin [BNB]. As of now, the coin stands just below Litecoin in terms of market capitalization, maintaining a trading value of $29.99, at press time.