Binance on a development spree; enables automatic borrowing, repayment functions on Binance Margin
With a host of developments and roll-outs, leading cryptocurrency exchange Binance has made a lot of headlines recently. The Malta-based exchange today announced enabling automatic borrowing and repayment functions on Binance Margin. The news comes just a day after the exchange had announced adding privacy coins to its lending platform for its fifth phase.
According to the official blog post published on 19 September, there will be three types of orders available on its web trading interface. They are,
- Normal: Same as the previous standard orders.
- Borrow: Users will automatically borrow the maximum number of coins based on the preset margin level, allowing margin buy or margin sell orders to be placed automatically.
- Repay: Funds received from orders will be automatically used to repay borrowings of the same coin and interest owed in your margin account.
The feature is currently not available on the app, with Binance Founder and CEO Changpeng Zhao aka CZ revealing that the feature will be rolled out soon.
Following the announcement, CZ tweeted,
Auto margin when you buy/sell, and auto return when you close your position.
Simple UX, and don’t pay interest when you don’t trade. https://t.co/4TyHd8Y32I
— CZ Binance (@cz_binance) September 19, 2019
Binance launched its Margin Trading Service in July this year for all eligible users on Binance.com to allow traders on its platforms to borrow funds to increase leverage, with the feature providing higher profit potential than traditional trading. The latest development on its web trading interface, Binance Margin, is in line with the crypto-exchange’s plan to expand its trade offerings. The platform had previously stated,
“As part of Binance’s effort to help push the industry forward and freedom of money, the company is expanding its trading possibilities, similarly to existing leveraged trading features on traditional markets.”
AMBCrypto has reached out to Binance officials for more details on the latest feature added on Binance Margin.