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The Binance Futures platforms have already created a lot of buzz with over $150 million worth contracts traded. Currently, users have been given a limited access on a referral basis.
Crypto exchange Binance is working hard to bring cryptocurrency futures trading facility to its customers. Earlier this week on Monday, September 9, Binance CEO Changpeng Zhao announced the launch of its Futures trading platform.
The company has provided further details into the working of the two crypto futures trading platforms. In an official blog post on Wednesday, September 11, the company wrote:
“Binance is delighted to announce the official launch of our Binance Futures Trading Platforms. Both Futures Platform A and Futures Platform B from the Battle for Binance Futures competition will be available for trading”.
Binance is currently offering Beta access to the Futures A platform which will be renamed as Binance Futures. In this Beta launch, only a limited number of users will get access and will receive the referral code by this week.
The Futures B platform will function as an independent platform. To trade on this futures platform, users first need to open an account on Binance JEX. Binance launched its futures testnet last week on September 2 to check the performance of their two Futures platform – A and B. Binance has offered all participants a 100,000 USDT token for testing purpose.
The company also launched the “Battle for Binance Futures” competition. Binance has assured that it will inform users through email by this week.
Issues and Clarifications
As CoinSpeaker reported, a twitter user named doublejump expressed overall dissatisfaction on using the two futures platform. Upon testing the two, he summarized his experience saying:
“Platform A is unusable because of its contract size granularity, but does have a nice interface and decent specifications otherwise. Platform B is not documented well and has an unwieldy leverage system.”
Doublejump complained that the minimum contract granularity was 1BTC. In response to this, a Binance spokesperson has issued a clarification in a word with CoinTelegraph. The spokesperson said: “minimum contract size granularity is actually 0.001, @doublejump […] accidentally thought it was 1 BTC”. further adding to it he said:
“Need to correct this point. Platform A does allow transactions below 1 BTC (in lots of 0.001 BTC) but the web UI has some major input validation issues, probably causing issues with my European localized system which does not use a period to separate decimals.”
However, Binance’s futures trading platforms have managed to create a lot of buzz since its announcement. A Reddit user said that the platform has already registered $150 Million worth Futures Trading. this shows that there’s a growing interest among users for futures trading which could further drive more participation in the crypto market.
Ahead this month, ICE’s Bakkt is all set for the full-fledged launch of its Bitcoin Futures contract on September 23.