Crypto exchange Binance adds 'hedge mode' to Futures trading
Wed, 08 Apr 2020, 06:57 am UTC
Crypto exchange Binance announced that it added “hedge mode” on Binance Futures.
With the new hedge mode, users can hold positions in both long and short directions at the same time under the same contract. It also allows the switch between one-way mode and hedge mode in the Preference settings. By default, the position mode is set as one-way.
Users can access hedge mode through the latest version of the trading interface. Mobile users can enjoy the new mode by downloading the latest version of the mobile app. One should look for Android version 1.21.1 and above, or IOS version 2.10.1 and above.
Binance has warned its users that futures trading is a highly risky endeavor with the potential for both great profits and significant losses. In the event of extreme price movement, there is a chance that all margin balances in the futures wallet may be liquidated.
In April, Binance Futures also announced that it increased the maximum leverage on the Tezos (XTZ) and Tether (USDT) trading.
“Binance Futures has increased the maximum leverage on the XTZ/USDT perpetual contract to 75x. Users can now select any leverage between 1x and 75x,” Binance wrote.
However, it received mixed reactions from the netizens. Some supported the move while many felt that it would only destroy the market.
A few weeks back, Binance also announced that it would double the fees for Ether (ETH) withdrawals and crypto traders were not happy. According to the crypto exchange, it needed to make temporary adjustments by making ETH withdrawal from 0.003 ETH to 0.006 ETH to better facilitate ERC20 and ETH withdrawals during the period of high congestion.
The said move was also criticized by a number of crypto traders with some of them calling the exchange “robber” and “scam.” Another also called Binance “greedy.”
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