In its corporate blog, Binance announced on Thursday that margin trading has been released on the 2.0 version of the exchange. The blog post reveals that the leverage traders can use is 3x versus up to 20x that was promised at the end of May.
Margin trading on Binance version
In a tutorial for margin trading, Binance provides instructions regarding the leverage, saying that if you have 1 BTC, you can borrow another two, thus the whole leverage totals 3x.
Traders who will take part in using the new feature will have to undertake and pass a new KYC procedure of verifying their ID and need to use 2-factor identification every time they log in to their personal office on Binance.
Customers may conduct margin trades with such assets as BTC, XRP, BNB, ETH, TRX and USDT. However, they can use any crypto traded on Binance to fund these trades.
As per the exchange, the new version of Binance has an improved interface and it has got some new mechanisms implemented to improve the matching of trading orders.
Also, users can transfer their crypto from their margin wallets to their main crypto storage space on Binance free of charge.
The blog post cites the head of Binance, CZ, saying:
This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof.