Binance has added margin trading on its android app with some other updated features. A month ago, Binance announced the launch of Margin Trading Platform for all its users. Margin trading allows traders to borrow funds to increase leverage, providing higher profit potential than traditional trading. The current volatility of the cryptocurrency market makes this trading much riskier.
Binance’s official website explains margin trading as a method of trading assets using funds provided by a third party. When compared to regular trading accounts, margin accounts allow traders to access higher sums of capital, allowing them to leverage their positions.
The trading announced back in May that they would be launching margin trading and said that the service would feature up to 20x leverage. On Binance, a user can borrow up to 3 times of your wallet’s balance. Initially, margin trading is available in pairs including bitcoin (BTC), ethereum (ETH), XRP, Binance coin (BNB), Tron (TRX) and tether (USDT).