Binance has announced the launch of its Option Trading platform on its Mobile Apps. The platform which is available on the latest update of the exchange’s Mobile App was recently released allows the millions of users on the Binance ecosystem to trade on various markets.
What’s an Option?
“Options are contracts that give the bearer the right, but not the obligation, to either buy or sell an amount of some underlying asset at a pre-determined price at or before the contract expires”. Options can be based on a wide range of underlying assets, including stocks, commodities, indices, currencies, cryptocurrencies or even another derivative product.
The Binance Options platform according to Binance offers users a lower entry barrier and provides flexibility required by option traders. With this platform, Binance allows users to take advantage of the price movement of assets within different time frames and enjoy the rewards therefore.
According to Binance, the Binance Options is an American style option which executes traders contracts anytime before the expiration date. The firm boasts of an intuitive design to enhance traders’ trading experience, unlike traditional options products and of a shorter time frame compared to traditional options that range from 10 mins to 1 day.
Arguing further, Binance said traditional options products are less liquid especially such that are far “out of money”. In order to avoid this, the Binance Options are ‘designed with only one strike price which is equivalent to the contract price on Binance Futures’.
The firm continues to marshal on taking giant strides in the industry with its acquisitions, partnerships and launch of new products. Binance which started operations in 2017 continues to against varying odds build a giant and global ecosystem.
The launch of the Binance Options represents the lastest of the many strides which the ecosystem giant is making. Recently, it acquired popular crypto market data aggregator Coinmarketcap and it also announced intention to go into the cryptocurrency mining business.
Kucoin Launches P2P Fiat Trade for the Nigerian Market
Cryptocurrency exchange platform Kucoin announced the launch of a peer to peer Fiat trade for the Nigerian market.
The launch will allow users purchase USDT and BTC using the Nigerian Naira (NGN) via its peer to peer Trade. According to Kucoin, users will enjoy better prices and instant transactions.
#KuCoin Launches P2P Fiat Trade for the $NGN Market 🇳🇬— KUCOIN (@kucoincom) July 31, 2020
The NGN/USDT and NGN/BTC are now available to users in the KuCoin P2P Fiat Trade market.
Buy #Crypto with NGN now: https://t.co/QEB6ZuqFCe
Details: https://t.co/9ph4hy53gF pic.twitter.com/pT2bHdhw8Y
The two trade pairs NGN/USDT and NGN/BTC are currently available for users on the Kucoin P2P fiat Trade Market. Kucoin request users to update to the latest version of the product to access the new market and ensure their trades are successful. It also revealed that more currencies will be provided soon on the platform.
Launched in 2017, Kucoin is one of the leading cryptocurrency exchanges globally and currently ranks 16 on coinmarketcap with a volume of over $300 million on daily average and offering spot trading, derivatives and OTC.
The Nigerian market has continued to see embrace by cryptocurrency exchanges owing to the large market which is indicated by the daily volume from P2P platforms such as PAXFUL and other sources.
On an average, according to data from coindance, over one billion Maura is traded weekly on Localbitcoin. PAXFUL commands on average weekly a $5 million trade volume from Nigeria being its largest market in Africa.
To enjoy the new markets, Kucoin advises users to upgrade their Kucoin product.
Binance Ships out its Debit cards
The long awaited and anticipated Binance debit card is here. The first sets of cards have been set in motion for delivery to customers. The CEO of Binance exchange, ChangPeng Zhao, popularly known as CZ made this known to the public while giving response to a tweep interested in the product. He said in the tweet; “This started shipping in limited quantities as of yesterday, I heard”
Unveiling of the Binance Card
The plans for the Binance card were made earlier this year around April. The debit card was to be issued by Visa and the testing was to be done in Malaysia before its launch. Like other crypto cards, the Binance debit card would allow its users to spend their crypto assets by converting them to fiat.
According to previous reports, the Binance card was to be a global project. Binance is constantly making partnerships with banking and debit card partners to make users buy crypto easily from anywhere in the world easily. Ordering the card costs $15, although the exchange promises there won’t be maintenance fees according to previous reports.
Cryptos available on the Card
The card will support four cryptocurrencies according to Binance. The cryptos are Bitcoin (BTC), Binance USD (BUSD), Swipe’s native token (SXP) and the Binance native token (BNB)
Binance revealed earlier that the card will work like a normal debit card and users won’t be required to convert crypto to fiat before necessarily making a purchase. They have the opportunity of picking from a variety of the four cryptos aforementioned to fund their Card wallet.
Crypto debit card is becoming the new normal in the crypto space of recent. Different companies have unleashed their various debit cards. Worthy of mention is that of Naijacrypto.com. BTSE, a crypto exchange launched its debit card in June, 2020.
Image from binance.com
BitMEX Offers Corporate Account Feature to Traders
Top Margin Trading platform BitMEX announced it now offers Corporate account features to its customers. The Corporate account according to BitMEX is designed for customers who are not individual entities but a company or any other legal entity whose ownership structure differs from other individual traders and will require unique ways for their employees to access and manage accounts on its behalf.
Founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, BitMEX grew to become a leader in my crypto trading market. BitMEX averages a trading volume of over 150,000 BTCs valued over a billion dollars with the bitcoin market taking a significant share of the trade volume.
BitMEX affords corporate account users several benefits such as ensuring legal property of corporate entities, enhanced service which has a dedicated client coverage relationship manager and access to global corporate events.
Corporate account customers enjoy enhanced security by allowing customers to define account access and control via authorized signatories and dedicated account management. Corporate Account customers also are offered account audit features and support.
The firm also disclosed that high volume Corporate Accounts are also eligible for the Tiered Account Schemes benefits such as increase in trade limit thresholds linked to trading behaviour and having their opinions heard regarding products and features development.
BitMEX has stated that the only type of account that’s eligible are accounts that are not owned and managed by an individual. And that the Corporate Account customers will enjoy future benefits such as invitation to be part of its Early Access programmes for ongoing product and service enhancements, with Sub-Account and Inter-Account instant transfer features and Multi-User Login capabilities due to be launched later in the year.
Naijacrypto has Revealed it’ll Launch a Debit Card Amongst others in Coming Weeks
Popular Nigerian cryptocurrency exchange Naijacrypto has revealed plans to launch some products and onboard significant liquidity unto its platform.
The firm made this known via its Facebook page that in the coming weeks, it will launch a cryptocurrency Verve powered debit card. According to Naijacrypto, “users no longer have to endure excessive transaction fees and complicated crypto-fiat conversion procedures…”.
The debit card empowers users to make online payments, POS transactions and ATM withdrawals directly from their Naijacrypto wallets. The firm hasn’t disclosed the supported cryptocurrencies yet.
Onboarding of Liquidity
Through a partnership secured by a major player in the global cryptocurrency market, Naijacrypto reveals it will onboard significant liquidity which will allow users to enjoy instant filing of orders, faster transactions and lower price quotes. This achievement according to the firm “represents the culmination of months-long efforts to improve and increase the liquidity on the exchange and achieve greater stability as well as boost transaction efficiency for traders and merchants.”
The launch of Naijacrypto Academy
In the coming weeks, the firm has revealed it will launch an academy that will help to drive cryptocurrency education. This initiative according to the firm was a response to community requests. The academy will form a “key educational arm of the Naijacrypto ecosystem whose function is to educate users as well as the general public on the basics of blockchain technology and cryptocurrencies”
The firm also revealed plans to roll out its affiliate program that will empower individual users to make money upon referring other users called Candidates. Users that join the affiliate program will be entitled to a percentage of the transaction fees of Candidates.
These initiatives according to the firm is to essentially cement its place as Nigerian’s leading crypto-exchange.
Based in Lagos, Nigeria, Naijacrypto is a cryptocurrency exchange platform offering state-of-the-art services, access to an OTC market for a wide selection of digital assets.
The firm’s strategy focuses on providing unparalleled support, tools, and innovation for professional traders and liquidity providers around the world.
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