Binance Expands Mobile Futures Access
In a game-changing move for cryptocurrency traders, Binance has launched its new iOS app that now supports Bitcoin (BTC) futures trading. This announcement adds another feather to Binance’s cap as it positions itself as the second-largest cryptocurrency exchange by daily trading volume.
Launch and Features of the New iOS App
Since initially rolling out two futures testnet platforms in early September, Binance officially opened the trading gates on December 9. Users of the iOS app can now partake in trading BTC/USDT futures with a jaw-dropping leverage of up to 125x. Ether (ETH) futures contracts are also available, with leverage capped at a more modest 50x.
Advanced Trading on Android
No need to worry, Android users! Futures trading for both BTC and ETH has also been available on Binance’s Android app since October 2019, ensuring that traders across different platforms can weigh in on these lucrative opportunities.
Record-Breaking Trading Volumes
Let’s talk numbers. The newly launched futures have reportedly made quite the impression. Within just two months of commencing operations, Binance Futures achieved a staggering ATH (All-Time High) in daily trading volume, surpassing 370,000 BTC, which translates to roughly $2.7 billion USD.
Rising Momentum and Competition
With a daily trading volume crossing the $150 million mark only weeks after the initial launch, by mid-October, Binance Futures had set another record at around $700 million. It’s evident that the momentum is building!
Comparative Landscape with Competitors
As Binance continues to make waves, it’s essential to consider competitors like Bakkt, which reported a respectable record of 5,600 BTC in futures trading, roughly valued at $42.5 million at that time. The rivalry between these platforms is heating up, with each vying for supremacy in the crypto derivatives market.
A Look Ahead
With user adoption surging and trading volumes breaking records, what’s next for Binance Futures? Future updates and enhancements to their apps may yield exhilarating new capabilities for traders. So, buckle up; the crypto rollercoaster ride is far from over!
