Binance Releases 2 Testnets for Its Upcoming Futures Platform

Crypto exchange Binance on Monday launched two testnet platforms for its upcoming digital asset futures products.

Dubbed Future A and Future B, both platforms will allow traders to trade crypto futures in a simulated mode and vote for their favorite platform.

The exchange will provide 50 percent discounts on trading fees for a month to testnet voters with the maximum votes.

Tactics to attract traders

To attract the interest of traders, the cryptocurrency exchange also announced a reward program for the participants on the testnet testing. To each testnet winner, Binance will award 10,000 BNB tokens, worth $226,200 as of press time.

Detailing the competition, Binance stated that it would allocate 100,000 USDT in simulated funds to traders on each of Futures A and Futures B after signup. During the competition period, participants will be ranked in terms of the total USDT trading volume transacted (including both Buys and Sells) on each of their Binance Futures accounts within the simulated trading pairs.

Being one of the dominant spot crypto trading platforms, Binance first unveiled its plans to enter the futures trading market in July this year and also showcased screenshots of the Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. The platform will allow traders to take both long and short positions. Initially, only BTC/USDT pair will be available with Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term of 20x.

In a recent ask-me-anything (AMA) session, Changpeng “CZ” Zhao, founder and chief executive of the exchange, revealed that Binance is aiming to launch its futures platform as soon as this month.

Among other developments in the exchange, Binance is eying to launch its fiat-based subsidiary in the United States before November this year. However, its services will not be available to New York residents as the local subsidiary is yet to receive BitLicense.

Meanwhile, Finance Magnates yesterday reported that Binance acquired JEX, a crypto company providing derivatives products, including options and futures contracts, for an undisclosed amount.