Binance Coin (BNB) Leveraged Tokens Available on Binance

News
Wed, 03/11/2020 - 11:49
Vladislav Sopov
While crypto assets are in the red zone, leveraged trading looks like an interesting way to cherry-pick the bleeding markets. Binancians can try this with Binance Coin
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Contents

Shortly after the first line of FTX-provided leveraged tokens was released for trading on the Binance (BNB) exchange, its native asset, Binance Coin (BNB), also became available for trading with leverage.

Binance Coin (BNB) for bears and bulls

Today, the Binance (BNB) cryptocurrency financial ecosystem announced that leveraged tokens BNBBULL and BNBBEAR are available for trading on Binance starting March 11, 2020. The tokens are designed by the FTX crypto derivatives exchange.

According to the official announcement, both tokens will be traded against BUSD and USDT stablecoins, so, four new trading pairs have been launched. BNBBULL and BNBBEAR are ERC-20 tokens representing 3X Long BNB Token and 3X Short BNB Token. As a result, the owners of the new assets can benefit from bullish and bearish market moves demonstrated by Binance Coin (BNB).

Margin trading simplified

From the trader's point of view, leveraged tokens by FTX are normal spot assets. That said, with BEAR and BULL tokens on Binance (BNB), users can enjoy the profitability of margin trading with no need to manage collateral, margin, liquidation prices.

Related
Margin Crypto Trading Launched on Binance DEX
 

As previously reported by U.Today, one week ago similar assets went live on Binance DEX, a decentralized trading platform from Binance. Unlike ERC-20 BNBBULL and BNBBEAR tokens, leveraged assets on Binance DEX are issued on the Binance Chain as BEP2-versions of leveraged contracts.

U.Today reminds that margin trading is a very high-risk option. Assets of this type are subject to unmatched volatility and, thus, may gain or lose large amounts of their value in a single day. 

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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