Main navigation

New High-Profit Monero (XMR) Trading Option on Binance: Details

News
Sun, 02/02/2020 - 15:34
article image
Vladislav Sopov
It looks like exchanges and financial ecosystems are striving to make the most out of the altcoins rally. Binance adds high-profit trading option on Monero (XMR).
New High-Profit Monero (XMR) Trading Option on Binance: Details
Cover image via 123rf.com
Read U.TODAY on
Google News

A perpetual contract is a special derivative product (type of futures contract) where a buyer and seller agree to exchange some asset at a predetermined price in the future. Perpetual contracts are very popular among cryptocurrency traders due to high their potential profit.

Perpetual Contracts for Monero (XMR)

Binance Futures, a derivatives trading department of the Binance crypto exchange ecosystem, launches its new high-risk futures program. Monero (XMR)/USDT perpetual contract will open trading on February 03, 2020 at 08.00 AM (UTC).

Binance Launches Monero Perpetual Contract
Image by Twitter

To advance the potential profitability of this program, Binance has added an option of leveraged trading for this contract. Users will be able to customize the leverage between 1x and 75x.

Binance has also announced that the implementation of a price adjustment at the start of XMR/USDT perpetual contracts trading. A pricing limit of ±1% on the initial price will be added within the first minutes of trading.

Will Monero (XMR) Price Keep Gaining Steam?

Three days ago, Binance Futures announced the launch of the Cardano (ADA) perpetual contract on the same conditions.

Thus, Monero (XMR) will support the trading trend of perpetual contracts for the top altcoins. The blockchain recently reconsidered its mining algorithm, which caused a huge surge in its hash-rate. This algorithm erased the profits of using high-cost ASICs and FPGAs to mine XMR; therefore, makes this blockchain more decentralized. 

Monero (XMR) Price Surged 50% in a Month
Image by Coingecko

With this novelty, the price of Monero (XMR) surged almost 50% during the first month of 2020.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

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