As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I must say that Binance’s recent announcement of its pre-market spot trading service has piqued my interest significantly. Having witnessed the rapid growth and evolution of the industry, it’s refreshing to see Binance taking the lead in offering ‘actual tokens’ for pre-market trading, setting itself apart from other exchanges that primarily rely on derivatives.
Recently, Binance unveiled its plan for a pre-listing spot trading service in a public announcement. This innovative feature has been collaboratively developed by Binance Launchpool and Binance Spot, enabling users an opportunity to purchase digital assets even before they are formally launched on the main trading market.
Different cryptocurrency platforms are employing derivative trading for pre-market trades at present, making Binance unique as it provides ‘real tokens’ for trading instead. In the context of Binance’s pre-market trading, users can secure early access to chosen tokens from the Binance Launchpool.
This service will benefit both Binance users and token projects by extending the token life cycle and providing early market access. After selecting a Launchpool project in the pre-market trading, Binance users can continue to subscribe to Launchpool normally and will thus receive the allocated tokens.
Starting the pre-trading phase, users can now trade tokens labeled as “pre-market”. This trading will end at least four hours prior to the token’s official debut on the main market. In regards to this update, Vishal Sacheendran, Head of Regional Markets at Binance, noted:
As a crypto investor, I’ve been part of the Binance community that demanded pre-market trading opportunities. To cater to this demand and strengthen the Binance ecosystem, we developed Binance Pre-Market. This innovative feature not only empowers users with increased utility but also allows token projects to prolong their presence on our platform. Binance has always been dedicated to serving its users, and we consistently invest in features that aim to provide an exceptional user experience.
Features of Binance Pre-Market
Below are some of the features associated with Binance pre-market. This includes:
- Strict Vetting: All tokens listed for pre-market trading will undergo Binance’s vetting process.
- Early Market Entry: Users will be able to buy and sell tokens before they officially enter the spot market thereby providing enough opportunity to capitalize on early price movements.
- Utility for Launchpool users: Subscribers to the Binance Launchpool can capitalize on early market trends by trading the allocated tokens before the official launch on the spot market.
- No Extra Fees: Users will only incur the standard spot trading fees on Binance.
The recent development makes Binance among the first to offer pre-market spot trading with actual tokens. Besides, other exchanges have explored the same feature with derivatives.
Bybit enables users to trade contracts that are supported by collateralized assets (USDT) instead of actual tokens before the market opens, which is similar to Coinbase’s “pre-launch markets” where traders can exchange perpetual futures contracts for tokens prior to their official debut on the platform.
Instead, Binance announced their intention to engage with the assets themselves, rather than using derivatives as an intermediary.
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2024-10-14 08:54