Binance being the leading crypto currency exchange is known for its versatile features and also for offering over 90 coins for trading. On September 30, the exchange announced that it is about to launch a market maker program in a blog post.
As per the announcement, users having trading volume over 1,000 bitcoins (BTC) or can reach this value and users having quality market making strategies can be a part of this and join the program on urgent basis. The exchange explained aim behind this program as it is an initiative to bring out more liquidity to the exchange. For availing more information about Binance , you can always take help from the team via Binance Support number who is there to support you. Get in touch with the team who is there to fix your queries and troubles in no time.
Effort to bring more liquidity
The exchange said that the program is bounded to the spot markets of the trading platform on a market maker pair list that is going to be updated on periodically basis. A score will be given to each market maker depending on their performance across numerous market platforms on factors that will be useful to calculate the fees.
To be more precise, the score will consider points like maker volumes, bid/offer spread, total order size, order duration, weight adjustment on specific pairs. The exchange will be in need of applicants to prove their trading volumes via methods that include providing data and information from another exchange or by having conversation with their key account manager.
OKEx announced about its Market maker program
As published in Cointelegraph in April month, the biggest competitor of binance, OKEx has also announced about its market maker program with incentives for participants in the form of lower trading fees and reduced transaction costs.
It would be interesting to know who is going to rule the market between Binance and OKEx. Since OKEx has opened its features like low trading fees and reduced transaction costs, Binance is yet to come up with its benefits. At present, the aim of exchange is to bring more liquidity. It is obvious that Binance must has its own benefits that would attract users to its platform.
Crypto market is full of competition
Previously, there was anticipation of competition between Binance and Facebook because of the latest projects – Libra Stablecoin project and Venus Project which is going to come into existence by 2020 and, now this market maker program between Binance and OKEx. Though Libra project has already received a lot of criticism by regulators but the binance exchange has made clear that it is going to design the project keeping into consideration about the regulators.
It seems Binance is going to be surrounded by competition but as said good competition brings out prolific results. To know more about Binance, you can call on Binance customer support number which is functional all the time for help and assistance.