Binance, which is one of the leading Crypto Exchange in the world, has decided to launch Block trading. From its launch, Binance is very much active and is constantly providing the latest cryptocurrency services to the users. Binance is marching towards becoming the most popular exchange in the crypto world, and recently it has released a lot of products.
Binance has released an OTC service known as Binance Trading, back in January 2019. But, the firm has updated it and added a Block Trading feature also. Block Trading applies in no small amount, which is set to be of minimum 10 BTC. Previously, Binance Trading can be used for small trading.
According to the blog, Block Trading is just like the OTC Desk in assuming the price of the purchase orders; it is expected to be much faster as compared to the traditional OTC desk. Moreover, Binance is planning to provide altcoins on all of its platforms.
The blog states,
“as part of that ecosystem we are in touch with traders who can provide extremely competitive pricing and liquidity in not only BTC but also in altcoins – and not just the likes of XRP, BNB, and ADA, but also less liquid coins such as MANA, AION, and ENJ.”
Because of the lower volume at times, a considerably large order has a high impact on the market. It has taken this move to avoid FUD and FOMO in the market also.
Binance states that by using the Block Trading, the client can interact with Binance team over a messaging app, where both parties can talk about the upcoming trade, work on the onboarding process, pricing, trade, settlement, as they write “even just to chat about the markets.”
The popular crypto exchange claims that its service is unique, due to the number of crypto pairs it is offering. Binance has listed about 150 cryptocurrencies on its exchange and block trading is possible with almost all of them, and also with cryptocurrencies that are not listed on the exchange.
Binance claims that their service is aimed at offering the best and fastest pricing and execution service “in minutes.” The agreement happens on the user’s Binance profile and can be completed in just a few minutes.
Also, one of the best thing about the Binance Block Trading is that user has to send his/ her tokens on the Binance account and they are exchanged when the trade is settled.
For doing Block trading, consumers need to have 2nd level of verification account on Binance, a trade of minimum 10 BTC, and access to messaging apps like WhatsApp and Telegram.