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What Is Cooling-off Period Function and How to Use It

What Is Cooling-off Period Function and How to Use It

2021-06-01 03:56
In our continuous effort to encourage responsible trading, Binance has launched the Cooling-off Period function for you to disable Futures trading temporarily to prevent compulsive trading behavior. It allows you to take a break and reflect on your trading strategies by temporarily disabling Futures trading features.

What is the purpose of the Cooling-off Period function?

Trading, especially in high-volatility markets, can sometimes lead to impulsive decisions and emotional trading. The Cooling-off Period aims to be a self-help tool to enable traders to impose short-term breaks on Futures trading, thus preventing compulsive trading behaviors.

How to activate the Cooling-off Period function?

1. Log in to your Binance account and go to the Futures trading interface. Click [Trading Rules].
2. Click [Cooling-off Period].
3. Read the feature description carefully. Click to toggle on the [Disable Futures related trading functions] button. Next, choose the duration of your cooling-off period and click [Confirm] to activate.

What functions are restricted during the Cooling-Off Period?

Once you enable the Cooling-Off Period function, you’ll lose access to certain trading features, such as USDⓈ-M and COIN-M Futures, Futures Grid, TWAP, and VP across all Binance platforms (website, app, desktop, and API).
The default cooling-off period is one day, but you can also opt for one week or one month. All durations are calculated in your local time.

Specific trading rules during the Cooling-Off Period

  • Open positions: You can initiate the cooling-off period if you have existing Futures positions. However, you cannot enable it if you have open orders.
  • Order placements: While regular new orders are restricted, you can place reduce-only orders during this period.
  • Strategy orders: You can place strategy orders provided that they are reduce-only orders.
  • Grid/Bots restrictions: If you haven’t set up a grid, you won’t be able to initiate one during the cooling-off period. However, existing grids can continue to place new orders as per their settings.
  • TWAP and VP orders: If you're running TWAP or VP, please make sure no open orders exist. If there are any, you'll need to close them first. In addition, you won't be able to place new orders during the cooling-off period.
  • You can select various durations for the cooling-off period from one day, one week, and one month. All of which are referenced based on your local time. By default, the one-day option is selected. In this case, the cooling period will start when the feature is enabled until 23:59:59 (local time) on the same day. For the one-week duration, the cooling-off period will be effective when the feature is enabled until 23:59:59 (local time) on D+7. For the one-month duration, the cooling-off period will be effective when the feature is enabled until 23:59:59 (local time) on M+1.
  • Please do not enable this feature when you have open positions or pending orders.
  • Once the cooling-off period is enabled, it cannot be lifted. All trading features and confirmation buttons will be disabled. Please wait until the cooling-off period ends.