The popular crypto exchange has introduced a pre-sale trading function. Now the platform's clients will be able to take trading positions even before the actual listing of tokens. "At the moment, Binance is the only service on the market that provides users with such functions," the exchange representatives emphasized.
The platform's specialists said that other organizations have a similar tool, but it is focused on the futures market. The key difference of Binance in this regard is that their function is focused on spot trading. One of Binance's competitors, Bybit, also offers the possibility of spot trading before the listing. But to a greater extent, this exchange is also focused on derivatives. Its website states: "Both buyers and sellers will be required to provide collateral for their assets on the platform, which will serve as a guarantee of timely settlement. The collateral will be returned after the position is closed. All transactions are denominated in USDT."
Coinbase International also has a pre-market service on its platform. “Once the underlying token is launched on the relevant spot exchanges, the contracts transition to standard perpetual futures contracts,” the official Coinbase website states. As part of the new feature, only selected assets will be available on Binance within the Binance Launchpool platform.
Clients of this service will have access to spot trading of cryptocurrencies on the pre-market. It is worth noting that this opportunity does not apply to a number of countries, including the United States, Canada, Dubai, Japan, the Netherlands, Russia and Spain. It should also be noted that in October, the former head of Binance Changpeng Zhao is due to be released after a 4-month prison sentence.
