What is the Cooling-off Period?
As part of Binance’s commitment to responsible trading, the Cooling-off Period function allows you to temporarily suspend all margin trading activity for a specified time frame. You can set a Cooling-off Period of 1 day, 3 days, or 1 week according to your needs. During this time, you won’t be able to borrow any cryptocurrencies using your Margin account.
When to use the Cooling-off Period?
The feature is particularly useful if you want to limit and control your trading activities, especially during difficult times when you may feel pressured by losses. It allows traders to abstain from behavior and activities that can lead to irresponsible trades
Frequently Asked Questions
1. Can I trade on the spot market during the Cooling-off Period?
Yes. The Cooling-off Period only applies to margin trading, including isolated or cross margin trading, and borrowing cryptocurrencies. However, activities such as inter-wallet transfers and repaying loans won't be affected.
2. Can I customize the the Cooling-off Period function based on my preference?
Yes. You can select a duration of 1 day, 3 days, to 1 week. It's important to note that if you choose the 1-day option, the Cooling-off Period will begin from the activation time and end at 23:59:59 (local time) on the same day. Similarly, if you opt for a Cooling-off Period of 3 days, it will start from the activation time and last until 23:59:59 (local time) on D+3.
3. Can I terminate the Cooling-off Period early?
No. Once the Cooling-off Period function is enabled, it can't be lifted and will only be terminated after the preset cut-off time. All margin trading features and confirmation buttons will be disabled. Please wait until the Cooling-off Period ends.
How to enable the Cooling-off Period for margin borrowing on Binance Website?
1. Log in to your Binance account. Go to [Wallet] - [Margin]. Next, click [More] - [Borrowing Cooling-off Period].
Alternatively, go to [Trade] - [Margin] to enter the Margin Trading page. Click the [⋮] icon on the order panel and select [Borrowing Cooling-off Period].
2. Disable the Margin borrowing function. Select your preferred duration and click [Confirm]. You can choose [Today], [3 Days] or [1 Week].
3. Please note you can't turn on the borrowing function during your set Cooling-off Period. Click [Confirm] to disable your margin borrowing.
How to enable the Cooling-off Period for margin borrowing on Binance App?
1. Log in to the Binance App. Go to [Trade] - [Margin]. Next, tap the [Cooling-off Period] icon.
Alternatively, go to [Trade] - [Margin] to enter the Margin Trading page. Click the [...] icon on the order panel and select [Borrowing Cooling-off Period].
2. Select your preferred lockout period and tap [Confirm].
3. Please note the borrowing function can’t be turned on during your set Cooling-off Period. Click [Confirm] to disable your margin borrowing.