Binance, the world's largest cryptocurrency exchange, has announced the launch of its new Binance Pre-Market platform.
In a blog post, Binance said the new service allows users to purchase tokens before they are officially listed on the exchange's Launchpool platform.
Launchpool is a service from Binance that allows users to earn unissued tokens by staking BNB, the exchange's utility coin.
“By participating in the pre-market, you get the opportunity to trade these tokens (usually earned through staking) before they are officially listed.
This early access allows you to quickly react to ideas and establish positions at the start of market availability. Ideal for experienced traders and newbies alike, Binance Pre-Market equips you to proactively navigate the market."
According to Binance, there is a limit on the number of tokens a single user can buy on the premarket, but there is no limit on the number of tokens that can be sold. After the token's launch date, it moves to regular spot trading, where it can be withdrawn, transferred, or deposited.
Binance claims that due to “early access” to pre-sale trading, coins launched through the system may have higher volatility, sharp price changes, and limited ability to buy or sell tokens at the desired price.
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