Coinspeaker Binance Launches Pre-Market Trading Platform for Early Token Access and Airdrop Rewards
In a recent announcement, crypto exchange Binance announced its pre-market spot trading service developed jointly by Binance Launchpool and Binance Spot, the new service will allow users to buy digital assets before they officially get listed on the spot market.
Other crypto exchanges are currently using derivatives for pre-market trading which makes Binance the first trading platform to offer ‘actual tokens’ for trade. As part of Binance pre-market trading, users can get early access to selected tokens from the Binance Launchpool.
This service will benefit both Binance users and token projects by extending the token life cycle and providing early market access. After selecting a Launchpool project in the pre-market trading, Binance users can continue to subscribe to Launchpool normally and will thus receive the allocated tokens.
As the pre-market period starts, all users will be able to trade these “pre-market” tagged tokens. Additionally, this period will close at least four hours before the token’s official listing on the spot market. Speaking on the development, Vishal Sacheendran, Binance Head of Regional Markets, commented:
“We built Binance Pre-Market to meet user demand for pre-market spot trading, and enhance the Binance ecosystem so users can enjoy greater utility and token projects can extend their lifecycle on our platform. Binance has always been focused on delivering for our users and we continue to invest in features to give our users the best experience we can.”
Features of Binance Pre-Market
Below are some of the features associated with Binance pre-market. This includes:
Strict Vetting: All tokens listed for pre-market trading will undergo Binance’s vetting process.
Early Market Entry: Users will be able to buy and sell tokens before they officially enter the spot market thereby providing enough opportunity to capitalize on early price movements.
Utility for Launchpool users: Subscribers to the Binance Launchpool can capitalize on early market trends by trading the allocated tokens before the official launch on the spot market.
No Extra Fees: Users will only incur the standard spot trading fees on Binance.
The recent development makes Binance among the first to offer pre-market spot trading with actual tokens. Besides, other exchanges have explored the same feature with derivatives.
For instance, Bybit’s pre-market trading operates on collateralized assets, allowing users to trade contracts backed by USDT rather than the actual tokens. Similarly, Coinbase offers “pre-launch markets,” enabling the trading of perpetual futures contracts for tokens ahead of their official listings.
However, Binance stated that instead of relying on the derivatives, they would directly interact with the assets.
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Binance Launches Pre-Market Trading Platform for Early Token Access and Airdrop Rewards