Binance is one of the largest crypto exchanges in the world, with a huge user base. One thing that keeps the exchange in existence is improving its products. Since launching Binance futures takers program, they have always upgraded it. When launching these upgrades, the exchange tells users what to expect. Also, they provide the next steps for the program.
In the same way, the crypto exchange announced on Wednesday that the Binance futures takers program will get upgrades. As usual, the upgrades are for the next edition of the program and will take effect from 8th August. The validity period for the upcoming edition will be from the start date to 30th October.
Before continuing, a good knowledge of the meaning of the word “taker” will be important. In the crypto industry, a taker is a person that places an order and trades them immediately. They are called takers because they take volume or liquidity from the order book. An example of taker trades is market orders. So, an exchange like Binance creates a taker program for those who wish to buy and sell cryptocurrencies immediately.
Binance to Offer Huge Discounts
One of the major highlights of this upgrade is the discount Binance offers on taker fees. The crypto exchange says they will offer a 25% discount. But you must first be eligible for the program.
Even when eligible for the program, the discounts only apply to certain services. With this in mind, you will only get this discount when trading USD-M perpetual or delivery contracts.
Who Qualifies for the Binance Futures Takers Program?
Binance set some regulations on people that qualify for their next-takers program. And there’s also a review process. Based on Binance’s information, applying for this program is speedy and straightforward. You write an application and submit it, and Binance will get back to you after one week.
According to Binance, there is an available criteria for the next edition of the program. Those applying must have $100 million in their total futures trading volume. And this must be within the last 30 days before the application. But there’s a catch here. Binance users that previously applied for the takers’ program won’t reapply. Binance says the exchange will automatically screen them and determine their eligibility for the next cycle.
Also, the Binance taker fee is a huge point of interest in the takers’ program. The crypto exchange says the fee discounts will be directly tied to your weekly taker volume.
In conclusion, the latest upgrade on the Binance futures takers program is a welcomed development. It will come with perks, including a 25% discount on the Binance taker fee. Binance has also made application easier for those who participated in the last program.
Featured image from Pixabay
I was looking for this post on Cointelegraph and I didn’t see. I’m glad I saw a detailed description of the update here.
This new upgrade is huge one. I don’t know why other news outlets aren’t saying anything about it. OMG.