Binance, the number one crypto exchange platform, has introduced a new pre-market trading platform to give early access to tokens and airdrops.
In a recent announcement, Binance, a cryptocurrency exchange, announced the launch of its pre-market spot trading service. This service, jointly developed by Binance Launchpool and Binance Spot, will enable users to purchase digital assets before their official listing on the spot market.
Binance is the first trading platform to offer “actual tokens” for trade, as other crypto exchanges are currently utilizing derivatives for pre-market trading. Users can obtain early access to specific tokens from the Binance Launchpool as part of Binance pre-market trading.
By extending the token life cycle and offering early market access, this service will be advantageous to both Binance users and token projects. After selecting a Launchpool project in the pre-market trading, Binance users can continue to subscribe to Launchpool as usual, and they will subsequently receive the allocated tokens.
All users will have the ability to trade these “pre-market” tagged tokens as soon as the pre-market period commences. Furthermore, this period will conclude at least four hours before the token’s official listing on the spot market. Referring to the development, Vishal Sacheendran, Binance’s Head of Regional Markets, expressed his opinion:
“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.”
Some of the features that are associated with Binance pre-market are mentioned below:
Binance is among the first to provide pre-market spot trading with actual tokens due to the recent development. Also, derivatives have been investigated by other exchanges.
For example, Bybit’s pre-market trading is based on collateralized assets, enabling users to trade contracts backed by USDT rather than the actual tokens. Similarly, Coinbase provides “pre-launch markets,” which facilitate trading perpetual futures contracts for tokens before their official listings.
Nevertheless, Binance declared that they would engage with the assets directly rather than relying on the derivatives.
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