Binance Plans To Introduce New Market Maker Program Latest Blockchain & Cryptocurrency News
According to the latest news, Binance is introducing a new market maker program globally. The main goal is to improve services and provide more liquidity to the exchange. This unique program targets high volume traders with a trading volume above 1000 BTC for 30 days.
Presentation of the #binance Market Maker Programhttps://t.co/9cHvhIDu9z pic.twitter.com/JNHu7PVV7j
— Binance (@binance) September 29, 2019
According to Binance.com, if a user has a trading volume above 1000 BTC and has excellent solutions as a market maker, then they can easily participate in this program. There are many advantages for market makers, such as reduced trading fees and high API limits. Currently, this program is only for spot trading on a limited pair that may update over time. Binance will assign a composite score to market makers based on performance, and the ranking of the scores will determine the market maker fees. There are many factors to count the composite score i.e. liquidity provider volumes, bid/ask spread, total order size and duration as well as weight adjustment on specific pairs.
If we talk about market maker or liquidity provider, it can be an individual or an organization who can buy and sell the assets. These people can provide both commission-based and bid-ask profits, which sits between buying assets and quoting to sell.
There are many popular exchanges around the world with market makers like New York Stock Exchange (NYSE), London Stock Exchange (LSE), etc. Interested users can apply for the program by emailing proof of market making volumes.
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