COBINHOOD has announced the beta launch of its new addition on its platform, a margin trading feature and whitelist collection. Margin trading will enable users of the exchange to borrow money against their own current funds to trade crypto on the COBINHOOD platform.
The CEO and founder of COBINHOOD, Popo Chen, stated that they were excited to expand the trading capabilities on their service platform and improve overall user experience. He said that by giving the COBINHOOD users the ability to trade on margin, they were allowing them to get more value out of their trades and take advantage of a feature that is underutilized in the cryptocurrency industry. He said that the company is looking forward to expanding its platform and offer additional features that will give the exchange’s users the best cryptocurrency trading experience.
Zero fee
COBINHOOD is a cryptocurrency exchange that was endorsed by Richard Sherman. What makes it stand out from other crypto service platforms is that it charges no fee, and it is absolutely free to trade on its platform.
The free trading exchange is not a new phenomenon. COBINHOOD has been trading as a zero-fee exchange for some time now. However, the exchange only focuses on traditional markets and only serves investors based in the U.S.
COBINHOOD thus spotted and grabbed the opportunity to fill this void. It built its platform with a view to expand its net beyond the U.S. It serves investors and users from all over the globe.
The cryptocurrency exchange launched their COB coin via an ICO in October last year. They planned to offer both crypto-crypto and fiat-crypto services. However, due to strict regulations on the latter, they have only managed to offer crypto-crypto services for now.
Advantages
The new margin feature will enable the cryptocurrency exchange’s traders and investors to take advantage of their existing cryptos to borrow capital so as to purchase more digital assets. Another advantage is that users can now store less digital coins on the platform at a time. This comes as a big plus for investors who trade large amounts of crypto since they will now be able to store most of their funds outside the platform.
The first stage which is beta for margin trading is scheduled for July 13 and the beta for margin funding will be announced later.