BingX Wealth Enables USDT Savings as Futures Margin
SINGAPORE, Nov. 29, 2023 /PRNewswire/ -- BingX, a global leading crypto exchange, has announced a groundbreaking innovation that allows its users to use their BingX Wealth savings as margins for futures trading. This move enables BingX users to optimize their futures positions while enjoying the dual benefits of active trading and prudent financial management.
BingX users can leverage their USDT savings, whether in flexible or fixed-term accounts, as margins in futures trading. A key advantage of this development is the continued accrual of interest on these savings, even when experiencing floating losses from futures positions. This functionality is currently exclusive to perpetual futures trading. BingX smartly determines the maximum amount of savings that can be used as margin, giving priority to those in longer terms to ensure flexibility. BingX applies a 100% financing rate for eligible wealth products, markedly higher than the average market rate.
BingX users can expect continuous interest incomes as long as the account is risk-healthy. The fixed-term savings remain in the futures account after expiration, with interest automatically credited to their fund account. In case of forced liquidation, BingX halts interest accrual, performs forced redemption, and uses the savings as margin to offset incurred losses. Users are required to return the principal of savings used as margin before redemption, with the platform prioritizing flexibility by returning the financial product with the shortest term first.
Megan Nyvold, Head of Branding at BingX, highlights: "This initiative underscores BingX's dedication to setting the bar high and consistently introducing original features that offer users exceptional opportunities. By empowering our users to employ their BingX Wealth savings as futures trading margin, we're not only facilitating more robust trading but also maximizing potential earnings in the fast-evolving crypto landscape."
BingX Wealth offers an integrated asset management solution, particularly focusing on maximizing the returns of underutilized funds. It provides diverse savings options, including both flexible-term and fixed-term plans for major cryptocurrencies such as BTC, ETH, and USDT, with attractive annual percentage yields and a secure guarantee on principal amounts.
About BingX
Founded in 2018, BingX is a leading cryptocurrency exchange, serving over 5 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency.
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