- Fetch.AI is the latest project to join the Binance margin trading platform
- FET can be traded up to 3x, with 0 fees on borrowing until June 24
- There are still missing parts in the Fetch.AI whitepaper
Margin trading is regarded as the devil by numerous top voices in the crypto world, but if used correctly it can lead to very lucrative trades. Binance is the home of margin trading for major altcoins, and a listing on Binance is big business for altcoins.
The latest altcoin to land on Binance’s margin trading platform is the rather popular Fetch.AI. The pair go back a long way, with Fetch.AI even holding its ICO on the Binance Launchpad platform, breaking a record in the progress.
3x Trading Coming to FET
Fans of trading FET have some great news coming their way. Binance will be launching FET margin trading an up to 3x leverage. To celebrate the listing, Binance is hosting a trading tournament where traders can win up to $20,000 in FET. All traders have to do is trade FET on margin with BTC or USD between June 17 and June 24, with the top 10 traders splitting $100,000 in FET. As an added bonus, all Binance users that borrow FET for margin trading will pay 0 fees and have access to the VIP1 borrowing volume.
— Binance (@binance) June 16, 2020
Still Lots of Questions for Fetch
On the outside, Fetch sounds like it’s a very good project. But, if you keep on digging there are still numerous concerns. In its whitepaper that was revised in 2019, Fetch promised to launch two white papers later in 2019. One addressing the consensus perspective of
security and attack resistance and another whitepaper that will focus specifically on security of the network.
Both of these papers have yet to materialize, but the GitHub account has burst back to life with many more commits over the past few months than when we previously analyzed Fetch.AI.
Fetch.AI certainly has potential, but until more clarity comes from the project, it looks like this new margin trading feature could come in handy for the incoming dump once the swell of buys following this announcement falls off.