The Binance cryptocurrency exchange is currently offering NEO deposit incentives and a NEO trading competition. The promotions were announced as a joint collaboration between the Binance and Neo teams to promote and “celebrate the successful launch” of the Flamingo Finance project in September. The promotions began on October 13th, 2020 and end at 23:59 UTC, October 19th, 2020.
The exchange has also added leveraged trading (up to 3x isolated margin) to its highest-volume Flamingo markets: FLM/BTC and FLM/USDT.
Binance users with net deposit amounts of over 100 NEO tokens between October 13th and October 19th will be eligible to share US $30,000 in NEO tokens designated as a reward.
The rewards will be issued proportionally to Binance users in relation to the net share of their NEO deposits during the competition period.
A trading competition is currently ongoing across all NEO trading pairs supported by Binance exchange. The user with the overall highest trading volume during the competition period will receive US $8,000 worth of NEO, with the 2nd – 9th place participants also qualifying for rewards.
Additionally, users who buy or sell a combined 300 NEO or more during the competition will equally split a rewards pools of US $20,000 worth of NEO.
Binance currently offers NEO/BTC, NEO/ETH, NEO/BNB, NEO/USDT, NEO/USDC, and NEO/BUSD markets.
FLM Margin Trading and 0% Interest
Finally, Binance has announced the addition of 3X isolated margin trading for selected Flamingo pairs. The exchange has also announced 0% borrowing interest for the FLM token and its NEO margin trading pairs during the trading promotion (ending 23:59 UTC, October 19th).
In addition to the 3x isolated margin trading offered in its FLM/BTC and FLM/USDT pairs, Binance currently offers 10x isolated and 3x cross margin leverage in its NEO/BTC and NEO/USDT markets.
Margin trading is generally considered to be a trading method containing additional risks and more complex rules.
Since margin trading positions are entered with borrowed money, traders using margin should always take extra care to evaluate their tolerance for risk and their exposures to possible losses.
Binance’s full announcements, as well as the complete terms and conditions of its deposit and trading promotions, can be viewed at the following links:
About The Author: Colin Closser
Colin Closser, M.D., was a speaker at the first NEO DevCon in San Francisco. A devoted contrarian, he has managed the improbable: a peaceful and healthy life, despite holding a medical degree. He aspires towards the wisdom of Michael Lewis and Nassim Nicholas Taleb.
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