Binance has come out with an announcement saying that it has lowered the needed confirmations for processing Bitcoin and Ethereum transactions on its platform and will facilitate much faster trades.
The confirmations have also lowered for both cryptos. For ETH and any ERC20 based token will have to wait for 12 confirmation for both deposits and withdrawals, while BTC deposits will require only 1 confirmation and withdrawals will require two.
This significantly increases the speed at which traders can syphon funds in and out of the exchange as well as make trades during high volatility cases.
Despite Binance’s promise to gradually decrease the fee discounts with BNB payments, it has decided that the current discount of 25% will remain for the rest of the year and then some in 2020.
The last time Binance lowered the discount from 50% to 25% and it caused a slight downtick in BNB trading volume as well as price, now it seems the exchange seems to double down on maintaining the coin’s recent performance in the market.
With the existing discount, it will be much easier to use Binance’s new features such as the derivatives market as the platform plans to supply experienced traders with as much as 20:1 leverage, which could facilitate a load of fees.
Any type of discount would be welcome from traders on such high volumes.