To bring more liquidity in their platform, the world’s largest exchange, Binance, is introducing a new market makers program. The new program aimed at high volume traders with a 30-day trading volume of 1000 BTC or more.
Introducing the #Binance Market Maker programhttps://t.co/9cHvhIDu9z pic.twitter.com/JNHu7PVV7j
— Binance (@binance) September 29, 2019
Market Makers on Binance can enjoy a host of features such as trading fee reductions, and higher API limits. According to information released by Binance, Market making is currently limited to only spot trading and only on a limited pair. The pairs will be updated periodically.
What is a Market Maker?
Market Maker is an individual or a company that can both buy and sell an asset, in the hopes of profiting from both the sides through a commission or a bid-ask spread (the difference between buy and sell quote of an asset). Market makers are also known as liquidity providers.
The key advantage of Market makers is that they fill an exchange’s order books so that orders can be easily executed. Usually, Market maker’s are offered a commission, but Binance hasn’t publicly stated the commission involved.
Some of the biggest stock exchanges in the world have market makers such as the New York Stock Exchange (NYSE), London Stock Exchange (LSE), etc.
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