#BinanceBuild July & August 2024: Key Enhancements Driven by User Feedback
Main Takeaways
In July and August 2024, our Binance teams reviewed and processed 5,636 product and feature ideas submitted by our user community through the Feature Request & Feedback Board.
We’ve observed a very diverse selection of feedback and requests across our product lineup, including but not limited to Binance Square, Bot Trading, and Loans, alongside continuous refinements and fine-tuning of the user interface.
We have plenty to share from what we’ve built over the past two months and have highlighted some of these updates in a fully animated version of our roundup on our official X and Facebook channels.
This is a general announcement. Products and services mentioned here may not be available in your region.
Welcome to the July & August 2024 edition of our #BinanceBuild recap — your gateway to discovering the latest enhancements within the Binance ecosystem. While major feature updates are at the heart of our advancements, the nuanced improvements inspired by your invaluable suggestions from our Feature Request & Feedback Board are equally significant in shaping our growth. Let’s dive in.
Enriching Your Social Interactions: Binance Square Updates
Our users and communities have been fundamental to our growth since day one. This is why we engage with the global community daily, always staying attuned to their needs. A key platform for this engagement is Binance Square.
Since its launch in October 2022, Square has quickly become a premier social platform for crypto enthusiasts. With over 30 million monthly active users and 800,000 content creators, it offers diverse content in 26 languages, fostering global discussions on the latest Web3 trends.
Here are two recent updates we’ve introduced to the platform, designed to enhance your social experience.
Video Uploads
We’ve launched video content support, now accessible to all KYC-verified creators on Binance Square. Upload and share your creative videos, from daily crypto updates and trading strategies to tutorial guides. Connect with fellow crypto enthusiasts and enrich the Binance community with your valuable insights.
Binance Square Audio Live: Real-Time Crypto Conversations
Audio Live is a striking update designed for real-time, interactive conversations. Whether you’re listening to expert insights or participating in live Q&A sessions, Audio Live supports up to 10 speakers simultaneously and offers session recording capabilities.
To introduce this new feature, we hosted a fireside chat with our CEO, Richard Teng, on August 28, 2024, providing an excellent opportunity for you to experience Audio Live and Binance Square first hand.
Elevate Crypto Trading with Binance Trading Bots
Cryptocurrency trading can be complex and time-consuming, requiring constant market monitoring. Binance Trading Bots simplify this with tools to automate and optimize strategies.
Consider Binance Trading Bots as automated systems that perform trades on the Binance exchange according to set criteria and strategies. Their primary benefit is the ability to function around the clock, removing the necessity for continuous manual oversight and intervention from the user.
Extended Support for Arbitrage Bot
Futures funding rate arbitrage is a strategy where traders hedge their futures positions by taking opposite stances in the spot market for the same trading pair. This involves opening long and short positions simultaneously to benefit from funding fees, balancing losses with gains to maintain neutral risk. The Binance futures funding rate arbitrage bot automates this strategy, enabling traders to capitalize on funding rate variations without constant monitoring.
To simplify access to the arbitrage bot, we’ve revamped the Binance Bots landing page to highlight available arbitrage opportunities ready for activation, featured alongside a range of other bot strategies.
Breakeven Estimator Tool
To enhance your experience with the arbitrage bot, we’ve also introduced the Breakeven Estimator, offering deeper insights into the strategy. This tool calculates the estimated breakeven period based on the average funding rate over the past 30 days.
Simply tap the arrow next to “Recommended Min Holding Period” to view detailed calculations based on 3, 7, and 30-day funding rate assumptions. Since funding rate arbitrage strategies may take longer to yield profits, this tool helps users estimate when they can expect to see a return on their investment.
Refined Interfaces for Effortless Navigation
We continually refine our web and app navigation to make complex systems intuitive and user-friendly. By reducing the learning curve, minimizing errors, and enhancing efficiency, we eliminate UI clutter, allowing you to focus on your goals. A streamlined interface ensures quicker, more confident decision-making.
Binance Loans Integration
Support for Binance Loans has been integrated into the wallet overview page to provide a more accurate display of your assets on Binance. Outstanding loans are now factored into the total asset calculation and appear as a negative balance under the account tab. By tapping on “Loan” under the account tab, you are seamlessly navigated to the loan page to view and manage your obligations.
Personalize Your Futures Trading Configuration
Every trader has unique preferences for their trading configurations. That’s why we offer extensive customization options, including chart types, display modes, K-line, and order form positioning. This allows you to create a setup tailored to your specific needs, enhancing your overall trading experience. To further enhance customizability, we’ve introduced two new features:
Customized Action Buttons
You can now enable between one and four action buttons to manage your futures positions, including Adjust Leverage, Stop Profit & Loss, Close Positions, Market Close, and Reverse. Additionally, you can arrange the order and placement of these activated action buttons to suit your needs.
Push Notifications
We’ve also introduced custom push notifications to keep you informed at all times. These notifications include TP/SL triggers, position order fills, and funding fee triggers, allowing you to set a specific funding fee level for notifications.
Other Notable Features Released in July & August
WhatsApp OTP: We’ve expanded our multi-factor authentication (MFA) support to include WhatsApp for users in seven additional countries: Cameroon, Egypt, Kenya, Malaysian, Rwanda, Ukraine, Vietnam.
Spot Copy Trading API: We’ve introduced API compatibility for Spot Copy Trading, enabling lead traders to manage their portfolios using their custom software for enhanced efficiency.
Further Reading
Blockchain in the Modern Payments Landscape: Synergy and Transformation
From Our CTO: How We’re Building the Industry’s Most User-Centric Technology
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