Kraken, the popular cryptocurrency exchange, is expanding its trading options by introducing new margin pairs for various cryptocurrencies, including the well-known Shiba Inu (SHIB). Alongside SHIB, Kraken now offers margin trading pairs for ICP (Internet Computer), PEPE, and WIF (Dogwifhat), each with their own leverage and position limits.
One of the notable additions is the SHIBUSD pair, which allows traders to leverage their positions up to 3 times, enabling them to trade a high volume of up to 1.5 billion SHIB tokens. However, it’s important to note that this new addition is only available on Kraken Pro, the advanced trading platform offered by Kraken.
Margin trading presents an opportunity for traders to potentially increase their returns by using borrowed funds. However, it’s crucial to be aware of the increased risks and costs associated with this type of trading, including fees for opening, holding, and closing positions. Traders must also have a collateral currency and comply with the specific rules and regulations set by the platform.
In addition to expanding margin trading options, Kraken has been actively promoting the liquidity and accessibility of Shiba Inu. In 2023, the exchange launched SHIB/USD perpetual futures, allowing average users to trade with up to 10 times leverage, a significant improvement for Shiba Inu traders looking to capitalize on market movements through futures contracts.
Last year, during a 100-day promotional period, Kraken offered 0% maker fees and only 0.01% taker fees for SHIB and PEPE perpetual futures trading. This adjustment aimed to attract more traders by making frequent and high-volume trading strategies more cost-effective.
Kraken’s latest move comes at a time when Shiba Inu has been gaining support from multiple exchanges. Binance Japan recently introduced a Shiba Inu trading pair with Japanese Yen, and Crypto.com launched a new SHIB trading pair in January.
Traders should always consider the geographical and regulatory restrictions that apply to Kraken’s services. These restrictions can impact the availability of certain trading options based on the trader’s location, highlighting the importance of complying with local laws and exchange policies.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
