Customers of the Japanese cryptocurrency exchange Coincheck have to move through the world of trading without the lever function in March. Leverage trading had only recently become part of the trading offering. The provider has so far not given any reasons for the abolition of the new function.
Opening positions with leverage is a thing of the past
The levers were only available to Coincheck customers for six weeks. Before that, the company had placed a one-month ban on leverage positions. On March 13, 2020 at 12:00 p.m., the opening of new cryptocurrency positions with leverage will end. However, the balance for the trading accounts does not end until the end of March 2020. On December 16, Coincheck announced in a blog post: “If you currently have a position, we must inform you that all positions will be closed by the due date. Please transfer the balance of the Japanese yen to the Coincheck leverage account to your trading account. ”
Will there be a replacement for leverage in the future?
If clients fail to close the positions, the broker pays the open positions in the form of Japanese yen on the customer account. The blog post states: “If you do not complete the procedure by the deadline for transferring your credit to your trading account, we will transfer the amount to your trading account sequentially after the date of the term.”
Coincheck also states in the post that there will continue to be improvements in user-friendliness in the future. Customers can also look forward to expanding their services. To what extent the provider is implementing these changes is not yet known.