Dear Bingbon Users:
At present, when using Isolated Margin Mode and trading Standard Contracts, the trading settlement is conducted and checked based on the data of the “Fund Account”. Since the Fund Account is not an independent account in trading, it is affected by other capital flows, and the asset management experience is not clear enough.
To provide users with a clearer asset calculation method, Bingbon will change the “Standard Cross Margin Account” to the “Standard Contract Account”. It is an independent account for trading settlement in Standard Contract trades, i.e., trading settlement in Isolated Margin Mode or Cross Margin Mode in Standard Contract. The new Standard Contract Account will be updated on all Bingbon platforms on 16:00 (UTC+8), Oct. 9th, 2020. You can choose to update manually before the above time to try out the latest Standard Contract Account. To avoid unknown risks caused by the forced updates, we recommend that you update your app as soon as possible.
Contract Account Update Time:
09/09 16:00 “Standard Contract Account” update releases(Part of Users)
09/27 16:00 “Standard Contract Account” update releases(All users)
09/09 16:00 ~ 10/09 16:00 Users can update manually
Bonus: Users that update and try out the new Standard Contract Account between 09/09 16:00 ~ 10/09 16:00 can get a 10 USDT Bonus (5x Leverage) after updating.
（Activation conditions: historical transaction volume ≥1000USDT）
How to Update to the new Standard Contract Account?
In v2.15 or higher versions, you can see the notification in the home page, trading page or position page. Please click on the notification and follow the instructions.
After unlocking the Standard Contract Account:
- You will have to transfer funds to Standard Contract Account to copy trading.
- You will have to transfer funds to the Standard Contract Account to open a position when trading Standard Contracts.
- When you close a position in Isolated Margin Mode when trading Standard Contracts, the fund will be settled and displayed in the Standard Contract Account.
- Bonus profits are included in the Standard Contract Account settlement.
- New Function: position profit and loss calculation under Isolated Margin Mode
- Access to future functions such as account profit and loss calculation
Description of the new Standard Contract Account fund flows
To provide Bingbon users with a clearer asset calculation function, the platform made several adjustments of the fund flows in the new Standard Contract Account. (The Cross Margin Mode is unaffected.)
- When users open a position with the Standard Contract Account, the net funds will remain the same and only the available funds will be deducted. No account statements.
- When users close a position with the Standard Contract Account, the account statement will include profit and loss, trading fees and funding fees.
- You will have to transfer funds to the Standard Contract Account to meet the conditions to open a position in Isolated Margin Mode when trading Standard Contracts.
- Users who download the App from App Store will not get the update notifications. To try out the new Standard Contract Account please download the Testflight version from bingbon.com.
- The update will not affect Cross Margin Mode or Perpetual Swaps.
Digital asset derivatives trading is highly leveraged and risky, and may result in partial or total loss of account funds. Before conducting contract trading, investors must ensure that they understand the nature and rules of contract trading, and decide whether to participate in contract trading based on their investment experience, goals, financial status, and ability to bear risks.
Bingbon Operation Team