diff --git a/freqtrade/exchange/binance.py b/freqtrade/exchange/binance.py
index 6fcead08c..a922d9c0d 100644
--- a/freqtrade/exchange/binance.py
+++ b/freqtrade/exchange/binance.py
@@ -155,20 +155,29 @@ class Binance(Exchange):
             except ccxt.BaseError as e:
                 raise OperationalException(e) from e
 
-    def get_max_leverage(self, pair: Optional[str], nominal_value: Optional[float]) -> float:
+    def get_max_leverage(self, pair: str, stake_amount: Optional[float]) -> float:
         """
         Returns the maximum leverage that a pair can be traded at
         :param pair: The base/quote currency pair being traded
-        :nominal_value: The total value of the trade in quote currency (collateral + debt)
+        :stake_amount: The total value of the traders collateral in quote currency
         """
         if pair not in self._leverage_brackets:
             return 1.0
         pair_brackets = self._leverage_brackets[pair]
-        max_lev = 1.0
-        for [min_amount, margin_req] in pair_brackets:
-            if nominal_value >= min_amount:
-                max_lev = 1/margin_req
-        return max_lev
+        num_brackets = len(pair_brackets)
+        min_amount = 0
+        for bracket_num in range(num_brackets):
+            [_, margin_req] = pair_brackets[bracket_num]
+            lev = 1/margin_req
+            if bracket_num+1 != num_brackets:  # If not on last bracket
+                [min_amount, _] = pair_brackets[bracket_num+1]  # Get min_amount of next bracket
+            else:
+                return lev
+            nominal_value = stake_amount * lev
+            # Bracket is good if the leveraged trade value doesnt exceed min_amount of next bracket
+            if nominal_value < min_amount:
+                return lev
+        return 1.0  # default leverage
 
     @retrier
     def _set_leverage(
diff --git a/freqtrade/exchange/exchange.py b/freqtrade/exchange/exchange.py
index 58321a2db..e737d2b2a 100644
--- a/freqtrade/exchange/exchange.py
+++ b/freqtrade/exchange/exchange.py
@@ -1807,7 +1807,7 @@ class Exchange:
         """
         return
 
-    def get_max_leverage(self, pair: Optional[str], nominal_value: Optional[float]) -> float:
+    def get_max_leverage(self, pair: str, stake_amount: Optional[float]) -> float:
         """
         Returns the maximum leverage that a pair can be traded at
         :param pair: The base/quote currency pair being traded
diff --git a/tests/exchange/test_binance.py b/tests/exchange/test_binance.py
index ac7647e73..1c377c70a 100644
--- a/tests/exchange/test_binance.py
+++ b/tests/exchange/test_binance.py
@@ -162,43 +162,49 @@ def test_stoploss_adjust_binance(mocker, default_conf, sl1, sl2, sl3, side):
     assert not exchange.stoploss_adjust(sl3, order, side=side)
 
 
-@pytest.mark.parametrize('pair,nominal_value,max_lev', [
+@pytest.mark.parametrize('pair,stake_amount,max_lev', [
     ("BNB/BUSD", 0.0, 40.0),
-    ("BNB/USDT", 100.0, 153.84615384615384),
+    ("BNB/USDT", 100.0, 100.0),
     ("BTC/USDT", 170.30, 250.0),
-    ("BNB/BUSD", 999999.9, 10.0),
-    ("BNB/USDT", 5000000.0, 6.666666666666667),
-    ("BTC/USDT", 300000000.1, 2.0),
+    ("BNB/BUSD", 99999.9, 10.0),
+    ("BNB/USDT", 750000, 6.666666666666667),
+    ("BTC/USDT", 150000000.1, 2.0),
 ])
-def test_get_max_leverage_binance(default_conf, mocker, pair, nominal_value, max_lev):
+def test_get_max_leverage_binance(default_conf, mocker, pair, stake_amount, max_lev):
     exchange = get_patched_exchange(mocker, default_conf, id="binance")
     exchange._leverage_brackets = {
-        'BNB/BUSD': [[0.0, 0.025],
-                     [100000.0, 0.05],
-                     [500000.0, 0.1],
-                     [1000000.0, 0.15],
-                     [2000000.0, 0.25],
-                     [5000000.0, 0.5]],
-        'BNB/USDT': [[0.0, 0.0065],
-                     [10000.0, 0.01],
-                     [50000.0, 0.02],
-                     [250000.0, 0.05],
-                     [1000000.0, 0.1],
-                     [2000000.0, 0.125],
-                     [5000000.0, 0.15],
-                     [10000000.0, 0.25]],
-        'BTC/USDT': [[0.0, 0.004],
-                     [50000.0, 0.005],
-                     [250000.0, 0.01],
-                     [1000000.0, 0.025],
-                     [5000000.0, 0.05],
-                     [20000000.0, 0.1],
-                     [50000000.0, 0.125],
-                     [100000000.0, 0.15],
-                     [200000000.0, 0.25],
-                     [300000000.0, 0.5]],
+        'BNB/BUSD': [
+            [0.0, 0.025],  # lev = 40.0
+            [100000.0, 0.05],  # lev = 20.0
+            [500000.0, 0.1],  # lev = 10.0
+            [1000000.0, 0.15],  # lev = 6.666666666666667
+            [2000000.0, 0.25],  # lev = 4.0
+            [5000000.0, 0.5],  # lev = 2.0
+        ],
+        'BNB/USDT': [
+            [0.0, 0.0065],  # lev = 153.84615384615384
+            [10000.0, 0.01],  # lev = 100.0
+            [50000.0, 0.02],  # lev = 50.0
+            [250000.0, 0.05],  # lev = 20.0
+            [1000000.0, 0.1],  # lev = 10.0
+            [2000000.0, 0.125],  # lev = 8.0
+            [5000000.0, 0.15],  # lev = 6.666666666666667
+            [10000000.0, 0.25],  # lev = 4.0
+        ],
+        'BTC/USDT': [
+            [0.0, 0.004],  # lev = 250.0
+            [50000.0, 0.005],  # lev = 200.0
+            [250000.0, 0.01],  # lev = 100.0
+            [1000000.0, 0.025],  # lev = 40.0
+            [5000000.0, 0.05],  # lev = 20.0
+            [20000000.0, 0.1],  # lev = 10.0
+            [50000000.0, 0.125],  # lev = 8.0
+            [100000000.0, 0.15],  # lev = 6.666666666666667
+            [200000000.0, 0.25],  # lev = 4.0
+            [300000000.0, 0.5],  # lev = 2.0
+        ],
     }
-    assert exchange.get_max_leverage(pair, nominal_value) == max_lev
+    assert exchange.get_max_leverage(pair, stake_amount) == max_lev
 
 
 def test_fill_leverage_brackets_binance(default_conf, mocker):