OKEx Launches a New Crypto Product, Perpetual Swaps
Malta based OKEx, a leading global Bitcoin Exchange, launched a new derivative product called Perpetual Swaps Trading, as reported by Cointelegraph on December 3rd.
Perpetual Swap is a p2p virtual derivative developed by OKEx which will enable its users to predict the direction of digital currencies. The advantage that perpetual swap has is that it does not have an expiry or daily settlement. Each swap contract will hold a value equivalent to $100 Bitcoin(BTC).
Trading will officially be available from December 11th, 2018, at 1:00 local time(GMT +9).
This new product will allow users to perform perpetual swaps, future contract, and spot trade with margin and leverage features. Trading will officially be available from December 11th, 2018, at 1:00 local time(GMT +9).
Users will also enjoy the freedom to choose from two strategic positions, a long position that will either benefit them from the rise of digital asset price or a short position that will benefit them from the drop in the digital asset price.
OKEx Financial Markets director Lennix Lai said that they are committed to building a complete ecosystem based on blockchain and crypto. He stated, "The launch of perpetual swap demonstrates our continuous commitment to building a complete financial ecosystem on blockchain and crypto. With the new offering, investors and traders can select the products which best fit their trading and hedging strategies."
He continued, "we would like to remind our users that due to its high leveraged nature, implementing risk control strategies are equally crucial in trading."
With the new offering, investors and traders can select the products which best fit their trading and hedging strategies.
Contract trading allows the user to both sell and buy digital currencies at a specified time in the future, thus, allowing investors and traders to open both long and short positions.
In October 2018, OKEx removed over 50 pairs with poor liquidity and trading volume. Later, in the month of November, the company delisted another trading pair due to "weak liquidity" to "create a robust trading environment and offer the best trading experience" for traders.
Currently OKEx is the world's second largest cryptocurrency exchange in terms of adjusted daily trading volume which amounts to $523 million, as reported by CoinMarketCap.