May 31, 2019 – International cryptocurrency exchange OKEx had a lot of things going on for them this May 2019 and, just like every month end, has posted the major achievements of the crypto trading platform.
Table of Contents.
OKEx Trading Expert Ranking
The key announcement that will provide a big benefit for beginner traders is the launch of “OKEx Trading Expert Ranking“. This is a collection of 30 traders who, OKEX said, “does not only represent some of the best traders at OKEx, but will also be role models for crypto trading beginners”.
The ranking will show the position of the trading experts and their ranking profitability on the *spot market. The ranking will also show each of the expert’s trading activities and asset allocation percentage. Anyone who will “follow” the experts will receive notifications of their trading activities. With this, OKEx hopes user will be able to follow their strategies and learn from their insights and trading skills. This is very much reminiscient of eToro’s copy trading with slight differentiation.
*Spot market – The spot market is where financial instruments, such as commodities, currencies, and securities, are traded for immediate delivery
Futures Trading Upgrade
OKEx has futures trading for some time now, earlier than Binance. This May 2019, OKEx introduced a couple of updates including a tiered maintenance margin ratio system and will soon implement a “Grace Period Promotion” to allow new users to trade at lower fees. Finally, OKEx will implement a new fee schedule on June 11, 2019. All details can be found here.
*We covered Futures in our OKEx overview here.
OKB-ERC20 and Coin Burn
After launching OKB on a public blockchain, users are now allowed to withdraw their OKB tokens to any ERC20-compatible wallets. (Although, OKEx is recommending that you store those tokens to their own cold wallet within the OKEx app.)
OKEx has been working on their own OKChain and it is expected to launch by June 2019.
The platform also approved a Buy-back and Burn scheme which it will do every 3 months. The exchange hopes that reducing the total OKB supply in circulation will benefit the users from increase and stabilization OKB’s value.
Also important is the exchange’s successful token sale project through the OK Jumpstart platform. The second project called ALLIVE (ALV), a blockchain-based healthcare ecosystem was completed on May 16, 2019.
Also important to highlight are the events it held in key cities – Moscow and Taipei this May 2019. We wait for OKEx to hold another event in the Philippines.
“Bullish on Bitcoin”
OKEx has been in the news recently when one of its executives – Andy Cheung, stated in a newsletter what everyone else has been saying, that bitcoin has momentum and institutional backing togo back up to $20,000. Mr. Cheung actually mentioned late last year that that number is “a conservative target”. From OKEx’ email, Mr. Cheung had this to say:
“The rally won’t stop here, because more institutional investors are coming into the market and the 2020 halving effect starts to take place. We are thrilled to witness such bullish trend and I look forward to a new high the Bitcoin deserves.”
This article first appeared on BitPinas: “Bullish on Bitcoin” OKEx Highlights Achievements for May 2019