OKEx, a centralized cryptocurrency exchange located in Seychelles, was founded in 2017. CoinGecko reports that OKEx is the third largest cryptocurrency brokerage in the world, accounting for nearly $12 billion in trade volume over the last 24 hours. The exchange offers 518 trading pairs and 312 coins.
For new cryptocurrency enthusiasts, it can be difficult to navigate the complicated world of finance and trading. OKEx aims to make sophisticated trading techniques accessible to everyone by offering a simple interface. OKEx staff spoke with Cointelegraph Markets Pro Users during an exclusive “Ask me Anything” (AMA) session. They discussed trading tools, financial regulation and the OKExChain blockchain. Memes coins were also discussed.
Cointelegraph Markets Pro user: How can one benefit from bots/API [Application Programming Interface] trading without any coding experience? Is OKEx fully integrated with any other partners?
OKEx Staff: To automate trades using the trading bot on OKEx, you don’t need any programming experience. The trading bot is integrated into the OKEx trading platform, making it easy to set up. You can either choose the AI option to automate your trades and set the order amount in USDT (USDT). Or you can manually adjust the parameters for each asset, including the price limits.
The bot can be used to automate trading with pre-set parameters. Trading bots are able to maximize profits, particularly in times when the market is volatile. A trading bot like the one on OKEx will make more profit if the market you choose is up (selling), down (buying), and then up, down (everything in between), rather than up, up. OKEx’s trading bot is available for all spot trade pairs. This means that you can sell Ether (ETH) and buy or sell Bitcoin (BTC) with the trading bot. Soon, a trading bot tutorial video will be available! The tutorial will be available next week. However, here is the written version. Here’s how it looks in the user interface (UI). To execute such an automated and powerful strategy, you don’t have to be proficient in API/coding.
OKEx trading interfaceSource : OKEx
OKEx: Trading bot profit and losses
CT Markets Pro User: What do you think will happen to the crypto market after India’s crypto ban?
OKEx staff: I believe that India’s regulator would prefer a more comprehensive framework for regulating crypto than banning it. The history of crypto has shown that it is possible to make it stronger when it is permitted and regulated. It is unlikely that the ban in India will have any significant impact on the market. Over the last couple of years, crypto has been quite resilient to news developments.
CT Markets Pro user: Cryptocurrencies are very volatile and have high beta. Are you using the same financial model (i.e. Black Scholes) to price crypto derivatives as stocks?
OKEx staff: The Black Scholes model is used to calculate mark price (fair market value) for our option market. We use a SPAN-like stress-tester (like Chicago Mercantile Exchange), to determine the maximum loss in a client’s portfolio.
CT Markets Pro user: I was recently informed of some developments at OKExChain. Is there anything going on?
OKEx staff: The rumors are true! It’s known as OEC. This summer, the mainnet was launched. OEC is an EVM [Ethereum Virtual Machine] compatible, public blockchain that uses Cosmos/Tendermint architecture. OKEx has been quietly working on OEC for many years in order to make it more robust and address the blockchain trilemma. It’s not an Ethereum clone. This article provides more detailed information on OEC but is not for the faint-hearted.
CT Markets Pro User – What is the OKEx deFi Hub? What are the most current products and services offered?
OKEx staff: OKEx has a new mode called DeFi. On okex.com and in the app, you can toggle between “Exchange” or “DeFi” modes. It acts as a bridge between CeFi and DeFi – OKEx brings DeFi to your fingertips in one seamless interface. To use the DeFi mode, you don’t need an OKEx account. Connect your Web 3.0 wallet to track your wallets and view all of your DeFi assets. The DeFi mode, which was launched in the fall, currently includes our NFT marketplace, GameFi centre, and dashboard. Here you can see all your decentralized assets including your NFTs. There’s more to come! OKEx offers a bespoke Web 3.0 wallet which you can use directly in the OKEx App or via Chrome or Firefox’s browser extension. OKEx Earn is currently only available for staking, saving and yield-farming. This is all I have to say at the moment.
CT Markets Pro user: I would like to hear your thoughts on the multi-billion-dollar meme coins. Do they provide a source of crypto inflow or are they time bombs that could destabilize crypto markets if they explode?
OKEx staff: Good question! Meme coins can be used as gateways by non-native crypto traders and investors due to their accessibility. These coins could slide sharply in future but I don’t think they could destabilize the market. These coins are speculative in nature, so investors should be aware of the potential risks. The top meme coins like DOGE and SHIB have established themselves fairly well. On our podcast, we actually had an episode about meme coins. For the complete discussion, here is a link.
CT Markets Pro User – How does OKEx work with the play-to earn games?
OKEx staff: The GameFi center at okex.com currently serves as a play-to earn game aggregator. You can also find the most popular and up-to-date blockchain games on there. You can filter by blockchain network. We feature games from over 20 networks, including OEC (the open-source public blockchain created by OKEx). Every OKEx GameFi game has its own page. This includes information about the game, including the history of in-game assets prices and other important info. You can also find the direct link to the game’s website. Most play-to-earn gaming is done in-browser. This is a spacey, fun game that uses OEC.
CT Markets Pro user: How would you compare OKEX with, for example, Coinbase? What makes OKEX different in a world of so many exchange options?
OKEx staff: OKEx offers advanced trading platforms that offer derivatives (options and futures, perp Swaps, margin trading, trading bots, margin trading, and many other tokens. We recently launched a DeFi mode that offers decentralized offerings such as NFTs, crypto games, and a dashboard to help you manage all your DeFi assets. Our services range from highly liquid trading markets and staking/farming options to cater to investors of all levels.
We continue to innovate services and tools that support the success of crypto market participants, such as the DeFi mode and the trading bot we mentioned earlier. OKEx is the first platform that offers true portfolio margin with multicurrency collateral loss offset. This is great news for professional traders who trade large portfolios of options/other crypto derivatives.
CT Markets Pro User – Where do you see crypto market capital going in one, five or ten years? Which market segment is currently undervalued? Identity? Meta? Layer one?
Although it’s difficult to give exact numbers, it seems that the charts tend to move to the right. Market participants will be well advised to monitor changes in monetary policy over the coming year. My personal opinion is that Web 3.0/digital identification/metaverse projects are undervalued compared with where they (or some) will be in a few decades. Last week’s podcast episode featured some amazing guests who spoke a lot about the topic.
Disclaimer: These market predictions were made prior to the news that a new coronavirus variant had adversely impacted capital markets around the world on Nov. 26. These market predictions may not be relevant in current conditions and should not be considered investment advice.
CT Markets Pro User – Do you think [Bitcoin Price] $69 000 was the highest? Is there any chance of another alt season within the next few months?
OKEx staff: Whether $69 thousand is the highest or not, it is just a matter time frames. According to exchange flows and balances metrics, the most recent all-time high ($69 000) is unlikely to be the highest for this cycle. However, BTC is not expected to move up straight away, even though most metrics are bullish. This is due to the maturing market and the growing diversity of market participants. In the sense that there has been a shift in market composition between 2013 and 2017 and 2021. There are more serious investors and institutional involvement, as well as futures from CME and exchange-traded funds.
The more volatile a market becomes, the slower it moves. The next few months, particularly Q1 2022, will be fascinating to watch as this bullish cycle may continue into next year, instead of ending in December. We will most likely see another alt-season if that happens.
We are beginning to see a metaverse/meme season right now, I believe. The news that Facebook was going all in with the metaverse has certainly fueled this side of things. However, the decentralized metaverse is seeing new capital flow. According to me, the market cycles through different sectors. For instance, metaverse trends are currently being observed, but other lagging categories could catch up if BTC doesn’t fall too much. If the market is strong, then everything will rise sooner or later. It is clear that there is an inflow of institutional money. The equity balance of institutional money is steadily increasing. It is difficult to determine if Ethereum can be bought, as they all trade different strategies and have different types.
For instance, the BTC exchange net change metric is not showing any signs of the current prices or the last ATH [All Time High], which would be a top similar to the one in May.
Change in bitcoin net trading position Source: OKEx
Eileen Wilson –Technology and Energy
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