Founded in 2017, OKEx is a centralized cryptocurrency exchange based in Seychelles. According to CoinGecko, OKEx is the world's third-largest crypt
Founded in 2017, OKEx is a centralized cryptocurrency exchange based in Seychelles. According to CoinGecko, OKEx is the world’s third-largest cryptocurrency brokerage, with nearly $12 billion in trading volume within the past 24 hours. The exchange lists 312 coins and 518 cryptocurrency trading pairs.
It’s often difficult for new cryptocurrency enthusiasts to navigate the complex world of trading and finance. OKEx seeks to bring such sophisticated trading methods to everyday users’ disposal by building simple user interface. During an exclusive ask me anything, or AMA, session with Cointelegraph Markets Pro Users, OKEx staff discussed trading tools, financial regulation, the OKExChain (OEC) blockchain, meme coins, and DeFi offerings on the OKEx platform.
Cointelegraph Markets Pro User: How can someone benefit from bots / API [Application Programming Interface] trading with no coding experience? Does OKEx have any partnerships fully integrated?
OKEx Staff: TLDR [Too Long, Didn’t Read], you do NOT need to have any coding experience to automate trades with the trading bot on OKEx. We make it really easy for you to set the trading bot up — it’s integrated into the OKEx trading dashboard. you can basically go fully automated by choosing the AI option and just setting the order amount in USDT. OR you can manually set your parameters, including the upper and lower price limit for the asset you want to trade.
So the bot is essentially an auto-trading tool with pre-set parameters. Trading bots can maximize profit potential, especially in times of range-traded market. So with a trading bot, like the one we have on OKEx, it will be more profitable if the market you choose goes up (selling), then down (buying), then up, down, etc. rather than just up, up, up. The trading bot on OKEx is available for all spot trading pairs, which means you can buy and sell ETH, in and out of BTC, for example. A trading bot video tutorial is coming soon! next week likely but here’s the written tutorial. And Here’s what it looks like in the UI [User Interface]. You don’t need to API/coding experience in order to execute such a powerful and automated strategy.
OKEx trading interface | Source: OKEx
Trading bot profit and loss | Source: OKEx
CT Markets Pro User: How do you think the India crypto ban will impact the crypto space?
OKEx staff: I think for India, the regulator would like to have a more comprehensive framework in regulating crypto instead of banning it. History told us when crypto is allowed and regulated – it can even be stronger. The India ban is unlikely to have any major impact on the market. Crypto has become quite resilient to such news developments over the past couple of years.
CT Markets Pro User: Cryptocurrencies have pretty high beta [volatility]. Do you guys use the same financial model (I.e. Black Scholes) as stocks to price crypto derivatives?
OKEx staff: Our option market uses the Black Scholes model to compute mark price (fair value of the specific contract). And for risk management, we are using a SPAN-like scenario stress-tester (like CME) to calculate the max loss of the client’s portfolio.
CT Markets Pro User: I recently heard some developments with the OKExChain; what’s going on with that?
OKEx staff: Yes, the rumors are true! [The trading chain] It’s called OEC, the mainnet was launched this summer. a little bit about OEC — it’s an EVM [Ethereum Virtual Machine] compatible public blockchain that uses Cosmos / Tendermint architecture. OKEx has been quietly developing OEC for several years to make it as robust as possible and to address the blockchain trilemma . As opposed to being an Ethereum clone, it’s being built from the ground up . For more in-depth info on OEC, you can read this, but it’s not light reading.
CT Markets Pro User: What is the OKEx DeFi Hub? What products and services are currently offered and the best staking opportunities?
OKEx staff: DeFi is a new mode on OKEx. You can toggle between “Exchange” mode and “DeFi” mode on okex.com or in the app. It’s basically like a bridge between the worlds of CeFi and DeFi — OKEx brings DeFi to you in one cohesive interface. First of all, you don’t have to have an OKEx account to use the DeFi mode. You connect your Web 3.0 wallet, you can track wallets and see all your DeFi assets in one place. At the moment, DeFi mode (which launched this fall) currently consists of our very own NFT Marketplace, GameFi center, and Dashboard, where you can view all of your decentralized assets, including your NFTs. But there’s more coming soon! OKEx provides a bespoke Web 3.0 wallet that you can conveniently use via the browser extension (Chrome or Firefox) or directly in the OKEx app. Currently, staking, savings, and yield-farming offers are only available on OKEx Earn, via our centralized platform, that’s all I can say for now:)
CT Markets Pro User: I’d appreciate your views on multi billion $$ meme coins and whether they serve as a viable source of inflow to…
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