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 creating a simple user interface. OKEx staff spoke with Cointelegraph Markets Pro Users during an exclusive “Ask me Anything” 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 go completely automated by selecting the AI option, and simply setting the USDT order amount. OR, you can manually adjust your parameters including the price limit and upper/lower price limits for the asset that you wish to trade.
The bot can be used to automate trading with pre-set parameters. Trading bots are able to maximize profits, particularly in range-traded markets. 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, up, down (evaluating), etc. Instead of just going up, up and up. OKEx has a trading bot that can trade all spot trading pairs. This means that you can sell and buy ETH in and out BTC. Soon, a trading bot tutorial video will be available! Next week is likely, but here’s the written tutorial. This is how it looks in the UI [User Interface]. To execute this powerful and automated strategy, you don’t have to be an API/coding expert.
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: India’s regulator would prefer a more comprehensive framework for regulating crypto than banning it. The history has shown that crypto can be allowed 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. I.e., do you use the same financial model? Black Scholes) to price crypto derivatives.
OKEx staff: The Black Scholes model is used to calculate mark price (fair market value) for each contract in our option market. We use a SPAN-like scenario stress tester (like CME), to calculate the maximum loss for the client’s portfolio.
CT Markets Pro User – I heard about some recent developments regarding the OKExChain. What’s up with that?
OKEx staff: The rumors are true! [The trading network] It’s called OEC and the mainnet was launched in summer. OEC is an EVM compatible public blockchain which 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 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 switch between “Exchange” and “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 your DeFi assets. DeFi mode, which 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 you can use directly in the OKEx App or via Chrome or Firefox’s browser extension. OKEx Earn is currently unavailable for staking, savings and yield-farming.
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 just ticking time bombs that could destabilize the market? Is there really room for these coins in a rational crypto-market?
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 can cause market instability at this time. 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 those built exclusively on OEC (the open-source public blockchain created by OKEx). Every OKEx GameFi game has its own page that provides information about the game, including the price history and other important details. 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), trading bots and margin trading. There are also trading bots and a wide variety of 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.
DeFi mode is just one example of the tools and services we are continuing to develop that support crypto market participants. The trading bot mentioned previously and our portfolio margin mode are two other examples. 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? Layer1?
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 onset of news that a novel coronavirus variant had negatively impacted capital markets around the world on Nov. 26. These market predictions may not be relevant in today’s environment, and should not be considered investment advice.
CT Markets Pro User – Do you think [Bitcoin Price] $69K was the highest? Is there any chance of another alt season within the next few months?
OKEx staff: Whether $69k is the highest or not depends on time frames. According to exchange flows and balances, the most likely top of this cycle is not the previous all-time high ($69K). 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 the ETF [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 increased capital inflow. 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