Buyers and sellers can now communicate in real-time after OKEx added instant messaging on their over-the-counter trading platform; pushes Perpetual Swap, their new derivative product
Cryptocurrency exchange OKEx, who handles an estimated 1 billion trades every day, adds an instant messaging feature to their OTC trading via their website and their iOS or Android app. This lets buyers and sellers interact with each other instantaneously. Push notifications ensure that both parties are notified of new messages or replies immediately.
Over-the-Counter Trading and Designated Merchants
OKEx OTC trading offers a space for users to post orders relating to the buying or selling of a Virtual Financial Asset, or VFA, that includes BTC and ETH to be exchanged with fiat currency. Through the platform, users can transact anytime, anyplace averting the associated risks of meetups. So far there are no fees when trading through OKEx OTC.
Trades are executed using the Vietnamese currency Dong (VND) and Chinese Yuan (CNY). The exchange will support more fiat currencies in a later date.
The exchange introduced Designated Merchant, a program intended to induce high liquidity within the platform. To become a Designated Merchant a user needs to be on KYC level 3 and have more than 90% transaction completion rate. Those who are qualified for the program can access the benefit of dedicated customer support.
OKEx first introduced their derivatives product, Perpetual Swaps, on 3 December in Seoul’s NextGen Conference. The second largest exchange reiterates the new product through a press release shared with Cointelegraph.
The derivative is said to be able to leverage between 1x to 100x from shorting or longing the price of Bitcoin and altcoins. Each contract carries a current notional value of $100 corresponding to BTC and settlements can be done daily. It does not have an expiration date, meaning a buyer can hold onto a position for as long as he wishes.
Other Derivatives in the Cryptocurrency Market
Late last month, Huobi launched the Huobi Derivatives Market (DM) complete with tools for hedging and risk management. CBOE will be launching ETH Futures by the end of this year and Nasdaq its BTC Futures by 2019.
For those interested here is a short guide on how Bitcoin Futures work.