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OKEX, one of the leading digital currency exchange platforms in the world, is set to implement better leverages for its clients from the 26th of February, 2019. The firm terms it is a reaction to the growing market demand over the past few quarters as more traders seek to use OKEX crypto trading products.
The new leverage adjustments on OKEX crypto exchange will now provide up to 5x for several digital coin pairs. According to the announcement by OKEX, trading pairs that will be qualified for the 5x leverage are; EOS/BTC, EOS/USDT, ETC/BTC, ETC/USDT, LTC/BTC, LTC/USDT. BCH/BTC, BCH/USDT, ETH/BTC, ETH/USDT and BTC/USDT.
OKEX exchange has maintained its 3x leverage pay out structure whereby a trader can access the excess funds in the margin account as long as their risk ratio exceeds 150%. In addition, traders will now be able to access the funds in the margin account held as surplus provided they are below a 5x leverage and above 125% risk ratio.
An adjustment on the margin call ratio will see it raised to 120%. Basically, traders will be alerted when their risk ratios fall below 120% which indicates as a high risk in this ecosystem.
However, traders will be forced to liquidate their positions when they hit 110% or below as the initial margin call ratio within OKEX.
One of the leading Malta-based digital currency exchange platforms – OKex – has announced the finalization of its expansion to the middle-east, in particular, Turkey. This comes in the light of its inception of the Turkish Lira on its exclusive customer-to-customer trading platform that prioritizes fiat-to-token conversion. The inception is set to go live at the C2C Network Event Launch that kicks off sometimes in April. Now, considering that there is an expected surge of Turkish subscribers, OKex introduced a Turkish language option in addition to the other existing 8 languages already present.
“Turkey is without a doubt the only country that boasts of a high percentage of independent crypto-ownership in Europe and the Middle East. In fact, it has one of the most robust and promising crypto communities growth anywhere in the entire world. And considering that Turkey is at the brink of a serious economic recession, it is not surprising, therefore, that people are slowly finding avenues to safeguard their monetary wealth and digital assets are quickly proving to be one of the best. Here at OKex, our chief objective is to look for creative and long-lasting solutions for the community at large here. With the support of Turkish Lira, we look forward to a viable way of addressing the financial needs of the locals as far as economic stability goes,” Andy Cheung, the current OKex Head of Operations said at the summit.
This event that was held in Istanbul was graced by a delegation of blockchain enthusiasts and technocrats who came together with the combined goal of charting the way forward for blockchain and crypto development in the nation. And in the course of the session, a bunch of entrepreneurs and crypto leaders started an insightful conversation centered around the mass adoption and assimilation of digital currency and assets in the country. This panel, which comprised of founder and lawyers of leading firms, shared ideas and views circling around mass crypto adoption including the potential of blockchain-based applications in the larger Turkey market.
Now that the Turkish Lira is finally out and available for trading on the OKex platform, users can finally place orders with self-chosen payment and rates methods that are tailored to either sell or buy Virtual monetary assets in exchange for fiat currencies. In other words, users benefit from the relatively low volatility market and almost zero transaction fee.
Apart from this, OKex C2C is a decentralized platform for the selling and buying of Tether ( USDT ), BTC, ETH and LTC (Litecoin). To trade here, users just need to complete a series of easy steps which include KYC simplified verification.
The popular cryptocurrency exchange OKEx will allow users to lend virtual currencies to margin traders and earn interest on it. The information was announced by OKEx on its support section a few hours ago.
The exchange informed that its OK PiggyBank is officially available to all users. Those interested customers can just transfer spare tokens into the PiggyBank and receive daily rewards.
The company explained that they will be lending the funds that users place in their PiggyBank and they will be receiving part of the interest that these users pay to use these funds.
In a blog post, the OKEx explained:
“The logic is simple. When you put your spare coins into OK PiggyBank, we will lend the funds as margin loans to our margin traders. And then, part of the margin interest collected from traders will be allocated as the interest for your OK PiggyBank.”
OKEx will be taking 15% of the daily margin interest and distributing the rest to users according to the coins they held on their accounts. Furthermore, the profits that the exchange will have will be used to increase the insurance fund in case there are some issues with the platform. However, they noted that in the future these funds can be used for other things.
OK PiggyBank has been in a testing period for around one month. Now it has been released to the market and users can start to receive daily interest from clients that use margin trading. Users can withdraw the funds when they want since there is no lock-up restriction and there is no minimum deposit requirement. This is very positive for those small investors that want to earn an extra profit a day with their funds.
OKEx is currently the second largest virtual currency exchange in terms of trading volume. In the last 24 hours, OKEx handled $818 million of trading volume. The most traded pairs at the exchange were BTC/USDT, EOS/USDT and ETH/USDT accounting for almost 60% of the total trading volume on the platform.
OKEx is presently one of the top five cryptocurrency exchanges, offering a client-to-client (C2C) trading platform. The company has continually added support for fiat currencies to trade against major crypto assets on the platform, and the Thai baht has just been added to their lineup. According to a press release on February 14th, the baht can be traded against Bitcoin, Tether, Ethereum, and Litecoin right now, though users are required to first complete KYC verification to establish eligibility.
The press release stated,
“In view of the fast-growing digital asset community in Thailand, OKEx has launched the C2C (customer-to-customer) fiat-to-token trading service for Thai Baht (THB) on its platform, filling the high demand in the global markets, and at the same time, fulfilling its role of a trailblazer in driving blockchain adoption globally.”
OKEx chose to host a conference in Bangkok called MindXChange, which was meant to “bring industry leaders together to exchange ideas on blockchain technologies.” MindXChange participants were able to discuss some of the evolving regulatory developments that are impacting crypto and blockchain. Some of those participants included Nattapon Nimakul (Katinrun and Kulap), Jake Choi (Fantom Foundation), Sivanus Yamdee (Coin Asset Exchange), and Jirayut Srupsrisopa (Bitkub). The discussion also centered around the changes in Thailand’s digital asset industry, and how the group could work towards faster innovation.
The first announcement that support would be added for the baht actually was published towards the end of January. In the same release, the platform targeted the onboarding of local merchants to be a part of this new market.
Presently, OKEx is the home to 400 trading pairs for tokens and futures and is headquartered in Malta. Their platform’s services allow millions of users around the world to connect in 200 countries and regions. At press time, OKEx has been seeing about $446.6 million in daily trading.
Blockchain was implemented in a use case for Thailand last month, when the National Electronics and Computer Technology Center (NECTEC) implemented an e-voting option, alongside the traditional voting system. Once the technology is fully adopted, NECTEC plans to make voting into a process that is entirely done through distributed ledger technology.