OKX cryptocurrency derivatives
The trading platform is among the largest in the digital coin market. The developers themselves call OKX the leading crypto exchange, promising quality financial services to millions of traders from over a hundred countries.
Users are offered good terms for spot and margin trading, options operations, open-ended swaps, credit and mining.
OKX cryptocurrency derivatives trading platform services
Multicurrency exchange allows you to exchange crypto-assets, tokens, fiat money and use other features. Main services:
- Spot trading;
- Margin trading;
- Mining pools;
- Options trading;
- Perpetual swaps;
- P2P platform.
Features of the OKX exchange
For a long time the exchange has been at the top of the ratings, providing customers with new financial services in the blockchain segment. The developers of the OKX crypto derivatives trading platform managed to achieve such results by enticing specialists from the business and technology spheres. Users of the platform have access to reliable and stable OKX cryptocurrency derivatives trading services through the website and official mobile applications.
The owners of the exchange pay attention to creating a secure platform for transactions involving digital coins, using distributed server clusters, GSLB and other technologies.
The site has received a simple, user-friendly and intuitive interface, translated into many languages. The color scheme of the terminal can be changed, different indicators can be added, security parameters set up.
The daily OKX crypto derivatives trading volume exceeds $4.2 billion.
The platform was one of the first competitors to offer margin trading with leverage. A similar situation is with futures. In addition to contracts on BTC, the company soon offered them on LTC. Then there were perpetual swaps on ETH, and the initiative of IEO (exchange-traded coin offerings) was supported.
History of OKX derivatives trading platform
OKX, an online cryptocurrency exchange, has been operating since 2017, though it formally appeared back in 2014. It was originally an OKCoin platform that was part of the OK Group holding company. Its executive director was Star Hu.
In 2017, after the introduction of Bitcoin futures with non-compliance with legal formalities, the company had problems with the U.S. financial regulators. The owners of the exchange decided to take serious measures: they moved the jurisdiction to Hong Kong. As a result, OKCoin became OKX.
In 2018, the jurisdiction was changed again - the company was moved from China to Malta, where there are even friendlier laws in the regulation of ICOs, blockchain startups and the cryptocurrency market in general. In the same year, OKB's own native token appeared, and the exchange ranked first in the world in terms of reported turnover.
The cryptocurrency platform is registered under the long name OKX Technology Company Limited. As of August 2021, it is still under the jurisdiction of Malta. The administration of the OKX derivatives trading platform makes sure that users conduct legitimate activities and do not engage in fraudulent transactions.
The security service monitors all suspicious transactions, preventing terrorist financing and other illegal activities.
Administrators have the right to block accounts for serious violations of the platform's rules, spelled out in the user agreement.
Available cryptocurrencies and popular trading pairs
The OKX platform offers traders almost 400 digital coins, of which more than 1,700 bundles are formed for transactions.
In terms of liquidity, the following trading pairs are considered popular:
The trading floor has an OKB token, which was launched in April 2019 along with the decentralized OKChain blockchain platform. The issuance is 1 billion coins. The developers announced the distribution of 60% of the total number of coins to exchange users to form a developed community through marketing campaigns.
OKB is a service token traded primarily on the OKX cryptocurrency exchange. The developers are going to expand its functionality by launching it on other exchanges in the future.
When OKB coins are used for transactions, traders receive a discount on their trading fees. Holders of these assets also have a say in important decisions regarding the further development of the exchange. Officially, 300 million tokens have been issued to the network. Another 400 million will remain under the OK Blockchain Foundation, and 300 million developers plan to unlock in 2022.
Associated with OKB is a weekly promotion, Happy Friday. It started on December 4, 2020. All registered users who have been verified participate in the program. The average daily balance or trading volume must exceed 100 USDT.
Every week on Fridays the organizers of the promotion take 20% of the income from the commission for trading in open-ended swaps and futures. Of this, 10% is allocated based on users' average balances, and another 10% is distributed based on average daily trading volumes.
All rewards are converted into BTC, but traders also get the opportunity to earn various rewards in the form of discount cards, macbooks, iPhones, and so on.
There is also an OKT token within the OKXChain ecosystem, which gives stacking privileges and more acceptable commission payment terms. It can be used in DeFi-applications and decentralized exchanges. OKT tokens were distributed to OKB coin holders who participated in their stacking on OKX Jumpstart. OKT is based on a halving model similar to Bitcoin. The reward for each block mined is halved every 3 years.
Types of orders
The official site of the OKX exchange provides users with a choice of one of five types of orders to buy or sell coins:
- Limit. This kind of order is executed on the exchange when it is necessary to determine the price limit. The limit is set by the trader himself. The transaction is executed when the value reaches or overcomes the set value. Such orders are usually set in advance because it helps to buy or sell coins at a better price.
- Market. It is also called a market order and is used for instant execution at the current price. When placing a market order, the user only specifies the number of coins. The cost cannot be regulated.
- Stop. This type of order facilitates the achievement of a number of investment objectives by automating transactions. The option is usually considered as insurance, which helps to increase the chances of a deal at a given price.
- Trigger. A pre-created order that triggers when certain conditions are reached. For example, such orders help to fix profits by limiting losses on open positions.
- Advanced Limit. It differs from the usual one in the presence of several additional conditions.
Traders are allowed to trade coins not only on the official website of the OKX exchange, but also in a special client on the smartphone screen. It is designed for iOS and Android mobile operating systems. The application installed on the smartphone opens the user such possibilities:
- Constant control over all transactions.
- Real-time tracking of coin rates.
- Selling and buying cryptocurrency.
- Sending alerts to the phone about sharp fluctuations in the value of selected digital assets.
On a separate page of the site, the link to which is located in the footer, the user can download the software for iOS or Android for free. The program is also added to the official Apple and Google stores.
In addition to normal asset trading, there are various financial instruments available in the crypto market. One of them is crypto derivatives, which are essentially a contract between a buyer and a seller for the future value of a digital asset. The parties to this transaction do not own the underlying asset for which the contract is drawn up. In this case, the subject of the transaction is the right to execute the contract.
Main types of OKX cryptocurrency derivatives in Kenya
Consider the most popular OKX derivatives in Kenya:
- Futures are a contract to sell or buy an underlying asset in the future at a predetermined price. An example of such a contract is a pre-order of some commodity in which the buyer pays a predetermined price, but receives the goods later;
- Forwards are virtually the same as futures, but are less standardized and are not traded on exchanges. Forwards are traded on the over-the-counter (OTC) markets, but this contract also involves buying the underlying asset in the future at a set price;
- Options are a contract that gives the right, but not the obligation, to buy or sell the underlying asset in the future at a predetermined price. An example of options in real life is asking a seller to hold an item for a period of time;
- Swaps are an instrument that includes two contracts at once. The first contract seeks to buy or sell the underlying asset at the time it is entered into, and the second contract specifies the conditions for selling or buying the underlying asset in the future. Swaps are considered a more complex version of futures. Example: a purchase of some commodity from a supplier and agreement to supply the same commodity to a final consumer in the future;
- CFD (contract for difference) - Contract for Difference of an underlying asset. If the price of an underlying asset falls during the term of the contract, the buyer pays the difference. If the asset becomes more expensive the difference is paid by the seller. A simple example of such a contract is a special offer in some stores, in which the seller promises to pay the price difference if the buyer finds the goods cheaper.
How to start trading OKX crypto derivatives in Kenya?
Registration on OKX
To get started with OKX cryptocurrency derivatives in Kenya, register on the OKX cryptocurrency derivatives trading platform.
Click on the "Sign Up" tab in the upper right corner of the home page to go to the registration page.
Then you need to fill out the following form:
- Enter the Email address. It is best to use email from Google, as it is considered the most secure;
- Think up a password. Better if your password is complex, that is, it will have lower and upper case letters, numbers, and punctuation marks;
- Repeat the password;
- Check the box next to the agreement with the platform policy;
- Go back to the second line: click on "Get code" and go very quickly to your email address listed above (the code takes only 1 minute to enter). You will find an email from OKX in the mail. Copy the code and paste it into the second line of the registration form;
- Click on the "Sign Up" button.
Done! Registration was successful.
Account protection levels
The following page opens with the possible degrees of account protection:
- Phone number - if you enter it, you will be sent a code to sign in to your account when you log in.
- Google Authenticator - that's what we'll set up below.
- Foundation password.
- Email entry.
- Anti-pushing code - Every OKX email will contain this code. Emails without this code will be fraudulent.
It is recommended setting up Google Authenticator right away, as it is currently one of the strongest degrees of protection.
The OKX derivatives platform in Kenya is a good choice because of its pleasing design, user-friendly controls, extensive security settings and low trading fees. Try it now!