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OKEx Introduces Unified Account to Trade Across Its Platform

One of the world’s leading trading platforms and crypto exchange, OKEx is planning a new experience for her members – a unified account. As the name implies, users with an OKEx unified account can control several portfolios and carry out trades across the platform using that single account. Also, this account type allows them to perform options trades, perpetual swaps, futures, margin, and spot without losing their risk management settings, trading tools, or access to their complete portfolio.

This account also called portfolio margin is one of a kind in the whole crypto universe. It’s the first time this type of account is open to all traders. Before now, only a few brokerages and some banks that manage large portfolios with lots of money and trading expertise were allowed to own this account type.

Important Benefits of OKEx’s New Account Type

OKEx plans to roll out this feature to its members before this month ends but it will be done phase by phase. This unified account will have three modes which will make it useful for retail and institutional traders no matter their experience.

  • Simple mode: Ideal for options buyers and spot traders
  • Single-currency margin mode: Meant for margin and derivative traders who desire to maximize their investments using several trading instruments. With this mode, users can choose cross- or isolated-margins using their open positions.
  • Portfolio margin and multi-currency margin mode: Designed for proficient traders. Institutional and professional traders will find this mode highly suitable because they can collateralize all their asset holdings on the platform. It doesn’t matter whether the denomination to trade all supported instruments is available. OKEx API users can also access this mode.
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During his speech at the launch, Jay Hao, OKEx CEO said, “our goal is for all traders to enjoy an unrivaled experience on our platform and it doesn’t matter whether they’re new or pro traders. This new feature makes customization easy for each account mode and its suitable for a different level of traders depending on their risk appetite. We have committed huge resources to this product to ensure it is sophisticated and flexible. Thus, we are convinced that we can further meet the expectations of our growing user base.”

Concerns About The Use of This Account Type

The amplification of risks is one major worry about the execution and use of this unified system. Some users could spread their risk thin such that they run into massive losses when the market does not favor them. Also, if the platform cannot handle large transactions, executing this kind of product could lead to disaster, especially in a complex digital exchange with several product offerings.

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In his response to these potential problems, OKEx CEO said, the platform uses a high-tech risk management structure to enhance margin and operational effectiveness while allowing margin sharing with different trading instruments. Hence, anyone with sufficient funds in its OKEx account can trade any cryptocurrency without necessarily substituting it for any of the assets which the trading pair supports.

A combination of a unified account and sophisticated risk management techniques will make it possible for users to enjoy crypto-trades on OKEx without necessarily switching from one crypto to another or swapping a trading platform for a new one.

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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