There are now many cryptocurrency exchange platforms that allow individuals to interact with the world of virtual currencies. Some are more popular than others, and therefore more widely used (Kraken, eToro…). But there are, of course, platforms that stand out not because of their popularity, but because of the different features they offer and the services they provide for their users. In this article, we’ll give you the details you need to form your own opinion of the OKEx platform and its token (OKB).
The OKEx platform
OKEx is a cryptocurrency exchange (buying, selling and trading) founded in 2013 by the Chinese Star Xu and currently run by Jay Hao (since 2018). It is one of the oldest platforms and the transactions carried out on it every day amount to several billion dollars.
OKEx has a number of advantages that help it attract customers, including online transaction fees that are among the lowest on the market. On top of this, the platform offers a wide range of cryptocurrencies, especially rare cryptos and new ones that are not necessarily present on other exchange platforms.
Trading
The platform has developed a trading interface that can be adapted to the user, with the option of choosing the presentation (beginner or experienced ) to satisfy customers according to their level of trading expertise.
In addition to basic trading, users can also trade on margin with leverage of up to 100x. This means that you can bet more than you have in your account, and so considerably multiply a potential gain. On the other hand, this type of trading is very risky, because while margin trading multiplies the volume of the gain, it also increases the amount withdrawn in the event of a loss.
Why should I choose this platform?
To be able to use an exchange platform, it is important to master certain concepts and aspects of the crypto world. The problem is that, as a beginner, it is virtually impossible to know exactly what to do (or not to do) and how to do it without the help and advice of a professional. To remedy these difficulties and also to enable anyone interested in the world of crypto-assets to be able to get started and learn properly and without help, OKEx provides help for users in their “Learn” section.
The platform offers:
A variety of video tutorials, which address the key questions a beginner might have, as well as concrete topics.
Trading ideas and advice: based on trends, current events and controversies, OKEx provides advice based on its analysis of the actions that should (or should not) be taken.
Several regular market analyses
It is also possible to store your coins directly via the platform: thanks to the OKEx wallet in the form of an application available on smartphone stores. Cryptocurrency wallets are becoming increasingly widespread in the form of applications, because they allow users to access their account quickly and from anywhere.
The DeFi ideology
OKEx advocates the ideology of decentralised finance (DeFi), according to which blockchain-based financing should not depend on any intermediary players (banks, brokers or others). As a result, it has integrated the OKEx Earn protocol into its website, enabling individuals to grow the contents of their portfolios by generating interest.
This protocol currently offers 6 ways of generating earnings:
Savings
Staking
Term deposits
Loans between users
Obtaining DAI with MakerDAO
Providing liquidity with DeFi tokens
The OKEx site also has one of the most reliable and practical position liquidation systems on the market. This system proved its worth during the Bitcoin crash of 2020, the notorious “Black Thursday”, by limiting the impact and curbing the sharp fall in prices.
The different features of OKEx
OKEx allows traders to invest in cryptocurrency derivatives. These cryptocurrency derivatives are undoubtedly one of the main assets of the OKEx platform.
The Perpetual Swaps available on the platform allow traders to buy and sell contracts on a future price with no expiry date. Similarly, there are forward contracts, also known as “futures”, which enable a cryptocurrency to be traded until a pre-determined date and at a pre-determined price. Finally, it is also possible to use contracts with options (buy or sell), also known as “options”, on the exchange platform.
The platform blockchain (OKExChain)
In line with the ideology of decentralised finance, OKEx has launched OKEx DEx, a decentralised exchange that enables users to trade directly from wallet to wallet, without intermediaries. OKEx DEX is supported by all major operating systems and offers easy access to blockchain trading thanks to its user-friendly and intuitive design.
This platform’s over-the-counter (P2P) exchange will operate on OKEx’s own blockchain, called OKChain.
OKExChain is a set of open source public blockchain projects developed by OKEx to promote the development of trading services based on blockchain technology. This public blockchain adopts the Delegated Proof of Stake (DPoS) consensus mechanism. As open source, OKExChain allows users to launch a variety of decentralised applications (DApps), issue their own digital assets, create asset trading pairs and undertake seamless trading. Users can also convert their tokens and interact with each other in the various DApps.
The OKEx token: the OKB
The OKB is the token of the OKEx platform. It currently operates on the Ethereum blockchain and has a total volume of 300,000,000 tokens, more than two-thirds of which are already in circulation. OKB is not currently front and centre, but it has all the capabilities to be. The fact that this token has not yet exploded gives any potential investors time to get their hands on it before it clicks, which will certainly happen in the nearer future than we imagine.
A meteoric rise in the token price at the beginning of May confirms that this asset is beginning to attract real attention.
Source : https://coinmarketcap.com/
Large quantities of OKB tokens are being burned on a regular basis. The result is a reduction in the total supply of tokens and an increase in the value of tokens in circulation. This action causes the price of the coin to rise. At the moment, the OKB has a market value of around 23 euros.
What is OKT?
Since the OKEx blockchain uses the Delegated Proof of Stake (DPoS) consensus mechanism, OKEx took the decision to issue the OKT as an OKChain native token in order to satisfy the requirements of this consensus.
The OKT token is the native token of the OKExChain blockchain. This crypto could be compared to the second largest cryptocurrency in the world: Ethereum. It is an enhanced version of Ethereum. It would not be an exaggeration to say that this crypto almost equals Ethereum. The issue of OKTs is reserved entirely for holders of OKB tokens. OKB token holders will continue to drive the development and promotion of the OKEx blockchain, and the two tokens will coexist on the network.
OKEx aims to be comprehensive, offering all types of trader solutions tailored to their needs thanks to its wide range of features. The platform is undeniably one of the best on the crypto market. The recent rise in the price of its OKB token highlights the progress made in developing the platform and proves that OKB is a crypto that should be followed closely and invested in.
