Renowned cryptocurrency exchange, OKEx, unveiled its Unified Account feature aimed at providing a seamless trading experience to customers in December 2020.
The decision to launch a new offering came after the exchange received multiple feedback from customers on how to improve.
Three key areas were highlighted for making improvements – segregated funds on different accounts, low capital utilization due to the inability to share margin funds across derivative accounts, and slow settlement of derivatives.
The Unified Account feature is a response to tackle the aforementioned bottlenecks. On that note, the upgrade has three modes to ease trading – a simple account mode, single-currency margin mode, and a multi-currency margin mode.
Depending on their preferences and needs, users can switch between different modes. However, they will be required to pass a short quiz to activate the multi-currency margin mode.
Simple Account ModeThe simple account mode allows users to trade on spot markets and purchase options contracts. For advanced features such a leverage trading, perpetual futures, or options contracts, a user will need to opt for the other two modes.
To utilize the simple account mode, you’ll need to go through the following simple steps.
This account type is best suited for non-professional traders.
The procedures to enable this mode are similar to the simple account mode. You will need to select “single-currency margin” when choosing a trading type. You will also be required to read a disclaimer before this mode is activated.
Multi-currency Margin ModeJust like the single-currency margin mode, the multi-currency option allows users to trade on all products. The only difference is that whereas users have to ensure that they have a sufficient balance of the corresponding currency in single-currency mode, assets in different currencies can be used as collateral in the multi-currency margin account.
This account type services the needs of professional traders and API users. In addition to reading a disclaimer, you will have to pass a short quiz before the mode is activated.
