1 Level
6 Review
25 Karma
Review on OKEx by Con Ngon
On June 7, 2017, OKEX open its ETH API function to traders. OKCoin also…
On June 7, 2017, OKEX open its ETH API function to traders.
OKCoin also supports the REST API, WebSocket API, FIX API, and Block API.
OKEX offers a client for iOS, Android, Mac, and Windows.OKEX is a futures trading exchange recently launched by Chinese bitcoin giant OKCoin. In addition to operating bitcoin exchanges, OKCoin offers a mobile consumer payment and lending app. They also maintain strong liquidity in the CNY/BTC pair. OKCoin maintains two main entities, including one focused at China’s domestic market and another focused on the international market (based in Hong Kong).
Pros
- OKEX is a digital asset trading platform launched by OKCoin.com. The exchange is a branch of OKCoin, which ceased futures trading operations on May 30, 2017. Here’s our OKEX review.After a user made an "enormous" gamble on bitcoin futures, and lost, Hong Kong-based cryptocurrency exchange OKEx said it is having to claw back millions from counterparties. The exchange explained on Friday that it force-liquidated an "unusually large" long position of 4,168,515 bitcoin futures contracts held by a client on July 31 after the user declined the exchange's request to lower the position.OKEX picks up where OKCoin left off. You can trade bitcoin and Litecoin contracts, for example. If you previously held OKCoin credentials, then you can login to OKEX as normal. All trading balances in your futures account, open positions, and open orders will have transferred to OKEX.
Cons
- An OKEx spokesperson told CoinDesk that, even with the force liquidation, the dropping price of bitcoin and the "sheer size of the order" mean it has had to trigger its societal loss risk management mechanism. After its insurance cover is taken into account, the loss to investors is around 1,200 BTC (around $8,800,000 at press time), which will "split proportionately by all profited traders' realized + unrealized gains," the spokesperson said.
