- OKEx BTC option registers its best month yet
- The largest derivatives exchange launches the ‘Options Discovery Feature’
OKEx Bitcoin options register a total of $345 million in monthly volume trade – in its third month of trading since launching on January, 9th 2020. The huge figure registered in March aligns with the exchange registering its largest daily trading volume ever on Mar. 12 during the “Black Thursday” crash in BTC’s price.
In a statement to Coingape, the exchange also confirmed the launch of its “Options Discovery Feature (ODF)” which is developed to help users make their investment decisions easily. The exchange, which boasts as the world’s largest crypto derivatives exchange, is positioning itself in a bid to take over the market as competition stiffens across the field.
OKEx BTC option registers its best month yet
According to Skew Markets, OKEx is on a roll as Bitcoin option markets take root in the crypto industry. As mentioned before, OKEx launched BTC options on their platform in early January and the fever caught on almost immediately with over $176 million traded in the first month. The platform is witnessing a growing market in BTC options with the exchange setting an all-time high daily trading volume of $43 million on March 12 during the crash.
OKEx launches the Options Discovery Feature
Options contracts tend to be risky because they are fairly complicated, and this may be one of the reasons why most people feel miserably at options trading. The market data also proves this assumption because the BTC futures trading volume ($20 billion, source from Skew.com) is 100 times over that of the BTC options ($200 million).
The exchange giant aims to reduce the complexities of trading options in their latest launch – the “options discovery” system. The system aims to lower the threshold for the traders to make their investment decisions.
How it works
The options discovery can be found under the “trade-options” on the OKEx official site, and the first step is to choose whether you think the market will go up or down. After determining the expected trending of the market, e.g. rise, users are required to answer the question – “how long do you think BTC will take to rise?”
Several options will be provided so that users can make their choices depending on their judgment. By clicking the “days”, the system will automatically calculate the proper options contract for you. As shown below, three options with marking the differences in cost, risk, and rate of return are available after users completed their steps. Then, investors can choose the options which match their preferences to the maximum extent.
Furthermore, the system offers the option price calculator giving users three key parameters on trading options i.e. profit, break-even point and margin.
(Images: Skew Markets)
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.