OKEx, the global crypto exchange and trading platform is introducing a new experience to its trading community with a Unified Account. As the name suggests, Unified Account is one place from which OKEx users can execute trades across all instruments and manage their portfolios throughout the ecosystem.
The OKEx Unified Account, also known as Portfolio Margin, is a unique offering in the crypto ecosystem. So far, its use was limited to few brokerages and banks catering to high-net-worth individuals with adequate capital and trading expertise. For OKEx users, the implementation of Unified Account means, they can execute any spot, margin, futures, perpetual swaps and options trades from one place which retaining access to their entire portfolio, trading tools, risk management settings and more.
According to OKEx, the Unified Account will be made available to its userbase in a phased manner starting March 25, 2021. It will feature three different account modes designed to satisfy the requirements of retail as well as institutional traders irrespective of their experience levels.
- Simple Mode – Designed for spot traders and options buyers
- Single-currency Margin Mode – Ideal for margin and derivatives traders who wish to optimize their capital across multiple trading instruments. Users on this mode will be able to opt for cross-margin or isolated-margin with their open positions.
- Multi-currency Margin and Portfolio Margin Mode – Meant for those proficient in trading, this mode is well suited for professional and institutional traders. It offers them the ability to leverage all their asset holdings on the platform as collateral, irrespective of the denomination to trade all supported instruments. This mode is also available for OKEx API users.
During the launch, OKEx CEO Jay Hao said, “We want all traders to have the best experience when trading on our platform, whether they are new to crypto trading or already battle hardened. With this new feature, each account mode is customizable and suits varying degrees of experience, allowing for trading with different appetites for risk. We have invested significant resources into providing a sophisticated and flexible product and look forward to meeting the needs of our growing number of users. “
One of the concerns regarding the implementation and use of such a unified system is the amplification of risks, as users could end up locking their funds in too many places and run into huge losses if the market does not respond favorably. In addition, the implementation of such a product in a complex digital exchange with various product offerings could a disaster if the system fails to handle the volumes.
Addressing these issues, OKEx uses a state-of-the-art risk management system to improve operational and margin efficiency while enabling margin sharing across multiple trading instruments. So, as long as one has enough funds in their OKEx account they can trade any crypto-asset without having to exchange it for any one of the assets supported by the trading pair.
The introduction of Unified Account with advanced risk management logic will help users experience seamless trading on OKEx without worrying about switching from one trading platform to another or swapping one crypto to another.