How to Get More Advanced with OKEx
Just recently PayPal announced that they will be venturing into the cryptocurrency space with the opening of their PayPal Wallet to users of cryptocurrencies. In fact, the company has stated that they will be allowing users to store many different types of these currencies in their account and will ultimately be allowing users to spend those currencies at any of the over 26 million merchants that they currently work with. This will no doubt increase the number of people who are venturing into cryptocurrency and will change the way that it’s currently being used in the traditional market.
But of course, once you have a cryptocurrency wallet you will also want to know more about how to use that currency. And it’s not just for buying and selling items in the traditional market. It may also be about buying and selling and even trading cryptocurrency and that’s where you’re going to need a platform to help you. OKEx is one of the options that you’ll want to take a closer look at because of the different features that it offers for those who are just getting started as well as those who have been involved in cryptocurrency for years.
Getting Started with the Features
We’ve already talked about some of the basics involved in buying, selling and trading with OKEx and if you haven’t seen the article you can take a look at it here. But if you’re looking to advance some of your options you’re going to want to know more about margins, perpetual, futures and options trading. So, we’re going to look at some of these more advanced services. If you’re just getting started, these guides should help you figure out what to do and how to do it.
Getting started with margin trading is actually simple. The first thing you need to do is get the money into your margin account. So, you transfer your funds over from your spot account. This is done by selecting ‘transfer from’ in regards to the trading pair that you want to trade. Remember, you will need to trade in order to move your funds. Also, if the pair you want doesn’t show up this means that it’s not supported.
You will then go under ‘tokens trading’ and select the leverage to switch into the leveraged mode. From there, you will only see the trading pairs that you have that already have that leverage supported and you can see a summary of the assets you have with that pair. You’ll be able to borrow 0–4x of the total token amount you have available and can trade up to 5x of the capital you have.
Then, you will be able to long or short the currency that you choose. For example, if you’re using ETH and USDT you could choose to long the ETH by borrowing USDT to buy it and then selling your ETH when the price rises. You would need to pay back your borrowed amount plus interest in the original USDT, but would get to keep your profits. If you choose to short you would borrow ETH then sell immediately. When the price drops you would buy back, repay the borrowed amount plus interest and keep the profit.
Perpetual trading or Perpetual Swap is designed to give you many of the same features as Futures Contracts but with a few additional bonuses like the fact that there is no expiration and no delivery date. There’s also a mark price and funding is still anchored to the spot market. Also, you’ll have increased flexibility for your utilization of capital because of the daily settlement process. Add in that you are protected from losing too much of your assets and that there’s a tiered ratio you’ll be well prepared for anything that happens here.
This type of trading involves taking out a bet on specific types of currency. So, you would put up your currency against the other currency with the goal of making a profit. For example, if you look at the trading going on and find that BTC/USD is trading well you could choose to bet (essentially) on the value of Bitcoin (in this scenario) going up. You would put up USD toward the trade through a perpetual swap contract. Once you do, you can sit back and wait.
Periodically the spot market tether will look at the balance between the two currencies and you will either receive a rebate because your share has increased or be charged a fee because it has decreased. When you’re ready to close it out you can do so at any time or you can continue to hold your position for as long as you want. This gives you the opportunity to increase your profits and you can hold it for as long as you want.
If you’re looking to trade futures you’ll start by getting into the trade section then into futures and basic or advanced. Basic will be better for new people who are just getting started with the system and makes it easier to see what you need. Advanced gives you even more data to work with so you can make more skilled trades, but it’s not necessary when you’re just getting started. You’ll have enough information to try it out with the basic option.
You can then transfer funds into your futures trading account. This can be done from your assets list or your futures trading page. You’ll need to have crypto assets already in your account to get started but you can choose to buy some or deposit them if you choose so that you can come back to your future trading process. You’ll transfer your coins from the funding account to the futures account by choosing how much you want to transfer and which token.
Once you’ve done this you can choose the futures contract that you want to trade with. You do this by choosing your margin type and when you want the contract to expire. You can set it for weekly, bi-weekly, quarterly or bi-quarterly. This will give you the options for the futures contracts that meet your requirements. You can see the settlement currency of each as well as the price unit and the delivery date. That’s when you’re going to choose your leverage type.
Choose fixed or cross for your margin mode and then choose your desired leverage number. A fixed margin means that no matter what the price does your margins stay the same. On the other hand price and margin will both vary if you use cross. Once you’ve made all of your selections you can execute the order. Choose whether you want an open long contract or an open short contract. You’re now all set and can keep an eye on your order through your open positions section on the homepage of your trades.
Finally, let’s take a look at options trading. This process is going to help you with buying and selling without putting you in a position where you’re required to do so. You can actually help limit your liabilities and increase your profits through this process if done properly. With OKEx you’ll need Bitcoin, Ether or EOS as your underlying asset in order to conduct options trading. In order to get started you’ll go into the options section of your page with the basic or advanced option.
If you choose basic you’ll get slightly less information but you’ll still have enough to make informed decisions. If you choose to go with the advanced option you’ll have more information on your dashboard, which will help you make even better decisions. This is good for experienced traders but could be overwhelming for those who are just getting started with the system.
You will need to transfer funds into your options trading account, which can be done through the options trading page or through your assets. If you don’t yet have cryptocurrency you’ll need to purchase it before you can go on or you’ll need to deposit it into your account. From there, you can transfer the amount that you want into the proper account and select to confirm. You can also select the type of tokens you’re going to transfer.
Now you need to select the options contract that you want to use. There will be several on the trading dashboard and each is coin margined. If you select the all options tab you can see the different time frames available and choose the one that you want. These can be one-day, two-day, weekly, bi-weekly, monthly, quarterly, or bi-quarterly. Contracts are always generated on Friday of whatever period you select.
From there, you can select the contract that you want and enter in the price and the amount of the trade. You can also select a best bid offer if you want to make a more speedy transaction. This will allow you to match up with the best possible offer on the market. Once you’ve selected all of your different choices you’ll be able to buy or sell depending on what you’re looking to do. If you want to go long you’ll buy a call option and if you want to go short you’ll buy a put option.
It’s generally recommended that beginners avoid selling options contracts until you’ve had the opportunity to get a little further along in your process so you can get used to it. This process is quite complex for those who are just getting started. Either way, you’ll need to trade at least a single contract to place your order. Now you can review the order that you’ve placed and see how it’s doing by going into your open orders. This is on your trading homepage.
What You Need to Know
If you’re just getting started then you’ll want to go through the tutorials and other information available on OKEx to find out more about your options and to make sure you know what you’re doing along the way. The system is designed to help you and make everything as simple as possible. That way, you don’t have to worry about making a misstep along the way.
If you’re just getting started trading through the basic options makes it easier because you’re going to get only the information that you really need to make the right decision for your trades. This is good for beginners because it means you’re less likely to get bogged down with a lot of additional data that you may not understand or be completely clear on. Basing your decision only on data you understand will increase your chance of success overall.
If you’re a more advanced trader you can easily view the advanced section of the trading dashboard. This will give you even more information and make sure that you can feel more comfortable making advanced decisions. This will make sure that you know all of the data necessary and can also prove as a good place to look for beginners to learn a little more. You can check out this dashboard without actually making a trade which can help you better understand some of the different features and aspects associated with trading at a more advanced level.
The key to getting into trading, whether margins, options, futures or perpetual, is all about understanding what you’re doing. You don’t want to jump into any type of trade that you don’t fully understand. And you definitely don’t want to start trading at a more advanced level than you can feel comfortable with. Instead, take a look at the information that is available and see what you can find out and how you can make the right decisions. OKEx offers many guides and walkthroughs that will help you decide what you want to trade and how you want to do it.