OkEx has added USDT to their futures feature in a move that will change the futures industry and set a new precedent for other exchanges to follow.
The Malta based exchange is one of the first to hold a stablecoin as part of their futures offerings. It went live last week, following a successful pre launch on the 5th of November.
Speaking at the launch, Jay Hao, CEO of OKEx had this to say about the OkEx USDT futures release:
“The simulation of our USDT Futures Contract was very successful, and we received positive feedback from traders in the OKEx community.
“At OKEx, we’ve developed a safe, reliable, and stable environment for cryptocurrency trading, and strive to offer new services based on our customers’ interests. We’re excited to add USDT linear contract to our Futures market and next on the Perpetual Swap market to meet the interests of our growing international user base.”
What sets OkEx apart?
Initially what stands out is the 0.01–100x and a contract pricing of 0.0001 BTC. Ease of use is also evident. A Linear Contract, that removes the need to hedge the margin risk of inverse contracts, as well as the intuitive trading system which gives it the feel of a spot contract.
You can also choose to hold whichever currency you like. So if you are using the BTC/USDT pair, you can hold USDT. This is something users are very happy about. @BTCVIX tweeted:
“Just pausing at this level until more downside $BTC.
USDT margined futures let you hold USDT rather than BTC — great in a bear market
Customer will have even more to be happy about in the future too. The initial BTC pairing is just the start for the exchange. They are set to have cryptocurrencies such as EOS, ETH, LTC, BCH, XRP, ETC, TRX, and BSV on the USDT-margined futures market.
OkEx Future exchange leaders?
With a far greater amount of tokens listed on their exchange than the others and is the only one to offer futures on stable coins, clearly OkEx is making a real stamp on the futures market.
When compared to fellow industry leaders, Bitmex, OkEx got the better of the exchange. They held more trading markets, had lower fees (especially for VIP users), more order types, and a bigger variety of underlying assets.
Even Binance can not compete with OkEx. User complaints about the lack of clear rules on their futures site and recent security turmoil have made Binance fall behind OkEx in the pecking order. They also fell out of the top ten in terms of the most trusted exchanges in CryptoCompare’s latest report too.