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What on earth is the OKEx unified account of the recent fire?

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Uncover the unified account of OKEx

Original title: "What is the latest big fire OKEx unified account?"

Original source: OKEX & NBSP;

The crypto market has been rekindled just this past week, when bitcoin broke through $60,000 again.

On top of that, there was another piece of news that caught the industry's attention. On April 6, OKEx announced the comprehensive opening of unified account, providing three new account modes (simple trading mode, single-currency margin mode and cross-currency margin mode), which can meet users' different trading habits and demands.

The announcement was accompanied by a refresh video. In the video, the hero in the extreme market because of the operation is not timely burst warehouse, the real recovery of the currency circle investors in the traditional account mode of the pain points, triggered Toutiao, B station and other massive users onlookers.

Behind the onlookers, investors in the currency circle on the OKEx unified account expectations can be seen.

In fact, the industry has long been looking forward to a unified account. As early as last December, OKEx announced the launch of a unified account and open global beta. Since then, many users have participated in the testing and feedback, and TokenInsight reported that the unified account is expected to help OKEx increase transaction volume by 56%.

After a gap of three months, the unified OKEx account of Oyi was finally officially launched. Relevant reports not only frequently occupied the C position in the industry media, but also became the focus of hot discussions among big V in the circle. Most of the comments focused on "simplifying the transaction process", "lowering the operating threshold" and "improving the utilization rate of funds".

Is this really the case? What exactly is the OKEx Unified Account? What use does it have for investors in the currency circle?

Explore the OKEx Unified Account

Unified account is a new generation of trading system launched by OKEx for the majority of users. It supports the use of multi-currency assets in one account to simultaneously trade spot and various derivatives, which will provide great convenience for users' trading, and no need to transfer funds between multiple accounts. And the profit and loss of different business lines can offset each other, effectively improving the user's capital utilization rate.

For different types of investors, OEE-OKEx unified account provides three new account modes (simple trading mode, single-currency margin mode and cross-currency margin mode), which can meet users' different trading habits and demands and make trading easier.

· Simple trading model

In the simple trading mode, users can only choose the coin trading and option buyer trading. When a user sells an asset in a certain currency or purchases an option in that currency, the available balance in that currency in the account should be greater than or equal to the amount of currencies required for the order. The assets in the trading account are shown in the following figure:

In this mode, the user can still participate in the transaction of the option contract as the option buyer. Simple trading mode only supports the option to close out the position, but not the option to open the position. In other words, the user can close out the current buyer's position by putting the option, but cannot directly sell the option to hold the seller's position. Switch the account mode to single-currency or cross-currency margin for option seller trades

Mode.

· Single currency margin mode

In the single-currency margin mode, the user can choose to trade in full position or position by position mode. The assets in the trading account are shown in the following figure:

Under the full-position mode, users only need to transfer their assets into the full-position account, and they can simultaneously trade the five businesses of currency, leverage, delivery, sustainability and options. Derivatives of the same settlement currency can share the margin, and the profit and loss can be offset by each other. When the rights and interests of this currency are insufficient, it may cause the total reduction of the position of the settlement currency with this currency, the explosion of the position, and the possible loss of all the rights and interests of this currency.

Of course, users can also use the position chase mode to isolate the risk of different positions.

The single-currency margin model sets up two levels of risk check, the first level of check is called risk control cancellation check, and the second level of check is called pre-reduction check. Can assure the user to be able to trade normally so, avoid because of earnest money inadequacy, bring about to hang sheet to be withdrawn completely, position is reduced by the part warehouse even all strong level.

· Cross-currency margin mode

In the cross-currency margin mode, the user can choose to trade in full position or position by position mode. The assets in the trading account are shown in the figure below:

In the all-position mode, the user only needs to transfer the assets into the all-position account, and can simultaneously trade the five businesses of currency, leverage, delivery, sustainability and options. At this time, the user's assets in different currencies will be uniformly converted into dollar value, which can be used as the margin for placing orders and checking and holding the positions.

Users can also choose a position by position mode to isolate the risk of different positions. At this time, the overall effective margin in the account shall be greater than or equal to the occupancy margin including the order, and the available balance in the currency shall be greater than or equal to the amount of the margin in the currency required for the order.

In the cross-currency full position mode, users can choose the borrowing mode or non-borrowing mode:

· Borrowing mode:

Users can choose to turn on the "automatic currency borrowing" switch in the Settings. In this mode, when the effective margin at the level of the overall dollar value is sufficient, users can sell a certain currency in the case of insufficient balance, or trade derivatives using this currency as the settlement currency. In this case, users will generate potential borrowing currency and occupy the potential borrowing margin in accordance with a certain proportion.

· No borrowing mode:

If the user does not want to borrow currency trading to open positions, you can turn off the "automatic borrow currency" switch in the Settings. Under this mode, the user can only place orders using the available balance of the currency or the available margin when placing the full position of the currency, delivery, perpetuity, option and the position by position. But because cross-currency warehouse, all account risk is a common calculation, all currencies may appear a certain currency holdings revenue losses, rights are not sufficient to pay the currency situation, if the account at this time other currencies deposit enough, the overall value of the dollar is enough, account security, will have real passive liabilities.

What's the point of a unified account?

For investors in the currency circle, what value will the launch of OKEx unified account bring? According to user experience, it generally includes the following points:

1. Lower the barrier to entry

At present, the account categories of major exchanges are basically designed as follows: coin account, leverage account, fiat currency account, contract account, option account, etc. They are independent of each other, and when they need to trade, they need to transfer funds first, which is a cumbersome process.

OEE-OKEx unified account supports various types of transactions under one account, which eliminates the need for fund transfer between multiple accounts and reduces the user's operational complexity.

Especially as the market entered a bull market and more and more new users entered the market, even people who had not been trading before, could understand the unified account at a glance. This reduces the use of the threshold and learning costs, more conducive to the crypto trading "out of the loop".

At the same time, the V5 API for the unified account also provides more friendly features for quantitative transactions, including: the same function only needs to call the same interface, can support all lines of business operations, such as placing orders; Order operation (order/cancel/change) supports both REST and WebSocket; More flexible WebSocket multi-parameter subscription; A more uniform style of response data structure; Friendlier data push mechanism, etc.

2. Improve the utilization rate of funds

In the original account design of OEC OKEx, BTC/USDT perpetuity contract, BTC/USDT delivery contract and ETH/USDT perpetuity contract are not interrelated, and the fund balance and position income between each account cannot be shared, which takes up a lot of funds.

But under the unified account, the single currency deposit model to support the same share margin between the settlement currency derivatives, cross-currency deposit model is a different currency assets converted into the value of the dollar, Shared between all the different settlement currency derivatives margin, thus reduced the capital takes up, improve the utilization efficiency of the capital, Users can use these funds to leverage greater profits.

3. Reduce the risk of implosion and take the initiative to reduce leverage

Margin and income sharing, reduce the risk of the user explosion warehouse. In particular, often appear at night "pin" market, margin sharing can reduce the situation of the pin burst.

In the cross-currency margin mode, it is assumed that the account has 1 BTC and 10 ETH, and the BTC perpetuity contract is purchased. As BTC price fluctuates violently, when the BTC position is about to explode, the 10 ETH will play the role of margin.

Look conversely, the margin below whole warehouse mode can be shared, if the operation is careless, the capital is likely to explode the warehouse to return to zero. This also makes users more cautious, so that the initiative to reduce the leverage multiple, to avoid strong flat.

Of course, there are also a lot of users who are high risk preference, like to use a small amount of money such as 100 USDT and a high pole, to fight big with small. Unified account is also set by the warehouse mode, small warehouse bit burst warehouse will not affect the safety of the rest of the funds, isolation risk.

4. Automatic borrowing function

Under the traditional account model, contract users either choose the currency standard or the U standard when opening their positions, and cannot use one currency as margin to go long/short another.

Under the OKEx multi-currency margin full position account, the user's assets in different currencies will be uniformly converted into US dollar value, which will be used as the margin for placing orders and checking and holding positions. When the user has insufficient balance or equity in a certain currency, but the overall dollar value is sufficient, he can also sell the spot currency or trade the contract of the currency as the settlement currency.

Cite an example, if the user that holds BTC wants to open the contract that other currency plants, can open bill with BTC rights and interests directly, need not change BTC into other currency plants again, simplified operation already, also avoid to be thrown off by BTC.

conclusion

Overall, the launch of OKEx unified account can be seen as a positive attempt, because compared with the traditional account model, OKEx unified account to simplify the complex, allowing a single account to trade five categories of currency, leverage, delivery, perpetuity, options, improve the user's efficiency in the use of funds.

The launch of the OKEx unified account is expected to lead to the imitation of peers, which is likely to take the whole market trading model to a new level.