OKX centralizes P2P trading service by acting as an intermediary
“It makes secure person-to-person trading accessible to far more people, including those around the world who lack access to traditional banking services.”
Cryptocurrency exchange OKX has relaunched its P2P (peer-to-peer) trading platform that allows users to trade seamlessly between one another.
The revamped platform has expanded payment methods for P2P trading and will see OKX acting as an intermediary to offer risk management to traders. OKX now offers more than 900 payment methods from across 40 different currencies.
The P2P trading service enables users to be their own marketplace – by issuing “advertisements” in order to trade with one another and better control the price they buy and sell at.
Users in unbanked markets, who may lack access to conventional banking infrastructure, can leverage OKX’s P2P Trading platform to connect to other users.
OKX steps in on P2P trading for safety
The OKX platform plays a facilitation and risk management role in P2P trades. After a deal is struck between users, OKX holds the funds in escrow until the buyer’s payment is confirmed. This allows the exchange to manage the risks faced by users and ensure safe and stable trading between them.
Lennix Lai, Director of Financial Markets, OKX, said: “P2P Trading on OKX empowers users to trade on their own terms. But more importantly, it makes secure person-to-person trading accessible to far more people, including those around the world who lack access to traditional banking services. This is one of the ways in which OKX is empowering users the world over to liberate themselves from traditional financial systems and strive to attain financial independence.”
OKX’s overhaul of its P2P Trading platform includes a new-and-improved homepage UI, and an easy-to-use navigation bar that makes it easy to switch seamlessly between the marketplace, orders and ads.
The revamp also provides streamlined access to P2P guides, FAQs and tutorials to help users learn how to get the best out of the platform.
OKX partners with TradingView
OKX has recently announced it has partnered with TradingView in a milestone move for the cryptocurrency exchange, which will bring over 260 more cryptos to the top investing platform that already counts with 30 million customers.
Under the partnership, TradingView’s users can now execute trades on OKX directly through the platform and are provided with 640 more spot trading pairs and over 100 crypto derivatives.
While OKX already caters to clients across 180 countries, the crypto exchange has recently received a provisional virtual assets license to operate in Dubai. The Seychelles-based cryptocurrency exchange has obtained the approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
Earlier this month, OKX launched Block Trading so that professionals and institutionals can execute large, privately negotiated transactions off the order books. The offering includes crypto spot, futures, options, and perpetual swap trades, as well as multi-leg combination trades, over the counter.
OKX has plans to eventually expand Block Trading to offer bespoke strategies, further OTC products and integrations with DeFi derivatives protocols.