OKX introduces copy trading tool to all users
OKX, formerly known as OKEx, has finally rolled out its flagship copy trading tool to its global user base, nearly six months after the initial launch of the service in May 2022.
OKX’s Social Trading platform allows everyday investors to search and compare the performance of hundreds of proven cryptocurrency traders and mirror their trades automatically. Simultaneously, the platform helps investment talents bring their results to light by competing with other traders in an equally fair environment.
The offering allows less-versed cryptocurrency users to automatically copy the trades of the experienced traders on the platform, thus creating a P2P asset management solution. In return, the copied trader earns up to 10% of follower equity profit just for automatically replicating the trades.
Haider Rafique, Global CMO at OKX, said: “In the last year we have added a number of features that make it easy for new traders to follow or learn from other successful traders on the platform. Advancing social trading to include copy trading now adds more utility to the community of traders available to anyone on OKX. This feature is yet another way we believe we can help new traders to trade responsibly and manage risk while giving professional traders on our platform more ways to generate income.”
Grey Jabesi from Crypto University added, “I like the control that OKX gives you in comparison to most other exchanges when it comes to Copy Trading. I like that copy traders can get in and out of a position whenever they want to, without waiting for the lead trader to close their position first. This gives them the flexibility to walk away with their money on their terms.”
OKX has recently released its second proof-of-reserves report amid increasing demand of crypto investors asking for transparency from exchanges they trade with.
Published on its website, the updated report shows on-chain and off-chain asset balances, and a complete list of wallet addresses is available for public viewing. OKX also pledged to release a monthly report on the 22nd day of each month to allow users to audit its reserves on a regular basis.
OKX made headlines last year when it expanded a curious sponsorship deal with soccer giant Manchester City. The exchange was named the club’s official training kit partner for the 2022-23 season.