The cryptocurrency exchange OKX has launched pre-market futures, which allow users to trade futures contracts with two-times leverage for upcoming tokens before they are sold to the public.
Participating in Upcoming Token Launches
According to the company's announcement, the new feature allows traders to engage with upcoming tokens even before their official market debut. By offering futures contracts with leverage, OKX has promised to create a platform that opens up new avenues in the crypto trading world.
The futures incorporate mechanisms from its expiry futures product, aiming to provide a better experience than traditional peer-to-peer (P2P) pre-market offerings. This offering reportedly enables customers to trade without needing to hold the underlying asset.
Speaking about the new offering, OKX's Global Chief Commercial Officer Lennix Lai said: “Our unique approach to assisting in the price discovery process for early-stage tokens is backed by our robust risk engine and extensive experience. By opening up new avenues to participate in crypto, we aim to make trading more accessible, efficient, and appealing.”
OKX's Pre-Market Futures grants traders early entry into the market, allowing them to engage in price discovery and capitalize on the initial buzz around new tokens. This feature aims to provide superiorliquidity compared to existing P2P-based pre-market products.
Enhancing P2P Pre-market Products
Additionally, OKX's new product promises lower fees compared to other major P2P-based pre-market products, making it a cost-effective option for traders looking to launch new token offerings. The first token available for Pre-Market Futures trading is the HMSTR token from the Telegram mini-app game Hamster Kombat. This addition exemplifies OKX's commitment to providing exciting new opportunities for its users.
Most recently, OKX discontinued its services in Nigeria due to changes in local regulations. This step followed months of gradual service reduction, culminating in a complete exit by mid-August. In an email sent to clients in the region, the cryptoexchange mentioned that all services would stop by August 16. Past this date, users will only access the platform to withdraw funds or close positions.
In another report, OKX suspended its license application to provide crypto services in Hong Kong and plans to discontinue centralized crypto trading services for users in the region. The exchange said it would withdraw its VASP license application and suspend centralized crypto asset trading services for Hong Kong residents.
This article was written by Jared Kirui at www.financemagnates.com.
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