Avoid Market Volatility Like a Pro
Market swings are always great for traders looking for profitable trading opportunities during market volatility. More importantly, the ability to get in and out of trades (i.e. the ability to place timely trades) is critical for traders looking to grow their portfolio during volatile market conditions.
At OKCoin, we are actively looking for ways to improve this particular experience and as a result — we are always adding more features to empower traders to place faster trades.
Starting today, we are enabling USDK for our traders in the United States. USDK joins a number of other stablecoins (i.e. USDT, Paxos) already supported on our exchange.
We launched USDK for our international customers last year with the exception of US, and Europe. Developed by OKLink and issued by PrimeTrust, USDK provides stability and ease of use to crypto investors. USDK is an ERC-20 stablecoin token that retains a 1:1 ratio against the USD. Every USDK token is fully collateralized and backed by reserves held in a custodial account with Prime Trust.
What is a stablecoin?
For traders new to crypto, a stablecoin is a crypto asset that offers price stability and is typically backed by a cash reserves. Stablecoins offer the best of both worlds, faster processing than fiat along with volatility free positions.
While crypto traders are all too familiar with stablecoins, we recognize that OKCoin also attracts a lot of new customers. Recently we did a twitter poll to see how many of our followers actively use stablecoins as part of their trading strategy. See results below.
Almost 50% of our twitter community who participated indicated stablecoins are not part of their trading strategy yet.
How can I use USDK in my trading strategy?
For those of you who are unfamiliar with them, here are some common ways in which traders use stablecoins as part of their trading strategy;
- Use it as a safe store of value to avoid market volatility
- Use it to get in and out of trades with low fees and faster settlement
We also asked our twitter community and below are some creative ways in which OKCoin traders are currently using stablecoins.
Reason to use USDK vs. USDT or Paxos
The main benefit of using USDK on OKCoin is to take advantage of the lower service fees. USDK withdrawal fees are currently the lowest at .5 USDK whereas in comparison USDT is .88 and Paxos is 1.
USDK, USDT and PAX are all ERC20 tokens.
OKCoin is a US regulated digital asset exchange platform offering secure trading and high market liquidity. As such, we recognize that with the compliance, transparency, and security of stablecoins, these assets are increasingly beneficial for both institutional and retail customers. We hope that this addition of USDK for our US customers will meet the current needs of traders managing current market volatility — and bring us one step closer to our mission of making digital assets accessible to the world.
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