OKEx becomes the latest cryptocurrency exchange to launch options trading on the platform. This follows recent launch on Bakkt, CME and Bitfinex, all in less than 3 months.
OKEx launches options trading; $150,000 up for grabs
OKEx have announced their options trading starting Thursday December 27th 2019, introducing the service to their traders following in line with other exchanges such as Bakkt, CME and Bitfinex in the derivatives. In the official announcement on OKEx Twitter page, traders also have a chance to win over 150,000 USDT (~150,000 USD) in a trading simulation contest.
NEW LAUNCH: Another big news! We’ll soon launch Options Trading on #OKEx.
Starting from Dec 12, join our Simulation Trading Contest & share rewards up to 150,000 $USDT 🏆🎉
Sign up now: https://t.co/49FXHQaskH pic.twitter.com/6E9230vgRU
— OKEx (@OKEx) December 9, 2019
According to the official trading simulation contest, traders will have access to an options trading simulation fund with 10 BTC to start off in the competition. The competition will run through December 12th to December 23rd 2019 and will reward the top 100 accounts with a share of the pool’s prize. The post further reads,
“If your account equity becomes ≤0, we will offer you an extra simulation fund of 10 BTC during the simulation period (given the number of valid invitation is > 0; The extra 10 BTC fund is provided once per day. Our staff will confirm the account status and distribute the fund at 13:00 (UTC) every day during the period).”
Reward System For the OKEx Options Trading Simulation
The top 100 contestants will share the pool prize of 150,000 USD once the competition ends, with the best trader earning 7,000 USDT + 3,000 USDT-value rebate card, second place till 5th place share share 12,000 USDT + 8,000 USDT-value rebate card, sixth to tenth share 5,000 USDT + 5,000 USDT-value rebate card, 11th to 50th will share 8,000 USDT + 4,000 USDT-value rebate card and the rest will share 2,500 USDT + 2,500 USDT-value rebate card.
OKEx competition will further reward all participants with a profit once the competition ends. It reads,
“In case you have profit in the trading simulation, 1% of your simulation gain will be realized and credited to your OKEx account after the contest ends.”
A Growing Market for Options Trading in Crypto
The options trading market for cryptocurrencies is on the rise and OKEx’s entry in the field aims to richen the field further. As the top exchange in Bitcoin derivatives over the past few months, OKEx is set to dominate the market and possibly surpass Deribit’s and Ledger X in the coming days.
A number of exchanges have too opened their doors to options trading including CME, Bakkt and Bitfinex. The latter launched its first Bitcoin options in November this year. With crypto options on the rise, will the market react blissfully in the coming year?