Beijing-headquartered bitcoin exchange OKCoin has introduced OCO (one-cancels-the-other) orders to its platform saying that OCO orders offers traders a “more dynamic way to express a trading view.” These type of orders are popular among forex traders as they help automate a strategy to capture upside trends, protect profits, and limit losses.
OKCoin describe the new order OCO features as:
Profit trigger: The price at which the profit order is put in play
Profit order: The price of the profit limit order
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Stop trigger: The price at which the stop order is put in play
Stop order: The price of the stop limit order
OKCoin is considered to be the biggest bitcoin exchange in the world and operates both CNY/BTC spot pairs with margin trading from its Beijing entity, and USD/BTC spot pairs with margin trading and BTC/USD futures from its Singapore entity.
It looks like OKCoin is moving closer to becoming a traditional forex broker, more than just a bitcoin exchange. Earlier this year the venue added other features such as margin trading to its mobile (iOS and Android) apps – with CNY users getting 5:1 leverage and USD users getting 3.3:1. It also enhanced the mobile user experience with the option to withdraw cryptocurrencies to a verified address from within the app and the ability to verify and reset login details as well as touch-id.