Since its launch in February 2021, OKX Unified account has withstood many extreme market events through continuous iterations and upgrades, reflecting its industry-leading stability. At the same time, it has shown excellent leadership in the following features:
- Ultimate trading efficiency:
- Users can trade Spot, Margin, Perpetual swap, Futures, Options, and other instruments in one account, without the need to transfer funds between multiple accounts.
- Custom settings allow users to manage all assets, orders, and positions on one page.
- Isolated and cross modes allow users to set the margin aside individually for an outstanding margin position or share the margin across open positions.
- Maximized utilization of funds:
- In Cross mode, different contracts share the same margin, and offset profits and losses. Therefore, arbitrage is less risky and requires fewer funds, which improves the utilization rate of users' funds.
- Support Single-currency and Multi-currency modes, the first creation in the cryptocurrency industry
- Various innovative functions:
- Net mode and Long/Short mode settings in Derivatives
- Take profit/stop loss in Position, selection of take profit/stop loss when placing orders, OCO orders and Trading bot mode
- Chart data order placement, Position history, Analysis, Simple Options, etc.
- VIP loan
In the future, we will carry forward the advantages of the Unified account mentioned above, and provide more innovative functions, including Multi-chart mode, Layout library, Arbitrage mode, Trading bot mode, Saving Service upgrade and continue to be the leader of innovative trading experience in the industry. Manual borrow mode (a margin borrow mode that users can trade after a collateralized loan) will soon be available with Unified account on December 16, 2021.
Since the Unified account has proven its system stability under many extreme market conditions, and more than 98% of users have actively upgraded to Unified account, it is now decided that V3 API will be removed from OKX on January 5, 2022.Before removing the Classic account, we encourage users to independently migrate to Unified account through "Migrate now" and close their Classic accounts. Meanwhile, we will make the following adjustments to the new instrument launch of Classic account, the V3 API rate limit rules, as well as fees and position limit rules as follows:
1. New listings in Classic account
New tokens will only get listed in Unified account only from December 16, 2021. Transfers and trades of new tokens will no longer be available with Classic account.
There will no longer be new contracts (including futures, perpetual, and options) available in Classic account from December 16, 2021.
2. Speed limit changes in Classic account V3 API interface
The speed limit of V3 API will decrease by 20% starting from December 15, 2021（e.g. Speed limit of spot orders decreases from 100 times/2s to 80 times/2s)，then decrease by 20% per week until the speed limit lowers to 20% of the current limit.
For further info: 《Advantages of V5 API》
3. On top of the above adjustments, OKX may adjust the transaction fee and position limit rules of Classic account, including increase the transaction fee of users with all levels and decrease the position limit of all tiers. Please refer to the official announcement.
To ensure your trading experience, we recommend you migrate Classic account to Unified account and switch from V3 API to V5 API as soon as possible.
Any suggestions regarding OKX Unified account are welcomed. Please contact us via customer support, community groups, or customer managers if you have any feedback or suggestions. We expect to hear from you so we can improve your experience at OKX.
Thank you for your continued support and we assure you of our best services at all times.
September 2nd, 2021(UTC)