Trading bot for OKEx

With the help of revenuebot users can conduct automated trading on the exchange OKEx.
OKEx is one of the largest cryptocurrency exchanges, released in 2014. The exchange was initially called OKCoin and provided services only in the domestic market of China, while the site was registered in California. In 2017, the company changed its head office, moving to Hong Kong, and also rebranded, changing its name to the familiar OKEx. The company was prompted to reorganize by the active struggle of the SEC with crypto-exchanges, which provided the opportunity to trade derivatives. In 2019, the crypto exchange issued its own OKB token. Using revenuebot, automated trading is available for classic OKEx Spot, as well as trading perpetual futures contracts (perpetual swaps) OKEx Futures. Thanks to the variety of settings available, the user of the service can create an effective trading bot and start trading in a short period of time.

OKEx Spot and Futures fees

The commission on the OKEx exchange depends on two factors: the number of OKBs on the account (native token of the site) and the monthly trading volume. Up to a trading volume of 1000 BTC, the commission depends only on the number of tokens on the account and is 0.1% for the maker and 0.15% for the taker at the initial stage and can go down to 0.06% for the maker and 0.08% for the taker. After overcoming the volume of 1000 BTC, the commission can drop down to 0.01% for the maker and 0.03% for the taker.

Futures trading on OKEx is about the same as with spot trading. Initial commission for the maker is 0.020%, and for the taker it is 0.050%. As the trading volume and OKB tokens on the account increase, the commission may drop to 0.015% for the maker and up to 0.0305 for the taker. More details about commissions can be found in the screenshots below.

Spot trading

OKEx SPOT Trading Commissions

Futures trading

OKEx Futures Trading Commissions

The level of commissions is affected by the user's VIP status, which we will discuss below.

VIP program

You can become a VIP client of the exchange by fulfilling one of four conditions, which are shown in the table below:

OKEx VIP program

An OKEx user only needs to have the required trading volume in one of the trading directions. What does an OKEx VIP client get?

  • Account upgrade to VIP-3 and higher
  • Reduced fees
  • Personal support by VIP-managers 24/7
  • Large withdrawal limits with minimum KYC
  • Prompt resolution of all issues related to connection, registration of corporate accounts and the passage of KYC / AML procedures
  • Personalized API customization (relocation, credit line and other services)
  • Invitations to private clubs and online events

VIP clients also pay lower trading commissions than regular clients. The two screenshots below show the trading commissions for spot and futures trading that a VIP client pays:

Spot trading

OKEx VIP program

Futures trading

OKEx VIP program

Automated trading

According to statistics, about 70% of transactions in the stock market are made using various bots. And given that the crypto market mainly adopts practices from traditional ones, there is no doubt that the percentage here is not less. Why are traders less likely to trade themselves and trust bots to do it? There are several reasons for this:

  • The software or bot has no human factor A trader can make a mistake when filling out an order, forget to close it, or something else. A software or a bot trades only according to the settings that were originally included in it, so the possibility of errors or inaccuracies is excluded.
  • Speed of the whole process A trader cannot analyze several trading pairs or markets at the same time. In addition, you will have to open many trades. Bots do a great job with all these tasks.
  • Versatility and scalability Having a clear trading strategy, you can run many bots for simultaneous automatic trading on different crypto-exchanges and trading pairs.
  • Trading will be carried out at any time of the day Trading bots do not need time to sleep and rest, so they can trade around the clock, making a profit for their owner.

Trade on OKEx with RevenueBot

We have been on the market since 2018 and have carefully worked out all the features of working with the OKEx exchange over the entire period of our existence. Since August 2021, we have been an official partner of and have been participating in the broker program of the OKEx exchange. Of the advantages, the following points can be highlighted:
  • Variety in the functionality and settings of the bot, which allows you to implement many trading strategies:
    • Smart order safety grid allows you to create efficient DCA bots for the OKEx exchange with LONG and SHORT algorithms using an averaging strategy.
    • The automatic switching of the bot's trading pair significantly increases the number of profitable trades. Using the volatility analyzer developed by us for the OKEx exchange, the bot can automatically select the best trading pair in terms of volatility at the moment so as not to be idle.
    • Using TradingView signals as a condition for starting a bot trading on the OKEx exchange allows you to implement strategies based on a variety of trading indicators.
    • Bot simulation mode will show how the bot you created would trade in the last 60 days (the time and date of the start of the simulation can be set in the settings). We keep a history of price changes for all trading pairs on the OKEx exchange for the last 60 days. All tests will be carried out on the chart of your chosen trading pair, for a specified period of time. This will allow you to verify that your settings are correct or to identify inaccuracies.
    • The automatic reversal of algorithms will allow you to implement a risk hedging strategy when trading on the OKEx exchange. At the moment when the price goes in the wrong direction, the second bot will be automatically connected, which has the opposite algorithm.
  • The user pays nothing if the bots do not generate an income. The commission for using the service begins to be charged only from the moment the bot makes a profit. The commission is 20% of the profit received, but not more than 50 USD per month.
  • The user does not need to keep their computer turned on 24/7, because the bot functions from the cloud storage.
  • We have a marketplace where you can buy a ready-made bot configuration, sell a profitable one and get additional income, as well as purchase a mentoring service from an experienced user.
  • There also is a referral program through which clients of the service receive an income without even starting a trade.