OKCoin, a cryptocurrency exchange that offers trades between Bitcoin (BTC), Litecoin (LTC), US Dollar (USD), and Chinese Yuan (CNY), has added margin trading to its iOS and Android apps.
“In our continued efforts to build the world’s best retail and institutional blockchain asset exchange, OKCoin has added margin trading to its iOS and Android Apps. OKCoin.cn CNY users can trade on up to 5x margin while OKCoin.com USD users can trade on up to 3.3x margin. Thanks for your feedback and continued support of OKCoin. We hope you like it!” added OKCoin in a statement.
OKCoin released the following images of their app’s new margin trading features, to better explain their function:
Buying ‘on margin’ is purchasing securities, such as stocks or, in this case, Bitcoin, using partially borrowed money. When you then sell the securities or Bitcoin, hopefully selling it for more than you bought it for, you return the lent money with interest to the lender, and keep the profit (or loss) from the transaction. It is often used by those looking to make a profit when they lack the required capital to purchase the securities on their own.