OKCoin Introduces Bitcoin Futures Trading to Mobile Android App

Pete Rizzo
Oct 22, 2014 at 22:50 UTC
Updated Oct 23, 2014 at 09:22 UTC

OKCoin

OKCoin has officially updated its mobile Android trading app to include futures trading and new candlestick charts.

The new product launch brings features available on OKCoin.com to mobile app users, including 10x leverage on all trades, a profit calculator and bi-weekly, weekly, monthly and quarterly contract types.

In an interview, OKCoin international marketing manager Zane Tackett indicated that the China-based company believes the product will appeal to serious traders who need the ability to manage their positions on-the-go and at all times.

Tackett told CoinDesk:

“It can be a fearful time when you have a lot of contracts open on margin and you’re on the go. Now, it’s convenient to monitor, open, and/or close at any time or place.”

Tackett went on to suggest that the company has wanted to have these features on the OKCoin app since August, when it introduced futures trading to its main platform. However, Tackett asserted that OKCoin delayed the implementation to ensure it was delivering a polished app to market, which he feels the company has achieved with its latest update.

OKCoin’s Android mobile app now features BTC/USD and LTC/USD trading pairs, updated candlestick charts and a profit calculator while providing access to order and transaction history.

Rise in futures trading

Though Tackett did not disclose specific figures, he suggested that OKCoin’s futures platform has seen an increase in usership since its initial launch.

In particular, Tackett indicated that the futures option proved popular during the most recent decline in the price of bitcoin.

“During the latest price dive and the following return to $380 we saw our futures volume and user count skyrocket,” he said, adding that he expects the mobile app to encourage further use of its futures platform during times of heavy volatility.

OKCoin’s futures trading platform allows traders to enter into contracts to buy or sell bitcoin at a later date and at a specified price. The contract can be used by conservative traders as a hedge against volatility, while more aggressive traders can pursue larger gains through such activities.

Android version only

For now the updated app will be limited to Android traders. Tackett indicated that a new version of the OKCoin app for iOS has been sent to Apple for approval, but that it has not received word as to whether the product will be released.

OKCoin first updated its Android app with a full set of features for live traders in July, and released an iOS version of its app around the same time, becoming one of the first bitcoin apps available on the platform after Apple eased restrictions.

Images via OKCoin; Shutterstock

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