Enhanced VIP Loan Features for Top-Tier Traders π
OKX is making significant upgrades to its VIP Loan feature for traders at the VIP 5 tier and above. The enhancements are set to go live at 12:00 am UTC on June 6, 2024. The new features will initially support major cryptocurrencies such as USDT, USDC, BTC, and ETH.
Enhanced VIP Loan Overview
The enhanced VIP Loan will operate on a market model, where borrowing orders (taker orders) will be matched with lending orders (maker orders). Here’s an overview of how the new system will work:
- Lenders will place orders on the Simple Earn order book, specifying the amount and interest rate.
- Borrowers will place orders based on an interest rate and select their loan amounts.
- Borrowing orders will be matched with lending orders according to the borrower’s specified interest rate.
- Once matched, the weighted average interest rate of the lending orders will become the interest rate for the borrowing order.
Benefits of the Upgrade
The upgraded VIP Loan feature aims to provide users with increased predictability, stability, and flexibility when borrowing. Here’s how you stand to benefit from the new system:
- Users can choose to repay or roll over their loans at maturity, giving them more control over their loan management.
- The system offers more transparency and efficiency in matching borrowing and lending orders.
- Enhanced security measures ensure a safe borrowing and lending experience for users.
How to Place a VIP Loan Order
- Go to the Trade page on the OKX Exchange and select the VIP Loan option.
- Choose the cryptocurrency you wish to borrow.
- Enter your expected maximum interest rate on the order placement page.
- Check the current market interest rates on the Market Overview page for reference.
- Ensure that your trading account balance covers the interest, deducted immediately upon order initiation.
- Enable the Auto-rollover feature if desired and set your maximum expected rollover interest rate.
Repaying VIP Loans
Users are reminded to repay loans from the previous VIP Loan by June 30, 2024. These loans will be displayed under the Loan Overview tab in the enhanced VIP Loan section.
Additional Information
For more detailed product documentation on the enhanced VIP Loan feature, you can visit the official OKX website.
Remember that digital asset investments come with significant risks, including the potential for complete loss. Make sure to assess your personal financial situation and seek advice from professionals before engaging in such activities.
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Hot Take π
Don’t miss out on the upgraded VIP Loan features designed to enhance your trading experience on OKX. Take advantage of the new system’s benefits and secure your loans with confidence. Stay informed, stay proactive, and make the most of your crypto investments with OKX!
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