Cryptocurrency exchange OKEx announced that EOS (EOS) token margin trading will be available soon. OKEx mentioned that the move was taken to meet the public demand and increase the liquidity of EOS.
According to the announcement, the margin trading pairs EOS/USDT and EOS/BTC will open from 12:00 September 6, 2018 (Hong Kong Time). Margin trading is the process that allows users to place orders with borrowed funds. However, it also causes the risk of forced liquidations and a margin call.
Therefore, the announcement came with a risk warning, reminding all that the cryptocurrencies are inherently volatile: “Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.”
It is to be noted that OKEx has displaced Binance to become one of the most active markets for EOS and is active on major crypto exchanges like Huobi and Binance. However, the digital asset is taking another price downturn – currently, the BTC price is below $7,000 level and EOS sank as well. It crashed by more than 20% in the last 24 hours. It is currently trading at $5.05. However, the EOS crash is not unique, since the market is itself bearish and other altcoins also lost around 10-12% of their value.
In other news, Ledger, which provides security and infrastructure solutions for cryptocurrencies, said on Tuesday that it would now support EOS on its hardware wallet Ledger Nano S along with six other digital assets. According to Ledger’s website, EOS accounts cannot be added to Ledger Live. Instead, one can install the app from the catalogue in Ledger Live onto the hardware wallet to manage the digital asset with the Fairy-wallet.
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