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- OKX launches Orbit feature allowing traders to display verified crypto performance
- Orbit social trading tool aims to eliminate fake crypto profit claims
- New OKX Orbit feature links social discussions directly with crypto trading
Crypto exchange OKX has introduced a new social trading feature designed to improve transparency in online crypto discussions. The feature is called Orbit and it is installed directly within the OKX mobile app. On Friday, the company began to roll out the product on a limited beta basis. Orbit enables traders to communicate with other traders within the same trading platform whilst they can exchange market ideas. Other than chats, traders are able to hold livestreams and other group chats about digital asset markets.
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Verified Metrics Aim to Reduce Misleading Profit Claims
It is also through the platform that users can disclose verified trading metrics relating to their accounts. These measures are portfolio performance, win rates, and profit and loss that are realized through actual trading activity. This has led to the traders who share market strategies showing real returns rather than the doctored screenshots. This framework tries to minimize fraudulent claims of profits that have been touted all over social media.
OKX Managing Partner Haider Rafique wrote that Orbit was created to provide traders with a native communication channel within the trading app, as Rafique said, users are now able to post, share insights and discuss market movements directly with the community. He said that authenticated performance measurements can enhance trust amongst traders who are in common strategies. In addition the company feels that open records on performance would deter unrealistic claims of profits in the trading circles.
Social Trading Features Linked Directly to Execution Tools
Orbit also integrates social content and the integrated trading tools within the application. Some cryptocurrencies can be tagged by users as cashtags like BTC, ETH, or SOL within their posts. As a result, the trading screen of that asset is opened by the choice of the cashtag.
This relationship enables the traders to go seamlessly through discussion to execution in tracking market changes. Also the users can form open communities or personal groups dedicated to the strategy of trade. The launch coincides with the growing use of social media functionality by crypto exchanges. These are tools that are trying to enhance the engagement as well as enhance the transparency concerning trader performance.
In the meantime, OKX keeps developing institutional relationships in the financial markets all over the world. Recently, Intercontinental Exchange has put in the company at an estimated value of about $25 billion. The deal will involve schemes to investigate tokenizing stocks and derivatives one based on New York Stock Exchange listings.
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