To enhance our service offerings, OKX will discontinue support for several specific trading modes on May 29, 2024, at 4:00 PM (UTC+8). The affected features include:
- One-Click Borrow for isolated margin trading.
- Self-Transfer for isolated margin trading.
- Self-Transfer for isolated perpetual swap trading.
We strongly advise all users to review their accounts and take necessary action to avoid any potential losses.
Actions Required Before the Update
If you have any open orders or active positions in these specific modes, you must close them before the service discontinuation. Failure to do so may result in an inability to manage these positions after the update, potentially leading to financial loss.
Once all relevant orders are canceled and positions are closed, the system will automatically switch your isolated account mode to the "On-Open Transfer" method.
What Remains Unchanged?
It is important to note that this update does not affect users currently operating in the following modes:
- Isolated Margin trading using the On-Open Transfer method.
- Isolated Perpetual Swap trading using the On-Open Transfer method.
If you do not see an option to select an isolated mode on the trading interface, it indicates that your account is already using the default On-Open Transfer mode, and you can continue trading as usual.
Information for API Users
API users attempting to switch to the soon-to-be-removed modes (One-Click Borrow or Self-Transfer for isolated margin and swaps) will receive an error code 59006 with the message: "This feature is即将下线，无法切换到此模式" (This feature is scheduled to be discontinued and cannot be switched to).
To check if your current isolated trading mode is set to On-Open Transfer via API, please consult the official API documentation for the correct query parameters. 👉 Explore advanced trading API documentation
Understanding the Different Margin Modes
For those new to leveraged trading, understanding the different modes is key to managing risk.
- Isolated Margin: This mode allows you to allocate a specific amount of collateral to a single position. This limits your maximum loss to that allocated amount, protecting your entire account balance from being liquidated by one bad trade.
- Cross Margin: In this mode, your entire account balance is used as collateral for all open positions. While this can prevent liquidation on one position if others are profitable, it also carries a higher risk of losing your entire account if the market moves significantly against you.
The recent changes specifically concern how collateral is initially allocated within Isolated Margin positions.
Why Are Platforms Like OKX Optimizing Their Services?
Cryptocurrency exchanges continuously evaluate and update their product offerings. Streamlining features, especially those with lower user adoption, allows development teams to focus resources on improving the performance, security, and user experience of the most widely used products. This often leads to a more robust and reliable trading environment for the entire community. Changes are typically announced well in advance, giving users ample time to adjust their strategies.
Frequently Asked Questions
Q: What exactly is being removed on May 29th?
A: The One-Click Borrow and Self-Transfer functionalities specifically for isolated margin and isolated perpetual swap trading are being discontinued. The On-Open Transfer mode for these services will remain active.
Q: What happens if I still have an open position in a removed mode after the deadline?
A: It is critical to close these positions beforehand. After the service is discontinued, you may be unable to manage or close these positions, which could lead to automatic liquidation and loss of funds as the market moves.
Q: How do I know which mode I'm currently using?
A: If you do not see a mode selection option on your trading interface, you are likely already using the default On-Open Transfer mode. You can also check your current settings in your account or trade management sections.
Q: I am an API user. How can I check my current mode?
A: API users should use the relevant endpoint to query their account configuration. The official API documentation provides detailed instructions on which parameters to use. 👉 Get detailed API configuration guidance
Q: Will this affect my cross margin positions?
A: No, this announcement only pertains to specific functionalities within isolated margin and isolated perpetual swap trading. Cross margin trading is not affected by this update.
Q: Is the On-Open Transfer mode different?
A: Yes, On-Open Transfer is a streamlined method where the required collateral for a trade is automatically transferred into the isolated position upon order execution. It simplifies the process while maintaining the risk management benefits of isolated margin.
We thank you for your understanding and continued support. OKX remains committed to providing you with excellent products and superior service.