Binance, the most popular cryptocurrency exchange in the world, could be adding a new “OCO” feature for traders to have more sophisticated trading strategies. This is according to a new image uploaded by the crypto exchange on Twitter, where it is possible to see the new implementation.
Could Binance Add OCO Trading Orders?
In a recent tweet uploaded by Binance, they shared an image in which they show a new feature called “OCO.” Although they did not comment anything about it, a user explained that an OCO is the abbreviated form of a one-cancels-the-other order.
This OCO order allows users to create two orders in which if one of them gets executed the other gets automatically cancelled. This is going to be very useful for individuals that perform very specific trades or for the most experienced and sophisticated traders.
Let's try this again 😆
Dark mode 🌚 or Light mode 🌝? #Binance pic.twitter.com/DKqej9iRXy
— Binance (@binance) June 26, 2019
In the past, Binance suggested that it was working on margin trading. A few months ago, the firm released an image on Twitter in which users realized that the exchange was testing margin trading. Finally, the exchange ended up adding this feature to its platform, which is now being used by different traders.
In the most recent Tweet, Binance wrote “Let’s try this again,” which suggests that the platform knew that they were releasing more information than needed for users to pay attention to it.
Meanwhile, Changpeng Zhao, the CEO and founder of the Binance platform, asked on Twitter what an OCO order is, which many users gave a proper answer about what that means.
One cancels other order- you place both a stop order and a limit order. These will then surround price and when one is hit the other is canceled. Its an advanced order technique
— TradingLife (@FxKilla14) June 26, 2019
An OCO order combines a stop order with a limit order on an automated trading platform. When either the stop or limit price is reached and the order executed, the other order automatically gets canceled. Experienced traders use OCO orders to mitigate risk and to enter the market.
— JJfire (@Jjsantillano911) June 26, 2019
Binance is a trading platform that is currently offering trading services to both expert traders through an advanced trading interface, and to more casual traders using a basic trading interface.
It is worth mentioning that the cryptocurrency exchange has also reached a new record in terms of trading volume. Changpeng Zhao revealed that Binance surpassed $5.53 billion in trading volume on June 26. This was closely related to the increased volatility that Bitcoin (BTC) and other digital assets experienced during these days.
Bitcoin surged to $13,700 and fell to $10,700 in just a few hours. In addition to it, trading platforms such as Coinbase were also affected for a short period of time due to the increased traded volume registered.
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