OKX Welcomes Signal Providers

Photo - OKX Welcomes Signal Providers
Novice traders are flocking to the market, hungry for quick profits and the coveted "Lambo." However, many shy away from delving into trading theories and strategies. While it may seem like a return to regular jobs is the only option, tailored solutions exist even for them.
Numerous platforms now provide copy trading services, allowing traders to mirror the actions of seasoned and successful market participants. This setup not only generates extra commission revenue for the platforms but also allows signal providers to earn subscription fees from their followers. For newcomers, it translates into the ability to potentially expand their accounts by mimicking trades, all without the need to grapple with the complexities of trading.

On November 7, the OKX exchange, which serves more than 50 million users, announced the launch of a new service for signal providers. The Signal Trading feature is an automated platform that integrates resources from the analytical platform TradingView and the signal trading platform Webhook to generate buying or selling recommendations for cryptocurrencies. The alerts, derived through automated analysis, will assist traders in making more informed and rational decisions, free from emotional biases.  

Thus, Signal Trading serves as a bridge connecting signal providers with OKX clients. It allows the exchange's users to monitor the strategies of seasoned traders and directly copy their trades.

OKX representatives argue that trade signals are not only beneficial for newcomers but also for seasoned traders. It's not always easy to adeptly interpret intricate fundamental and technical indicators. Signal Trading gives validated trade ideas that are straightforward to read and comprehend. 

Additionally, OKX suggests the use of automated trading bots that can be incorporated into the Signal Trading platform.

It should be noted that the Bybit exchange introduced a comparable service in July. However, it only provides Webhook Signal Trading for trading perpetual and futures contracts.

For traders who lack experience or simply prefer a hands-off approach, the requirements are minimal:

  • Subscribe to TradingView for access to webhook functionality.
  • Deposit funds into your OKX account.
  • Pay for the trading bot service and set your trading strategy.
  • Sit back and periodically review the performance of your investments.

This method promises a stress-free trading experience with the potential for satisfying returns.

However, one must proceed with caution as the exchange disclaims liability for any trading losses that may occur from heeding these automated suggestions.

Previously, GN Crypto reported that BingX teamed up with WunderTrading to introduce advanced trading tools with elements of copy trading.