BTCC Introduces Once-Cancels-the-Other (OCO) Orders on Bitcoin Margin Trading Exchange
BTCC, a major Chinese bitcoin exchange operator, is on Friday introducing one-cancels-the-other (OCO) orders on Pro Exchange, a platform for bitcoin margin trading.
OCO orders allow traders to set a stop order and a limit order at the same time. One of the two orders is set above the current market price and the other one is set below it, depending on traders‘ strategies.
OCO orders increase traders‘ chances of getting a favorable price for their trades. For example, after opening trading positions, an OCO order could help traders get a high or low entry price, depending on trading strategy. Similarly, if traders are in closing positions, OCO orders could help protect profits or limit losses.
According to BTCC, the introduction of OCO orders on Pro Exchange today caps months of success for BTCC’s new trading platform, which the company launched at the end of October 2015.
BTCC claims that, in the first three months of 2016, the trading volume on Pro Exchange increased by more than 1000 percent.
The exchange operator states:
Pro Exchange is now the most liquid spot bitcoin exchange globally, with an average daily trading volume of more than 20,000 bitcoins.
Over the same time, Pro Exchange’s market depth increased almost tenfold, meaning that traders can now place large orders on the exchange without causing a change in market price. Significantly, Pro Exchange now has the deepest order book among spot bitcoin exchanges.
BTCC also indicates that, during the same time, the volume of CNY deposits into Pro Exchange accounts increased more than threefold, and there was a more than 100 percent increase in the number of daily active traders.
Headquartered in Shanghai, BTCC was originally founded as BTCChina in 2011. In addition to digital currency exchanges, BTCC plays a significant role in other segments of the bitcoin ecosystem, a mining pool, payment processing, consumer wallets, and “blockchain engraving.”