OKX Enhances VIP Loan Features for Top-Tier Traders

OKX
is
set
to
upgrade
its
VIP
Loan
feature
for
traders
at
the
VIP
5
tier
and
above,
according
to
the
official
announcement.
The
update
will
be
effective
at
12:00
am
UTC
on
June
6,
2024,
and
will
initially
support
major
cryptocurrencies
including
USDT,
USDC,





BTC,
and
ETH.

Enhanced
VIP
Loan
Overview

The
enhanced
VIP
Loan
will
operate
on
a
market
model,
where
borrowing
orders
(taker
orders)
are
matched
with
lending
orders
(maker
orders).
Lenders
will
place
orders
on
the
Simple
Earn
order
book,
specifying
the
amount
and
interest
rate.
Borrowers
will
place
orders
based
on
an
interest
rate
and
select
their
loan
amounts.
The
borrowing
orders
will
be
matched
with
lending
orders
according
to
the
borrower’s
specified
interest
rate.
Once
matched,
the
weighted
average
interest
rate
of
the
lending
orders
becomes
the
interest
rate
for
the
borrowing
order.

The
new
system
aims
to
provide
increased
predictability,
stability,
and
flexibility
for
borrowers.
After
creating
a
borrowing
order,
users
can
choose
to
repay
or
roll
over
their
loan
at
maturity,
offering
more
control
over
their
loan
management.

Steps
to
Place
a
VIP
Loan
Order

1. Navigate
   to
   the
   Trade
   page
   on
   the
   Exchange
   and
   select
   
   VIP
   Loan.
2. Choose
   the
   cryptocurrency
   you
   wish
   to
   borrow.
3. Enter
   your
   expected
   maximum
   interest
   rate
   on
   the
   order
   placement
   page.
   Current
   market
   interest
   rates
   can
   be
   checked
   on
   the
   
   Market
   overview
   page.
4. After
   entering
   an
   expected
   maximum
   interest
   rate,
   the
   estimated
   amount
   available
   for
   borrowing
   will
   be
   displayed.
   This
   amount
   is
   for
   reference
   only;
   adjust
   the
   amount
   as
   needed.
5. Ensure
   that
   your
   trading
   account
   balance
   can
   cover
   the
   interest,
   as
   this
   will
   be
   deducted
   immediately
   upon
   order
   initiation.
6. Optionally,
   enable
   the
   Auto-rollover
   feature
   and
   set
   your
   maximum
   expected
   rollover
   interest
   rate.

Users
are
reminded
to
repay
loans
from
the
previous
VIP
Loan
by
June
30,
2024.
These
loans
will
also
be
displayed
under
the

Loan
overview
tab
in
the
enhanced
VIP
Loan
section.

Additional
Information

For
detailed
product
documentation
on
the
enhanced
VIP
Loan,
please
visit
the
official
[OKX](https://www.okx.com/help/vip-loan-upgrade)
site.

This
content
is
provided
for
informational
purposes
only
and
is
not
intended
as
investment
advice
or
an
offer
to
buy,
sell,
or
hold
digital
assets.
Digital
asset
investments
involve
significant
risks,
including
the
potential
for
complete
loss.
It
is
crucial
to
consider
personal
financial
conditions
and
consult
with
legal,
tax,
and
investment
professionals
before
engaging
in
such
activities.

Image
source:
Shutterstock

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