OKX Introduces “Orbit” Social Networking Tool
In a major move aimed at enhancing user interaction, crypto trading platform OKX announced on Thursday the introduction of “Orbit,” a built-in social networking tool within its app. This innovative feature enables users to engage in real-time discussions about market trends, share their trading successes, and even execute trades directly from their posts.
Features of Orbit
With Orbit, users can connect through trade ideas, host livestreams, and establish groups, all while utilizing cashtags like $BTC and $ETH for easy access to tradable assets. This development mirrors a rising trend among trading platforms to fuse social media elements with financial trading activities.
Historically, social trading was pioneered by eToro with its 2010 launch of the OpenBook and CopyTrader functionalities. Since then, various crypto exchanges, including Bybit in 2022 and Binance in 2023, have adopted similar social trading features.
Addressing Credibility Concerns
OKX has stated that Orbit seeks to tackle the persistent credibility concerns associated with online trading communities, where influencers often publish screenshotted snapshots of lucrative trades without transparent verification. An OKX representative explained to Decrypt that users can conveniently navigate between a post and performance section of a trader’s profile, with real-time updates reflecting a user’s trading activities.
Performance Insights
Under the performance section, users will find comprehensive insights into a trader’s assets, total gains or losses, and a complete trading history that includes open, closed, and active positions. These analytics can be filtered by various time frames—ranging from seven days to one year—facilitating a thorough view of trading behavior.
However, to access Orbit, users must first undergo identity verification and adhere to the exchange’s terms, ensuring compliance with regulations that govern know-your-customer (KYC) and anti-money laundering (AML) practices.
User Control and Rewards
Despite the rigorous security measures, sharing performance data remains a choice for the users; they can opt in or out, but cannot selectively modify or delete the displayed information—this data is directly pulled from the exchange’s records. In addition to social features, Orbit introduces a rewards structure for content creators, which is linked to both the engagement of their followers and their trading activities.
According to the spokesperson, incentives can be earned through various actions such as content creation, livestreaming, and community-building.
Availability and Rollout
However, for now, Orbit will not be accessible in the U.S., Europe, Singapore, Australia, or the UAE, regions where regulators are closely scrutinizing social trading and investment promotions. The feature has begun a phased rollout among a select group of users, with plans for broader availability following a beta testing period.
