RATE Group | Cryptocurrency Exchange OKEx Tackles Small Balances With New Offering
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Cryptocurrency Exchange OKEx Tackles Small Balances With New Offering

26 Apr Cryptocurrency Exchange OKEx Tackles Small Balances With New Offering

Posted at 02:48h in Cryptocurrency News by

Cryptocurrency exchange OKEx announced a new feature that allows its users to convert small balances to the firm’s proprietary token OKB.

OKEx announced on April 7 that the new product allows its user to convert all the crypto asset balances worth less than 0.001 Bitcoin (BTC) ($7.38 at press time) into OKB. The upper limit for conversion value is 0.01 BTC ($73.84 at press time), there is no limit on conversion time but the conversion is only available when the price fluctuates within 5%.

A trader told Cointelegraph that small balance handling is an important feature for long-term traders because it prevents users from wasting resources when trading several different assets. He said that small balances are a big issue on crypto exchanges “because they are funds that cannot be used” to trade.

A broom for cryptocurrency “dust”

Binance has a similar feature letting users convert small balances — often called dust —  into its proprietary token Binance Coin (BNB). When the…

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