OKX Exchange's Bottom Fishing and Top Fleeing strategies are specialized trading tools designed to help users capitalize on market opportunities. The Bottom Fishing strategy assists users in purchasing assets at lower prices, potentially executing automatic buys during market fluctuations to profit from subsequent price recoveries. But how can you cancel this strategy? Here's a detailed guide.
Understanding the Bottom Fishing Strategy
Bottom Fishing is a strategic trading tool aimed at helping users achieve their buying goals during market dips. It's a structured product derived from OKX's options trading functionality, offering reliability and low barriers to entry for novice users. Notably, this strategy attracts investors by waiving fees and providing real-time, curated strategy recommendations.
Once investors complete a strategy trade, a common question arises: How to cancel the Bottom Fishing strategy? According to customer support, immediate cancellation isn't possible after purchase. Below, we explain the details.
How to Cancel the Bottom Fishing Strategy on OKX?
Per OKX customer support, Bottom Fishing/Top Fleeing strategies cannot be canceled after purchase. However, users can opt for early buy/sell under certain conditions:
- Eligibility: Strategies must have been active for over 24 hours with a duration of 2+ days.
- Cut-off Time: Early buy/sell requests must be made 24 hours before expiration.
- Supported Assets: Currently limited to BTC and ETH; other cryptocurrencies are unsupported.
Settlement Timelines:
- Regular Expiry: Settlements begin at 16:00 (HKT) on the expiry date, completing by 18:00.
- Early Buy/Sell: Requests submitted on day T are processed by ~18:00 (HKT) on day T+1.
Ideal Use Cases:
Bottom Fishing suits scenarios where:
- Prices are perceived as relatively low, with minimal risk of sharp declines.
- Users aim to hold long-term, unaffected by short-term drops.
Example:
- BTC spot price: $20,000
User locks 1 BTC at $19,000 (20% guarantee ratio, 3-day term).
- *If BTC rises to $21,000*: User buys 0.2 BTC at $19,000; remaining funds are returned.
- *If BTC falls to $18,000*: User buys full 1 BTC at $19,000.
Key Components of OKX's Bottom Fishing Strategy
The strategy hinges on three core elements:
- Buy Price: The predetermined execution price (e.g., $17,500 for BTC). Users select cards based on price forecasts.
Guaranteed Buy Ratio: The minimum percentage of locked assets bought at the target price, regardless of market conditions.
- Example: A 10.49% ratio ensures 0.1049 BTC is bought if the market price exceeds $17,500.
- Duration: Lock-in period (e.g., 7 days), chosen based on market outlook.
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Risks and Best Practices
While Bottom Fishing is effective, it requires thorough understanding and risk assessment:
- Avoid impulsive decisions; align actions with personal risk tolerance.
- Diversify strategies to mitigate potential losses.
FAQs
1. Can I cancel a Bottom Fishing strategy immediately after purchase?
No. OKX only supports early buy/sell requests after 24 hours of activation.
2. Which cryptocurrencies support early buy/sell?
Only BTC and ETH are eligible currently.
3. What happens if the market price is below my buy price at expiry?
You’ll purchase the full locked amount at your predetermined price.
4. How often are settlements processed?
Regular settlements occur daily at 16:00 (HKT), completing by 18:00.
5. Is there a fee for using Bottom Fishing?
No fees apply, making it cost-effective for strategic trades.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Always conduct independent research before trading.