The comprehensive review of the cryptocurrency exchange platform OKEx will cover various aspects of the platform. We will discuss everything from registration to deposits, withdrawals, trading fees, customer support, security, and other features.
The OKEx review is for both beginners and seasoned traders in the crypto industry. If you’re looking to start trading cryptocurrencies and wondering if OKEx is the right platform, this OKEx exchange review is for you. On the other hand, if you’re a seasoned trader looking to shift from the current platform and try a new one, look no further.
Overall, we’ll answer some of the main questions, such as is OKEx safe, the pros and cons of this crypto market, customer support, and more! Here’s all you need to know about the OKEx cryptocurrency exchange.
OKEx was founded in 2014 as an extension of OKCoin by Star Xu. OKEx was this upgraded version wherein it went beyond just buying and selling cryptocurrencies. It had a series of other ventures that aimed at revolutionizing the finance industry as a whole.
Initially, the company was based in China but later moved on to Hong Kong due to the government’s regulatory ban on ICO tokens. Thus OKEx now functions internationally, while OKCoin caters to the customers in China.
The platform caters to over 20 million users across more than 200 countries and is listed on CoinMarketCap as one of the largest cryptocurrency markets. Its Bitcoin futures trading volume is about $1.5 million per day.
OKEx has an impeccable list of Chinese investors, including Ceyuan Ventures, Longling Capital, and the Giant Network Group. Besides these, VenturesLabs, which was co-founded by Tim Draper, is part of this list as an investor. Tim Draper is a well-known American venture capitalist who has made significant investments at the early stages of companies such as Tesla, Hotmail, and Baidu.
However, OKEx currently is not available for traders in the USA, as its government regulatory laws do not allow the functioning of this platform.
How To Register On OKEx?
OKEx has a simple registration process that is straightforward and hassle-free. All you need to do is follow the steps below, and you’ll be able to complete your registration in a matter of minutes.
- Click the signup button on the top right corner of the homepage.
- Now, enter your email ID and ensure that you’ve entered the correct one to receive information from the platform.
- Once you do so, you’ll receive a six-digit code to your mail ID.
- You’ll have 60 seconds to navigate to your email, copy the code and enter it on the OKEx page.
- After that, you’ll have to enter your password.
- The password has the same standard guidelines you usually encounter on several other platforms to create a secure password.
- Re-type your password to confirm it.
- Once that’s done, you will go to the next page, where they’d ask you if you’re a beginner or an experienced trader.
- Choose the one that applies to you, and voila! You’ve successfully registered on the platform.
According to OKEx’s policy, traders don’t need to do the verification process immediately. You will be able to fund your account and buy, sell, and trade crypto without completing the verification process.
However, to withdraw your assets beyond a certain limit, you’ll need to complete your KYC, and only once that’s done, you’ll be able to perform the withdrawal operation. Besides that, every other operation can be performed without the completion of verification.
Cryptocurrencies Supported By OKEx
The platform has more than 100 cryptocurrencies and altcoins enlisted in the market, including Bitcoin, Ethereum, Dogecoin, USDT stablecoin, and Litecoin. Currently, the platform supports more than 30 currencies, including USD, GBP, JPY, and Euro.
OKEx facilitates about 400 trading pairs for users to choose from while trading with all these crypto and fiat currencies.
Deposit And Withdrawal
As mentioned earlier, one of OKEx’s most significant advantages is that traders such as you don’t need to wait for verification to start funding the account and trading assets. You can complete your KYC process later before withdrawing your assets beyond a certain limit.
OKEx as a platform supports about 17 payment methods that include Visa, Master Card, Apple Pay, etc., for the deposit of fiat currencies worldwide. Moreover, there are deposit fees for depositing both fiat currencies and cryptocurrencies.
The withdrawal fees of cryptocurrencies depend on the kind of cryptocurrency you are withdrawing, and the limit depends on your verification level.
There are three levels of verification:
- Level One: Basic ID that includes entering the name, nationality, and document identity number.
- Level Two: Photo ID that includes the usual identification and additional photo identification. You also need to do a facial recognition test with Netverify.
- Level Three: This level requires the user to read the disclaimer on the OKEx platform merely, and that is it.
The daily withdrawal limit for each level of verification is as follows:
- Unverified users: 10 BTC
- Level One: 200 BTC
- Level Two: 500 BTC
- Level Three: 500 BTC
There are also peer-to-peer transactions of cryptocurrencies available on the platform, and the fees for those are as follows:
- Level One: $500
- Level Two: $10,000
- Level Three: $100,000
The trading fees on the platform are pretty competitive and have some of the lowest trading fees for buying and selling cryptocurrencies. It follows a tier system for normal users and VIP users where the tiers are divided based on the trading volume of the last 30 days.
1. Normal Users
Normal users are the traders whose trading volumes of the last 30 days are as follows:
- Spot Trading Volume < 1000
- Futures Trading Volume < 10,000
- Perpetual Swap Trading Volume < 5000
These users have five tiers from Level 1 to 5 based on the total OKB holdings, ranging from less than 500 to more than or equal to 2000.
For spot trading
- The maker fee ranges from 0.060% to 0.100%.
- The taker fee ranges from 0.090% to 0.150%.
For futures and perpetual swap trading
- The maker fee ranges from 0.015% to 0.020%.
- The taker fee ranges from 0.030% to 0.050%.
2. VIP Users
There are three membership tiers with eight transaction fee tiers for VIP users.
- Gold membership tier has no transaction fee tier.
- Platinum member tier has VIP 1, 2, and 3 transaction fee tiers.
- Diamond member tier has VIP 4, 5, 6, and 7 transaction fee tiers.
For spot trading
- The maker fee ranges from -0.010% to 0.060%.
- The taker fee ranges from 0.030% to 0.080%.
For futures trading
- The maker fee ranges from -0.010% to 0.015%.
- The taker fee ranges from 0.025% to 0.030%.
For perpetual swap trading
- The maker fee for the normal users ranges from -0.015% to 0.010%.
- The taker fee is the same across all tiers, and it is 0.030%.
The various trading options available on the platform are as follows.
1. Market Orders
These will allow you to fill your orders immediately at the best price that is available. Due to high liquidity, you can easily place and process these orders, and the spreads are not relatively high.
2. Limit Orders
Limit orders allow you to buy or sell cryptocurrencies at the price you quote. These would involve some waiting, but it’s not a lot due to the high liquidity on the platform. The exchange also provides advanced options such as Fill or kill, Post only, and Immediate or kill.
These enable you to strategize further and have more control over your assets. It also ensures that you can fill your orders completely and not partially so that you don’t have to pay a separate maker and taker fee.
3. Stop Orders
Stop orders are much more advanced options for seasoned traders. They allow you set your criteria such as trigger price and order price.
As the name suggests, the trigger price will put your order in the market as soon as the asset’s value is equivalent to the value you set.
Order price allows you to determine the price at which you want to buy or sell your order once the trigger price is reached. Alternatively, you can also immediately make the trade when the trigger price is reached.
Using these two parameters, you can strategize and schedule your orders to maximize your profits.
4. OTC (Over The Counter) Desk
OKEx allows OTC trading of several cryptocurrencies as well as fiat currencies. The cryptocurrencies you can trade via OTC are BTC, ETH, EOS, XRP, XLM, USDT, LTC, and BCH.
OTC lets you make trades directly as peer-to-peer transactions between two parties without showing it in the market. This way, large volumes of crypto assets can be traded without drastically moving the market.
It is also an excellent way to maintain your anonymity when you don’t want anyone to know if you’re buying or selling large volumes of a particular asset.
5. Futures Trading
The platform also facilitates futures trading for its customers in Bitcoin. According to CoinMarketCap, it supposedly has the highest trading volume daily with about $1.5 million.
Futures trading allows you to buy or sell your assets at a future time and price that is already set. If you’ve researched the market trends and the current scenario, you can use it to maximize your profits. You’re allowed maximum leverage of 100x.
This form of trading allows you to make profits whether the value drops and increases. When you expect the value to drop, you can set a higher price to sell your asset. On the flip side, you can set a lower price to buy your asset if you expect the prices to rise. In this manner, you can grow your wealth whether the market is on a low or a high.
6. Margin Trading
OKEx also allows margin trading on its platform with leverage of 20:1, which is higher than most platforms in the cryptocurrency industry.
In Margin trading if you don’t have enough money to buy an asset, you can borrow it from the platform. If the asset’s value increases, the borrowed amount stays the same, but the increase in value is entirely your profit.
However, you need to be careful and have proper risk management strategies so that if the value doesn’t increase as you expect, you shouldn’t suffer a huge loss.
The platform is known to have good customer support that is available 24/7 at your service. You can reach out to them via phone call, live chat, email ticketing system, and multiple social media channels.
The platform has a rating of 3.4 on Trustpilot, which is above average. In fact, it’s much better than some of the most prominent exchanges such as Coinbase and Binance, which are famous worldwide.
However, there are mixed reviews when it comes to its service. While some complained about delayed response time and lousy service, others have lauded its efforts to solve customer problems.
Besides this, it also has a simple and easy-to-understand support center where customers can find answers for some common queries. It guides beginners with the basics of trading by explaining the concepts and the features of OKEx.
OKEx is said to have a high-security architecture with a distributed cluster system and cold storage to keep the funds safe. It has multiple security settings such as two-factor authentication, mobile verification, Google authenticator, and anti-phishing codes.
You can use one of these or more of these in different combinations to create a complex security system. This will keep your funds safe.
However, in 2017 a few users had complained that their accounts had been hacked and some funds were stolen. The company then blamed the users for their negligence and for not keeping their accounts secure.
But besides this, there have been no complaints with regards to its security.
OKEx has a string of other features besides trading that truly make it an all-encompassing crypto finance platform.
- OKEx Academy is for anyone who wants to learn in detail about the different concepts of crypto trading. It’s got a rich set of articles with examples and illustrations that thoroughly explain everything.
- OKEx Affiliate enables you to promote the platform in return for rewards. For every customer who comes through your promotion, you will get about 40 to 50% of the trading fee.
- OKEx Bridge facilitates the transfer of various crypto assets across blockchains. It also includes the OKEx blockchain.
- OKEx Chain is an open-source blockchain that allows users to launch their decentralized projects, create their trading pairs, and even trade crypto.
- OKEx Cloud enables users to build their crypto exchanges on it. It helps the users through various features and tools that will prove beneficial in creating the exchange.
- OKEx Blockdream Ventures are funds dedicated to enabling the creation of potentially excellent blockchain projects.
Pros And Cons
- Low trading fees
- Variety of cryptocurrencies
- Variety of trading options
- Low withdrawal fees
- Mixed reviews for customer support
- Not present in the USA
In essence, OKEx is a beginner-friendly platform that is reliable for traders to invest and trade cryptocurrencies. Its pros outweigh the cons to a great extent due to its low trading fees, rich set of trading pairs, and cryptocurrencies supported on the platform. Besides these, it also has a series of features that you can use and expand as and when you want to.
Hence, all in all, OKEx is a good crypto exchange platform for you to trade and grow your wealth.
Laura has been interested in finance for a very long time, especially since her graduation in Economics. With the increasing popularity of cryptocurrency, she decides to read up more on the subject and soon became an expert. Laura has been dabbling with crypto ever since and started investing in them in 2017.