Comprehensive OKEx Review Guide From A To Z
OKEx is one of the newest exchange platforms in the crypto space that allows traders to trade in BTC, ETH and other digital currencies.
The great thing about OKEx is that it is easy to use and provides secure services. It is divided into two branches to enhance its efficiency in serving crypto investors.
The first branch is designated to serve investors in China alone and has its headquarters in Beijing. The second branch of OKEx is built to serve those investors that come from other parts of the world and has its headquarters in Hong Kong.
Together, the exchanges form one of the largest cryptocurrency exchanges in the world in terms of trade volume.
As we’ve already pointed out, OKEx is a new player in the cryptocurrency industry. It was started in 2014 by Star Xu.
The exchange was first located in China, but due to the stringent and unfavorable regulations against cryptocurrency trade in China, it OKEx moved to Malta. OKEx exchange is part of the OK Group, a blockchain technology company that has been in the industry since 2013.
One unique thing about OKEx is its stand-alone desktop platform and the ease of traders to find Litecoin and Bitcoin futures. It is important to note that given the time OKEx has been in existence, it has not been a target of significant hacks so far.
However, this does not mean that it may not happen in the future; we will look at how and what security measures that the exchange has in place.
Is OKEx Safe?
Well, as we’ve already stated, OKEx has not experienced any major security issue this far. Some of the measures that it has in place to ensure its security include the use of a distributed storage system to prevent losses in case the exchange is hacked.
The exchange has several cold storage facilities in different locations to limit asset risk. For hot wallets, OKEx provides offline private keys to boost security.
Aside from the storage facilities, OKEx also has in place a robust security system for its customers. These include a 2-factor-authentication, anti-phishing codes in all the emails they send, and a mobile verification code for any withdrawal or when wants to change a setting.
To boost its efforts, OKEx also has in place a bug bounty program that rewards those people that identify and report any security vulnerability on the platform.
Thus far, OKEx seems to have all the right measures to ensure the security of the exchange. What remains in limbo is whether they have an insurance fund which would offer protection to clients in case funds are lost.
Sign up process on OKEx
Here’s a brief step-by-step guide on how to register and trade with OKEx.
Step 1 – open an account
Head over to their website and click on the ‘sign up’ button. You will then be redirected to a new page to start your registration process.
Step 2 – set your password and confirm email ID
The second step is for you to enter your email address and select a password that you will be using to access your account. Before the registration process is complete, you will have to confirm your email address by clicking on the ‘get code button’.
Within sixty seconds, a code will be sent to your email, copy it and paste on the box for confirmation. This will be the final step in opening the account, and you can now start to use it.
Step 3 – fund your account
After the confirmation of the email address, your OKEx account is now ready to use. If you choose to deposit cryptocurrencies, you will only be required to provide your name, date of birth and physical address.
However, for you to deposit fiat currencies, you will have to provide your name, date of birth, physical address, and a copy of your ID.
Step 4 – transfer funds to your OKEx wallet
After you’ve selected the cryptocurrency you want to use, copy your OKEx deposit address, and paste it on your personal cryptocurrency wallet.
Enter the amount you wish to use and confirm the transaction. It will take about 20 minutes to reflect on your OKEx account.
Step 5 – trade
Once the funds reflect on your OKEx account, you can now proceed to trade on any cryptocurrency you want. Once you’ve selected the pair you want to buy or sell, choose whether you wish to place a ‘market order’ or a ‘limit order’. Input the amount you wish to buy or sell and initiate the trade.
Account Verification on OKEx
It is important to note that for an individual account verification, three levels have to be completed. For the first level, otherwise referred as basic, you will be required to provide your name, nationality, and identification document.
As for the ID document, you can either use a passport or a government issued ID.
At the second level, you will be asked to confirm your information and start the verification. You can choose to verify using your desktop provided it has a camera, or by scanning a QR code, if you have no camera.
Once the verification is started, you will be asked to take a picture of the front and backside of your ID. The verification ends with a face verification to confirm your ID. Once you’ve completed the verification process, your daily trade limit will be increased to 200 BTC.
Remember, you can never change your details once the verification is marked complete.
Buying Bitcoin with credit card
OKEx makes buying more convenient as it allows traders to buy crypto using their credit cards; either a master card or Visa.
Aside from Bitcoin, you can also buy USDT, ETH, Ripple, LTC, and OKB. It is important to note that you can also buy Bitcoin using your local currencies.
If you are used to the web-based trading platforms, OKEx brings you a taste of something new and exciting. It has a stand-alone desktop platform.
The benefit with the autonomous desktop platform is that it can be used with low and middle-end hardware without having severe memory issues as would be with a browser-based trading platform. Another benefit of the stand-alone platform is that it provides multi-monitor support.
The platform has professional indicators and overlays to enhance your trading experience.
Deposits and withdrawals
It is important to note that you can deposit bitcoins, Litecoins as well as other listed cryptocurrencies. All your deposits will be credited to your funding account immediately they are processed.
Deposit and Withdrawal Fees
OKEx does not charge deposit and withdrawal fees. Additionally, miners will also get exemptions for any transfers that they make between OKCoin and OKEx.
Features of the OKEx platform
Spot and Margin trading
This feature allows investors to buy and sell cryptocurrencies using their disposable funds or using borrowed funds.
As part of its efforts to increase its liquidity, OKEx has a mining pool with more than 150,000 active miners. The exchange has 13 algorithms provided for mining.
Bitcoin is the most mined digital currency with over 98% of the miners using its Ethash algorithm. To help its miners, OKEx has put in place separate customer support contacts.
This feature allows traders to trade cryptocurrency at a predetermined future date and price. The trade is carried out irrespective of prevailing market conditions at the time when the contract expires.
It is important to note that OKEx has a peer to peer leveraged trading platform which eliminates the need for investors to top up an additional margin on the platform. It is important to note that a trader’s losses will be limited to the margin they have paid for when getting into the futures contracts.
The perpetual swap feature allows OKEx customers to buy and sell contracts worth $100 BTC. This is basically futures contracts that lack an expiry date, and can thus be described as bets on the future price of a given digital currency.
It is important to note that OKEx is one of the leading exchanges in terms of the trading volume. The orders executed on OKEx usually exceed the 1 billion USD mark per day. With the high trading volume, the exchange can offer extreme liquidity for the investors. At the time of writing this, OKEx had a 24-hour trading volume of $2.8 billion according to CoinMarketCap.
If you prefer to have your exchange platform accessible from your mobile device, then OKEx is the right option for you. OKEx is available for android and iOS smartphones and can be downloaded from Google Play and Apple store, respectively.
As pointed out earlier, you can also download it for your Mac and Windows PCs.
It is important to point out that the mobile application operates just like the desktop version does. Therefore, you can buy, sell and trade digital currencies, make deposits and withdrawals using your mobile app.
However, it is essential to point out that several online reviews seem to indicate a problem with the mobile apps. The common complain we noticed was that the app was glitchy, with constant freezing, which makes it ineffective in trading.
One unique feature that you will find on the OKEx platform is the integrated storage wallet, known as OKEx wallet. This makes it easy for you to trade, buy, and sell, and store the currencies using the OKEx platform.
For the mobile application, the wallet serves as a software wallet that stores the cryptocurrencies separately from the trading account.
OKEx has a systematic fee scheduler tier that distinguishes normal and VIP users according to trading volumes. The transaction fees charged are determined by the tier one falls into. You can check the fee scheduler tier. To have a good understanding of the fees charged on OKEx let us break them into categories.
OKEx uses a maker-taker fee system to encourage traders to execute more trades and increase liquidity. It is important to note that the maker fee is low compared to the taker fee, and they start at 0.15% and 0.2% respectively. The maker and taker fees vary for BTC, LTC, and ETH.
It is important to note that for some trades, the fee charged depends on the volume of the trade. Therefore, the higher your trading volume, the lower the trading fee and vice versa.
It is also worth noting that discounts are made available for those traders that provide consistent liquidity. If you’ve not come across the terms ‘maker fees’ and ‘taker fees’, here’s some help.
Maker fees- this is the fee payable when your trade order does not get immediately matched with any existing open order on the platforms order book.
Taker fees– this is the fee payable immediately your trade order is matched with an existing order on the platforms order book.
Pros & Cons
OKEx customer support
Customer support is probably one of the most important features of any exchange platform or business. OKEx has invested in a sound customer support system, and in case of any issue, you can reach them via the various methods available.
You can choose to contact them through the phone, which is always available 24/7. However, the only toll number currently available on their website is Canadian. This implies that if you are making calls from any other country, your calls will be quite expensive.
You can also reach the customer support team via their email support, using the address [email protected]. You should expect to receive a response in less than 24 hours.
As for keeping up with trends in business, OKEx also allows customers to reach them via their social media handles.
Taking into account the period that OKEx has been in the industry, we can conclude that it has done really well in terms of growth. As we’ve pointed out in our review, OKEx is actually one of the leaders in daily trading volumes. With the extensive list of trading pairs and amazing features, OKEx is destined to grow even further.