OKEX EXCHANGE REVIEW 2020 : Features, fees, is it a safe exchange?
OKEx exchange is one of the best cryptocurrency exchange in the market with highest daily trading volume worldwide. In the article we will make a in-depth detailed Okex exchange review along its features, services provided by the Exchange and, Exchange pros and cons.
Okex exchange was originally Founded in 2014 in China. However, ICO tokens were banned by the chinese communist party in late 2017 hence The platform has later moved in April 2018 to the cryptocurrency-friendly island nation of Malta, offering its services to millions of users in over 100 countries,
Originally, OKEx was part of a blockchain company called OK Group that was founded in 2013. Moreover, this platform was established from OKCoin, a platform that focuses mainly on buying and selling cryptocurrencies and ICO tokens.
The OkEx exchange claims a daily turnover of $1.5Billion only from Future Trading.
OKex exchange launched its own Utility Cryptocurrency Token in 2018, to help pay for trading fees and other services like API limits. This tokens, commonly known as Proprietary utility tokens, became the biggest trend for the cryptocurrency exchanges
Okex exchange allows fiat-to-fiat trade, crypto-to-fiat and, crypto to fiat trading, futures trading, wallet and many more services which we will discuss below
OKEx Exchange overview
|MAIN FEATURES||BUY MORE THAN 160 CRYPTOCURRENCIES DIRECTLY FROM THE PLATFORM WITH FIAT CURRENCY USING MULTIPLE PAYMENT METHODS, ADVANCED TRADING PLATFORM, IEO PLATFORM|
|FIAT SUPPORT||YES, MORE THAN 36 FIAT CURRENCIES SUPPORTED INCLUDING USD, EURO, INR AND OTHERS FOR BUYING, SELLING AND TRADING CRYPTOCURRENCIES|
|CRYPTOCURRENCIES SUPPORTED||MORE THAN 146 CRYPTOCURRENCIES SUPPORTED (LISTED BELOW IN DETAILS)|
|PAYMENT METHODS||Bank transfers |
Master and Visa cards
Cryptocurrency transfer from a wallet
WeChat network payments
|MOBILE APP||ANDROID AS WELL AS IOS APP|
|Trading Fees||Maker: 0.10% / Taker: 0.15% ( LEARN BELOW IN DETAILS)|
|Trading Options||SPOT TRADING, MARGIN TRADING, C2C TRADING, FUTURE CONTRACTS AND PERPETUAL SWAP, OPTIONS, INDEX TRADING|
|Order Types||Limit ORDER, ADVANCED LIMIT ORDER, Trail Order, Trigger Order, MARKET ORDER, Iceberg Order|
|NATIVE TOKEN||OKB TOKEN –|
|PROMOTIONS||OKex Pool – Stake XTZ, EOS, ATOM, CRO, IOST, YOU. OK PiggyBank – |
Earn PASSIVE INCOME BY LENDING CRYPTOCURRENCIES AND STABLE COINS TO MARGIN TRADERS
|DEPOSIT AND WITHDRAWAL SPEED||FAST|
|KYC REQUIREMENTS||Required For All Accounts|
|CUSTOMER SUPPORT||24/7 LIVE CHAT SUPPORT, EMAIL SUPPORT, PHONE SUPPORT AVAILABLE FOR HONG KONG AND CANADA USERS|
|OKB TOKEN BENEFITS||USED FOR TRADING FEE DISCOUNTS, REVENUE SHARE, IEO ACCESS, ALSO USED FOR CONVERTING MICRO BALANCE|
|SECURITY||Two-factor authentication (2FA), anti-phishing codes, mobile verification codes|
Okex exchange review – Features
Crypto to Fiat and Crypto to Crypto trading – Buying and selling of cryptocurrencies
Okex exchange allows buying and selling of 146 cryptocurrencies including Bitcoin, Ethereum, Litecoin , USDT, Bitcoin SV directly on the Exchange with USD, EUR, GBP, CAD, INR and, 25 other major Fiat currencies
You can directly buy and sell cryptocurrencies with VISA and Mastercard, Bank transfer, Paypal, Google pay, Alipay, We Chat and many more
You can also trade any cryptocurrency with other crypptocurrencies
Customer to customer (C2C) or (P2P) trading platform;
OKEx Exchange C2C trading platform allows you (user) to trade a selection of cryptocurrencies with other users. It is one of the ways buy cryptocurrencies with fiat currency directly from the platform. You are able to trade between Cryptos and Fiat by using your own set prices.
Spot and Margin trading
Margin trading means borrowing funds from the OKeX Exchange to trade more than your capital investment or available funds.
Futures contracts and perpetual swaps
Future contracts allows you to trade the cryptocurrencies at a predecided price at a future date, regardless of the market situation at the time the contract expires.
OKEx is also a peer to peer leveraged trading platform, and does not require users to top-up additional margin
perpetual swap allows you (traders) to buy and sell contracts that do not have an expiry date and you literally bet on the future price of the cryptocurrency.
Each swap contract has a Face Value of 100 USD. You can long a position to profit from the increase of a cryptocurrency price, or short a position to profit from the decline of a cryptocurrency price.
For Perpetual Swap, a traders’ profits and losses are realised two times a day and the available trading leverage is up to 1 – 100X. But leverage trading can also be risky.
At OkEx exchange, Perpetual Swap contracts and Futures contracts can be divided into two types, one uses General coins as margin, and the other uses stable coin like USDT as margin.
Perpetual Swap contracts have no certain delivery date and never expire.
At OKEx exchange, Futures contracts include three types weekly, bi-weekly, and quarterly, each of which has a different contract expiration date.
Weekly expires on the imminent Friday. Bi-weekly expires on the next Friday. Quarterly expires on the last Friday of March June September December.
Perpetual Swap contracts and Futures contracts are basically the same
the differences are in their contract expiration dates.
Options trading at OkEx exchange
An option is a contract giving the buyer the right, but not the commitment, to buy and sell the cryptocurrency (underlying asset) at a particular price on or before a specific date.
Even though options use contracts as futures do, options are considered lower risk because you can withdraw (or walk away from) an options contract on or before the contract expiration date.
Users have the option to select different choices under Fiat but with different tokens.
OkEx Exchange also have an inbuilt storage wallet called OKEx Wallet.
OKEx also has a mobile app for anroid as well as mac. Hence, You can buy, sell, and trade cryptocurrencies at the go conveniently.
OKEx Exchange Mobileapp, also inherits OKEx Wallet where you can store your cryptoassets separately from your OkEx trading account. This provides an extra layer of security by having your cryptocurrencies spread across multiple wallets.
WHAT IS OKB?
OKB is a deflationary token with the total supply of 300 million OKB ( Although there is a total supply of 1 billion OKB Token but 700 million OKB is locked up) , and a certain amount of OKB token will be repurchased by the platform from the secondary market quarterly. OKB is currently issued based on the ETH network
Benefits of OKB Token
- OKEX Exchange distributes 50 percent of its service fees collected during the week each Friday to OKB token holders. The actual amount distributed depends on the volume of OKB token in a user wallet. Indirectly you receive revenue share only by holding OKB Token in your wallet
- There is also a trading fee discount using OKB token. You required a minimum of 500 OKB and holding 2000 OKB entitles you to enjoy the maximum discount on trading fees.
- OKB token can also be used at many third party vendors for paying your bills, booking hotels, purchasing gas, Mobile top up, Enjoying high quality games, and more.
- OKB Token can also be used in converting the small balance.
Sign up process
For using OKEx Cryptocurrency exchange, You can register by email or phone number. Either you can sign up via the website or can download the OKEx mobile application.
- Click SignUp at the topright corner
- Settle for an email or phone number
- Key in your password
- Confirm registration
- Wait for an email or SMS for verification
- After that you have to get KYC verified
OKEx offers several verification levels with its own set of requirements and privileges
- To get LEVEL1 Verified you have to enter your nationality, username, and ID number. Level 1 verified member has a transaction limit of $2000 with few limitations
- To get LEVEL2 Verified you have to submit a photo and national id. Level 2 verified member has a transaction limit of $200,000.
- LEVEL 3 requires video verification of your identity. Level 3 verified member has a transaction limit to $500,000
OKEx Exchange support about 146 cryptocurrencies which is listed below
- Bitcoin Cash
- Bitcoin Diamond
- Bitcoin Gold
- Bitcoin SV
- Ubique Chain Of Things
- United Bitcoin
- USD Coin
- YOU COIN
- Olympus Labs
- OneRoot Network
- Exchange Union
- Gemini Dollar
- Genaro Network
- Hi Mutual Society
- High Performance Blockchain
- Internet Node Token
- IoT Chain
- Kyber Network
- Measurable Data Token
- Super Bitcoin
- doc.com Token
- Ethereum Classic
- Moeda Loyalty Points
- Molecular Future
OKEX EXCHANGE FEES
OKEx encourages users maker-taker fee schedule. The Exchange charges 0.10% for maker fee and 0.15% for taker fee.
Like other top cryptocurrency exchanges, OKEx exchange has incentives for regular users of their platform. The users are categorized in normal tirer and VIP tier.
The amount of OKB Token you hold in your wallet and larger the trading volume across 30 days the higher the tier you will enlisted.
A higher tier member receives bigger trading fee discounts and a higher 24 hour withdrawal limit
This platform supports a wide variety of payment methods for purchasing cryptocurrencies. These include:
- Bank transfers
- Master and Visa cards
- Cryptocurrency transfer from a wallet
- WeChat network payments
- Alipay system
OKEx Exchange review – SUPPORTED COUNTRIES
OKEx exchange is available worldwide excluding the below countriesIran
- Puerto Rico
- US Virgin Islands
OKEX EXCHANGE SECURITY
OKEx exchange has put the following security measures placed at user end’s
- Two-factor authentication (2FA) when user log in, withdraw funds and changes account settings
- Mobile verification codes
- Anti-phishing codes contained within emails
A bug-bounty program has also been placed to reward any person who discovers any security issues in the exchange.
- 24/7 live chat system has been put in place to assist customers
- Users can use the email support to easily get feedback.
- A FAQ section has been placed to help answer any problems regarding a users account.
- OKex exchange has a working telephone number ( only available for hongkong and canada users), several messaging apps and social media channels as per the users choice
IS OKEX EXCHANGE IS SAFE?
OKEx Exchange without a doubt is a safe exchange It security measures placed both on the Exchange side, and for users end.
OKEx Exchange uses distributed storage, having cold storage locations in different parts of the world to minimise the hacking risk. In terms of the Exchange’s hot wallets, the network stores the private keys offline.
At users end Exchange provides security measures like 2-fa authentication, anti-phishing codes in every OKEx email, and Mobile verification codes.
An User has to use 2-FA Authentication for withdrawal of funds and to access the Exchange platform. In case an user wants to change the account setting then also user has to provide Mobile verification code and 2-FA authentication code
OKEx exchange had got hacked once in August 2017 when a user’s account was compromised and about 200 Bitcoin (worth USD$750,000) were stolen.
Although OKEX Exchange claimed that it was only a single compromised account and blamed the individual for the security failure but few sources reported that other users were affected too, meaning that the hacker was able to gain access to multiple OKEX wallets.
It was also rumoured that the Exchange got hacked in September 2019. However OKEx, completely denied it and said it was a scheduled wallet maintenance. And also no individual came forward and reported for any losses,
OKEx implements usual security measures expected from a cryptocurrency exchange but lacks additional measures like insurance of funds which is offered by many other reputable trading platforms
However, it is always advisable to only store cryptocurrencies at exchange during an imminent trade Otherwise always store the cryptocurrencies in a hardware wallet
Overall users provides a positive feedback about the exchange. It is an advanced trading platform with a plethora of trading options and tools not seen in most of the exchanges in the market. The trading platform interface is relatively untroublesome even for beginners.
Some users believe that there are not enough trading platforms that offer the kind of professionalism that OKEx does.
If you want to trade regularly with a wide range of trading options and features. Then OKEx Exchange can be a good choice.
- Can buy and sell more than 160 cryptocurrencies with Fiat using multiple payment methods including Master and Visa card
- Advance trading features like margin, trading, derivatives markets (options and futures)
- OKB token is quite beneficial
- Best liquidity on BTC/USDT markets
- Highest Daily trading volume (Check out live stats)
- Simple and unpuzzled trading interface
- Competitive trading fee
- Mobile app still lags
- Not available for US users