OKEx is a Malta-based cryptocurrency exchange founded in 2014 that has been serving millions of users in over 100 countries in the world, ranking 4th in terms of the trading volume. Apart from cryptocurrencies, OKEx also offers spot trading, futures trading, and derivatives trading, and as such, it is considered the largest spot and derivatives exchange in the world (also in terms of trading volume).
The present CEO of the OKEx trading platform, JayHao, had a profound interest and expertise in game development before he joined the cryptocurrency trading platform. The exchange started its journey from Hong Kong and later expanded its operations to Malta after the Maltese government adopted an altogether friendly approach to cryptocurrency investment and trading. Over the years, OKEx got the support and investment advice from leading venture capitalists and investment companies like Ceyuan Ventures, VenturesLab, Longling Capital, eLong Inc, and Qianhe Capital Management which helped the digital assets exchange to reach the pinnacle where it is now.
OKEx Review – Platform Interface
OKEx was born out of its sister company OKCoin which is a simpler crypto exchange that mainly targeted professional crypto traders. OKCoin only focussed on cryptocurrency trading (buying and selling) and ICO tokens, whereas OKEx offers a more sophisticated platform for other financial securities like spots, options, derivatives, and leverage trading apart from only cryptocurrencies. OKEx launched its own ‘utility token’ OKB in 2018. The token can be either used to settle trading fees on the OKEx platform or to pay for “exclusive services including customer support services and enhanced API rates.
Before registering on the platform, it is recommended that the traders go through the various OKEx reviews available for a thorough knowledge about how the exchange works.
OKEx Review- The One-stop Destination for Crypto Traders
Features of OKEx
The OKEx trading platform hosts some of the innovative features that make it one of the leading cryptocurrency exchanges in the world.
- Easy to use interface allows both beginners and more experienced traders to trade crypto on the platform.
- Offers a huge selection of trading assets – more than140 digital tokens and over 400 BTC and USDT pairs.
- Allows multiple payment options like debit card, credit card, wire transfers, Google Pay, etc.
- Offers a wide range of crypto trading solutions like spot trading, margin trading, DEX trading, futures, options, perpetual swap, quick trade (one-stop marketplace).
- Low fee structure based on market taker and market maker model.
- Zero deposit fees and also low withdrawal fees.
- Robust security measures.
- Excellent 24/7 customer service.
- OKEx academy provides a great education section for beginners.
OKEx Reviews- OKEx Academy
Advanced Financial Services
Apart from the above features, OKEx exchange boasts of the following special features and advanced financial services that it offers to its registered traders.
OKEx Review – Join the OKEx Pool and Earn More!
OKEx pool is a mining pool with a shared group of crypto miners who combine their computational resources over a specific network to mine cryptocurrencies. The OKEx pool supports Proof-of-work (PoW) mining of 9 major crypto assets, which allows users to offer their computer hash rate required to mine cryptocurrencies, and in return, they will earn an additional income.
There are various types of orders available in the market that help investors to place a trade at a predefined volume and price. Algo orders are such special orders that are extremely vital for active day traders. Unlike most other crypto exchanges, OKEx allows its registered users to trade with different types of orders like a limit market order, stop-limit order, advanced limit order, iceberg, trailing top order, and TWAP or Time-weighted average price orders.
Pros and Cons of OKEx
OKEx, like all other exchanges, has its own advantages and disadvantages.
|Low trading fees.||US citizens are not allowed.|
|Zero OKEx deposit fees.||Demo account not available.|
|Accepts multiple payment methods.||There are limitations for withdrawals.|
|Huge selection of crypto coins.|
|Allows an extensive range of pro-trading options like spot, futures, and derivatives trading. Also, offer margin trading.|
|It has an easy interface together with a separate mobile application.|
Registration on the OKEx platform is not a menace and is completed within a few minutes. Here is a step-by-step guide to the OKEx login process and how to register and start trading on the OKEx exchange.
For creating a trading account on the OKEx exchange, users first need to log in to the official website of OKEx and click on the Sign-Up tab, which will open a registration form bearing mandatory fields like an email address (or phone number) and password. Users should create a strong password because these are the credentials that they will need every time they log into their accounts on OKEx.
Next, a 6-digit pin code (which is more like an OTP) will be sent to the given email address and phone number that has to be entered to proceed with the registration process further. No KYC is required at the time of registration on OKEx, which sets the exchange apart from most of its competitors. However, if any trader wishes to withdraw over 100 BTC in 24 hours, the exchange might ask to submit KYC documents.
OKEx Review- Registration Process of OKEx Crypto Exchange
After the account verification is done with the 6-digit pin code now, the users will have to fund their respective accounts. OKEx allows multiple crypto coins to make the deposits, and therefore users can choose from their preferred cryptocurrencies to fund their accounts. There is a separate tab named “Assets,” clicking which the pop-up menu will appear, and users can select the “deposit” option to make the deposits. This will open the various cryptocurrencies allowed on the platform, and their users can choose their preferred ones.
However, this is to be remembered that users are allowed to transfer a specific type of cryptocurrency to the wallet deposit address only that they receive on the selected cryptocurrency. Copying the wallet address into the users’ own digital wallet and then transferring the crypto coins will end this step of funding his trading account on OKEx. The minimum amount required to fund a trader’s account and begin trading is 10 USDT or any other crypto assets of an equivalent amount.
OKEX allows both crypto-to-crypto trading as well as fiat-to-crypto trading. In the case of crypto-to-crypto trading, traders can directly start doing that once they have funded their trading accounts on the OKEx exchange. OKEx allows multiple types of trading options like spot trading, margin trading, futures trading pairs, options, DEXs, or perpetual swaps.
OKEx Review – Start Trading and Earn Huge Returns
However, in the case of fiat-to-crypto trading, users need to click on the “Quick Trade” option that allows them to buy cryptocurrencies with fiat. On clicking the “Quick Trade” option, traders are asked what they want to do- buy or sell. In case they select the “buy” option, next, they will have to select any one of the supported fiat currencies and set the amount of a specific crypto that they wish to buy with the fiat. Users will then be directed to a separate page where OKEx offers the best prices for cryptocurrencies provided by a third party.
OKEx Review- Quick Trade
The following payment methods are available to traders registered on the OKEx exchange.
Though OKEx supports trading with both fiat currencies and cryptocurrencies, it allows only cryptocurrencies to deposit funds into a trader’s account; there is no OKEx fiat deposit allowed on the platform. Traders either purchase cryptocurrencies on the website with a credit card or can transfer cryptocurrencies from other exchanges or any hardware wallet. Once their accounts are funded, they can directly start trading on the OKEx platform.
For buying cryptocurrencies, traders can use multiple payment methods like bank transfer, debit card, credit card, Google Pay, IMPs, or PayPal. After creating an account, new users can fund their wallets and start trading cryptocurrencies.
Traders can withdraw their preferred cryptocurrencies from the OKEx platform with a small withdrawal fee of 0.0005 BTC in the case of bitcoin, 0.01 in the case of Ethereum, and 0.15 in the case of Ripple.
OKEx charges the following fees from traders registered on the platform.
Deposit and Withdrawal Fees
There are no OKEx deposit fees as such charged from the traders, but there is a small withdrawal fee charged from traders, but that is also very low as compared to what other similar cryptocurrency exchanges charge from their registered traders; 0.0005 BTC in the case of bitcoin, 0.01 in case of Ethereum, and 0.15 in case of Ripple. These are sometimes called twork fees instead of withdrawal fees, as they are determined by the blockchain load of each digital asset on the exchange.
OKEx is one of the top crypto spot and derivatives exchanges in the world, and therefore the trading fee structure of OKEx is slightly different from other crypto exchanges. OKEx’s trading fee structure is dependent on whether a trader is a market maker or a market taker. However, the majority of crypto traders are market takers rather than market makers because of the huge number of securities needed to validate a trader as a market maker.
The trading fees for market takers charged by OKEx are a maximum of 0.15% for spot trading for traders with less than 500 OKB tokens. However, the maker/taker fee can be reduced to 0.06% and 0.09%, respectively, if the traders hold over 2,000 OKB tokens within the OKEx wallet.
The maker and taker fees for futures and other perpetual markets begin at 0.02% and 0.05%, respectively, which can also be reduced depending on the OKB tokens held in the trading account. Thus, OKEx trading fees are more competitive. High net worth traders with a huge trading volume during a 30-day period can also avail further rebates and trading fee discounts.
OKEx offers margin trading, which means that the platform allows its registered traders to borrow funds from their crypto exchanges. It is a tool that allows traders to open a position with more capital than what was initially deposited. OKEx provides a margin trading ratio (or leverage ratio) of 10:1 and 20:1, and 100:1 when traders choose to buy tokens through the perpetual swap contracts. Therefore, the platform charges a fixed interest on any position that is held overnight. OKEx charges a margin interest rate whenever tokens are borrowed.
OKEx Exchange Review- Margin Trading
User Experience on OKEx Exchange
The users are happy and satisfied with the world-class features that the OKEx platform offers. The website’s interface is very easy and anyone, even if without prior experience of operating on such platforms, can easily execute trades on OKEx. The security, usability, competitive trading fees, excellent customer service, and high liquidity are some of the points which have yielded commendable performances for OKEx, and thus, it has become one of the top crypto exchanges in the world.
OKEx Mobile App Experience
Explore the OKEx App
OKEx offers a user-friendly mobile application that can be easily downloaded from Apple Store or Google Play. During OKEx review, we decided to find out the advanced features of the OKEx mobile app and what we found out is that the OKEx mobile app serves as an all-in-one crypto trading crypto platform for traders. It allows traders to buy and sell cryptocurrencies in all forms available – be it spot or derivatives, provides real-time view of streaming quotes, allows storage of crypto coins on its own built-in digital wallet, allows for easy deposit and withdrawal of funds, and also provides subscription to updated crypto news. Moreover, the app has easy-to-use interface that attracts both the newbies as well as professional traders.
OKEx is available to more than 100 countries in the world with the following exceptions – Hongkong, US and its territories, North Korea, Sudan, Malaysia, Cuba, Ecuador, Iran, Syria, Bangladesh, Bolivia, and Kyrgyzstan.
Regulation and Security
OKEx is registered in Hong Kong and Malta and offers trading services that are VFAA compliant. VFAA or the Virtual Financial Asset Act is a regulated authority under Malta Financial Services. As for security, it is one of the safest crypto trading platforms in the world that has never been hacked and thus does not have any negative reviews against it.
The token security at OKEx is based on the core ‘private key encryption, algorithm, with the hot and cold wallet technology developed on the basis of advanced privacy encryption technology. Moreover, to secure traders’ accounts from unauthorized access, OKEx uses 2-factor authentication, Email verification codes, and Mobile verification code for withdrawal of funds as well as for other security settings.
OKEx offers 24/7 online customer support to its registered users to help them solve any technical or trading issues. The customer support team can be contacted via phone, email-based ticketing, WhatsApp, or live chat available on both the versions- desktop and mobile app. Moreover, there is a great FAQ section along with another interesting section called “join the community,” where users can get their issues answered as well as communicate with other members of the community.
OKEx is one of the best cryptocurrency exchanges in the world that caters to the needs of both beginners as well as professional traders. The competitive fee structure at OKEx serves as a plus point for the exchange. OKEx’s orientation towards the Chinese market is evident from the fact that it supports CNY (Chinese Yuan), encryption which helps OKEx to evolve stronger in the international markets, thereby catering to wider audiences.
Is OKEx a Good Exchange?
Yes, OKEx is a very good exchange for cryptocurrency trading in all forms, be it spot, derivatives, futures contracts, options, etc.
Does OKEx Require KYC?
OKEx does not require KYC verification at the time of registration, but if any trader wishes to withdraw more than 100 Bitcoins within 24 hours then the exchange might ask for KYC compliances.
Can US Citizens Use OKEx?
No, US customers cannot use OKEx due to strict regulations that are beyond the exchange’s control.
Is OKEx Safe to Use?
Yes, it is one of the safest cryptocurrency exchanges with the most advanced encryption technology that secures the platform from hackers.
Can I Deposit Fiat on OKEx?
No, OKEx only allows cryptocurrency deposits to its exchange.
How Do I Get My Money Back From OKEx?
Money can be withdrawn by the traders any time they wish to, by filling a withdrawal form and paying the required withdrawal fees.