Cryptocurrency Exchange

Complete Review On OKEx Crypto Exchange 2020

OKEx Exchange - One Of The Largest Cryptocurrency Exchange In The World. Get a detailed review on this Exchange.

Overview

Legal NameOKex Exchange
HeadquartersMalta
CEOJay Hao
Year Founded2017
Exchange TypeCentralized
Trading FeesMaker: 0.10%/ Taker: 0.15%
Deposit MethodsWire Transfer, Credit Card and Cryptocurrency
Supported Cryptos200+ cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more
FiatChinese Yuan (CNY)
Customer ServiceEmail, Phone
Trading OptionsSpot Trading, Margin Trading

Investing and trading in the cryptocurrencies has grown to a large extent in the recent years. Traders and investors are always searching for a platform that is quick and stable, has good customer service, has well-protected infrastructure and where the investment is safe.

The Okex exchange is one of the leading cryptocurrency exchanges that allows users to trade on hundreds of digital assets.

But is the Okex exchange safe? Is it worth considering?

In this article, we will provide you with the complete guide on the OKex exchange and look into its aspects such as its features, fees, pros and cons and much more. Let us look into detail in this OKex exchange review now,

What is OKex?

OKEx is a Malta-based exchange which is currently considered as one of the largest crypto-to-crypto exchanges in the world. OKEx has its offices located in Malta, Hong Kong, Beijing and Malaysia.

OKex offers their users the opportunity to trade Futures, perpetual swaps and options markets. These options give the traders a unique way to trade the crypto markets.

OKex has served millions of users in more than 100 countries with a BTC futures trade daily volume of over $1.5 Billion. OKEx is currently ranked 11th by trading volume according to Coinmarketcap.

OKex Features

  1. C2C trading platform: OKEx’s C2C trading platform is similar to an Over the Counter (OTC) trading desk. It allows users to trade a selection of cryptocurrencies amongst themselves in an effective manner.
  2.  Futures contracts: This allows trading of the cryptocurrency at a predetermined price at a future date, irrespective of the market conditions. OKEx has a peer to peer leveraged trading platform.
  3.  Perpetual Swap: In the OKEx’s Perpetual Swap, the profits and losses of the traders are realised and settled twice a day and trading up to 100x leverage is available.
  4. Security: OKEX operates a secure hot and cold wallet security procedure. This means that the majority of their funds are stored offline in a cold environment and is protected from hackers.
  5. Customer Support: OKex offers responsive customer support through phone as well as an email-based ticketing system and several messaging apps and social media channels.

OKex Fees and Limits

The trading fees for takers charged by the exchange are 0.15%. This fee is slightly below the industry average which is around 0.25%. OKEx also offers a discount for the makers in the trades, who are charged at 0.10%.

The exchange has a discount system through which you pay lower trading fees the more you trade. This trading platform charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. The deposit methods include Wire Transfer, Credit card and cryptocurrencies.

OKex Supported Currencies

The OKex exchange supports over 200+ cryptocurrencies. Some of the major ones include:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Dash (DASH)
  • Dogecoin (DOG)
  • Litecoin (LTC) 
  • Stellar Lumens (XLM)
  • EOS (EOS)
  • Ethereum Classic (ETC)
  • Ethereum (ETH)
  • Gnosis (GNO)
  • Iconomi (ICN)
  • Melon (MLN)
  • Augur (REP)
  • Tether (USDT)
  • Monero (XMR)
  • Ripple (XRP)
  • Zcash (ZEC)

The only fiat currency supported by the OKex exchange include

  • Chinese Yuan (CNY)

OKex Mobile App

The OKEx exchange offers both iOS and Android apps for trading on the go. You can download these apps via the official Apple Store or Google play store.

How to register on OKex?

Step 1: Navigate to the official website and click on the ‘Signup’ button on the top right corner of the screen

Step 2: Enter your email address and choose a strong password.

Step 3: Then tick the box of the terms and conditions and then click on ‘signup’ in the centre down of the screen.

Step 4: Now click your account name for a drop-down menu and select “verification”. Then provide your information to complete the verification.

Step 5: For linking a mobile number, select Security in the same drop-down menu. Then link your mobile number under “Authentication”.

How to recover the OKex password?

Go to the OKex home page, and then click the “Forgot password” option in the login box. Enter your registered email address and follow the instructions to generate a new password.

How to deposit on OKex?

Step 1: Login to your account and then click the “Assets” Option

Step 2: Enter the currency you would like to deposit

Step 3: Then enter the network protocol and the deposit address

Step 4: Finally click the “Deposit” Option.

How to withdraw on OKex? 

Step 1: Login to your account and then click the “Assets” Option

Step 2: Enter the currency you would like to withdraw.

Step 3: Then enter the network protocol and the withdrawal address

Step 4: Finally click the “Withdraw” Option.

How to buy cryptocurrencies on OKex?

Step 1: Login to your account. Go to C2C Dashboard

Step 2: Select the currency and digital asset you wish to trade with.

Step 3: Select an order of your desired price in the book to buy.

Step 4: Select the size/total amount of your order and confirm.

Step 5: Then select “I have paid”. Once the seller confirms the receipt of your payment, they will release the tokens.

How to sell cryptocurrencies on OKex?

Step 1: Login to your account. Go to C2C Dashboard

Step 2: Select the currency and digital asset you wish to trade with.

Step 3: Select an order of your desired price in the book to sell.

Step 4: Select the size/total amount of your order and confirm.

Step 5: Wait for the buyer to transfer the payment. Please make sure that you have received the payment before releasing the tokens

OKex Pros and Cons

Pros

  • Simple and easy to use charts
  • Over 100 cryptocurrencies supported
  • Fiat to cryptocurrency support
  • High-level trading platform
  • Leverage trading
  • In built software wallet

Cons

  • Not available in the US
  • Can be complicated to use
  • No Demo Account
  • CNY only fiat currency supported

Conclusion

OKEx Exchange has a simple and easy to use interface. This makes it a perfect exchange option for customers. The exchange features a large number of listed coins with various functions and competitive trading fees.

Derivatives trading is another function that puts OKEx among one of the most utilized trading platforms in the market with a great track record of security. Thus OKEx being one of the largest exchanges in the world, comes out as a reliable platform for traders of all types.

Okex - 8.2

8.2

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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