One of the largest cryptocurrency exchanges in the world, OKEx exchange regularly features among the top 10 global exchanges by 24-hour trade volume. OKEx exchange offers both crypto-to-crypto and fiat-to-crypto trading on over 100 digital currencies. Moreover, OKEx also offers fees for market makers and taker. With discounted fees for high-volume traders, fees start at 0.15% and 0.2% respectively.
How OKEx is the best exchange for you?? We are going to use the platform to gather a lot of information about the Crypto exchange platform to help you decide.
OKEx Exchange Review
What is OKEx?
A digital asset trading platform with tools and options, OKEx is designed to suit both beginner and experienced traders. OKEx exchange is the second-largest cryptocurrency exchange in the coinmarketcap by volume. OKEx came into existence in the year 2014 in China, offering its services to millions of users in over 100 countries. The OKEx exchange native coin is OKB. The total supply of OKB is 1 billion.
60% of the supply (600 million) is given to OKEx exchange users for community building through marketing campaigns. Every day, its Bitcoin future arm alone makes around $1.5 billion in volume. OKEx was planning to have an office in Malta and recently it got a new office in the crypto-friendly island nation of Malta. OKEX Technology Company Limited operates OKEx. It is the child of OKCoin exchange, the brainchild of investor Star Xu.
On the right top corner, click ‘sign-up’. Enter your email address. A code is sent to your email id. Enter the code for verification. Enter the password and start using the platform.
How to Trade on OKEx Exchange?
To trade on OKEx, you need to create an account. But you can view a number of trades offered by accessing its “Charts” option in the top header. The charts consist of trading pairs, which includes USDT, BTC, ETH, and the exchange’s native coin, OKB. Also, OKEx displays its available futures and a convenient index for selected coins. At the top, you will see a few options for trading.
OKEx OTC Trading
OKEx crypto exchange offers a unique trading system, where it acts as a stand-alone desktop platform. Trading between fiat currency and the digital asset is fast, safe and convenient. Trades are done between individual OKEx users, setting their own prices in a safe and moderated portal.
If you open the OTC screen, you will see the option to buy or sell at set prices on the right, order book, and a list of supported currencies on the left.
The order book is a professional mode, which can be purchased or sold on the same interface. Above prices, you will also see the option to choose between Verified Traders or Individual Traders.
Bitcoin and Litecoin are in USD. You will come to know Digital asset’s value by its comparison to another currency. For example, currency pair BTC/USD represents how much USD is required to buy one BTC, or how much USD will be received for selling one BTC.
Click margin trading in the drop down of spot trading or click 3x inside spot trading.
Eventually, debit is used by leverages to maximize the potential return in spot trading.
You can borrow tokens from OKEx exchange, with 3 times of your capital. Therefore your potential return is multiplied, but so is your potential loss.
The margin trading advantages are hourly interest, super low interest, multiplied return(3x).
Under contracts, there is future and perpetual trading. Due to the relative complexity and high risk of the cryptocurrency derivatives market, OKEx crypto exchange asks all traders to read and agree to its proprietary user agreement. Utilizing leverage can mean big gains as well as big losses in a short space of time.
OKEx maintains eight coins for OKEx futures trading – BTC, LTC, ETH, ETC, BCH, XRP, EOS, and BTG.
OKEx Perpetual Swap is the virtual derivative product that is located in digital tokens such as Bitcoins (BTC). Face value of each swap contract has 100 USD. Traders can also get high position to profit from the increase of a digital asset’s price or low position to profit from the decline of a digital asset’s price. The range of the Leverage is 1-100x.
OKEx offers fees for market maker and taker. With discounted fees for high-volume traders, fees start at 0.15% and 0.2% respectively. OKEx crypto exchange offers a volume-based maker-taker fee schedule:
To be eligible for a tier, you should have minimum trading volume requirements of either Futures or Spot. Example: Your Futures trading volume in the last 30 days is 20000 BTC (Rank5) and Spot Trading volume is 1000 BTC (Rank4), you are then eligible as a Rank5 user and you get discounted fees of the tier for both Futures and Spot Trading.
Spot Trading :
Example: If you trade OMG/BTC, XUC/BTC, BTC/USDT, LTC/ETH and BCH/USDT, the system will record the transactions in BTC, ETH, USDT according to the prices at that time. Then it will calculate the total trading volume of BTC, ETH and USDT in BTC equivalent at 0:00 UTC+8.
OKEx Futures Trading:
Example: As you trade BTC, ETH and EOS futures today, the system will record all the contracts in USD equivalent (contract face value). Then, it will calculate your total trading volume in BTC equivalent tomorrow at 00:00 UTC+8.
Example: If you create a 999USD maker order and the current market price is 1000USD, then the order will not be filled. It will be displayed on the order book, allowing others to take the order. Once the order is filled, the maker will pay the maker fee and taker will pay the taker fee.
Futures settlement fee is not affected by your tier (0.015% for BTC, 0.05% for other tokens); no fee for forced liquidation.
24hr Withdrawal Limit:
The limit to withdraw all your digital assets in the account in a day is in BTC equivalent. You can contact customer service manager if you wish to increase the limit. Example: A tier 1 user, withdrawal limit is 100 BTC equivalent, after withdrawing 50 BTC, 25 BTC worth of OMG and 15 BTC worth of XUC, you will have a withdrawal limit balance of 10 BTC. Thus, to withdraw 20 BTC worth of XRP, you have to wait until the next day or contact customer service to increase the limit.
The 24hr withdrawal limit varies based on the user’s KYC (KYC 1 ≤2BTC, KYC 2 ≤100BTC).
- Friendly user interface.
- Can Buy and sell more than 100 cryptocurrencies.
- Futures trading and spot trading available.
- One of the largest company with large trade volumes.
- Mobile app still in beta testing the phase.
- Futures trading is not for beginners.
Dec 9, 2019: OKEx is introducing Tiered Maintenance Margin Ratio System for Spot Margin Trading. The spot margin trading will go live from 07:00-08:00 Dec 9, 2019 (UTC). This spot trading will lower the leverage risk and increase borrowing limits claims OKEx exchange.
Nov 14, 2019: OKEx has announced the launch of their USDT- margined futures. The USDT-margined futures lean towards BTC at the moment. However, it also supports ETH, BCH, EOS, XRP, BSV, and TRX USDT pairs. Moreover, Users can settle futures in the stablecoin USDT, with leverage ranging from 0.01 to 100x.
Aug 27, 2019: The exchange announced to introduce stop-limit orders. This new offering that enables traders to achieve trading targets and optimize their exit strategies.
By reviewing all points that have been outlined so far, OKEx is one of the leading cryptocurrency exchange platforms. For the different level of investment needs the OKEX exchange got a wide range of tools and trading platform. Well-designed interface and contains a lot of different trading options and views. Complete beginners find it difficult to start, but once they get used to it, trading becomes easy for them. With strict stance on verification, OKEx exchange also has 2-factor authentication along with mobile verification. Overall, it is the best platform right now to trade.