Crypto ExchangesReview

OKEx Exchange Review 2020 – Details, Trading Fees & Features

OKEx is a cryptocurrency exchange that provides financial services to traders around the world by using its technology. It seeks to provide a safe, reliable, and stable environment for digital asset trading.

OKEx exchange offers its users hundreds of trading pairs to help them in building their strategy. It is also considered one of the top crypto exchanges when it comes to trading volume.

The platform is recognized and serves millions of users in over 100 countries. It is also known for its gold standard within the crypto exchange industry.

In addition, OKEx also develops and creates products and services according to the customer’s needs. It also provides ideas and suggestions to offer the best available trading experiences in the industry.

OKex Exchange Details

Websitehttps://www.okex.com/
Available on mobileYes
Number of supported coins/tokens133
Number of supported trading pairs400
Native tokenOKT
Supported fiat currencyUSD, EUR, GBP, KRW, JPY, RUB, TRY, USH, and many more
CEOJay Hao
HQ LocationMalta

History Overview

OKEx was founded by Chinese businessman Star Xu in 2017 and was headquartered in China. This exchange complies with all the rules and regulations set by the Chinese government.

In 2018, the exchange relocated to Malta, a place with a friendlier environment and regulation when it comes to blockchain-related activities. OKEx is affiliated with the OK Group, a blockchain technology company founded in 2013.

Platform Interface

OKEx provides its users with a variety of trading options that range from placing limit orders to stop-loss orders and margin trading. It also allows fiat-to-crypto trades aside from crypto-to-crypto pairs. In fact, many consider the platform an excellent fiat-to-crypto gateway.

OkEx Website Interface
OKEx Website Interface

Key Features and Functions

There are hundreds of cryptocurrencies that represent billions of dollars’ worth in market capitalization today. While Bitcoin is the incontestable leader in the market, altcoins such as XRP, ETH, LTC, and more are fairly traded on top crypto exchanges like OKEx. Here are some of OKEx’s key features and functions that users can avail in the platform.

  1. Crypto-to-crypto and crypto-to-fiat trading pairs – This feature enables customers to purchase directly in the exchange, unlike others that offer only crypto-to-fiat trading pairs.
  2. Customer-to-customer (C2C) trading platform – This allows users to trade in a selection of cryptocurrencies among themselves. This is similar to an over-the-counter (OTC) trading desk that accepts fiat payments.
  3. Spot and Margin trading – The Spot trading feature in the platform authorizes users to buy and sell digital assets instantly using their available funds. On the other hand, Margin trading allows users to borrow funds so that they can increase their profit.
  4. Futures contracts – Using this feature provides users the option to trade cryptocurrency at a predetermined price at a future date. It also allows them to set their margin loss upon entering the futures contract.
  5. Perpetual swaps – This feature allows its traders to buy and sell contracts that do not expire and that function as sound bets on the future value of a cryptocurrency.
  6. Integrated storage wallet – OKEx has a mobile app that can be downloaded via the App Store and Google Play Store for seamless on-the-go trading experience.

It provides an extra layer of security and storage for multiple crypto assets.

Supported Cryptocurrencies

OKEx supports a multitude of cryptocurrencies and provides a wide range of options for traders and investors. These available cryptocurrencies can be easily traded against fiat currencies.

Bitcoin (BTC)Bitcoin Cash (BCH)Ethereum (ETH)Ethereum Classic (ETC)Tether (USDT)
Litecoin (LTC)EOS (EOS)Qtum (QTUM)NEO (NEO)Ontology (ONT)
Mithril (MITH)Nano (NANO)FirstBlood (1ST)Ark (ARK)Bitcoin Diamond (BCD)
Bitcoin Gold (BTG)Zilliqa (ZIL)DigiByte (DGB)Stellar (XLM)Monero (XMR)

Deposit/Withdrawal/Trading Fees

OKEx uses a maker-and-taker fee model to encourage more placement of orders and liquidity. The trading fee for takers charged by the platform is 0.15%, which is slightly below the industry average. This fee is exacted when the trade order matches with an existing order on the book.

On the other hand, OKEx has a cheaper maker fee than its taker fee. The maker fee can be payable as long as the order is still available and has not yet been matched with an existing order in the platform. Its fee typically starts from .10%.

In addition, OKEx has a VIP program to reward its users who frequently use the platform for trading. Users who hold more of OKEx’s token (OKB) and have a higher 30-day trading volume can be eligible to receive discounts from the maker and taker fees. In short, the higher level of VIP, the higher OKEx fee discounts or rebates they can receive.

Source: OKEx
Source: OKEx

Accepted Payment Methods

OKEx is highly competitive when it comes to payment options for customers depending on location. The exchange has a dedicated customer care team to support its clients regarding their payment transactions.

OKEx payment methods include:

    • Bank transfer
    • Credit and debit cards
    • Alipay system
    • Cryptocurrency transfer from an off-exchange wallet or from a separate exchange to the OKEx exchange
    • WeChat network payments

Controversies & Issues

The OKEx exchange platform has faced many challenges in the past years. In November 2018, the exchange gave the traders a big surprise when it changed its terms of the Bitcoin Cash contract and forced an early settlement on the same contract. The exchange explained that it was done only to protect its users from any volatility which may happen out of the Bitcoin Cash split. This event has caused some traders to lose money, amounting to over $700,000.

In addition, according to Twitter user Whale Alert in September 2019, there was a huge fund amounting to $270 million was sent out from the exchange to an unknown wallet. This triggered the OKEx community to panic causing Jay How, the exchange’s CEO, to announce on Twitter that it was only a scheduled maintenance. No one in the exchange community reported any losses.

Pros and Cons

OKEx exchange has a simple and user-friendly interface. It also features a large number of listed coins with different functions and competitive trading fees. However, the platform also has a room for improvement when it comes to transparency regarding the accuracy of its daily figures. Listed below are more of the exchange’s pros and cons.

Pros

  • Great record with no validated hacks so far
  • Wide range of functions available for crypto-traders
  • Built-in software wallet in its app for convenient on-the-go trading
  • Fiat-to-crypto trading options

Cons

    • The platform is forbidden in the U.S.
    • The platform does not say if it has insurance in the event of failures
    • The platform has a low mobile app rating on Android and iOS

Final Score

    • Services offered: 4.5/5
    • Cryptocurrency support: 4/5
    • Fees: 4/5
    • Security: 3.5/5
    • Review Score: 4/5

Summary

OKEx is a cryptocurrency exchange that started its operations in 2017 by a Chinese businessman. It was relocated to Malta in 2018. Its fiat deposit options, bank transfers, and a variety of trading options make the crypto exchange a popular choice for crypto users. It is also a cryptocurrency asset exchange that is protected by bank-level encryption and a secure cold storage for digital assets.

FAQs

>Is OKEx available in the US?

As of now, the crypto exchange is still not available to US citizens or residents.

>Is there a mobile trading app for OKEx?

Yes, the mobile trading app is available for download on iOS and Android devices.

>How to avail discounted fees in OKEx?

To get the lowest fees and discounts, use OKB coin, the native digital asset of the exchange.

>What is the OKEx token (OKB)? (Exchange-based token)

OKB is an ERC20 token issued under the Ethereum platform. It is the native digital asset of the OKEx exchange, one of the leading exchanges in the crypto market by trading volume. The exchange was founded in 2017

The token was developed by the OK Blockchain Foundation and was designed to be a global utility token. It aims to be a gateway to the crypto industry’s advancement by connecting digital asset projects to OKEx users and crypto investors.

OKB can be used to pay all the premium services offered in the network. It can be purchased and traded in the list of exchanges it is currently listed.

>Is OKEx available on Telegram?

Yes, the OKEx Telegram is available with several language selections to choose from.

>Is OKEx legit and safe for trading?

Yes, it is one of the high-level crypto exchanges in the world. It also uses a highly-secure cold storage and bank-level security measures to ensure the protection of digital assets in the platform.

Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as informative material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Always make sure to do in-depth research prior to engaging or investing in any cryptocurrencies.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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