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OKEX is a relatively new platform for digital asset exchanges. It’s a branch of OKCoin. There are quite a few things which need to be considered if you’re trying to decide whether to trust the platform. Below is our comprehensive OKEx review, outlining the benefits, the drawbacks and everything in between.
What is OKEx?
OKEx is a cryptocurrency exchange platform which allows you to trade with different cryptocurrencies. It was officially launched by OKCoin.com. The latter, however, ceased its futures trading back on the 30th of May in 2017. This is where OKEx picked up. The API was introduced to the users for the first time on the 7th of June in 2017.
- The company is registered in Belize and it has an official address for correspondence at 255 Glocester Road, Causeway Bay, and Hong Kong.
- It is important to note that up until recently, the website was entirely in Chinese since that used to be the main target market. However, for quite some time the entire exchange platform is professionally translated into English and it accepts traders from all over the world.
- The team behind the platform is pretty reliable. Chris Lee is heading the OKEx exchange as a CEO. Backed by Tim Byun as CRO and Andy Cheung as COO, together they share decades of professional experience of crypto trading, micro and macro management as well as sheer operational knowledge.
Leading into more specific details, there are a few important things which have to be taken into account. Let’s have a look.
- One of the best things to consider about OKEX is that there are no limitations set for you. This provides substantial opportunities.
- Since this is an exchange, after choosing the pair that you’d want to trade, you’d have to use the corresponding currency for buying or selling.
- The platform itself allows deposits in BTC, LTC, ETH, ETC, BCH, XRP, and XEM.
- When it comes to withdrawing, you will be able to withdraw in BTC, LTC, ETH, and ETC.
- There are several available altcoins supported on OKex.
- There are a few different tiers of accounts that you can have depending on the trading volume and your overall activities.
- The fees are set per tier. The maker fee can range between 0.15% and 0.02% depending on your tier.
- The taker fee can range from 0.2% to 0.05% depending on your tier.
- While it’s highly recommended to verify your account by providing ID information, you can also trade without it.
- The trading limit for unverified accounts is set to 1,000 BTC per day.
- Email verification is necessary to begin trading.
- T+ 0 Free Exchange – you would be able to trade 7 days a week, 24 hours a day in a secure and stable manner.
- Futures Trading – this is one of the primary services of the exchange and you ought to keep it in mind.
Is OKEx Safe?
The platform supposedly has implemented state of the art measures for its security. As a matter of fact, it has mentioned the steps which are integrated to ensure that the assets which are on the platform are guaranteed and backed.
- Only a limited amount of bitcoins are stored in the cold wallet addresses as a convenient preventive measure.
- Offsite backup is setup and it’s under constant monitoring and security as it stores encrypted private key paper documents.
- Private Key holders and individuals who are able to retrieve encrypted private keys are not the same people.
- Once there is a private key which is used to transfer BTC out of an address, this particular address is never used for deposits again.
- State of the art encryption protocols integrated within the contemporary Cold Wallet.
- Private keys never have and have never had contact with USBs or internet.
However, despite all of these claims and promises, back in October 2017, news spread like wildfire that accounts in the exchange have been attacked.
While the exact amount of the theft was never unveiled, the company did come up with a public announcement and revealed that most of the accounts, even though they weren’t that many, were hacked due to reasons which were out of their control. The first example was password type which is too simple and incredibly insecure.
There is no reason to believe that this is an exchange which isn’t reliable or is a scam. It is operating for a long period of time and it has never put its users in jeopardy.
How to Use OKEx?
Using the OKEx exchange platform is not hard at all. As a matter of fact, it’s quite simplified, which is something to be noted as a pro.
- The first thing that you need to do is to get your account registered. This is quite simple. You go to their website and navigate to the registration page. You’d be required to input your email and verify it.
- You will receive a verification link on your email and as soon as your account is activated, you can start trading.
- No further verification is needed at this point, but if you want to lift the 1,000 BTC/day verification you should provide additional information as requested.
- Once all of the above is done, you just have to input your OKEx login and password and you are good to go.
- To buy you have to navigate to the exchange and select the cryptocurrency pair that you are interested in.
- You will immediately see the opened orders.
- Select one which you find attractive based on current prices and so forth.
- Enter the amount that you want to purchase and confirm the deal.
- You would have to navigate to the exchange and once again select the pair that you are interested in selling.
- You would be pointed towards the current exchange rate as per the selected pair
- You would have to input the amount of currency that you want to sell.
- Wait until someone finds your offer acceptable and executes the trade.
There is absolutely nothing challenging and the entire process takes no more than 10 minutes to get a hold on.
OKEx Review Summary
We’d have to say that the OKEX Exchange is one that is definitely rather appealing and appropriate. It is great for new traders because it supports the wide majority of cryptocurrencies. At the same time, it is great for high rollers due to the fact that there are no substantial limitations. What is more, you can trade up to 1,000 BTC per day without even getting your account verified.
Of course, we would have to take a look at the pros and cons:
- Safe exchange with a lot of experience.
- A broad range of cryptocurrencies.
- Futures trading.
- Comprehensive and easy trading experience.
- Relatively low maker and taker fees.
- There are far too many cryptocurrencies which could confuse beginners.
- Futures trading might be a bit challenging for the novice.
In any case, we are positive that this is an exchange that you can trust. We did a very comprehensive research and went through numerous user reviews and we couldn’t find a lot of complaints. This is incredibly indicative, especially when it comes to an exchange. It’s safe to say that it’s not an OKEx scam.
It’s great for all types of traders, regardless of their experience, as getting used to the interface doesn’t really take more than a few minutes. There is a comprehensive FAQ section as well which is going to answer all of your questions.
We hope that you’ve found this OKEX exchange review helpful and thorough. If you still want to check out your other options, take a look at our website. You’ll find plenty of information on some of the best exchanges and lots of news from the crypto world!