What is OKEx?
OKEx, situated in Belize, was founded in 2014 by Star XU and is a digital asset and cryptocurrency exchange that has divided opinions.
OKEx is a Malta-based cryptocurrency exchange that is now regarded as one of the world's largest crypto-to-crypto exchanges. In addition to Malta, OKEx maintains offices in Malaysia, Beijing, and Hong Kong.
The exchange itself is packed with features and boasts remarkable volume stats, attracting massive volumes for numerous trading pairs and frequently outperforming the general market. However, there have been multiple reports that much of the volume is just wash trading, which the exchange orchestrates to entice real traders to the platform.
OKEx has grown to meet market demand for additional flexibility and features in crypto trading, adding features such as credit card purchases, futures and options trading, and a perpetual contract with up to 100x leverage.
OKEx also has its own token, OKB, h provides a trading fee discount if the trader's user account possesses enough of it according to their fee tier list.
|· Financing and trade fees are both quite modest.
· It acts relatively PayPal payment mode.
· There is no deposit cost, and the withdrawal, as well as trading fees, is minimal.
· Deposits in fiat cash are accepted.
· This platform's mobile app is extremely user-friendly.
· One can access the most diverse collection of one-of-a-kind digital asset currencies.
· You will be able to trade derivatives and spot markets.
· Customer service is available 24.....
· The trading platform is advanced, and you will have access to the most comprehensive choice of professional trading options.
|· It is not accessible to all citizens of the United States.
· In regards to withdrawal transfers, there are some restrictions.
· All of the client feedback has not been great.
· Only CNY flat is currently supported.
10 Points Summary
|Regulation||Self-Regulated Organization (SRO), SFC|
|Instruments||The exchange currently supports over 100 cryptos and tokens, with new ones being added regularly.|
|Base Currencies||Several base currencies supported|
OKEx has come up with several rewards and referral programs to encourage online trading in their platform. For example, by recommending your friends to open accounts on OKEx and begin trading, you can earn incentives through the OKEx Referral programme. You will receive a $10 reward if any referral of yours completes the assigned tasks given in the platform within 180 days of their registration. For more details on the referral programs, you can refer to their website.
Is OKEx safe or a scam?
OKEx appears to be a secure cryptocurrency exchange, with various security safeguards on its site to safeguard client data and assets. OKEx has never been hacked or been the victim of a serious compromise or breach of security. However, millions of Bitcoin were reported to have been moved from OKEX in 2017, raising suspicions of a hacking issue in the exchange. CEO Jay Hao, on the other hand, explained that this was due to routine maintenance.
|· Pro trading options include futures, fiat currency, and cryptocurrency support.
· Self-Regulated Exchange
· The platform for high-level trade
· Trading with leverage
· Low Fees
|· Currently Focuses on the Chinese market only|
Is OKEx a legit company?
Yes. OKEx exists for more than six years with no substantial fund losses. While there have been a few "blips" along the way, OKEx has an excellent track record compared to some other cryptocurrency exchanges, a few of which have shut down due to massive breaches or a failure to foresee regulatory changes.
OKEx's service offerings have likewise continued to evolve and expand. It presently offers a diverse range of products across the board, including mining pools and financing, both of which are difficult to obtain on other exchanges. In addition, the OKEx interface is streamlined and intuitive, with no glaring oversights or errors, but not being as professional as some top exchanges.
How are you protected?
As one of the world's largest cryptocurrency exchanges with significant financial backing, it's reasonable to expect that OKEx's cybersecurity architecture meets industry best practices. For example, GSLB, distributed server clusters, and multi-signature cold storage wallets are among the security features listed by the exchange.
Several account holders of OKEx complained in October 2017 that their accounts had been hacked and their bitcoin assets had been taken. According to the exchange, the failure of account holders to secure their accounts and make passwords and logins available, according to the exchange, is to blame.
Suggestions that the exchange's security measures were inadequate were debunked, and clients were given new account and wallet security instructions.
OKEx is registered in Hong Kong and Malta and complies with the Malta Financial Services Authority's Virtual Financial Asset Act ("VFAA").
The platform's token security is based on an industry-standard hot and cold wallet technology and a core private essential encryption technique.
The team has developed the industry's most potent privacy encryption technology, which supports the following features:
- Two-factor authentication
- The security settings and fund withdrawal process needs to undergo mobile verification (code)
- Codes for email verification
At OKEX, the maximum leverage is 1:20. While this may appear insignificant, it is significant compared to the ratios offered by some forex brokers (such as XM's 1:888).
The fundamental reason for this is that cryptocurrencies are much more volatile than standard forex pairings, seldom seeing daily changes above 1-2 per cent.
What is the risk level?
- 5x leverage - 125 per cent risk ratio
- 3x leverage - 150 per cent risk ratio (remains unchanged)
- All trading pairs' anticipated margin call ratios will be increased to 120 per cent, but the margin call ratio will stay at 110 per cent. Traders will receive an SMS alert in both circumstances.
- A risk ratio of 120 per cent indicates that the asset is considered high-risk.
- A risk-to-reward ratio of 110 per cent - There will be a forced liquidation.
OKEx provides a variety of accounts to help users manage their assets and risks more efficiently. The holdings in every account are separate and inter-transferable. Users must, for example, move funds to their appropriate derivatives or spot accounts through the port of fund transfer in advance if they want to trade spot or derivatives.
These different types of accounts ensure that the traders get additional trading facilities while using them. As a result, OKEx is a popular trading exchange platform due to such diversity.
What are the account types?
There are as many nine types of accounts that are available on the OKEx trading platform. They are as follows:
Margin Account, Funding Account, Perpetual Swap Account, Futures Account, Fiat Account, Savings Account, Mining Account, and Options Account are several types of accounts available.
Managing nine different accounts can be intimidating, especially when you have to keep up with the ever-changing market 24 hours a day, seven days a week. However, the accounts are tailored to meet your trading requirements, allowing you to get the most out of them at all times.
How do I open an OKEx account?
Getting started with your OKEx customer account is very simple. It will be customised to your expertise with bitcoin, whether you're new to investing or a seasoned trader, in just a few minutes.
Opening an account step by step:
To assist you in opening an account with OKEx, here is a brief guide.
- Ensure you have your email opened in a separate window before you begin. This will aid in the speeding up of the procedure.
- Now go to the OKEx home page, which is located at.www.okex.com
- Click the 'Sign Up' button in the top right corner of the screen.
- A 'Sign Up' window will appear on your screen as a result of this action. Next, select the 'Email' field with your mouse and input your email address.
- When you do this, the 'Get Code' button, which is located just below and to the right of the 'Email' box, will turn a solid blue colour, suggesting that you can now click it.
- When you click this, a six-digit number will be emailed to the email address you provided before.
- You will get 60 seconds from the system to find the number and type it into the section labelled "Input Verification Code."
- It's now time to go to your email inbox.
- You should get an automatic message from OKEx servers in your unread messages very soon.
- Your verification code (six-digit) is included in this message.
- Make a note of the verification code, or copy it by highlighting the number with your mouse, right-clicking, selecting 'copy,' or highlighting the number and pressing 'Ctrl-C' on your computer keyboard.
- Return to the OKEx' Sign Up' screen window and enter the six-digit verification code into the 'Input Verification Code' form.
- You may then paste it in by selecting the field, right-clicking, choosing paste, or typing the 'Ctrl-V' key on your keyboard.
- After you've entered the code, you'll be prompted to create a password for your account that is both secure and safe.
- In the 'Password' field, type your password.
(Make sure your password contains a mix of numbers, characters, symbols, lower and upper case text, and a phrase that is easy to remember.)
(Keep in mind that you should never provide your password with anyone, including anyone pretending to work at OKEx.)
- After you've chosen and entered your password, you'll be asked to confirm it by typing it in the 'Confirm Password' form a second time.
- After you've completed this and the system has recognised that both passwords are the same, you can go to the next step.
- Move your cursor to the small check box in the bottom left corner of the 'Confirm Password' area.
- When you click it, a tick will appear in the box, indicating that you have read and comprehended OKEx's Terms of Service.
- The large blue 'Sign Up' button below will be highlighted in blue once the box is ticked, suggesting that you can now pick it.
- To finish the procedure, click the massive blue 'Sign Up' button. You have now successfully created an OKEx account.
- An automated email will be delivered to your mailbox to verify that the process was completed successfully to validate your registration.
- When you initially log in to the OKEx platform as a new user, you'll be asked whether you're new to crypto trading or if you've done it before.
- Choose the blue highlighted button that corresponds to your situation.
The exchange fee structure on the OKEx platform, like other exchanges, is determined by whether an investor is a market taker or a market maker. Because capital size counts, most traders are market takers, with a charge structure similar to OKEx competitors.
Fees for trading:
Market takers pay different trading costs based on a tier system that tops out at 0.15 per cent for spot trading. This is lower than the 0.25 per cent industry average. The tier system is based on the volume of a trader's spot trading. If a bitcoin trader has a spot trading volume of more than 500 BTC, for example, the market taker fee drops to 0.135 per cent. Trading fees for VIP members are substantially lower, ranging from 0.030 per cent to 0.080 per cent.
Fees for futures trading:
Taker costs for futures contracts range from 0.09 per cent to 0.15 per cent, according to the same tier system.
Margin fees based on interest rates:
You are borrowing money from your crypto exchange when you leverage to trade. As a result, any position maintained overnight would incur interest rate costs, precisely like any other crypto exchange. OKEx charges set rates as soon as the tokens are borrowed, unlike Bitfinex, which uses a peer-to-peer free market structure. This gives constancy, but it lacks the flexibility of an open market in the end.
Fees for deposits and withdrawals:
Traders using OKEx's platform do not have to pay any deposit fees but must pay a withdrawal fee of 0.0005 BTC for bitcoin, 0.01 for Ethereum, and 0.15 for ripple. As a result, the withdrawal cost on OKEx is slightly lower than on other exchanges.
OKEx's Demo Trading allows users to practise trading Bitcoin (BTC) and other crypto tokens without risking any real money by allowing them to practise in a virtual environment without losing a single satoshi.
Beginner traders who are still learning the ropes can use demo trading to practise before jumping into live crypto markets. It also serves as a testing ground for expert traders who want to polish their talents and put advanced techniques to the test before applying them to real-world trading portfolios.
Deposits and Withdrawals:
Depositing and Withdrawing at the OKEx platform is simple as it has come with simple guidelines that every user need to follow. As a result, they can simply follow these steps and make their deposit and withdrawal process hassle-free.
You can deposit or withdraw money on OKEx by going to "Account > Balance" and selecting "Deposit" or "Withdraw."
You can alter the type of token you want to deposit in the drop-down list on the Deposit page.
IMPORTANT: Only send the right kind of token to the correct deposit address. BTC deposit addresses, for example, only accept BTC deposits. Any other form of the token will result in the forfeiture of your money.
For each type of token, you'll be provided with a deposit address.
You must connect your email address to your account before making any withdrawals to ensure the safety of your assets. To finish the settings, click to "Settings > Security > Verify Email > Show more."
To transfer your funds to another platform, go to "Account >Deposit."
Please double-check because each type of token has a different address. Withdrawing tokens to the wrong address is irreversible and might result in a loss of cash.
Users may create an account on OKEx, authenticate their identity, and immediately begin purchasing, selling, depositing, withdrawing Bitcoin, and other cryptocurrencies with credit cards, debit cards, bank transfers, and other approved payment methods PayPal, Google Pay, etc.
What is the minimum deposit on OKEx?
The minimum deposit is 10 USD, and it enables the users to access its features with this minimum deposit.
How do I withdraw money from OKEx?
Step 1: Go to the Withdrawal area of the website. After logging into your OKEx account, go to Assets, then Withdrawal.
Step 2: Select USDT/USDC or whatever currency applicable to your country
Step 3: Decide on a withdrawal mechanism.
Step 3: Choose your preferred withdrawal network from the drop-down menu.
Step 4: Finish your withdrawal.
How long does it take to withdraw from OKEx?
After the withdrawal process is completed, it takes 48 hours to get the fund credited to your account.
A 2% withdrawal fee will be imposed on all the withdrawal transactions.
OKEx has a variety of welcome rewards and bonuses to choose from. However, the free Bitcoin giveaway is, without a doubt, the most appealing promotion. When new clients buy or sell $100 or more on the platform, they will receive $10 in BTC.
You may also perform learning activities to win free BTC each day once you've created an account and downloaded the mobile app.
Does OKEx have a bonus?
When users deposit $100 or more, they will receive a 30 USDT rebate card, and when they trade $100 or more, they will receive a 50 USDT rebate card.
Existing clients can also invite new members to the platform by using their unique referral code. For each individual recommended, up to three $10, BTC prizes are offered. Before you begin, read the terms and conditions of the invitation.
Finally, keep an eye on OKEx's announcements website for information on upcoming airdrops and new promo codes.
How do I claim my OKEx bonus?
Claim prizes on the OKEx app by going to Rewards. You'll get your bonuses right there is their website. Under Funding Account, look for Bitcoin rewards, and under My trading fees, look for Rebate Card.
In addition to fiat-to-crypto trading, OKEx offers OTC crypto-to-crypto trading. The network supports over 400 different tokens, ranging from well-known coins like Bitcoin and Ripple to newer coins like Dogecoin and Chia.
Quarterly futures, perpetual swaps, and options are also available for clients to bet on the digital currency markets. In addition, the exchange compiles essential data in an easy-to-digest style for traders interested in these alternative goods, including the latest prices, recent volumes, and open interest information.
The number of items available is continually increasing, so check the OKEx website for the most up-to-date token listings.
OKEx Trading Platforms:
OKEx offers both web and mobile trading platforms to their users.
Web Trading Platform:
The crypto broker provides a user-friendly web-based platform. You can access the online platform via the OKEx website after you have your login credentials.
Clients may view crypto prices in real-time, purchase and sell Bitcoin and other digital assets in a few clicks, and set up live price-change notifications on the coins they follow, thanks to a simple interface and intuitive dashboards.
You can also evaluate volume data compare token prices throughout exchanges using the platform.
Mobile Trading Platform:
An Android and iOS application for mobile trading can be downloaded from the appropriate app store. Users may make predictions on price and start earning with the broker's suite of products, including all of the same capabilities as its desktop equivalent.
The platform has received favourable feedback from customers, who praise its dependability and ease of use.
Phone support, an email-based ticket system, live chat, and social media outlets are all available for assistance. Unfortunately, response times are slow.
Support professionals can assist with a variety of difficulties, including account maintenance and product updates and, as well as restart mining rules and frozen equity concerns.
A blog detailing new coin listings and platform changes, as well as API documentation and beginner instructions, is available on the exchange and support centre.
The exchange offers free instructional resources to help consumers become more acquainted with the new technology. OKEx has created a series of educational videos dubbed #OKDidYouKnow covering everything from basic crypto and blockchain principles to in-depth trading "know-how."
The initial series of videos will consist of nine episodes and will be released weekly on OKEx's Twitter account and YouTube channel. It will also include incentives to encourage participants to learn together.
The videos' goal is to enhance public knowledge about blockchain and cryptocurrencies. It will also assist beginner traders in gaining a better grasp of OKEx products and improving their risk management skills.
OKEx is a well-known cryptocurrency exchange that trades famous coins like BTC (Bitcoin) and newer tokens like Chia (XCH). It's a good choice for new investors and active traders because of its professional-level trading platform and inexpensive exchange fees.