OKEx crypto exchange review
In the wide world of cryptocurrency exchanges, OKEx stands out thanks to a wide variety of features like spot and trading, perpetual swap contracts, futures, options, and even DEX trading.
OKEx was founded by Star Xu in 2014 in China, but the exchange was recently relocated to Malta, considered to be the ‘blockchain island’. OKEx enables customers to buy cryptocurrencies using their credit card and participate in its mining pool to stake 8 different cryptocurrencies.
The pros of trading cryptocurrency on OKEx:
- An enormous variety of products
- High liquidity
- A wide variety of trading pairs
The cons of trading cryptocurrency on OKEx:
- US Customers restrictions
- No mobile application
- Not beginner-friendly
OKEx Features Review
OKEx is a derivatives cryptocurrency exchange that offers its clients the ability to buy cryptocurrencies with fiat using a credit card as well as spot and margin trading and a wide variety of products. Traders do not have to worry about liquidity as OKEx is easily among the top cryptocurrency exchanges in the world when it comes to trading volume.
OKEx trading, a wide variety of products
Like most cryptocurrency exchanges, OKEx offers traditional spot trading for dozens of cryptocurrencies and hundreds of trading pairs in total. The trading interface of the platform definitely has all the options needed for trading, however, it can be a bit overwhelming for complete beginners as there are a lot of advanced options offered.
OKEx enables traders to margin trade with up to 10x leverage on Bitcoin BTC, -0.28%, Ethereum ETH, 0.40% and EOS EOS, -3.23% trading pairs and 3-5x leverage on the rest of trading pairs. When it comes to perpetual swap contracts, OKEx offers up to 100x leverage on the BTC/USD swap and less for the rest.
Finally, OKEx also allows up to 100x leverage on the BTCUSD futures contract and less for the rest of its 9 total pairs. Traders can find a wide variety of orders here like the traditional limit or stop-limit orders but also ‘Iceberg’, TWAP, or trail orders.
Traders can also find a decentralized exchange inside of OKEx. Decentralized exchanges allow traders to be in full control of their money and directly transact with other traders. The DEX is currently in the testnet phase.
Buy cryptocurrencies on OKEx
The exchange allows customers to buy Bitcoin Ethereum ETH, XRP, Bitcoin Cash BCH, -0.19%, Litecoin LTC, 0.72%, EOS EOS, -3.23%, TRON TRX, -0.84% and Tether USDT, 0.01% with local currencies easily. There is a 5% fee per transaction and users can pay using VISA or Mastercard. When it comes to cryptocurrency deposits, OKEx will not charge additional fees.
However, in order to be able to withdraw your funds from OKEx, you will need to go through a small identity verification process which will increase the 24-hour withdrawal limit to 100 BTC. There is also a withdrawal fee that varies for each cryptocurrency.
The trading fees on OKEx depend on your trader’s level which increases with the amount of OKB holdings or your 30-day trading volume. At level 1, spot trading fees are 0.1% for the maker and 0.15% for the taker. Futures, perpetual swap trading and options all have a 0.02% maker fee and a 0.05% taker fee.
The OKB Token
Similarly to other exchanges, OKEx has created its own token called OKB OKB, 0.03%. It’s a utility token that allows traders to benefit from service fees earnings as 50% of those are distributed to OKB holders. Additionally, holders will also have voting rights and the ability to invest in OK Jumpstart IEOs, trade on the decentralized exchange and a few more benefits.
OKEx customer support
Customers of OKEx have a lot of options when it comes to customer support. Anyone can easily submit a request through a ticket-based system but you can also contact OKEx live through a chat. The reviews on OKEx customer support services are mixed with a few complaints about how slow the system is.
Is OKEx a Safe Exchange to Use?
There have been rumors about OKEx being hacked in the past, but the exchange maintains that it has never been hacked. The security of the exchange does seem to be in line with the standards in the crypto industry using cold storage and distributed server clusters.
Although OKEx definitely has a lot of competitors at the top, the exchange does have a lot of unique features and simply offers enough variety of products to compete with basically anyone. It is also among the top exchanges when it comes to liquidity and has more than enough trading pairs on all products. BitMEX, for instance, also has a ton of liquidity and advanced order types, however, it lacks variety and doesn’t even offer spot trading.
OKEx Review Verdict
OKEx is a complete cryptocurrency exchange offering most products available in the market right now. It is basically available worldwide with the exception of a few countries like the United States and offers its customers the ability to buy crypto through credit cards. Although customers have complained about the support system and there have been rumors about possible hacks, it seems that the exchange is prospering despite any concerns.