What is OKEx?
In this OKEx review, we’ll explain the various features this exchange offers for traders and users, which stretch from in-depth trading features to crypto banking services.
OKEx is a leading Malta-based cryptocurrency exchange that acts as a broker for users to trade hundreds of crypto tokens and futures trading pairs. Founded in 2017 and headquartered in Malta and the Republic of Seychelles, the exchange has amassed a large trader-base with millions in daily traded volumes – competing with other major exchanges such as Binance.
The OKEx CEO JayHao had a background in game-development and the semiconductor industry before joining the crypto space. In 2018, the exchange expanded operations to Malta, which adopted a crypto-friendly approach.
An all-inclusive cryptocurrency exchange
OKEx offers a big selection of tradeable assets, and makes it possible to get exposure to both spot and derivatives trading. In fact, there are over 140 digital tokens on the platform and a whopping 400 BTC and USDT trading pairs. This includes the platform’s native utility token OKB – issued by the Blockchain Foundation – which is used for various trading bonuses and perks on the platform.
Does OKEx support leveraged trading?
Despite some questionable conduct in 2020, OKEx is one of the most prolific exchanges on the market when it comes to financial products. The exchange sets itself apart from industry competitors due to this wide variety of options, which includes:
- Quick trade (One-stop Marketplace)
- Spot trading
- Margin trading
- DEX (Decentralized Exchange) trading
- Perpetual swap
On top of that, OKEx offers a crypto mining pool, Crypto-to-Crypto loans, and staking.
As with other exchanges, the exchange fee structure on the platform depends on whether an investor is a market maker or a market taker. Since capital size matters, most traders are market takers and thus have a certain fee structure similar to OKEx competitors.
Trading fees for market takers vary depending on a ‘tier’ system which maxes out at 0.15% for spot trading. This is below the industry average of 0.25%. The tier system is based on a trader’s spot trading volume. For instance, if a bitcoin trader achieves a spot trading volume greater than 500 BTC, the market taker fee reduces to 0.135%. VIP users can enjoy much more competitive trading fees of 0.030%-0.080%.
Futures trading fees
On the futures contracts side of things, taker fees range for 0.09% to 0.15% following the same tier system.
Interest rate fees on margin
When leverage trading, you are basically borrowing cash from your crypto exchange. As such there will be interest rate fees on any position held overnight, just like any other crypto exchange. Unlike bitfinex which uses a peer-to-peer free market system, OKEx charges fixed rates as soon as the tokens are borrowed. This provides consistency but ultimately does not have the flexibility of an open-market.
Deposit and withdrawal fees
On OKEx’s platform, traders do not have to pay deposit fees but are required to pay a withdrawal fee of 0.0005 BTC for bitcoin, 0.01 for ETH, and 0.15 for ripple. Overall, the exchange’s withdrawal fee is slightly lower than at other exchanges.
Deposit and withdrawal methods
Once your OKEx account has been created and verified, it’s just a few simple steps from beginning your trading journey. One great feature is that when you use the ‘one-stop marketplace’, you do not need to go through KYC (know your client) processes in order to deposit, trade and withdraw.
This handy feature lets you gain exposure to 6 mainstream cryptocurrency coins including bitcoin, Ethereum, USD, XRP, Litecoin and OKB using 30 fiat currencies.
Failing that, all you need to do to fund your account is to navigate to the ‘Assets’ button, click ‘deposit’ and a screen with crypto details will show up.
At this stage, you can select from a variety of deposit methods to fund your account. Per the above image, the platform’s deposit screen allows you to choose a cryptocurrency you’d like to deposit into your account. As previously mentioned, OKEx allows users to deposit funds using various assets and crypto coins – bearing in mind that each unique crypto token can only work with a wallet address of the same coin.
Buying and selling review on OKEx
As with most exchanges, OKEx offers a variety of order types for investors and traders. Algorithmic orders are in high demand and in that respect OKEx doesn’t fall short of industry standards. As a trader you can choose between a market order, limit market order, advanced limit order, stop-limit order, trailing stop order, an iceberg and time-weighted average price (TWAP) order.
Cryptocurrency traders are typically proficient with various order types, such as limit and market orders. However, in addition to standard industry trading practice, OKEx boast two additional order types which traders might be unfamiliar with.
An Iceberg order is an algorithmic order type that allows you to place a large order while reducing slippage. This is done by breaking up a large order into multiple smaller orders that are placed according to the best bid and ask prices set by yourself.
On the other hand, a TWAP order is essentially a set of market orders with a time delay in seconds. For example, if duration is set to 60 seconds, and the order count is 10, then there will be a 6 second delay between each order.
These additional options offer a slight advantage in terms of diversity of options over other exchanges in the space and are a much welcome
User Experience Review
OKEx has a comparable user experience to various other top exchanges. The main screen features a tradingview chart, market order depth, trades, a trading panel with open orders and history, transactions and of course a buy/sell panel. The desktop browser version takes up a lot of computer resources but that’s how it goes with all these browser exchanges.
All in all, the exchange’s user interface is simple, interactive and straight-forward. The instrument page is very basic and inserting an order is extremely easy as you would expect.
On the flip side, the exchange lacks some features such as user exchange metrics (available on Phemex) and a news feed, which would be ideal. However, most traders use a direct trading view portal so this latter criticism is not game breaking. Thankfully, traders can switch between the native chart and the trading view chart, which is a plus.
Mobile Trading Support Review
For more versatile and on-the-go traders, you might be more comfortable using the mobile app instead of the desktop version.
OKEx also has a mobile application that can be downloaded on the Apple Store and Google Play. Similar to the web-based version, the application is intuitive and doesn’t make you regret your life and exchange choices.
The app allows you to manage your trades and capital in an all-in-one platform – so buying and selling on the go (both spot and derivatives) is doable. Everything from real-time data to trading, depositing and withdrawing funds can be done on the tip of your fingers.
All in all, the app’s user interface is good for both beginner and more professional investors.
OKEx Banking services Review
OKEx also offers various banking services and provides a one-stop-shop fiat on and off ramp for users via various payment methods listed below:
- Cryptocurrency transfer
- Credit/debit card – Visa, MasterCard
- Bank transfer
- KaKao Pay
- Western Union
- Gift Cards – iTunes, Google, Amazon
In order to open an account, the minimum deposit required is 10 USDT or any other crypto with the same value. Once the account passes the verification process, you’re ready to start trading!
OKEx Financial management Tool Review
Earn with OKEx
Another additional feature with OKEx is the ‘earn’ feature. Essentially, it is a handy aggregation method whereby users can earn passive income by holding crypto on the exchange.
More specifically, users can earn interest on their trading portfolio through decentralised finance options such as staking, maximising potential profits on an annual basis.
The revenue calculation is based on various DeFi products, which are used in tandem to facilitate a growing decentralised financial economy.
A full description of the ‘earn’ financial products available on OKEx are available here.
OKEx Mining Pool Review
Interestingly enough, OKEx provides a mining pool option for traders who are looking to make use of their PC firepower. Briefly, crypto miners combine their computational resources over a network in order to mine digital assets. These assets include support for bitcoin PoW (Proof-of-work) mining of some major coins in the space, and others which have lost their shine.
It’s a nice way to gain additional income, but ultimately not exactly paramount to a trader’s tool box.
Is it safe to use OKEx?
OKEx is registered in Malta and Hong Kong and is compliant with the Virtual Financial Asset Act (“VFAA”), which is a regulated authority by the Malta Financial Services Authority.
While rumours have circled the internet of a possible hack, the exchange claims that it has never lost investor funds. The platform’s token security is built on a core private key encryption algorithm and industry standard cold and hot wallet technology.
The team boasts the most advanced privacy encryption technology in the space, supporting the following features:
- 2-factor authentication
- Mobile verification code for security settings and withdrawal, of funds
- Email verification codes
Customer Support Review on OKEx
OKEx offers 24/7 online user support to solve any technical and trading issues. The exchange has a customer service team with extensive support capabilities. In fact, you contact OKEX via phone, email, submit a ticket form, WhatsApp, and live chat that is available on desktop and the mobile app. Additionally, OKEx has a fully-fledged FAQ section a ‘join the community’ section where you can find answers and communicate with other members on the platform, similar to Bybit’s live chat.
Supported Countries & Regions
OKEx is available in over 100 countries around the world. However, residents of the following countries are restricted from trading with OKEx.
Below is a list of the countries not supported by OKEx:
- Hong Kong
- United States
- North Korea
- the USA and its territories
Note to US investors
Unfortunately, due to US regulations, US traders are barred from using OKEx. While there are several workarounds US citizens can use, various leading US exchanges offer similar services.
To conclude this OKEx review, it’s clear that OKEx is one of the more prolific exchanges on the market in terms of liquidity, supported assets and banking features. However, the platform’s behavior in the past, especially how it treated its own users is noted and it would be prudent to expect better behavior in the future.
Aside from that, OKEx offers a one-stop solution for crypto trading and investing. Fees are in line with industry standards and the exchange boasts that it has never been hacked though rumours alleging the contrary have made the rounds on several occasions.
At the end of the day, OKEx is a top 30 exchange with ample liquidity – clearly the exchange is doing something right otherwise it would not be there.