In this article, we will discuss:
General Information OKEx Exchange
| More info: | OKEx |
| Support contact: | Site |
| Main location: | Seychelles |
| Daily volume: | 128299.0 BTC |
| Mobile app available: | yes |
| It is decentralized: | yes |
| Matrix: | Aux Cayes FinTech Co. Ltd. |
| Types of transfer: | Bank transfer, credit card, debit card, encrypted transfer, |
| Fiat with support: | 30 Coins |
| Supported pairs: | 400 |
| Has token: | OKB, OKT |
OKEx Resource Review
OKEx is a derivatives cryptocurrency exchange that offers its customers the ability to purchase fiat cryptocurrencies using a credit card, as well as cash and margin transactions and a wide range of products. Traders need not worry about liquidity as OKEx is easily among the world's top cryptocurrency exchanges when it comes to trading volume.
OKEx trade, 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 platform's trading interface definitely has all the necessary options for trading, however it can be a bit overwhelming for beginners as there are many advanced options offered.
OKEx allows traders to trade with up to 10x leverage margin on Bitcoin BTC, 3,68%, Ethereum ETH, 6,10% and EOS EOS, 3,97% trading pairs and 3-5x leverage on the rest of the pairs trading. 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 leverage of up to 100x on the BTCUSD futures contract and less for the rest of its 9 pairs in total. Traders can find a wide variety of orders here, such as traditional limit or stop-limit orders, but also 'Iceberg', TWAP or trail orders.
Traders can also find a decentralized exchange within OKEx. Decentralized exchanges allow traders to have full control of their money and make direct transactions with other traders. DEX is currently in the testing phase.
Buy cryptocurrencies at OKEx
The exchange allows customers to buy Bitcoin BTC, 3,68%, Ethereum ETH, 6,10%, XRP ,Bitcoin Cash BCH, 2,70%, Litecoin LTC, 2,40%, EOS EOS, 3,97%, TRON TRX, 5,08% and Tether USDT, 0,02% 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 does not charge additional fees.
However, in order to withdraw your funds from OKEx, you will need to go through a short identity verification process that will increase the 24-hour withdrawal limit to 100 BTC. There is also a withdrawal fee that varies for each cryptocurrency.
OKEx Fees
Order maker fees are very low, even though it's free for VIP users who transact more than $5 million. For most exchange users, this rate is 0,08%, one of the lowest in the industry. In comparison, many exchanges offer fees of at least 0,1%. Along with this, OKEx has different rates for spot, futures, perpetual swap and options trading. You can find the fee structure here.
What's nice about the fee tier structure is that it highlights what you're on, so you know exactly what fees you'll be paying.
Deposit and withdrawal fees are also some of the lowest in the industry. You can see this compared to other trades on these charts.
| Outgoing | Manufacturer's Fee | borrower's fee | To spread | deposit fee | Withdrawal fee | exchange token discount | volume discount |
|---|---|---|---|---|---|---|---|
| OKEx | 0,1% | 0,15% | - | - | - | - | yes |
| Bibox | 0,075% | 0,15% | - | - | yes | yes | No |
| Binance | ≥3.000 | 0,18% | 0,16% | 11,1% | 20% | 0,144% | 10% |
| Bitfinex | ≥5.000 | 0,16% | 0,14% | 12,5% | 40% | 0,096% | 20% |
| Bitstamp | ≥20.000 | 0,14% | 0,12% | 14,3% | 60% | 0,056% | 20% |
| Bittrex | ≥50.000 | 0,12% | 0,10% | 16,7% | 80% | 0,024% | 20% |
| Creak | ≥100.000 | 0,1% | 0,08% | 20% | 100% | 0,0% | 30% |
| KuCoin | ≥200.000 | 0,09% | 0,07% | 22,2% | 100% | 0,0% | 30% |
| Liquid | ≥300.000 | 0,08% | 0,06% | 25% | 100% | 0,0% | 30% |
| Luno | ≥500.000 | 0,07% | 0,05% | 28,6% | 100% | 0,0% | 30% |
If you have been trading crypto for a while, transferring your coins to a hardware wallet and having lower fees makes a noticeable difference, with no funding fees required for OKEx in terms of withdrawals. Of course, be careful with the fees the network blockchain charges you.
OKEx has shown willingness to evolve and reduce fees. In January 2020, OKEx reduced fees for BTC, ETH, XRP, BCH and USDT-ERC20. This is a good sign for anyone worried about fees, as this event has indicated that OKEx is willing to lower fees if they can, even as they handle a higher volume of cryptocurrencies.
The OKB Token
As with other exchanges, OKEx created its own token called OKB OKB, 3,11%. It is a utility token that allows traders to benefit from service fee earnings, as 50% of them are distributed to OKB holders. In addition, holders will also have voting rights and the ability to invest in OK Jumpstart IEOs, trade on the decentralized exchange and some more benefits.
OKEx customer support
OKEx customers have many 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 via chat. Comments about OKEx's customer support services are mixed with some complaints about system slowness.
Is OKEx reliable and safe to invest?
There have been rumors that OKEx was hacked in the past, but the exchange claims it was never hacked. The security of the exchange appears to conform to industry standards for cryptography using cold storage and distributed server clusters.
OKEx competitors
While OKEx definitely has many competitors at the top, the exchange has many unique features and simply offers enough variety of products to compete with just about anyone. It is also among the top exchanges when it comes to liquidity and has more than enough trading pairs across all products. BitMEX, for example, also has a ton of liquidity and advanced order types, however, it lacks variety and doesn't even offer spot trading.
Here are some of OKEx's top competitors:
OKEx Review Completion
OKEx is a complete cryptocurrency exchange that offers most of the products available on the market today. It is available primarily worldwide, with the exception of some countries like the United States, and offers its customers the ability to purchase encryption through credit cards. Although customers have complained about the support system and there have been rumors about possible hacks, it appears the exchange is thriving despite all the concerns.
