Are you interested in getting started in the Cryptocurrency exchange world, but are looking for a safe platform to use?
OKEx is a type of digital asset exchange that provides individuals who are interested in cryptocurrency the ability to trade worldwide, with the use of blockchain technology. If you're interested in looking further into the world's leading one-stop cryptocurrency exchange, you may be wondering about the trading fees, user interface, and features that come with OKEx.
That's why today, we've created this complete OKEx exchange review to help you get a better understanding if OKEx is the right cryptocurrency exchange platform to meet your needs. Keep reading to learn more!
What Is OKEx?
As mentioned above, OKEx is one of the world's leading digital asset exchange platforms that provides cryptocurrency services and other financial services to traders worldwide.
Traders that use the OKEx platform can trade hundreds of types of cryptocurrency. OKEx has been used in over a hundred countries of BTC futures with a currency daily trade volume of $1.5 billion. According to Coinmarketcap, OKEx is the 17th largest Cryptocurrency platform ranked by trading volume.
Also, OKEx has one of the most extensive lists of supported types of cryptocurrencies. OKEx has more than 448 trading pairs available on its platform. You can access both derivative trading and spot trading on the OKEx platform. Offering both types of tradings ensures that traders have flexibility in their investment tragedies.
Key Features of OKEx
To fully understand what OKEx has to offer you, you must understand the key features of this cryptocurrency trading platform. Some of the most important features OKEx offers include:
- Margin trading
- Spot trading
- Perpetual swaps
- Integrated storage wallet
- Crypto-to-crypto trading
- Customer to customer trading
- Crypto-to-fiat trading
- Accepts currencies like BGN, AUD, ARS, EUR, CNY, and USD
- Mobile app trading, allowing for trading from anywhere at anytime
- 24/7 customer support
- Easy-to-use interface for beginners
- Supports several payment methods
- Referral and affiliate program that makes it easy for you to bring other users to the platform
- Futures contracts
There are several unique features that OKEx has to offer to its users.
What Are the OKEx Cryptocurrency Accounts?
Before you go ahead and sign up with OKEx, you should know about the crypto-currency accounts and tools offered on this platform. Let's take a closer look at the OKEx cryptocurrency accounts:
Under the trading accounts tab on OKEx, you'll be able to locate all of the trading accounts that you have. This means that you'll be able to locate your futures account, your account, your C2C trading account, your spot account, and your index trading account. Plus, you can even find your Mining account and your OKEx Savings Account.
The OKEx funding account act as a digital bank account for the cryptocurrencies that you have. From the funding account, you can receive, trade, and send your digital assets. Any withdrawals or deposits that you have to and from other wallets will only occur on your funding account.
OKEx offers a wallet where they will have a display of all of the tokens that have been withdrawn or deposited from or into the exchange. By providing a wallet on their platform, OKEx makes the funds available more secure. Plus, you also have an option of a seed phrase.
Creating a dedicated wallet on a platform will store each coin in the respective wallet that you choose.
OKEx Exchange Platform
The exchange platform that OKEx offers can be accessed both in the browser, as well as a downloadable desktop client software. Since trading platforms contain a heavy amount of information, the client downloadable software will greatly reduce the browser's likelihood of running into processing and memory difficulties.
The OKEx Exchange platform resembles traditional financial marketing trading platforms, which is beneficial if you are somebody that already has a background in the stock market. Plus, OKEx also offers a trading package that can also provide insight into individuals that are interested in day trading.
OKEx Exchange Markets
The OKEx exchange market provides traders with standard crypto-to-crypto trading. Also, the OKEx exchange provides access to over one hundred cryptocurrencies, as well as tokens. On the OKEx exchange market, monthly, bi-weekly, and weekly contracts are available.
What Can You Do On OKEx?
The OKExPlatform works as a third-party exchange that allows traders to facilitate cryptocurrency trade. Some of the main features that the OKEx platform provides includes:
Ability to Sell and Buy Cryptocurrency
Plus, you'll also have access to a large selection of payment methods that you can use to purchase cryptocurrency. These payment methods include:
- Visa credit
- Mastercard credit
- Debit card payment
- Bank transfer
- Cryptocurrency transfer using a separate exchange wallet
All of these payment options available on OKEx makes it easy for anyone to invest in cryptocurrency.
People who use the OKEx Academy will have access to guides that'll provide traders insight into Cryptomarkets. Also, the OKEx academy will also provide traders with analysis from industry experts that will help to further the current knowledge that traders have of the current crypto market.
Individuals using the OKEx platform can Use the platform for day trading derivatives and cryptocurrencies, no matter what time of day it is.
You can participate in day trading cryptocurrency via margin trading cryptocurrencies or spot trading. Besides, you can also use digital tokens or future contracts as methods for day trading.
OKEx provides Advanced tools for wallet management, cryptocurrency holding, and cryptocurrency mining if you're looking to diversify your investment portfolio.
How Do You Start Using OKEx?
If you've decided that you're interested in using OKEx, it's time for you to learn how to create an account. For you to begin using the OKEx, you need to:
Create an Account
When you first begin using OKEx, you need to register your account with a password and email address. If you are looking to bye, deposit, or use any other function on the OKEx platform, you need to verify your identity with a valid government-issued ID.
Deposit Your Assets
You can put your cryptocurrency assets into your account by depositing digital coins backed by Fiat or using an external wallet to transfer other digital assets.
You Can Start Trading
Once these assets have been processed, the coins will be made available to your OKEx funding account. Any assets that you have can be processed into buns and will be made available in the trading account for you to start training.
Buying Cryptocurrency on OKEx
Buying cryptocurrency on OKEx is very easy. You can begin to purchase your first cryptocurrency a few minutes after you initially set up your account.
To purchase cryptocurrency, you'll want to select the type of cryptocurrency you want to buy, as well as how much you're interested in purchasing.
Once you have selected this information, you want to choose you are preferred payment method. Proceed through the process of completing the payment to purchase your cryptocurrency.
After you finalize paying for your cryptocurrency, all of the cryptocurrency that you purchased will be made available into your wallet.
Trading on OKEx
To begin trading on OKEx, you'll need to select the correct trading option located on the main menu. Once you've been directed at to the trading page but you selected, he'll need to choose your base asset.
On the OKEx platform, you'll be shown a list of available pairs. We will be allowed to select the type of cryptocurrency that you're looking to exchange. If you already have another option in mind, you can locate the OKEx search bar type.
Are There Are Fees for Using OKEx?
OKEx has one of the lowest exchange fees in the market. The fees that OKEx has are tiered on the average 30-day trading volume.
The highest trading fees that you can expect to pay are the 0.2% taker fee and the 0.15% maker fee. The lowest trading fees that you can expect to pay are 0.02%, which is for both the taker's fee and the maker's fees.
What Are the OKEx Withdrawal Fees?
OKEx has a withdrawal fee when you withdraw BTC. The current withdrawal fee is 0.0005 BTC, which is much lower than the industry average. If you're looking to exchange cryptocurrency trading platforms because of how high do you withdrawal fees for your current platformer are, you should definitely look into using OKEx.
What Is OKB?
OKB is the utility token that OKEx offers to users. When using the OKEx Exchange, you can hold OKB to enjoy the benefits of discounts on trading fees.
Where Is the OKEx Trading App Available to Download?
You can access the OKEx trading app on Android applications and on iOS platforms. You can find these platforms on the Google Play Store or in the Apple Store.
How Do You Avoid OKEx Fees?
You can reduce the fees that you have to pay when using OKEx by using the OKB coin.
Is OKEx Safe to Use?
Yes, OKEx is safe to use! Unlike other trading platforms that have had problems with data breaches or hacking in the past, OKEx doesn't have any history of significant hacks.
OKEx has designed a system that ensures top of the line security for all of your digital assets on their platform. By using private key generation, backups, and cold storage, you can ensure that all of your assets are highly protected.
Does OKEx Offer a Support System?
You can reach customer support from OKEx via a phone line or an email ticketing system. Plus, OKEx can also be reached via social media channels or message applications.
Can You Earn Interest on Cryptocurrency on OKEx?
Trading isn't the only thing that you're able to accomplish with cryptocurrency on OKEx platform; you can also use this cryptocurrency you have you earn interest. The OKEx platform uses traditional fiat financing to provide benefits to the users of their platform.
This means that you'll be able to access a savings account. In the OKEx, you'll have the opportunity to gain interest on all of the assets that you have on the platform. Plus, you'll also be able to move (or withdraw) your coins anytime you want.
Also, you'll also be able to participate in Staking, which allows you to participate in several PoS networks. This will give you access to reward tokens!
Also, you'll be able to use Term Deposits. These are similar to fixed deposits, which work by locking your investment in for a specific interest rate. The interest that you earn on these deposits is paid to you with tokens.
Trading fees for market takers go up to 0.15% for spot trading, whereas the market Maker fees can be up to 0.100%. If the Bitcoin trader has achieved more than 500 BTCs of spot trading volume, the taker fee reduces to 0.135% and maker fees reduce to 0.090%. For futures and options trading, taker fees can fall anywhere between 0.03% and 0.05%.
For VIP users, the taker fees are in the range of 0.030%-0.080% and maker fees can be as high as 0.060%. The withdrawal fee charged by the platform is 0.0005 BTC for bitcoin, 0.01 for ETH, and 0.15 for ripple.
Is OKEx Safe to Use?
Yes. The hot wallet system of OKEx uses a multi-signature mechanism for authorization. It always uses multiple private key holders and always has a backup ready mitigating any risk of assets lost due to unforeseen events happening to a private key holder. The platform has also launched an exchange transparency plan allowing it to closely monitor wallet addresses at any time.
Is OKEx Regulated?
OKEx is compliant with the Virtual Financial Asset Act (VFAA), regulated by the Malta Financial Services Authority
Pros and cons of OKex
- Buy cryptocurrencies with Bank Transfer, Mastercard, VISA, ApplePay, iDEAL and SOFORT
- More than 30 cryptocurrencies supported
- More than 400 trading pairs and 200 assets
- Best-in-class security options
- Futures and options trading
- They offer interest on savings and staking
- Apps available on Android, iOS and also available on the web
- Offers high liquidity and trading volume with more than 20 million traders and nearly 1.5 billion of BTC futures traded daily.
- The trading fees for market takers are a maximum of 0.15% for spot trading, which is less than the industry average of around 0.25%.
- Apart from low trading and financing fees, the platform does not charge any fees on deposits.
- The services of OKEx are not available in many crucial crypto markets such as the United States and Hong Kong.
- The platform offers no demo account for first-time users to try before signing up.
Frequently asked questions about OKEx
We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.
Where is OKEx based?
OKEx’s headquarters is in Malta
Which Geographies Do Not Have OKEx Services?
OKEx offers its services in more than 200 countries. Their services are not available in Hong Kong, Cuba, North Korea, Iran, Crimea, Sudan, Malaysia, Syria, the United States, and its territories, Bangladesh, Ecuador, Bolivia, and Kyrgyzstan.
Which Payment Methods Does OKEx Support?
Apart from Paypal, Visa, and Mastercard, OKEx supports bank transfer, UPI, Payeer, Skrill, SEPA, Apple pay, Poli, BPay, Qiwi, KaKao Pay, Payid, Blueshift, iDeal, Western Union, and iTunes, Google & Amazon gift cards.
OKEx Exchange Review: The Best Cryptocurrency Exchange Platform for You
After reading through this exchange review, we hope you can better understand why OKEx exchange review is the leading cryptocurrency derivatives and spot exchange platform. By providing the most diverse marketplace for investors, cryptocurrency traders, and cryptocurrencies miners, you can easily manage all of your cryptocurrency assets.
Plus, thanks to OKEx can also diversify your investment portfolio with enhanced investment opportunities, without the risks that other platforms have. We provide perpetual swaps, derivatives trading, and other flexible investment opportunities.
Are you interested in learning more about getting started in the world of cryptocurrency or crypto trading? Click here to learn more today!