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OKEx Exchange Review
4.4 (39 votes)

OKEx Exchange Review

OKEx overview

OKEx is a relatively new digital asset exchange platform that allows cryptocurrency investors to trade with BTC, ETH, LTC and other cryptocurrencies in a secure and simple manner. The platform was started by Start Xu, a Chinese businessman. This cryptocurrency exchange complies with the law of the people of the Republic of China.  One of the branches of this platform caters to the cryptocurrency trading and exchanging needs of the people of China. The headquarters of the international branch of OKEx is in Beijing.

The second branch of this standalone cryptocurrency exchange platform is built for users from different parts of the world. The headquarters of the second branch of this exchange is located in Hong Kong.

One of the benefits of using this exchange platform is that it will not take more than a few minutes for an investor to get used to the interface of this platform regardless of their trading experience. This platform is great for new cryptocurrency users because it effectively supports the trading of the wide majority of different popular cryptocurrencies.

Since there is no substantial limitation, this user-friendly exchange platform is ideal for professional investors and high rollers. Without even having their account verified, investors can trade up to 1,000 BTC per day.

Benefits of OKEx  platform for new traders

  • This platform provides an excellent opportunity for new traders to trade future contracts.
  • Safe and secure multi-cryptocurrency platform.
  • Provides LTC and BTC features.
  • Use of cold storage in order to enhance the security of funds.
  • Bank-level SSL encryption.
  • Charting and standalone desktop cryptocurrency platform.
  • This user-friendly and highly secure platform provides high liquidity even to new investors.

How to create a new account?

Sign up at OKEx

Registering is required in order to use the platform for the trading and exchange of cryptocurrency as there are no demos or anonymous accounts. Users can still sign up with a temporary email address as the cryptocurrency platform doesn’t blacklist providers. Signing up to this cryptocurrency platform is quite easy. Users will be able to either register with a mobile number or an email via the website or iOS/Android mobile applications.

Register a new user via the website

1 – Users need to visit https://www.okex.com/ and then click “Sign Up” button at the top right corner of the website.

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2 – With their valid email address or mobile number, users may select to sign up on the website.

3 – Users don’t need to enter their country code in the “phone number” to register with their mobile number.

4 – They should not include their phone number if their phone number starts with a zero as login issues can be caused if users include their phone number starting with a zero in their account registration process.

5 – By pressing the side button, the users can get the verification code on their valid email address.

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6 – Users need to choose a password. The length of the password should be within 6-32 characters.  The development team behind this project suggests including one special character, one number, and one letter in their password to make it more secure.

7 – After that the users need to re-enter the password.

8 – Users should read and confirm the terms and conditions, risks, compliance disclosures, statements, and privacy policy by checking all the boxes.

9 – After filling in the details and confirming the terms and conditions, users need to click the sign up for completing the registering process.

10 – Once the user has completed the registration process, they will receive a confirmation by email or SMS.

11 – Users need to follow the instructions to activate their accounts.

Register through the iOS and android mobile application

  • At the top of the login page of the mobile applications, the users have the option of “create new account”.
  • With a valid phone number and email address, users can select to sign up.
  • To complete the registration process, users need to fill in all the essential and necessary information.

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Trading conditions

Trading instruments (cryptocurrencies)

BTC, ETH and LTC are some of the available assets on this cryptocurrency exchange platform. These available cryptocurrencies can be easily traded against different fiat currencies such as USD and CNY. In addition to this, LTC and BTC future contracts are also available.

Leverage

It is essential to understand that the maximum leverage of this cryptocurrency exchange platform will be 1:20. The leverage on this cryptocurrency exchange platform is high in comparison with the ratios that some popular Forex brokers offer. One of the major benefits of using this exchange platform is that cryptocurrencies tend to be a lot more volatile than traditional forex pairs that rarely experience daily moves of more than 1%-2%.

Fee structure of OKEx

The transaction fees for the exchange and trade of cryptocurrency at OKEx are probably the lowest in the cryptocurrency industry. The users will be charged a fee of 0.03% for the purpose of opening a new trade position. They will not be charged any transaction fee for the closing trade transaction. The average transaction fee charged by the other global cryptocurrency platform is around 0.2%-0.25%.

Minimum initial deposit

There is no information on the minimum initial deposit available on the official website.

The OKEx trading platform

OKEx is one of the few cryptocurrency exchange platforms around the world that offers a stand-alone desktop platform. There are a few advantages to having a separate piece of cryptocurrency software while the trader may be using the browser-based version. The trader has probably already run into memory issues if he/she is running on low to middle end hardware and the trader likes to open multiple tabs on their desktop. This platform enables traders with multiple-monitor support. Users will be able to duplicate the entire layout multiple times and will be able to move it to another monitor in a hassle-free manner.

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The proprietary system of this platform provides users with charting, which is a lot better than many other cryptocurrency exchange solutions provided by other platforms. The order book on this platform is located on the right with tape option.

Method of payments

This platform is directly linked to OKCoin. Users will be able to easily transfer their cryptocurrencies in their wallet and trade on the more sophisticated exchange platform. Cryptocurrency transfer on this platform will be accepted in LTC, ETH, and BTC.

How should you buy cryptocurrency from OKEx?

Investors may go to “account>balance and select “Deposit” or “Withdraw” to deposit or withdraw funds on this cryptocurrency exchange and trade on OKEx.

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Deposit of cryptocurrency on this platform

Users can change the type of cryptocurrency they wish to deposit in the dropdown list in the deposit page. Users will be able to send only a specific type of token to the corresponding deposit address on this platform.

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For example, the ETH deposit address of this cryptocurrency exchange platform will only accept ETH deposits. The loss of the deposit of the users will result if they send any other types of cryptocurrency to another address.

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Withdrawal of cryptocurrency

Cryptocurrency traders are required to blind their valid email address with their OKEx account for the safety and security of their cryptocurrency funds.  They will need to go to “settings>security>verify >email>show more” for the completion of the account verification process.

The cryptocurrency traders may go to “account>deposit” to perform the action and to withdraw the funds of the users to other cryptocurrency platforms.

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Types of trading

Users will be able to trade digital assets under C2C, index, future, and token trading. The trading funds are segregated into four different accounts for the better management of funds and to systematically minimize the investment risks.

Futures trading

Users will have to read through guide to begin futures trading through this multi-cryptocurrency exchange and trading platform. Then they will be redirected to the futures trading.

Users may select the delivery period that suits investors most. To help users trade with precision while limiting potential losses, there are also several order types available on this user-friendly cryptocurrency platform.

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Token trading

A large number of token pairs are available for users on this cryptocurrency trading platform. Users will be able to select the pair they desire to exchange and trade cryptocurrency by scrolling down or simply typing in the token in the search field.

For example, users may buy BCH and then they can go to BCH/BTC. Users will be able to then select “buy BCH” then enter the price and amount; They will then click “buy” to place an order.

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Index Trading

This exchange platform will provide users with other options under the fiat trading with different type of tokens available: BCH/ETC/ETH/LTC/BTC. The withdrawals of cryptocurrency are not supported in this exchange platform. To earn the price difference, the investors need to buy and sell cryptocurrency tokens quickly.

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C2C Trading

C2C trading allows investors to trade between cryptocurrency (digital assets) and fiat currency in a convenient and safe way.  Users of this cryptocurrency exchange platform can place orders at their own prices. In addition, users will be able to trade freely with all other users on this platform. Withdrawals of cryptocurrency traded in C2C trading will also be supported.

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Is OKEx safe to use?

  1. This multiple-cryptocurrency exchange has implemented cutting-edge and state-of-the-art measures to ensure the security of its platform.
  2. As a convenient preventative measure, only a limited number of Bitcoins and other cryptocurrencies are stored in the cold wallet of this platform.
  3. To ensure the utmost security of the funds, the development team has set up an offset backup.
  4. This platform stores encrypted private key paper documents under the strict supervision of constant monitoring and security.
  5. Individuals (cryptocurrency traders) and private key holders can successfully retrieve encrypted private keys.
  6. They make sure that the collected encrypted private keys are not from the same person.
  7. The private key is used for transferring Bitcoin to an address.
  8. The address used for transferring BTC should never to be used for cryptocurrency deposits again.
  9. The cutting-edge and the state-of-the-art encryption protocols integrated within the contemporary cold wallet.
  10. The private key never has had contact with the internet or a USB.

OKEx customer support

This platform provides 24/7 live chat support to its users in order to effectively resolve their cryptocurrency trading and exchange related issues in the least possible time. In addition, the users can access email support and ticket support in order to resolve their issues.

Countries serviced by OKEx

This cryptocurrency exchange platform is supported around the world but the Bitcoin futures are forbidden for US traders.

Minimum deposit

On the official website of this cryptocurrency platform, there is no minimum deposit of the cryptocurrency into the wallet of this platform.

Summarizing OKEx

OKEX is a cryptocurrency exchange and trading platform specializing in Bitcoin and Litecoin futures. Users can trade on the margin with 10x and 20x leverage or hedge to lock in their cryptocurrency profits. The cryptocurrency exchange and trade platform are available on iOS and Android smartphones. It is a cryptocurrency asset exchange platform that is systematically secured with bank level SSL encryption and uses highly secure cold storage as a storage option for digital assets. This exchange platform is based under the wide umbrella of OKCoin. It requires users not to open multiple tabs, which may lead to users facing memory issues. This standalone cryptocurrency platform provides users with an excellent and user-friendly platform for multiple monitor support.

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