In the next few years, cryptocurrencies may play an even bigger role in the world. Cryptocurrencies could replace traditional payment methods, and they are also offering various other daily-life services that are revolutionizing the internet. As such, the demand for cryptocurrencies is likely to increase, and so is the need to have a platform for easily purchasing cryptocurrencies. Cryptocurrency exchanges are the easiest and safest way to successfully trading cryptocurrencies and perhaps turn your investment into profit. But it is very important that you pick an exchange that fits your trading style and that provides the services that suit you best. One of the biggest exchanges in today’s market is OKEx.
OKEx has remained as a top 20 cryptocurrency exchange for quite some time. While it still has areas to improve, OKEx has been quite useful so far. In this article, we are going to cover the most important details about OKEx, its background, how it works, and much more. Let’s begin with the essentials of this exchange.
What is OKEx?
OKEx is a cryptocurrency exchange with the main headquarters in Malta and the Republic of Seychelles. OKEx was founded in 2017 by Star Xu. Today, the CEO of OKEx is Jay Hao, who was previously involved in the semiconductor industry. When OKEx expanded its services in Malta, it experienced an increase in the trading volumes, primarily because the Maltese government is very supportive of cryptocurrencies in general.
As the years passed, OKEx partnered with a lot of investment companies such as VenturesLa, Ceuyan Ventures, Longling Capital, Qianhe Capital Management, eLong Inc., and many others. This has helped OKEx grow as an exchange even more. Today, OKEx is one of the best cryptocurrency exchanges in the world. CoinMarketCap ranks them at number 19 among other exchanges as of August 2021.
OKEx supports a large variety of cryptocurrencies. More than 150 tokens are supported in OKEx. Additionally, more than 400 trading pairs are available, primarily with BTC, USDT, and OKB. OKB is the native token of the OK Blockchain, similar to what BNB is to Binance. OKB can be used for several purposes in the OKEx exchange, including trading.
Additionally, an OKEx Decentralized Exchange (DEX) has been launched, where trades are fully decentralized and borderless.
When it comes to trading fees, OKEx is cheaper than most other cryptocurrency exchanges. The maximum trading fee for OKEx users is 0.15%. This can change if the user climbs up the OKEx tiers. Such fees are usually for market takers. But if the user is on the VIP tier, trading fees can range from 0.03% to 0.08%.
There are no deposit fees in OKEx. However, there are fees that need to be paid in withdrawals. Nevertheless, these fees are minimal and lower than other cryptocurrency exchanges.
OKEx also offers margin trading. In margin trading, you use borrowed funds. Understandably, margin trading fees are higher since you are also charged for the interest of your loan.
OKEx also has its own pool. In this pool, miners can collaborate so that they have a higher chance of successfully mining cryptocurrencies. For Proof-of-Work (PoW) mining, 9 big cryptocurrencies are supported in the OKEx pool.
But what exactly makes OKEx stand out from the rest of the exchanges in the market? Perhaps the trading methods that OKEx offers are what make it one of the best exchanges today. The trading methods offered in OKEx are Quick Trading (One-stop Marketplace), Spot Trading, Margin Trading, DEX (Decentralized Exchange) Trading, Perpetual Swap, Futures, Options, etc. Let’s not forget that OKEx also allows users to borrow or loan cryptocurrency. Furthermore, users can use OKEx for staking their cryptocurrencies.
Another feature that makes OKEx unique is that it is one of the very few cryptocurrency exchanges that offer both a mobile app and a desktop app. Usually, other exchanges would offer a browser version. A desktop app is much more suitable for active traders.
The mobile application is found both on Apple Store and Google Play. It is also very easy to be used and is one of the best mobile crypto exchanging apps. The good thing about this app is that it is quite suitable for both beginners and experts.
Moreover, OKEx is user-friendly, has a cold interface, and it is very easy to use. This is of much importance when it comes to trading, especially for new traders.
Customer service is yet another area where OKEx is very good at. It offers 24/7 online support for any sort of issue that users might face, whether that is a trading issue, verification issue, or any other technical issue. Customer service can be available via phone, email, WhatsApp, live chat, etc. Moreover, if users have any questions regarding the exchange, they can type a question in the FAQ section of the exchange, and one of the staff members can respond very soon.
However, there are also some downsides when it comes to OKEx. For instance, it is not supported everywhere. While more than 100 countries have access to OKEx, the likes of the USA, Hong Kong, Cuba, Ecuador, North Korea, Bolivia, and a few others do not support OKEx.
OKEx Exchange Security
When it comes to security, OKEx is generally considered a very safe cryptocurrency exchange. Its services are compliant with Virtual Financial Asset Act (VFAA), which entails that OKEx fulfills the criteria from the Malta Financial Services Authority.
There have not been any reported hacking attempts in OKEx so far. This has created a sense of safety among OKEx users since they believe that their accounts are secure enough.
Using cold and hot wallets, tokens are stored in OKEx to make sure that the funds are invulnerable from online attacks. Using privacy encryption technology, OKEx has remained one of the safest exchange platforms in the market. It is worth noting that users can employ the 2-Factor Authentication (2FA) to further protect their accounts. This entails both mobile and email verification.
Related: Top 9 Cryptocurrency Wallets in 2021
OKEx Exchange Pros and Cons
OKEx Pros
Trading Methods
One of the best features of OKEx is that there are plenty of trading methods that users can benefit from. To illustrate, quick trading, spot trading, margin trading, DEX trading, perpetual swap, futures, options, crypto-to-crypto loans, and staking are all available in OKEx.
Supported Cryptocurrencies
OKEx supports a wide variety of cryptocurrencies. Today, more than 150 cryptocurrencies are supported in OKEx, and more than 400 trading pairs can be used.
Fees
Trading fees are also very low in OKEx. The higher the trading level, the cheaper the trading fees. The usual trading fees for market takers are 0.15%, which is less than the majority of other exchanges. VIP users have even lower trading fees.
Desktop and Mobile App
Having both a desktop and mobile app makes OKEx easily accessible by its users. Applications are usually preferred more than browser applications, especially for active traders. Furthermore, the user-friendly interface and ease of use make such apps very preferable.
OKEx Cons
Availability
While OKEx might be available in more than 100 countries around the world, it is not supported by the likes of the US, Hong Kong, North Korea, Cuba, or Malaysia. This has been an issue for OKEx to grow as an exchange even more since it cannot be used by people of those places, especially investors from the USA.
Withdrawal Limitations
Another issue with OKEx is that there are certain limitations when it comes to withdrawals. Not only that there is a withdrawal limit, but there are also withdrawal fees. For instance, 0.0005 BTC should be paid for BTC withdrawal, 0.01 ETH for ETH withdrawals, and 0.15 XRP for XRP withdrawals. Even so, withdrawal fees of OKEx are lower than other cryptocurrency exchanges that charge fees when withdrawing.
How to Use OKEx Exchange?
Below we will show you step-by-step how to use OKEx exchange.
Step 1: Open an Account
The first thing you need to do for using OKEx is open an account. You should go to the OKEx official website and click “Sign up”. You should type your email address or a phone number, and then type a password. Then you will receive a 6-digit code that confirms your account.
Then, you will have to verify your account through the Know Your Customer (KYC) procedures. This is an integral part of the security of the exchange. However, OKEx also has the One-stop Marketplace. This marketplace does not require a KYC verification at all. Only 6 main cryptocurrencies are supported in the One-stop Marketplace, namely those of Bitcoin (BTC) Ethereum (ETH), Tether (USDT) Ripple (XRP), Litecoin (LTC), and OKB (OKB). This has been one of the many advantages that OKEx has when compared to other cryptocurrency exchanges.
Step 2: Deposit Funds
Once you verify your account, you need to deposit funds. To do that, you need to hover to “Assets” and click “Deposit”. There, you can select the cryptocurrency you want to deposit. Then, you will be given an address for your deposit. Then, go to the wallet that you have your funds in. Type the address that you got in the OKEx Deposit section and type the number of tokens you want to transfer to that address. Once you do that, your funds will shortly be transferred into your OKEx account.
If you do not have any other wallet but would rather pay with fiat currencies to buy funds in OKEx, you can go to “Quick Trade” and select the cryptocurrency you want to purchase (i.e. USDT). Type the payment information and your debit or credit card details and click “Buy”.
Step 3: Start Trading
Now that you have funds in your OKEx account, you can begin trading in OKEx. Go to “Transfer” and transfer your OKex funds from Funding Account to Spot Account.
Once you do that, hover to “Trade” and click “Spot Trading”. Once you go there, you can see the trading pairs on the left side, and the right side displays the ongoing price of that trading pair.
In the center, select the number of tokens you want to purchase with your funds. Once you do that, click “Buy” and you will soon have the trade completed. This is as easy as it gets when it comes to trading in OKEx.
Related: How to Buy Cryptocurrency?- A Step-By-Step Guide
OKEx Vs. Binance
So where does OKEx stand when it is compared to its competition, especially Binance since it is the world’s leading cryptocurrency exchange as of 2021?
While Binance might be better overall, there are some features that OKEx has that make it competent for competing with other exchanges.
To illustrate, Binance has had previous hacking attempts, even though they were stopped or the users were compensated. There has not been any reported hacking incident in OKEx, on the other hand. Both are considered generally secure for cryptocurrency traders.
Both Binance and OKEx lack support in the US, where the former is only limited in some areas and the latter is not supported at all.
OKEx offers margin trading while Binance does not. Furthermore, market maker trading fees are slightly lower in OKEx than in Binance. Let’s not forget that OKEx has a very simple-to-use trading platform, while Binance might seem a little complicated at first.
However, it is worth acknowledging that Binance has more cryptocurrencies, bigger support, and a better exchange platform in general.
Related: Binance Exchange – Definitive Guide to Using the Popular Crypto Exchange
Frequently Asked Questions (FAQ)
Should I use OKEx?
OKEx is user-friendly, generally safe, and has low fees. It is good for both beginners and experts. Furthermore, it has a lot of trading methods that you can benefit from
Is OKEx Safe?
So far, OKEx has shown to be very safe. Assets are stored in hot and cold wallets to prevent hacking attacks
Does OKEx Support Fiat Currencies?
Yes, OKEx supports over 30 fiat currencies, unlike many other cryptocurrency exchanges.
Also Read: Coinbase Review – What are the Pros and Cons of Coinbase?
Takeaways
- OKEx is a cryptocurrency exchange based in Malta.
- More than 150 cryptocurrencies are supported, and more than 400 trading pairs are available.
- Trading fees may vary based on the trading level. The highest fees for level 1 traders are 0.15%, which is lower than in most other exchanges.
- The trading methods offered in OKEx are Quick Trading (One-stop Marketplace), Spot Trading, Margin Trading, DEX (Decentralized Exchange) Trading, Perpetual Swap, Futures, Options, etc.
- OKEx also offers staking and a mining pool for 9 PoW cryptocurrencies.
- OKEx is user-friendly, and it is very simple to use.
- Its customer service is available 24/7.
- Generally, OKEx is considered a safe exchange.
- To trade in OKEx, you should open an account, verify it, deposit funds, and then you can begin trading.
- OKEx is considered a good exchange overall.