OKEx Cryptocurrency Exchange Review

Exchanges
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Contents
  1. OKEx History
  2. Specifics of Work on OKEx
  3. Registration on OKEx
  4. Fund Deposit and Withdrawal
  5. OKEx Fee
  6. Security on OKEx

OKEx History

The Hong Kong-based OKEX platform was created in 2015. It supports three languages – English, Chinese and a dialect of the latter – Cantonese. Here it is possible to speculate and exchange cryptocurrencies and USDT. Opportunities of margin trading are provided. There is a built-in API for creating bots. Clients of the exchange get access to the cryptocurrency wallet.

Specifics of Work on OKEx

One of the most important features of the OKEx terminal is that it is offered in a desktop version with hard disk download (similar to the well-known Metatrader for Forex terminals). A mobile version of the app is also available. Users can also work directly from their browser. In terms of functionality, the Platform is rich with a variety of tools. Here you can add indicators, choose the type of price presentation (by default there are Japanese candles), change the color scheme.

Indices trading is available. There is also an opportunity of C2C trading (that is, between customers). However, only Chinese yuan is available as fiat currency. There is token trading and the ability to work with futures contracts (with margin functions). The user can use more funds than he has in his account. The mobile platform is available for the most popular platforms.

Registration on OKEx

In order to become a customer of the site, you must go through a simple standard procedure of creating an account. In this window, you specify the country, phone number (confirmed by SMS code), as well as the password and password confirmation.

As for the verification procedure, there is also nothing difficult. It is necessary to enter the name and number of passport or other identification document. We can say that the procedure is formal. Users without verification have almost all possibilities, except for the transfer of fiat money into tokens. In this case, it is possible to replenish the trading account through cryptocurrency.

Fund Deposit and Withdrawal

OKEx offers the opportunity to work with both cryptocurrencies and fiat money. As mentioned above, it has its own built-in wallets that allow you to transfer funds in a few clicks. The list of currencies to trade paired with yen:

  • BTC
  • LTC
  • ETH
  • ETC
  • BCH
  • USDT
  • QTUM
  • NEO
  • XUC
  • EOS

The list of token pairs with Bitcoin is quite extensive, you can view it in full directly on the exchange, but such exlusives as ZRX, YOYO, WTC, VIU, TRX – already speak volumes.

The exchange offers the opportunity to trade both pending and market orders. For buy trades, you need to select the type of order and enter the amount. The system will automatically calculate the amount of cryptocurrency to be purchased. In case the user wants to buy the token at the desired price, the value of the asset is additionally set.

Let’s say the trader believes that bitcoin at the current price of 10,000USD will be quoted at 9,500USD before further growth. In this case, it is possible to use a pending buy order. If the price reaches 9,500USD the order will automatically trigger. The platform allows for margin trading. Before submitting an OKEx order, the trader has the opportunity to set the credit percentage. The maximum leverage size is 20:1.

OKEx Fee

Payments on the OKEx exchange are the lowest in the industry. You have to pay between 0.05% and 0.2% to open a transaction, depending on the turnover.

Security on OKEx

The site’s interface is simple and easy to use. Translation into English is of high quality, so those who know this language at least at a basic level, can easily start working on OKEx. With regard to security, the site has a special setting. To do this, select Security in the section Settings. Here you can set the two-factor authorization. For the withdrawal of funds the administrator password is set

Pros
  • Very low transaction fees. OKEx has no competitors in this regard.
  • So far, the site has withstood almost all hacking attacks.
  • OKEx is a subsidiary of OKCoin, which generally indicates its reliability.
  • The ability to install the trading terminal to your hard drive. Unlike most other exchanges, you can work not only through the browser, but also download the platform to your computer.
  • High liquidity for almost all popular instruments.
  • The site is adapted not only for computers and laptops, but also for mobile devices.
  • Traders are offered to use the leverage up to x20. Margin trading allows one to work with small amounts of money and still get high profits in case of correct forecasts.
  • The support service responds to all customer inquiries in a timely manner.
Cons
  • Overly serious security measures often interfere with work. This applies in particular to the need to enter a password every two hours.
  • The site often “slows down” and “lags”. These problems are written about in the review. Traders complain that it is not always possible to log into their account.
  • The site only works with Chinese yuan. The possibility of depositing in U.S. dollars is absent.
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