Is OKEx Safe?

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Is OKEx Safe
Is OKEx Safe

OKEx is a digital exchange offering trading on hundreds of cryptocurrencies across desktop and mobile applications. OKEx is undoubtedly one of the biggest players in the crypto industry with very low fees and high liquidity, clearly making it a great exchange for advanced traders. 

Founded in 2017, The OKEx Platform is a household name when it comes to Cryptocurrency exchanges. In this article, we will explore whether OKEx is safe, and see how it shapes up in comparison to crypto exchanges like Binance and Coinbase.

The OKEx platform was developed by JayHao and his team of talented developers. Headquartered in Malta, the platform is home to millions of users and active traders that have access to an extensive list of cryptocurrencies and trading pairs.

OKEx security

OKEx features several security measures on its platform to protect client information and keep funds safe on a wallet. OKEx doesn’t appear to have been involved in an exchange hack or experienced a major security breach or compromise to date. In 2017, millions worth of Bitcoin were moved from OKEX sparking rumours of a possible hack. However, CEO Jay Hao explained that this was FUD* and the reason for the transfer of assets was due to scheduled maintenance. To clarify, the exchange claims that it has never lost investor funds and the team boasts the most advanced privacy encryption technology in the space.

The platform’s token security is built on a core private key encryption algorithm and industry-standard cold and hot wallet supporting the following features:

  • 2-factor authentication
  • Mobile verification code for security settings and withdrawal, of funds
  • Email verification codes

* FUD is an acronym or slang term that stands for “Fear, Uncertainty, and Doubt”. Within the cryptocurrency industry, FUD can be used to influence, manipulate and modify the perception of market sentiment in a negative way among investors and traders. There are instances where parties will spread false, misleading and negative information to cause FUD to their financial benefit.

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