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OKEX Exchange Review 2021
OkEx is a cryptocurrency exchange that was launched in 2017. Originally, it was an overseas platform for Chinese traders to invest in digital assets and foreign currency, but it has since become popular with people all over the world. The company claims to be “the most advanced trading platform, with an excellent range of cyber and fiat currencies, including Bitcoin, Ethereum, USD, EUR, GBP and CNY. OkEx has been growing rapidly since its inception, and at the time of writing, ranks as the fifth largest crypto-exchange by volume on the internet. With over 1 million monthly visits from the United States alone, many traders rate OkEx highly because of its high liquidity and low fees.
In this article, we will look at OkEx’s features, usability, and security, as well as the platform’s main pros and cons.
What is OkEx?
OkEx is a cryptocurrency exchange that was founded in China 2017. It currently has over $425 million worth of Bitcoin being traded on its platform every day, making it one of the largest crypto exchanges in the world by volume.
OkEx differentiates itself from other platforms with their many token trading pairs or “coin-pairs.” This allows traders to diversify and take advantage of profits across multiple cryptocurrencies at once instead of just BTC or ETH like most other exchanges allow you to trade. Since its launch, OkEx has become very popular in the Western world in part because of its user-friendly interface and emphasis on security.
What can OkEx be Used for?
This platform offers a wide variety of trading pairs for any level trader, including fiat to crypto trades with Chinese Yuan and US dollars as well as many other currency conversions. The exchange also provides high levels of liquidity through low transaction fees (0.05%) that are almost always lower than all other exchanges or brokers out there; the only exception is Binance which has 0% transaction fees but charges withdrawal fees of up to $100 USD depending on which coin you’re withdrawing.
OkEx currently offers some unique advantages over most exchanges by providing features like margin trading, futures contracts, algorithmic order matching engine technology called SMART orders, and a variety of fee-free token trading pairs.
The company also provides its own cryptocurrency, the OKB (OkEx Blockchain) which can be used in margin trades as well as lending programs on their platform to earn interest, while OkEx’s decentralized exchange provides users with the highest levels of security.
What Order Types are Provided by OkEx?
OkEx provides a wide variety of order types, including:
Market orders enable you to buy or sell at the best available price. The market maker does not provide liquidity in this type of trade and is obligated to fulfill it as soon as possible. All orders are filled on a “first In first out” basis under the logic that if someone enters their limit order first then they should be served before anyone else who has entered a subsequent limit order which meets the same criteria. A stop loss can also be applied on OkEx to all trades executed with this option for risk management purposes. If your stop loss level is reached during trading, it automatically executes a sale/buy transaction so you do not sustain any losses.
Limit orders enable you to buy or sell at a specific price level, which is also known as an “entry point”. If you set up your order to buy and the market rises above this limit then it will not be executed until the same amount of shares have been sold first. The opposite applies if you put in a sell limit order – if the share price falls below this specified level before any purchases are made, then no selling will take place. As with market orders, a stop loss can also be applied to all trades completed with these options for risk management purposes.
Conditional orders enable traders to specify trading conditions such as buying/selling only after certain events happen, such as when Bitcoin reaches a specific price level.
Stop Limit Orders
Stop limit orders can be used to buy or sell at a specified limit point. The difference is that if you put in a buy stop limit order, it will only execute when the market falls below your pre-set price and vice versa for sell stop limit orders.
How can you Deposit Funds in OkEx?
In order to deposit funds in your account, you first need to set up a free OkEx Wallet. This only takes a few minutes and is done through the OkEx app.
Once you have done that, you can deposit your money directly into your wallet using the following methods:
To deposit funds via bank transfer, you first need to fill out the relevant forms, which provide you with an online banking transfer code or a China Union Pay card number.
The money is then be transferred into your wallet and can be withdrawn in a variety of ways such as wire transfer, internet banking and even mobile phone (through AliPay). Funds are converted at market rates when they are deposited into your account.
Paypal and Western Union
This is a good option for international traders because it provides access to more markets where exchanges were previously blocked by countries with strong trade barriers.
From Another Exchange like Binance
You can also transfer your funds into OkEx by first sending the currencies to a wallet that is compatible with both exchanges and then transferring them over to OkEx.
What are the Advantages of OkEx?
A Wide Range of Coins
Over 300 cryptocurrencies are traded on OkEx against Bitcoin including many tokens such as ETH (Ethereum), LTC (Litecoin) and HSR (Huobi Token). If there’s an altcoin out there, then it will probably be available for purchase on OkEx in some form.
No Withdrawal Limits
This is one of the best features that OkEx offers. There are no withdrawal limits, which means you can withdraw at any time without being limited by a set amount like other exchanges might be. This is great for high-volume traders who need to make multiple withdrawals in a day or even an hour.
The 24-hour trading volume on OkEx is about $400 million, which is a lot more than the other major exchanges. This means that you have greater chances of filling your trade at the price and quantity that you want.
24-hour Withdrawal Policy
OkEx has a 24-hour withdrawal policy for all cryptocurrencies, tokens and fiat. This feature makes it easy to withdraw funds from OkEx at any time because there is no waiting period needed before your action is executed.
OkEx has three different interfaces: one for beginners; one for professionals/experts; and one for traders with little time or experience who want quick access to markets without additional navigation requirements like charts or other tools.
The beginner interface allows some personalization by adjusting trading parameters such as leverage ratio so they’re more appropriate for your needs than what okEx sets automatically when you first register.
The professional and expert interfaces offer more advanced features, such as trading charts or order management tools like stop losses. Additionally, the interface is fully customizable with no default shortcuts to minimise distractions when you are busy doing something else.
There’s also a handy option for copying orders from your browser into OkEx so you don’t have to manually type out any parameters; this can save some valuable seconds during high volume periods on the exchange platform.
The security features on the OkEx platform are some of the most robust on the market. First off, there is two-factor authentication that you should set up as soon as you have an account with OkEx. It’s easy to do and it provides much better protection for your funds. There is also support for facial recognition verification, which can be used instead of or in addition to phone number verification.
OkEx customer service is very well-known for being helpful and responsive. There is an English chat window on the OkEx website and the support team typically responds within 20 minutes providing clear answers and links to further information.
What are the Disadvantages of OkEx?
No Physical Offices in Europe or North America
Without an office address it’s hard for users to know where their transactions are being processed which can be slightly worrying for beginners in particular.
Issues with China
As a centralized platform and one of China’s biggest exchanges, it is wise to keep in mind that there are instances where Chinese authorities have shut down Bitcoin trading before: for example, between 2013-14 when BTC prices were at an all-time high ($1300+). If a similar situation was to arise in the future, your OkEx assets could potentially disappear since you won’t be able to trade on any other platforms or sites outside of China.
Is the OkEx Wallet Safe?
The OkEx wallet provides a high degree of security because in order for your tokens to be transferred or accessed by anyone else, they would first need your password and two-factor authentication code. The safety precautions that are taken on OkEx also make it safer than many other exchanges. For example, if there is evidence of suspicious account transactions or trading history during the previous 24 hours, funds from your account are automatically locked up until further notice. After that, you have to go through a verification process in order for their funds to be released. Another security feature is that all withdrawals require confirmation from the user. This is a little bit inconvenient if you are in need of immediate funds, but it ensures that nobody can withdraw money without your permission because you will have to approve each withdrawal request before it goes through.
How is ID Verified on OkEx?
When you first sign up with OkEx, you will need to provide your phone number and upload a government issued ID. The process can be completed in under five minutes which is quite fast for opening an account compared to other exchanges. Verification helps to ensure that all users are properly vetted and also protects them against fraudulent activities.
Is OkEx Suitable for Beginners?
OkEx is among the most beginner-friendly cryptocurrency exchanges on the market. The interface is intuitive, accessible and easy to understand for newcomers and has an attractive design that makes it very simple to navigate and find everything you need. For those looking for additional help, there are extensive tutorials available via the website and social media account which can make understanding OkEx simple
Who are OkEx’s Main Competitors?
OkEx’s main competitors are Binance, Bitfinex, and Huobi. OkEx’s main advantages over these platforms are that it has more coins, a larger number of currency pairs, and offers better customer service. Furthermore, OkEx has a high level of security, and is very competitive in terms of fees. With many platforms offering similar services these days, security and fees are particularly important factors in choosing the best platform for your trading needs.
To Sum Up
All in all, OkEx is an excellent cryptocurrency exchange. It has a very high number of trading pairs, competitive fees, and supports a range of order types. OkEx has an easy-to-use interface for both beginner and advanced traders, and has excellent security and customer support. While there are some legitimate concerns about trading through a Chinese platform, there have been no issues to date with OkEx and the Chinese government. As with all crypto platforms, the best thing to do if you are new to trading is to try out as many platforms as you can until you find one that suits you best!
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.