OKEx Crypto Exchange: Detailed Review

These days it is not very challenging to find a crypto trader that suits your investment style and strategy! Investors and traders of all capacities are investing in cryptocurrencies thanks to the widespread popularity of digital currency. Things like the blockchain and decentralized nature are among the primary factors fueling the popularity of cryptos. 

Consequently, the number of crypto exchanges has also increased significantly with the sudden increase in demand. Of course, it’s great that people now have many choices. But this factor can also make it challenging for traders to find the crypto exchange that best suits their requirements. 

Traders must look for crypto trading platforms that stand out with their offerings and offer unmatched safety. Speaking of such qualities, OKx is one of those few crypto trading platforms that stand out with their offerings. Besides that, the platform offers adequate security to traders and their assets. 

But you should not take our words for it because it is your money you will use to trade cryptos on the platform. Therefore, before starting crypto trading on this platform, you must understand every aspect. With that said, here is a detailed review of the OKEx crypto trading platform to help you better understand what the platform has to offer. 

Pros & Cons Of OKx

OKx At a Glance

OKx: Company Overview

Founded in 2017, OKEx is one of the leading crypto exchanges currently available in the market. The platform offers a wide range of features and functionalities specially curated to cater to the distinct requirements of traders. As a result, OKx delivers an unmatched crypto trading experience earning it the reputation it thrives on today. 

OKEx was initially part of OKCoin, founded in 2014 in China. However, as the Chinese authorities began their crackdown on crypto exchanges, OKCoin shifted its base to Hong Kong. This was going fine until OKEx split from its sister company, eventually moving its headquarters to Malta. Besides that, OKEx maintains various offices across different locations around the globe. 

OKEx currently offers its crypto trading services to millions of traders across over 100 countries around the globe. But unfortunately, US citizens cannot reap the benefits of the platform’s offerings. This is because the platform failed to access the US market due to legal complications. 

The platform now also has its native coin called OKB. Traders on the platform using the OKB coin can benefit in many different ways. The unmatched usability and navigability of OKEx are what sets the platform apart from most other crypto exchanges. As a result, OKEx has the potential to be one of the major crypto exchanges available in the market.

Cryptocurrencies Supported in OKEx

OKEx supports a wide range of cryptocurrencies, ensuring its traders never fall short of choices when trading their cryptos on the platform. In addition, the platform now supports over 300 different cryptos, which further helps it maintain unmatched liquidity. 

Some of the most popular cryptos you can find on the OKEx platform include:

OKEx Crypto Exchange

Besides, the platform is also open to accepting new crypto projects on its exchange. This way, users make the most of their crypto journey without signing up for a new platform. 

Key Features of OKEx

OKEx has many features and functionalities that help the platform cater to the unique preferences of its traders. Each of these features is designed in line with the most acceptable industry standards. So let’s check out some of the best features and functionalities you can find on the OKEx crypto trading platform. 

Trade with OKEx

Promos And Bonuses

Getting started with crypto trading can be a hard decision for many. A little incentive from the exchange’s end can go a long way in terms of helping one make this decision. This is probably why OKEx provides its traders with highly appealing welcome bonuses. 

Every new trader on the platform can pick up $10 in BTC when they trade cryptos worth $100 or more. Besides that, traders can even avail of a reward of $30 worth of USDT rebate card when they deposit $100 or more on the platform. Moreover, even platform traders can leverage appealing referral programs to earn rewards. 

Algo-Order Option

Even though crypto trading is a relatively new concept, it has evolved a great deal. These days, traders are no longer required to use conventional trading mechanisms to generate attractive returns. Instead, there are many other trading options you can benefit from. One such trading option that OKEx has to offer is the algo orders. 

This special type of order plays an important role for every active trader on the platform. OKEx allows all its registered traders to reap the benefits of many different types of trading orders. Some of these orders include stop-limit orders, iceberg tailing top orders, limit market orders, advanced limit orders, and the time-weighted average price or (TWAP) orders. 

Earning Fractional Amounts of Bitcoins Every Day                  

With the increasing number of crypto exchanges in the market, existing exchanges must go to extra lengths to retain their client base. While many measures from OKEx ensure customer loyalty, one quality that stands out is the fractional Bitcoin loyalty program. This program provides traders with fractional bitcoins every time they use the OKEx mobile app. 

The platform will give you five new learning missions every day, and you will have to read an article and watch a video. As you complete each task, you will be rewarded with 50 Satoshis, where each Satoshi equals about a 100 millionth of one BTC. By earning 10000 Satoshis, you can convert them into a BTC. Traders can choose to trade this BTC or hold it. 

Educational Resources

Cryptocurrencies and the blockchain are two very complex entities, and wrapping your head around them is anything but easy. Unfortunately, this is also why so many potential traders are still reluctant to invest in cryptos. Fortunately, OKEx acknowledges this issue and provides its traders with an extensive range of educational resources.

This makes it easier for novice traders to understand the crypto market and benefit from their trading. Be it tutorials for beginners or interactive videos explaining the working principle of the crypto market, OKEx has got it all. You can even access industry trends and analysis articles to help you understand the market and make your investment decisions accordingly. 

Additional Features of OKEx

As mentioned earlier, OKEx provides its traders with numerous features and functionalities. While those mentioned above are some of the most notable and key features of the platform, there are many other features the platform has to offer. So let’s check out some of the best-known additional features and functionalities of OKEx. 

1. Seamless Account Opening Process: Unlike most other crypto exchanges in the market, OKEx does not make a big deal with the signup process. The platform only requires you to adhere to just a couple of steps before you can start trading cryptos on the platform. This makes it easy for traders to get started with the platform with minimal hassle. 
2. Effective Security: Security and safety have always been pressing concerns for crypto traders worldwide. So OKEx has many such security features and functionalities that ensure your safety at all times. The platform even adheres to a stringent verification process to ensure no scammers get access to the platform. So security should not be your concern when trading cryptos on OKEx. 
3. User-Friendly Interface: OKEx has long retained the name for being one of the most user-friendly crypto trading platforms available in the market. The unique interface is designed with traders, so navigating through it does not require much time or effort. This certainly helps one experience a superior crypto trading experience with minimal effort.
4. Low Trading Fees: When it comes to trading fees, there is hardly any other platform in the market that can match what OKEx offers. The platform charges fees on the standard taker and maker basis as well as the trade volume of traders. Even better, traders can avail of attractive discounts when using OKEx’s native token OKB.
5. Mobile Application: No trader wants to sit at their desk for the entire day to ensure they never miss out on an opportunity. Traders now prefer mobility and flexibility over anything else. So OKEx provides its traders with a highly interactive mobile application that eliminates all the hassle from your crypto trading. The mobile platform is available for Android and iOS devices, so everyone reaps the benefits of what this platform offers. 

Trading Experience

OKEx is one of those few crypto trading platforms that understands and acknowledges that not all traders have the same understanding and expertise. Thus, the platform offers different trading options to ensure everyone finds the option that best serves their requirements and preferences. So let’s check them out in detail.

Basic Trading With OKEx

The basic trading option that OKEx offers is mostly suited for beginners yet to get acquainted with the crypto market. This trading option allows traders to reap the benefits of simple spot trading and other simple options trading. Once the beginners are familiar with all nuances of crypto trading, they can shift to other forms of trading without hassle.

Margin Trading With OKEx

As many might already know, margin trading is more complex than conventional spot trading. Thus, the margin trading feature is only available to advanced traders familiar with the crypto market’s ins and outs. This trading option will allow you to benefit from futures trades, perpetual swaps, and much more. This is an ideal way to maximize your profits with minimal hassle.

Besides, users also have the option to go for demo accounts, making it another trading mode designed to cater to the requirements of beginners. As a beginner, you do not want to lose money on trading while still learning everything about the crypto market. So OKEx provides its traders with a demo trading account that allows you to practice your trades before getting your hands into the actual trading market. This short-term practice with the demo account can benefit you in the long run. 

Fee Structure of OKx

One of the primary reasons fueling OKEx’s popularity is its highly competitive trading fees. Furthermore, determining the suitable trading fee can be a complex business with OKEx. The platform divides its fee structure into two different types of traders. The first is the regular traders, whose fees are determined by the amount of OKB they hold. So refer to this table to get a better understanding.      

Regular Traders:

VIP Traders are the ones whose trading fees are determined based on different criteria, but the primary focus remains on the 24-trading volume of the trader. So refer to this chart below to better understand this trading fee mechanism. 

Deposit And Withdrawal Fees In OKEx     

One of the best things about trading your cryptos on OKEx is the no-hassle of deposit fees. However, the platform charges a negligible amount of withdrawal fees, far less than most other crypto exchanges in the market. For example, if you withdraw bitcoin, the platform will only charge 0.0005 BTC. Likewise, in case you withdraw Ripple 0.15 XRP and 0.01 ETH in the case of Ethereum. 

How Secure Is OKx?

Security is one of the best things about trading your cryptos on OKEx. The platform takes many such security features that are hard to find in other crypto agencies prevalent in the market. These advanced security measures ensure you and your crypto assets remain safe and secure. So let’s check out some of these security measures and understand how they can help you. 

1. Anti-Phishing Code: OKEx allows its traders to enable the anti-phishing code. You can access this code through all the email communications from the platform. This ensures the emails are genuinely from OKEx and not from any hacker trying to sweep clean your wallet. 
2. Two-Factor Authentication (2FA): Hackers have wreaked havoc in the crypto industry countless times. So OKEx provides its traders with the two-factor authentication (2FA) mechanism by leveraging the capabilities of Google Authentication. This 2FA is mandatory every time you log in to your account or withdraw funds. 
3. Cold Storage: No matter how many security measures you deploy, it takes just one smart hacker to breach the system. OKEx does not take any chances here, as it stores 95% of its digital assets in cold storage. Since cold storage is offline, hackers and fraudsters cannot access the fund. 
4. Multi-Signature Hot Wallet: The platform stores 95% of its cryptos assets in cold storage. But what about the remaining 5% that remains in the hot wallet? This is where OKE leverages the multi-signature mechanism where your hot wallet private key will be managed by three different key managers spread across various locations around the globe. 

How To Sign Up With OKx?

Getting started with OKEx is one of the easiest things anyone can do. The platform only requires you to follow a couple of steps, and you can sign up with the platform. Following this simple signup process, traders can start trading on the platform in no time. These steps include:

Step 1: Open the OKEx website or mobile application 

Step 2: Click on the “Sign Up” button.

Step 3: Provide necessary details and credentials such as email ID and phone number 

Step 4: Verify your credentials with the code the platform offers

Step 5: Set up the two-factor authentication (2FA) mechanism

Step 6: Deposit funds into your account and start trading with OKEx. 

Trade with OKEx

Remember, verification is very important for trading cryptos in OKEx, and traders failing to verify their accounts appropriately might not get access to all the platform offerings. The platform has three levels of verification, so ensure you have completed all of them to get the full benefits of trading on OKEx. 

Customer Satisfaction

OKEx takes numerous measures to ensure the customer satisfaction levels of the platform remain unchanged no matter what. For example, take the platform’s impressive features, making it very easy to trade cryptos without hassle. Besides that, there are many other things that OKEx does to ensure unmatched customer satisfaction.

OKEx provides its traders different options to trade their cryptos on the platform. This means both novice and advanced traders can reap the full benefits of the platform. The platform also offers 24/7 customer support to ensure traders can resolve all their queries in no time and resume their trading with ease. 

The overall usability and navigability of the OKEx platform make crypto trading very easy for traders. Thus, given these offerings, it is inevitable that OKEx leaves no stones unturned when it comes to ensuring unmatched customer satisfaction for traders. 

OKEx Vs. Competitors

OKEx is one of the leading crypto trading platforms in today’s competitive crypto market. But that does not mean that there are no other crypto trading platforms that cannot match its offerings. Therefore, as a crypto trader, it is important to ensure you know what these other platforms offer. This ensures you make the right comparison and decision when choosing the right crypto trading platform.  

So let’s compare OKEx and one of its leading competitors, Kucoin. 

OKEx Vs. Kucoin

Both OKEx and Kucoin are reliable crypto trading platforms that have many similarities! These trading platforms are easy to access and come with numerous crypto projects, making it easier for users to kick off their crypto journey. 

However, besides their similarities, the platforms also have some differences between them, explained in the chart below:

Looking at this short but detailed overview of OKEx vs. Kucoin, it’s evident that both the platforms are relatively similar and have similarities. However, OKEx takes the lead over Kucoin with its fixed withdrawal and lower traker fees, making it an affordable option for everyday traders.     

Trade with OKEx

Final Verdict

OKEx is a great crypto trading platform for residents outside of the US. But as with every other crypto trading platform, even OKEx has certain strong points and shortcomings that make the platform what it is. So let’s check both the strong points and shortcomings of OKEx to help you make a better and more informed decision. 

Should You Consider Using OKEx?

1. Numerous Advanced Trading Options: OKEx is one of those few crypto trading platforms that provide advanced traders with a wide range of trading options. Be it spot trading, derivative trading, or futures trading; the platform has it all. OKEx also provides traders with an option to trade in margins. 
2. Numerous Crypto Selections: As you already know, OKEx offers an extensive crypto selection to its traders. The platform supports more than 300 cryptos which is more than enough for any crypto trader out there. As a result, traders can make the most of every opportunity and amplify their returns with ease. 
3. Mobile Application: Another great thing about trading your cryptos on OKEx is traders also get a user-friendly mobile application. The mobile application is available for both Android and iOS devices. Thus, traders can seamlessly trade their currencies even when on the go. 
4. Low Trading Fees: Low trading fees are one of the main factors fueling the popularity of OKEx. There are barely any other crypto trading platforms that charge such low trading fees. Besides, traders can even avail of discounts through the platform’s different bonus programs. 

Shortcomings of OKx

1. No Access To US Residents: Naming the shortcomings of OKEx is never easy, but one such shortcoming that stands out is the platform’s lack of access to US citizens. There are many legal complications following which are currently unable to access OKEx. But crypto traders from the US can access them through OKEx’s sister company OKCoin.
2. Withdrawal Limitations: The other drawback of OKEx you ought to know about is the withdrawal limitations of the platform. The platform has predefined withdrawal limitations for all its traders. This can often be a hassle to deal with when trading your cryptos. 

With this, we come to an end of our comprehensive review on OKEx! Considering all the insights that we have mentioned in the platform, we hope that you now have an idea of the different features and functionalities that the platform has to offer. However, while the platform offers some exceptional features, there are certain drawbacks to it too.

Therefore, if you’re not on board with OKEx’s withdrawal limitations, you might want to consider signing up for some other crypto platforms. But, before you do, ensure that you’ve looked into all the aspects of the platform. All the best! 

FAQs

Shrey Jain

Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.

You do not have any posts.