OKEX Review (2020): A Comprehensive Guide on All You Need to Know.

In today’s post, I  did a complete review of OKEX, one of the top crypto exchanges in the world.

OKEX is a multi-cryptocurrency exchange founded in 2014 by, Star Xu.

Its exchange ranks 7th on the list of top 50 crypto exchanges by liquidity on CoinMarketCap.

By the end of this post, you would have completely understood what  OKEX is and how it works.

Let’s dive right in


Post Summary

I have carefully drafted out these sub-headings that will guide you through this post. Here is what I will cover;

  1. OKEX Overview
  2. Product and service
  3. Trading Fees
  4. Currency Support
  5. Payment Method
  6. Country Supported
  7. How to  open an account
  8. How to Deposit and  Withdraw using OKEX
  9. Verification Requirement
  10. Customer Support
  11. Pros and setbacks
  12. Conclusion

1. OKEX Overview

OKEX is a privately owned company that was founded in 2014 by Star Xu.

It has its headquarter in Malta, the world’s Blockchain Island.

The exchange has an average daily trade volume of about $2.5 billion placing it at No. 7 in the top crypto exchange by liquidity.

Its exchange, offers a plethora of products ranging from spots trade to derivatives, Pools, etc …all which would be discussed in this article.

OKEX also has apps for  PC, macOS, Android, iOS.

This is just the tip of an iceberg, as more and more details are yet to be unraveled.

I hope we are still together


2. Product and Services

You can watch the video as I take you through the products and services or read the text below. The choice is yours…

Visit OKEx

OKEX has varieties of products and services. I will group them into two;

  • Trading and
  • Non-trading
Okex products and services

Let’s get more details on them

OKEX Trading Services

Buy Crypto | Spot Trading | Margin Trading | Futures | Perpetual Swap | Options | Dex Trading 

Buy Crypto:

Here you can buy 8 different cryptocurrencies (BTC, ETH, XRP…) instantly with your fiat money (over 30 local currencies are supported) using your debit/credit card or other payment methods.

The Cryptocurrencies and the payment methods are listed in the Supported Cryptos and Payment method below.

Spot Trading:

Here is where you trade cryptocurrency pairs such as BTC/USD, ETH/USDT, etc. OKEX supports over 180 cryptocurrency pairs.

It has advanced charting tools to help you conducts analysis with 7 order types to choose from when placing your trades. These include; Limit, Advance limit, Market, Trail, TWAP, Stop-Limite, Iceberg.

Margin Trading:

Margin trading is similar to spot trading, the only difference is that you can leverage up to 10X. In this case, when you make a profit of 1%, it is multiplied by 10 but so is your loss.

Thus margin trading can work both to your advantage and disadvantage.

margin trading features are also available in the perpetual swap and Futures trading

Futures:

In Futures, you trade on the outcome of a crypto-asset over a period of time. You can profit from its rise (long position) or from its fall (short position).

OKEX lets you open a long or short position over three-time periods; weekly, bi-weekly and quarterly.

Perpetual Swap:

This is similar to Futures trading, the only differences are that your positions are open indefinitely until you close them.

Options:

Options on OKEX is similar to futures but with limited risk.

Dex Trading:

This is OKEX decentralized exchange. It is still in its testnet at the time of this article which means the live version is not out just the test version.

In decentralized exchanges, you can trade crypto while maintaining total control of your fund.

OKEX Non-Trading Services

Pool | Wallet | OKB | OKNodes | API | Academy | Token Listing

Pool:

Here you can join OKEX mining pool to share in its profit. There are currently 12 cryptos available for mining.

Also read: Bitcoin Mining in Everyday Language – A Complete Guide (2020)

Wallet:

OKEX wallet supports over 180 cryptocurrencies and all ERC-20 tokens

OKB:

Just like the Binance BNB, OKB is a utility token issued by the OK Blockchain foundation. It was designed to encourage the development of the digital asset industry by connecting prospective digital asset projects to OKEX users and professional investors.

The total supply of OKB is 300 million.

OKNodes:

Here you can build your own exchange leveraging on the OKEX technology and high liquidity.  OKEX shares its strong tech, providing 24hour support to its partner.

OKEX API:

With OKEX API users can integrate apps with their accounts to perform actions such as automated trading, viewing market trends, etc.

OKEX Academy:

OKEX offers a free tutorial to learn about blockchain, Cryptocurrencies, trading analysis. These articles and videos help its investors gain good knowledge to enable them to make a profit from and check loss.

Token Listing:

Any project wishing to have it’s token listed on the OKEX exchange would have to apply by sending the following document to [email protected]

  • White paper of the project
  • Letter of legal advice
  • Your social media account(s), telephone number(s), and email(s)

If the project meets minimum requirements, the application will be contacted with 10 working days.

From the above, you will agree with me that OKEX has a plethora of products and services.

That said, Let’s take look at the transaction fees.

Visit OKEx

OKEX Transaction Fees

There are three areas where fees are applicable when using the OKEX platform. They include

  • Buy Crypto fees
  • Crypto Deposit and Withdraw fees
  • Trading fees

Buy Crypto Fees

As stated earlier above, the ‘Buy Crypto’ section is where you can buy the top 8 cryptocurrencies directly with your local currencies.

OKEX employes the service of 5 different payment processors here. The fees depend on the payment processor and its as follows;

  • Banxa ………………….. 1.99%
  • Simplex ……………….. 3.5%
  • Koinal ………………….. 2.5%
  • Indacoin ………………. 5%
  • Moonpay ……………… fee not displayed but included in the exchange rate.

As you can see above, the fees are quite high. I would rather use Quidax (1.5%), Luno (1.5%), or Binance ($1 flat fee) for direct purchase as they charge much lower fees.

Note that the fee above is charged by the payment processors and not OKEX.

Crypto Deposit and Withdraws Fees

These are the fees charged when you send/withdraw or receive/deposit crypto to your OKEX wallet.

  • Deposit/receive fee…………… 0
  • Withdraw/Send fee………….. depends on the crypto and charges by the miners as called miners or network fee.

Trading Fee

Trading fees are fees charged when you trade crypto pairs e.g BTC/ETH

The fee ranges from 0.15% to 0.01% depending on the following;

  • Account type and level
  • Trade features and
  • If you are a Maker or Taker

Account Types and Level

There are 2 types of account on OKEX,

  • Normal User account and
  • VIP User account

Each account has different levels which are determined by either the 30-day trade volume or OKB holding. see the table below.

okex account types and level

Now we know what determines the type of User/account, let look at the trading fees.

The ‘Normal User’ Trading fee ranges from 0.1% to 0.015%. This is one of the best in the market.

OKEX normal user trading fee

The VIP user trading fee ranges from 0.06% to -0.015%.

As a VIP user making a trade, you would not only be charged but take a share in the Takers’ fee.

OKEX VIP USER trading fee

I hope the above was well explained. You can see that OKEX charges the lowest in trading fees when compared with other exchanges.

That’s it for the trade fee.


Currency Support

OKEX Supports about 188 cryptocurrencies, they are;

  • USDT
  • BTC
  • ETH
  • XRP
  • BCH
  • LTC
  • EOS
  • TRX

You can buy the above cryptos instantly with your local currency.

Other cryptos traded in OKEX include;

  • DAI,OKB, BSV, DOGE, EC, EDO, EGT, ELF, FAIR, FSN, USDK, GAS, GNT, GTO, INT, INSUR, IOTA, KNC, LET, ITC, KCASH, LINK, DCR, DGB, CVT, CVC, GUSD, HBAR, HPB, HYC, HC, IOST, ITC, KAN, LAMB, NEO, QTU, XLM, LBA, LEO, etc

As at the time of this post, OKEX supports the following  fiat currencies;

  • USD, CNY, EURO, GBP, KRW, JPY, RUB, TRY, UAH, CAD, AUD, NZD, INR, NGN, COP, VND, KZT, THB, IDR, PHP, BRL, ARS, MXN, PLN, CHF, SEK, DKK, NOK, SGD, CZK.

more digging, more unraveling!

Hope we are still moving together


OKEX Payment Methods

There are many methods for depositing funds into the OKEX account. These methods are;

  • Bank transfer
  • VISA
  • Mastercard
  • Apple play
  • Ideal
  • POLI
  • Bpay
  • Blueshyft
  • SEPA
  • Flexepin
  • IDEAL
  • Interac

OKEX also partners with channels referred to as the gateway partners to buy crypto. They are;

  • Indacoin
  • Simplex
  • Banxa
  • Moonplay
  • Koinal
  • XANPOOL

If we are on the same train of thought, I won’t doubt you are almost shouting; That’s great!

The payment methods are just so massive.


Countries Supported

OKEX supports about 188 countries, some of these countries appear on the table below.

supported countries

 However, OKEX maintains a high-status quo in areas related to countries that can make use of their services.

among all other countries, OKEX has ruled against the following countries from making use of its exchange;

  • U.S.A, Hong  Kong, Syria, Cuba, North Korea, Iran, Crimea, Sudan, Malaysia, Bangladeshi, Kyrgyzstan, Ecuador, Bohua

If you are fascinated already, I guess the next outline is for you.


How to Open Account

To sign up an account with OKEX, all you need do is;

  1.  step 1:  Go to OKEX.com okex sign up
  2. step 2: once you get there, click on sign up. (this should be seen on the right corner in the homepage). once you have done that, it will get you to the registration page.
  3. step 3: simply enter your email address.
  4. step 4: click on Get Code, and just in about a second a verification code will be sent to your email.
  5. step: Enter the verification code in the box provided and head to password.
  6. step: create a password you will not forget and confirm it. Then straight away click sign in

woalla!

Your account is ready for you.

If you do this correctly, you would receive a congratulatory message for a successful registration.

it’s simple right


How to  Deposit and Withdraw using OKEX Account 

Here I am going to show you how you can make a deposit and withdraw using  OKEX.

This is a simple guide for you.

  • To make a Deposit;
    1. Go to their homepage @ OKEX.com, at the top right corner of the window, click on Asset; a variety of options will appear, click on deposit.okex-deposit
    2. Once you have clicked on deposit, a platform for deposit will appear on your screen.
    3. Select the token you would like to deposit
    4. A deposit address will appear. Click on the square icon to copy it.
    5. Send the coin to the address.

make sure to send particular crypto to its address and not to another crypto address.

Note: You can also scan the QR code to send crypto to it. To do this; click on the QR icon situated just after the square icon. A black and white QR code will appear on your screen.

OKEx how do make a deposit
  • To make Withdraw; 
    1. Go to the [email protected], click on Asset, select withdraw and a withdrawal page will appear.
    2. Select the token you wish to withdraw.
    3.  Once you have selected a token, a dialogue box will pop up for you to fill;
    4. Add the wallet address you want to withdraw to
    5. Add a note (optional)
    6. Enter amount
    7. Click on submit.

Once you are through with these, your transaction process will be due in about 5mins.

let’s keep digging!


Verification Requirements

The higher your verification level, the more you can do in the exchange.

  • Level1 Verification – Name and ID number
  • Level2 Verification – Level 1 + upload of government-issued ID
  • Level3 Verification – Level 2 + video verification via OKEX mobile app.

The image below shows the limits based on the verification level

okex KYC

let’s look at the customer’s support and accessibility. Can the exchange be reached

Hope we are still together


Customer Supportokex-support

For inquiry on the exchange, you can contact support using any of the following;

you can find more ways to connect with OKEX at the support centre.

The support I will say is fast, responsive and friendly. once you start a live chat, you are attended to within 1 minute.


    Pros and Setbacks 

Pros

  1. Supports multi-currency
  2. Trading in OKEX is well secured
  3. Supports a plethora of trade
  4. It can be downloaded in pc, ios, and Andriod
  5. supports an innovative mining platform
  6. Low trading fees

Setbacks

OKEX even with its reputable trade-in volume, renowned technology faces some challenges;

  • High “Buy Crypto” transaction fee
  • Not available in the USA

This notwithstanding, I believe that every exchange has its own challenges and that the exchange, regardless of this is a good one.

I still trust that they can trounce these setbacks for better delivery and customer’s maximum satisfaction.

Visit OKEX


Conclusion

If you wish to trade with multiple currencies, buy and sell futures contracts then I bet this is an assured exchange for you.

Nevertheless, you must know that it requires more than meet the eye to get grounded about an exchange(you have to actively try it out yourself).

Now, this is where I will have to end the post for today. Seeing you have had a full note on OKEX.

I would like to ask a few questions.

What is your thought on OKEX?

Are there points that I have missed out and you would have loved me explain?

Well, I will be right there in the comment box waiting for your replies

And it won’t be bad if you share my post by clicking the buttons below.


Here are more useful resources:

OKEX

0.00
8

Reputation

7.0/10

Customer Support

8.5/10

Ease of Use

8.0/10

Payment methods

8.5/10

Transaction fee

8.0/10

Pros

  • Wide Range of Products & Services
  • Multi Currency Support
  • Superb & efficient User Interface
  • Responsive Customer Support
  • Low Trading fees

Cons

  • USA not supported
  • High "Buy Crypto" Fee

Paschaline Anagor

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.