OKEx This Malta-headquartered cryptocurrency exchange is considered a leader globally, enabling users to explore trades across hundreds of tokens and futures pairs.
Incepted in 2017, OKEx operates from Malta and the Seychelles. Steering the company is CEO Jay Hao, who ventured into cryptocurrency following experience in game development and the semiconductor field.
Expanding its operations to Malta in 2018, OKEx was attracted by the cryptocurrency-friendly stance of the Maltese government.
March 2020 saw an unexpected shift in the cryptocurrency market, but OKEx emerged dominant, boasting the highest tier-one trading volume. Housing a vast number of experienced traders, OKEx shines with considerable prowess in the digital asset arena.
Capitalizing on the escalating excitement around OKEx, here we delve into its effectiveness and dependability as a cryptocurrency trading platform.
Our review of OKEx covers essentials required to evaluate if this exchange suits your needs. We discuss fees, available cryptocurrencies, features, security, and more.
What is OKEx?
Designed to bolster cryptocurrency traders, OKEx is a digital currency marketplace accessible to users in more than 100 countries, offering sophisticated financial services in cryptocurrency.
At present, the platform offers a vast selection of cryptocurrencies with over 448 trading pairs available.
OKEx provides options for both spot and derivatives trading, offering users significant adaptability for their investment plans.
What can you do at OKEx?
Serving as an intermediary, OKEx eases the execution of cryptocurrency trades.
Key features on the platform permit users to:
Buy/Sell Crypto
OKEx facilitates conversions from over 30 fiat currencies to various digital coins and tokens, including Bitcoin, USDT, and Ethereum.
Day Trading
Investors can use OKEx for 24/7 day trading involving cryptocurrencies and derivatives via spot or margin trading, futures contracts, and other digital tokens.
Benefit From Crypto Tools
OKEx assists users in portfolio diversification by offering advanced tools for mining, holding, and managing wallets.
Education Academy
By accessing the OKEx Academy, traders can engage with guides and expert analyses to deepen their understanding of the crypto market.
OKEx Cryptocurrency Accounts
Familiarizing yourself with certain tools and functions is advisable before registering with OKEx, as highlighted below.
My Wallet
Your primary account wallet at OKEx shows all tokens you've added or removed from the exchange. For enhanced security, wallets offer a seed phrase option. Unique wallets are designated for each coin upon selection.
Funding Account
Functioning like a digital bank for your cryptocurrencies, the Funding Account allows sending, receiving, and trading digital assets with other wallets.
All deposit or withdrawal transactions occur through this account, necessitating transfers from this 'Funding Account' to specific trading accounts for transactions.
Trading Accounts
All trading accounts are organized under this tab, including spot, fiat, futures, index, and C2C trading accounts.
Beyond these, OKEx offers a Savings Account and a Mining Account.
How to Start Using OKEx
Mandatory account verification is required on OKEx to leverage its features.
Step 1: Create an Account
Sign up with your email and password, submitting personal details and a government ID for verification when depositing, buying, or performing other activities.
Step 2: Deposit Assets
You can deposit by purchasing coins with fiat or transferring assets from an external wallet. Ensure the wallet address from OKEx matches the intended cryptocurrency. Once processed, funds will appear in your 'Funding Account.'
Step 3: Start Trading
Funds can then be moved to the appropriate 'Trading Account' to initiate trading.
Steps to Acquire or Trade Cryptocurrency via OKEx.
A key feature of OKEx is the simple conversion of fiat to cryptocurrencies. Collaborating with nine fiat providers, OKEx simplifies fiat-to-crypto exchanges, accepting various payment options such as:
- Bank transfer
- Credit and debit card payments
- Crypto transfer from other platforms
Once your account is ready, purchasing can be completed swiftly.
All you need to do is:
- 1: Choose the cryptocurrency and the exact amount you wish to buy.
- 2: Select your preferred payment method and complete the transaction.
- 3: Cryptocurrencies are added to your wallet immediately after processing.
How to Trade through OKEx?
Start trading on OKEx by choosing the desired trading option from the menu. Select your base asset on the trading page.
The platform presents a list of trading pairs to choose from. If you already have a pair in mind, use the search feature.
In the spot option, OKEx allows for
- Spot trading involves settling at the current market price, ensuring unaffected profit by market fluctuations.
- Margin trading allows trading by borrowing capital, providing leverage.
OKEx Derivatives
OKEx distinguishes itself by supporting derivative trading. These instruments derive their value from underlying cryptocurrencies.
Leverage in these trades can amplify potential gains or losses. OKEx allows up to 100x leverage based on the instrument type. Traders can go long or short on positions.
Exploring the variety of derivatives on offer at OKEx.
Futures
In cryptocurrencies, agreements between two parties for asset exchange by a set date are often structured around digital tokens.
Futures contracts are of two kinds: coin-margined settled in BTC/other coins, and USDT-margined settled in USDT.
The platform states its system is secure against manipulation and is not bound by country regulations due to the absence of fiat currency involvement. Futures trading can occur weekly, bi-weekly, quarterly, or bi-quarterly.
Margin setting is essential in futures trading. Each option is accompanied by specific risk management protocols.
For example:
- Cross-margin mode factors in all holding positions as margin, covering assets across your account.
- In fixed-margin mode, only specified assets serve as margin for the open position.
Perpetual Swaps
Perpetual Swaps, commonly known as Perpetual Futures, differ from standard futures contracts by lacking expiry dates.
This swap allows indefinite position holding and asset exchange at any time. Currently, OKEx offers swaps for 23 cryptocurrencies.
Options
Trading options enable investors to buy or sell on predetermined days without obligation.
Contracts provide the choice of trade participation, requiring a ‘premium’ payment for this right. Choosing not to leverage this right results in a loss of the premium.
Decide between ‘Calls’ for buying rights or ‘Puts’ for selling rights when trading options.
Note: Several adjustable order conditions on OKEx, such as stop orders and market limits, offer strategic flexibility and control.
OKB Tokens
OK Blockchain Foundation’s global utility token, OKB, can be traded against other digital assets.
“The OKB token, vital to OKEx’s ecosystem, offers exclusive functions and numerous use cases. A win-win scenario in blockchain development is anticipated with OKB. Fixed at 300 million, OKB will undergo quarterly buybacks from the secondary market to uphold its deflationary nature.”
OKEx Trading Fees
OKEx shines notably in trading fees by categorizing traders as Normal or VIP based on last 30-day trading volumes.
Each category has further tiers affecting commissions and fees, with Normal users distributed across five tiers and VIPs across seven.
In essence, increased trading results in reduced fees, determined by consulting the 'Fee Schedule Tier Link' in the 'Profile' menu.
Additional to the tier system, fees fluctuate based on market ‘maker’ or ‘taker’ roles.
Takers engage with OKEx by trading at the market prices shown, whereas Makers enrich the OKEx ecosystem by adding liquidity, reaping better commission benefits or sometimes even receiving rebates.
Click here To access detailed trading fees for each trading category, please refer to the full schedule.
Deposit and Withdrawal Fees
For those depositing into OKEx, rest assured there are no fees. However, withdrawal costs vary based on the coin type, with standard network fees still applicable.
OKEx Financial Options
OKEx extends beyond a simple trading venue by offering a suite of cryptocurrency financial services, allowing investors to earn interest on their crypto holdings or acquire crypto-backed loans as needed.
Earn Interest on Cryptocurrency
Under the Earn Program Moreover, OKEx incorporates traditional fiat methods to offer users opportunities to earn interest on otherwise stagnant digital currencies.
- A Savings Account on OKEx not only provides interest on your assets but also the flexibility to withdraw or transfer them at will.
- Through staking, you can contribute to various Proof of Stake networks, earning token rewards in return.
- Term Deposits function like fixed deposits wherein funds are locked for a certain duration at a predetermined interest rate, with payouts made in tokens.
C2C Loans
The OKEx platform has innovatively introduced a system for customer-to-customer financing, enabling users to either borrow or lend. C2C loan arrangement Taking out loans on OKEx involves setting interest rates and loan durations within a framework focused on transparency and security.
Currently, OKEx permits loans in USDT against collateral such as BTC, ETH, & OKB, offering a compelling feature for BTC investors to generate passive income using their USDT.
A notable feature is the ability for borrowers to pitch their own loan terms, from amount to interest rate, allowing investors to select the lending requests they wish to fund.
OKEx has curated an impressive assortment of tools and resources to satisfy cryptocurrency investors, though asset security remains a priority.
How Safe is OKEx?
To ensure maximum security for digital assets, OKEx employs cold storage, private key creation, backups, and two-factor authentication for an added security layer.
Registered in Malta and Hong Kong, OKEx complies with the VFAA, regulated by the Malta Financial Services Authority, supporting both digital assets and trading fidelity.
Despite its scale as a major exchange globally, OKEx's impeccable security track record positions it as a trusted trading platform.
Generally, the control of your assets is optimal when you maintain your wallet's private keys, advising long-term storage in personally managed and secure wallets.
By creating a comprehensive ecosystem, OKEx offers robust control over trading activities to cryptocurrency enthusiasts while providing interest-earning avenues.
OKEx Review: The Verdict?
Overall, OKEx The derivatives trading feature solidifies OKEx’s stature as a leading platform with extensive offerings, including 448 spot trading pairs and a growing list of futures and options tokens.
With a longstanding record of security, OKEx is undeniably a reliable choice for traders across the spectrum, regardless of the scale.
On Malta’s Blockchain Isle, Kane combines academic acumen in finance with investigative prowess in financial fraud, contributing insightful research to numerous financial publications.
OKex
Pros
- Well Regarded Company
- Spot & Derivatives Trading
- Earning & Loans Options
- DEX Trading
Cons
- KYC is Required
