OKEx Review: Is It Safe & Reliable in 2020?

OKEx is a global digital asset exchange that offers advanced financial services to traders word wide by using blockchain technology. The exchange provides several token and futures trading pairs to help traders to optimize their crypto trading strategy. The exchange is constantly innovating to meet customers needs and is one of the most popular cryptocurrency trading exchanges in the world. 

While we aim to provide you with accurate and the latest information on its features, user interface and trading fees and more in this OKEx review, we strongly suggest that you visit their site to keep updated with any changes that may occur afterward.

okex

What Is OKEx?

OKEx is a world-leading digital asset exchange that provides advanced financial services to traders globally. Users on the OKEx platform can trade hundreds of token & futures trading pairs and has served millions of users in over 100 countries with a BTC futures trade daily volume of $1.5B. OKEx is currently ranked 17th by trading volume according to Coinmarketcap.

The founders of OKEx are strong believers of blockchain technology and aim to provide a services that is continually innovating and improving to meet and exceed its customers trading experience.

OKEx Compared

Advanced features, intuitive user interface and a mobile trading app are important features on OKEx. This comparison table lists other top rated crypto exchanges that offer world-class features. 

Exchange

Fee

Rating

Website

binance

0.1%

4.8 / 5

kucoin

0.1%

4.5 / 5

plus500

Spread only

4.4 / 5

okex

0.1%

4.1 / 5

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OKEx Features

OKEx users of the platform have access to several innovative trading features and financial tools. The exchange is considered a leading one-stop cryptocurrency trading platform that includes features such as:

  • Beginner-friendly user interface
  • Quick and easy to buy and sell crypto using over 30 local currencies
  • Supports credit/debit card, bank transfer payments, BPAY, POLi and PayID
  • Accepts fiat currencies like USD, CNY, EUR, ARS, AUD and BGN
  • Spot trading with high liquidity order-book with low spreads
  • Perpetual swap and futures markets to trade crypto with leverage up to 100x 
  • Secure OKEx wallet using offline cold storage measures
  • Mobile app to trade anytime and anywhere
  • Generous referral and affiliate program that rewards you for bringing users to the exchange
  • 24/7 customer support team

OKEx Registration, Login & Limits

OKEx Exchange registration process is quite simple. All you need to get started is a valid email address. You will be asked to login to your nominated email address and enter in the verification code. There is no need to upload any identification (KYC) documentation unless you intend to withdraw more than 100 BTC in a 24-hour period. OKEx Verification Levels and Limits are as follows: 

okex limits

Once you have registered, you can log in to OKEX using your email ID and password. You should also setup and activate 2FA and SMS authentication (highly recommended) for extra security. To do this, navigate to 'Account Security' in your Profile section. For further information, you can also read their guide.

Funding Your OKEx Account

OKEx accepts deposits in crypto only. There are two options available on OKEx to fund your new trading account:

  • Purchase crypto through the OKEx website with Simplex or Koinal
  • Deposit crypto directly from your hardware wallet or other exchange directly into the account

You can also deposit funds using a reputable fiat-to-crypto exchange and then transfer the purchased Bitcoin into OKEx. 

okex buy crypto

OKEx User Interface

For all traders alike, the charting interface is one of the most important considerations when selecting a crypto exchange. Especially for traders that rely on technical analysis to find an edge in the market. When selecting a cryptocurrency trading exchange, you must be comfortable with the trading interface, order types and charting tools. It must feel right as this is where most of your time will be spent!

When you first login to OKEx exchange, you will be greeted with a easy to use trading interface as shown below.  

okex trading

The crypto pairs are neatly listed on the left with the trade order window on the right. Open orders and positions can be quickly viewed along the bottom. While very simplistic, the default user interface provides users with the relevant information to enter into buy and sell positions or place pending orders.

If you are a technical analysis trader or day trader that requires more sophisticated trading tools, OKEx provides a full screen charting mode which looks like this: 

okex charts

Traders are able to switch between the default OKEx charts or TradingView charts that are renowned for smooth, intuitive and clean visuals where traders can make use of advanced trading tools and indicators to refine their trading edge in maximize profits and minimize risk. This will suit traders that are familiar with Tradingview to chart traditional assets.

Related: 4 Best Crypto Charting Software & Tools For Altcoin Traders

Otherwise, the OKEx default charts are absolutely fine and provide all the basic tools such as trend lines, indicators and chart patterns. A great feature that we noticed with OKEx is the number of order types that can be selected,  which consists of:

  • Limit
  • Advanced Limit (Post Only, Fill Or Kill, Immediate Or Cancel)
  • Market
  • Stop Limit
  • Trail
  • Iceberg
  • TWAP

Iceberg orders seem to be a unique feature to OKEx exchange. It is basically an algorithmic order type that allows users to avoid place a large order to avoid slippage.

It will automatically breaks up a user´s large order into multiple smaller orders that are placed according to the latest best bid and ask price as well as the parameters set by the user.  For further information, you can read the guide here. 

iceberg order

Similarly, time-weighted average price (TWAP) orders seem to be exclusive to OKEx. These are advanced orders that can be used as part of a crypto trading strategy to execute an order in portions at regular intervals of time as specified by users. This can minimize the market impact on basket orders.

Overall, traders will be content with the OKEx user-interface which provides a feature-rich, user-friendly and intuitive charting system that will give traders enhanced technical visualization, flexibility and control of trade risk according to their crypto trading strategy.

OKEx Coins

OKEx exchange currently offers 246 different cryptocurrencies that can be traded on the website against USD, BTC, ETH, DAI and OKB.  

The exchange offers trading fee discounts if users on the platforms decide to trade with the OKEx utility token OKB. The crypto site have also started a buy-back scheme to gradually burn the 300 million circulating supply of OKB which occurs every 3 months. This is seem by many as positive intent to drive up the price of the token by reducing the supply amount. 

okex coins

In addition to the spot exchange, OKEx offers other crypto products which include: 

  • Spot: trading from crypto to crypto or with margin
  • Derivatives: trade futures and perpetual swaps long or short with up to 100x leverage
  • Options: Feature is coming soon according to OKEx

OKEx Leverage

OKEx offers margin trading on it's spot and derivatives products. The exchange also offers fixed and cross margin.

Leverage trading can be a powerful tool for a trader to take advantage of comparatively small price movements in the crypto market. It works by putting down a fraction of the full value of your trade – and the exchange provides the rest of the deposit to facilitate a much larger position size without tying up your capital.

It can also have the opposite affect and increase the size of your losses.

The maximum amount of margin that can be traded for each product are:

  • Spot exchange: Up to 10x margin
  • Futures: Up to 100x margin

OKEx Fees

Importantly, exchange fees need to be assessed before decided to trade on a cryptocurrency exchange. This is even more critical when trading larger position sizes with margin or making multiple trades in a single day (i.e. day traders) which can eat in your profits.

Deposit / Withdrawal

OKEx does not charge a deposit or withdrawal fee. There is a minimum Bitcoin network fee that is charged when you withdraw Bitcoin from the exchange which is determined by the blockchain load. The blockchain fee is 0.0005 BTC.

Trading Fees

OKEx uses a tier-structured to determine the trading fees for users based on a 30 day trading volume. VIP is considered about 1,000 BTC in volume, so we will focus on the normal trading fees. 

Spot Fees

okex fee spot

Futures Fees

okex fees futures

Perpetual

okex fees perpetual

Frequently Asked Questions

Is OKEx Safe?

There have been no confirmed major security breaches or hacks on OKEx. Recently, there were reports of Hundreds of Millions in BTC Move From OKEx which caused panic in the crypto community and fears of an exchange hack. However, CEO Jay Hao explained that OKEx was experiencing scheduled maintenance and called for the crypto community to stop worrying about the large transfers.

Where Is OKEx Exchange Located?

OKEx is based in Belize with its main operations office located in Hong Kong. OKEx has recently expanded to Malta given the countries efforts to provide a sound regulatory framework for blockchain businesses and digital asset exchanges.

Does OKEx Require KYC?

OKEx requires users to complete a Know Your Customer (KYC) proces sand upload personnel documentation to withdraw funds. Additional verification is required to access higher trading volume and increase withdrawal limits on OKEx. 

These are part of changes that were recently introduced by OKEx which enforces stricter KYC rules and identity verification procedures its platform. Users who wish to withdraw funds will have to pass mandatory verification.

Does OKEx Have A Demo Trading Account?

OKEx does not offer a demo account or testnet. This is one feature OKEx should consider to allow newcomers to become familiar with platform and demo trade cryptocurrency.

Does OKEx Have A Mobile Trading App?

OKEx have a mobile trading app which is available to download for Android, iOS Microsoft and Mac devices. The app allows OKEx users to trade cryptocurrency on the move.

Does OKEx Have An Affiliate Or Referral Program?

OKEx has a referral program that allows you to receive 30% of their trading fees. They will also receive $10 USDT once they trade (spot and margin trading) over $16,000 USDT.

Can US Customers Trade With OKEx?

US customers cannot trade with OKEx due to strict regulations that are outside of the exchange's control.  

What Countries Are Supported By OKEx?

OKEx is a global cryptocurrency trading platform that allows clients to use its services from all over the world, apart from a select group of countries due to jurisdictional restrictions on cryptocurrencies. The countries and territories that may NOT trade on OKEx include:

  • Hong Kong
  • Cuba
  • Iran
  • North Korea
  • Crimea
  • Sudan
  • Malaysia
  • Syria
  • United States (including all USA territories) 
  • Bangladesh
  • Bolivia
  • Ecuador
  • Kyrgyzstan 

Conclusion: Is OKEx A Good Exchange?

To conclude our OKex review, it is a safe and reliable platform to trade a wide range of altcoins and the major crypto pairs such as Bitcoin, Ethereum, Litecoin and Ripple. The exchange allows direct crypto deposits from other exchanges or your own hardware wallet. You can even purchase crypto instantly through the exchange using fiat currency. 

What we liked:

  • Reputable and trusted crypto exchange 
  • Trade several crypto financial products
  • Trade a variety of altcoins in the one place 
  • Short futures products to hedge your crypto portfolio
  • Charting platform that is responsive with advanced trading tools
  • Mobile trading app available
  • Trade with up to 100x margin across spot and futures markets 

It's important to use a global and trustworthy crypto exchange to buy, trade and sell Bitcoin and cryptocurrencies. There are several exchanges that have been hacked or had client funds stolen. The following cryptocurrency trading exchanges - in addition to the above exchange - are well known and trusted to provide a safe and secure way for beginners and professional crypto traders to deposit fiat currency and purchase digital assets. 

  1. Wazirx
  2. Coinmama
  3. KuCoin
  4. ChangeNOW
  5. Plus500
  6. CEX.IO
  7. Binance
  8. Crypto.com
  9. Bitit
  10. Changelly

OKeX

4.15

Ease of use

4.0/5

Reputation

4.5/5

Fees

4.3/5

Security

4.3/5

Customer support

3.8/5

Pros

  • High volume and deep liquidity
  • Simple and easy to use charts
  • Advanced entry and stop loss orders
  • Leverage trading with fixed and cross margin
  • Trade 24/7 with the mobile app

Cons

  • No demo account
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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