OKEx Review: Is It Safe & Reliable in 2021?

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Before getting started, it is often recommend to use a Bitcoin hardware wallet such as the Ledger Nano X when trading cryptocurrency. If you don't have a wallet, read our guide on best cryptocurrency hardware wallets to buy.

What Is OKEx?

OKEx is a world-leading digital asset exchange that provides advanced financial services. The cryptocurrency exchange is based in Malta, Italy and has served more than 20 millions of users in over 200 countries worldwide. OKEx offers a safe and secure trading platform to speculate 471 spot and futures markets. It is one of the largest exchanges in the world and is currently ranked 14th by trading volume.

Quick Summary

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 like OKEx that offer world-class features. 

Is OKEx Safe?

OKEx appears to be a safe cryptocurrency exchange that features several security measures on its platform to protect client information and keep funds safe on a wallet. According to our research, OKEx has not been involved in an exchange hack or experienced a major security breach or compromise. In 2017, there were reports of millions worth of Bitcoin were moved from OKEX which caused fears of an exchange hacking incident. However, CEO Jay Hao explained that this was FUD and the reason for the transfer of assets was due to scheduled maintenance. 

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:

• Easy to use interface for beginner and advanced traders
• Quick and easy to buy and sell crypto using over 30 local currencies
• Supports credit/debit card purchases and bank transfer payments
• 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
• Supports Ethereum 2.0 staking to earn passive rewards
• Mobile app to trade anytime and anywhere
• Referral and affiliate program that rewards you for bringing users to the exchange
• 24/7 customer support team

ID Verification & 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. 

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.

Depositing Funds

OKEx allows users to fund an account using digital currencies only. There is no option to transfer fiat currency to the exchange. The two options available on OKEx to fund your new trading account:

• Purchase crypto with a credit card on the website through Simplex or Koinal
• Transfer crypto from a hardware wallet or other exchange

Once the funds have arrived, users can begin to trade cryptocurrencies on OKEx.

Buying Digital Assets

OKEx offers a place to buy cryptocurrency directly on the trading platform using a variety of payment methods. Depending on the fiat currency used for payment, users can opt to transfer funds to the exchange using a credit/debit card, bank transfer, IMPS, Google Pay and PayPal. New users on the exchange can create an account, fund a wallet and begin trading crypto in minutes.

Trading Cryptocurrency

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, it is essential to be comfortable with the trading interface, order types and charting tools. The dashboard on OKEx is easy to use as shown below.

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. Technical analysis trader that use chart indicators and trading tools can use the full screen mode as shown below.

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. 

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.

Supported Coins

OKEx exchange currently offers 246+ different cryptocurrencies that can be traded on the website against USD, BTC, ETH, DAI and OKB pairs. The exchange offers trading fee discounts if users on the platforms decide to trade with the OKEx utility token OKB.

OKEx have 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. 

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 to enable shorting selling Bitcoin and other assets. The exchange also offers fixed and cross margin. The maximum amount of margin that can be traded for each product are:

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

Trading Fees

Exchange fees need to be assessed before decided to trade on a cryptocurrency trading platform. Low fees are critical when when trading larger position sizes with margin or making multiple trades in a single day (i.e. day traders) which can eat into potential profits.

Spot Fees

OKEx fees is based on a maker and taker model that starts at 0.1% and 0.15% for users with less than 500 OKB tokens. The maker/taker fee can be reduced to 0.06% and 0.09% respectively if 2,000 OKB tokens are held within the OKEx wallet. In comparison to Binance and KuCoin which charge a flat 0.1%, OKEx fees are reasonable. High net worth individuals with a large trading volume during a 30 day period can unlock further trading fee discounts and rebates.

Related: What Are Maker Fees & Taker Fees?

Futures & Perpetual Fees

Similar to OKEx spot trading fees, the maker and taker fees for the futures and perpetual markets start at 0.02% and 0.05% respectively. The fees can be reduced based on the OKB tokens held in the trading account as listed below. This is cheaper than popular margin trading platforms such as Bybit, FTX and Huobi Futures.

Deposit & Withdrawal Fees

OKEx offers zero deposit and withdraw fees. There is a minimum Bitcoin network fee that is charged when you withdraw Bitcoin from the exchange which is determined by the blockchain load for each asset. For example, the network fee for a Bitcoin withdrawal is about 0.0005BTC.

Supported Countries

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 and Kyrgyzstan. For a list of countries that have banned Bitcoin trading, read this article.

Frequently Asked Questions

Does OKEx Have A Mobile App?

OKEx has 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 A Referral Or Affiliate 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.

Are US Traders Allowed To Use OKEx?

US customers cannot trade with OKEx due to strict regulations that are outside of the exchange's control. Cryptocurrency investors will need to find a licensed trading platform in the USA.

Conclusion

To conclude this review, OKEx is a robust and secure platform for individuals to trade digital currencies. The wide selection of crypto assets with margin, derivatives, futures and options make it an ideal platform for the serious crypto trader. Innovative financial products and services such as earning interest on crypto and lending to earn rewards will appeal to the investors. Combined with a responsive customer service team and world-class security, OKEx is a leading exchange in the blockchain industry.

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