OKEx

An overwhelming number of crypto exchanges available worldwide confuse crypto enthusiasts and first-time traders who need a safe and trustworthy exchange. Let’s look at some insights about the OKEx platform and what makes it stand apart, and reasons to choose it in 2021.

OKEx Overview

OKEx is one of the world’s leading platforms for exchanging digital assets, offering cryptocurrency trading and other financial services. It is a cryptocurrency trading platform and an asset exchange offering a large dealer base with billions in daily trading volumes. OKEx is based in the Republic of Seychelles and was founded in 2017. OKEx competes with other major exchanges like Binance and is an innovative cryptocurrency exchange that provides a VIP program that rewards users for trading, investment services, and learning resources. 

How Many Cryptocurrencies are Available to Trade?

OKEx is one of the versatile exchanges, offering users a ton of supported assets and crypto trading pairs. The exchange supports popular cryptocurrencies such as BTC, ETH, ADA, SOL, XRP, DOGE, LTC, and more. OKEx also has its OKB token. You can find the complete list of OKEx’s supported assets and their prices on OKEx’s market price page.

Payment Methods Supported by the Exchange

OKEx supports a long list of payment methods for adding funds to your account, such as:

  • VISA & MasterCard Credit/Debit Cards
  • Bank Transfers
  • Advcash Wallet
  • ApplePay
  • Zain Cash
  • PayPal
  • NassPay
  • SEPA
  • Tinkoff
  • TransferWise
  • Al-Taif
  • MenaPay
  • WesternUnion
  • Switch
  • Revolut
  • Google Pay
  • ADvCash
  • MoneyGram
  • Cash in Person

Some of the payment methods are limited to certain regions only. You can check the supported payment methods by selecting your country here. All crypto assets sold reflect in your OKEx account, and the amount is received with bank transfers and associated applications such as Papara, UPI, etc., depending upon your country.

Fees Charged by the Exchange

  • OKEx charges no fee on deposits of any kind. However, there is a nominal withdrawal fee and a competitive trading fee charged on OKEx.
  • OKEx charges a maker and taker fee for trading on its platform. OKEx has a competitive fee structure where the maker fee is 0.0%-0.08%, and the taker fee is 0.025%-0.1%.

The fee depends upon the customer tier (Normal or VIP), the trading market, and the asset class. You can read more about how the price is calculated here. The fee structure is constantly updated and can be viewed on OKEx’s fee page. Users only need to go to the page and select the trading type, class, and the detailed fee structure for both makers and takers is shown.

Are My Funds Safe – What if the Exchange Gets Hacked? 

Yes, your funds are safe on OKEx. The platform is used by various users worldwide and has a trading volume of $27 billion. OKEx provides users with many tools for extra security and implements measures to ensure user fund protection itself. Some of these are:

  • Mandatory 2FA: OKEx offers its users extra account protection with Two-factor authentication for verifying login activity.
  • Anti-Phishing Code: OKEx also implements an Anti-phishing Code feature that allows you to authenticate emails sent by OKEx and protect you against email phishing.
  • Funds Password: There is an extra layer of protection for the withdrawal of funds from your account. You can set up a funds password in settings that will be asked for confirmation every time you withdraw funds from your account.
  • Distributed Server Clusters: OKEx implements GSLB (Global server load balancing), so transactions and exchange traffic distribution is efficient, and there is no error or disturbance during trading.
  • Cold Storage: OKEx stores user funds in cold storage to protect against hacks.
  • Multi-Signature Locks: The funds in cold storage are also protected by multiple signatures and not just one to help protect against theft.

You can visit OKEx’s account security page for a step-by-step guide on enabling all security features for your account.

Does OKEx Provide a Smooth User Interface?

OKEx website provides a smooth and clean user interface for ease of access. Users can quickly access information about trading, margins, buy/sell assets, etc. 

  • You can open an OKEx account, add funds and start trading in cryptocurrencies within minutes.
  • OKEx also offers its users a mobile application that is available on both Android and iOS. The application has mixed reviews, but it comes with a simplistic and flexible design that allows you to buy and trade cryptocurrencies easily.
  • OKEx has a desktop application for your trading needs, which is available on both Windows and Mac OS. The desktop application is also clean and simple. The application shows the graph on the left-hand side to switch to a Chart and review daily, weekly, or monthly variations in value. The Order Types, Trigger Prices, and the Amount are shown in the middle. And the Order Book on the right-hand side. 
  • Users can also easily switch between Spot and Margin trading using a button provided at the top.

Is the Exchange Available in My Country?

The exchange had been available since 2014 and provides services to millions of users worldwide in over 100 countries. OKEx doesn’t have any official list of supported countries, but users can check the availability of the exchange while completing their KYC at Sign Up.

Does the Exchange Provide Enough Liquidity?

Yes, OKEx provides more than enough liquidity. OKEx operates a peer-to-peer (P2P) trading system for users who want to buy and sell cryptocurrencies with other users. OKEx is considered one of the world’s largest and most popular crypto exchanges. It serves more than 20 million users in over 100 countries. The exchange also has a trading volume of over $27 Billion worldwide. With so many users available to trade with on OKEx, the exchange is one of the most liquid crypto exchanges available on the market.

Final Words

As one of the largest exchanges in terms of trading volume, OKEx is a one-stop marketplace for traders and investors. It is one of the most flexible exchanges with margin trading, bridging, mining pools, cloud services, decentralized options (OKExChain), loans, and broker options. OKEx is one of the best digital currency exchanges in the world and is ideally suited for experienced cryptocurrency traders, beginners, and one-time investors. 

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