Finding the right cryptocurrency exchange to call home is one of the most important tasks for any cryptocurrency investor. In our OKEx exchange review, we will jump into the details and bring you the most important facts to know about the OKEx exchange. Here we will examine common questions, such as ‘Is OKEx exchange safe’? We will examine why a cryptocurrency investor might use the cryptocurrency exchange, highlight any drawbacks and show you how to get started on the exchange in a simple walkthrough.
- 1 Who Are OKEx?
- 2 OKEx Exchange Review: Key Facts
- 3 OKEx Exchange Trading Fees & Withdrawal Limits
- 4 Trading On Margin: Token Loan Service & Fees
- 5 Why Open A OKEx Account?
- 6 How To Open A OKEx Exchange Account?
- 7 How To Deposit Regular Currency On The OKEx Exchange?
- 8 How To Deposit Cryptocurrency On OKEx?
- 9 How To Trade On The OKEx Exchange?
- 10 How To Withdraw From The OKEx Exchange?
- 11 Conclusion
Who Are OKEx?
The OKEx exchange is a leading cryptocurrency exchange which allows you to buy and sell different cryptocurrencies. The exchange was actually founded all the way back in 2014 and was backed by millions of dollars in investment from venture capital funds such as Giant Network Group, Longling Capital, Ceyuan Ventures, Qianhe Capital Management, eLong Inc and VenturesLab (co-founded by blockchain investor Tim Draper).
Originally OKEx traded under the name OKCoin and the brand change to OKEx was made in May 2017. The exchange originally focused on serving the Asian market and has since expanded to cater to customers in over 100 different countries. This expansion strategy saw the OKEx site translated from Chinese to English and they have only recently started focusing on customers outside of China.
Currently, OKEx has the second highest cryptocurrency exchange volume in the world and is not far away from challenging Binance for the number one spot. This means that some of the cryptocurrency markets offered by OKEx are the biggest in the world. As the exchange expands its customer base outside of Asia, we do expect the exchange to grow further and exert increasing pressure on Binance for market share.
Originally the company was based in Hong Kong. However, in April 2018, the OKEx exchange confirmed that it would be relocating to Malta. The OKEx CEO explained that not only is Malta a blockchain friendly country, but there are stricter rules in terms of Anti Money Laundering standards. The exchange has been open in saying that these standards are important to protect their customers and that this has been a key motivation behind the move. This means that if you are looking for an exchange preparing for stricter cryptocurrency regulation, then OKEx might be the one for you.
OKEx Exchange Review: Key Facts
When you are deciding which cryptocurrency exchange to choose, you obviously need to know the ins and outs of the exchange. Then you can make your own mind up for yourself. We have sifted through all the hard stuff so you don’t have too and have consolidated all the important bits into a short summary:
- Crypto Access: Over 100 different cryptocurrencies are available on the exchange.
- Second Largest Exchange: In terms of trading volume OKEx is the second largest cryptocurrency exchange in the world.
- What Countries Does OKEx Serve? The exchange accepts most countries from Asia and Europe. Right now, the exchange has customers from over 100 different countries.
- Regular Currency Deposits: Unlike exchanges like Binance, OKEx allows regular currency deposits via bank transfer, Alipay, and WeChat Pay.
- Can You Use A Credit Card On The OKEx Exchange? No, the exchange does not support credit card payments.
- Where Is OKEx Located? Right now, OKEx exchange is located in Hong Kong. However, shortly they will relocate to Malta.
- Great Liquidity: The issue with small exchanges is that the number of sell orders could be very small. This means that if an investor wants to buy even $500 worth of cryptocurrency, then this could move the price. High liquidity means that investors can buy their chosen cryptocurrency in one go and at the same price. OKEx has the second highest liquidity in the world and this makes buying cryptocurrencies there easy.
- Supported Devices: The exchange already has MAC and Windows clients available for download. Mobile apps for iOS and Android devices are coming. However, these are still in the closed BETA testing phase.
- Trading Leverage: The OKEx exchange offers up to three times leverage on cryptocurrency trading.
OKEx Exchange Trading Fees & Withdrawal Limits
Most people are not going to trade more than 600 Bitcoin worth of trading volume in 30 days. This means the vast majority of cryptocurrency investors using the exchange will remain on level 1. Tier 1 trading fees are:
- Market Trading: 0.15% maker fee and 0.2% take fee.
- Futures Trading: 0.03% maker fee and 0.05% taker fee.
- 24H Withdrawal Limit: 100 Bitcoin
If you think you will be doing significant trading volume on the exchange you can see the fee reductions and different levels in the table below:
Trading On Margin: Token Loan Service & Fees
First, we must make it very clear that we do not recommend trading on margin. It is exceptionally high risk and the potential losses can be huge. However, OKEx does offer this service and you can borrow up to double your account balance for a specific trading pair.
For example, that Customer A has a balance of 10,000 USDT in their BTC/USDT account. Double their balance is 20,000 USDT. This means that the maximum loan amount is 20,000 USDT.
Interest rates on these loans differ according to the cryptocurrency borrowed. Interest is charged every 24 hours and unpaid interest compounds every 15 days. The schedule for different interest rates can be seen in the table below:
Why Open A OKEx Account?
OKEx offers crypto investors with a huge selection of cryptocurrencies to choose from. It also offers additional features like leveraged trading, margin trading and more. We also love that OKEx has realized that having a mobile app is a good idea and can’t wait for the iOS and Android apps to be properly rolled out.
Unlike other cryptocurrency exchanges like Binance, OKEx offers the option of depositing fiat currency through bank wire, Alipay or WeChat Pay. This makes getting exposure to cryptocurrency markets even easier.
When it comes to customer support, most people are likely to opt for the email option: email@example.com. We have to admit we found responses to be relatively slow. However, OKEx is one of the few exchanges that actually offer telephone support. Although phone support coverage is by no means global it’s a step in the right direction. We are sure that this 47/7 support will be valuable to anyone with an urgent trading question.
- ?? Hong Kong: +852 5808 5768
- ?? Canada: +122 6798 4487
- ?? Ireland: +353 1437 2473
- ?? Singapore: +65 3158 1726
- ?? Russia: +749 5373 1465
The OKEx exchange has spent its formative years establishing itself in the Asian market. The TotalCrypto team is excited to see if the exchange can have the same levels of success in Western and global markets. At the very least, we believe that OKEx is certainly an exchange to watch.
How To Open A OKEx Exchange Account?
- Fiat & Cryptocurrency Deposits: The exchange takes deposits in USD and CNY. Fiat deposits can be made through bank transfer, Alipay or WeChat Pay. Any tradable cryptocurrency on the exchange can be deposited or withdrawn.
- Get Access To Over 100 Different Cryptocurrencies.
- OKEx Is The Second Largest Exchange In The World.
- Join Crypto Investors From Over 100 Different Countries.
- Special Trading Features: The exchange offers x3 leverage, futures trading and margin trading.
Create An Account At The World’s Fastest Growing Crypto Exchange
The first thing to do when you land on the OKEx website is to double check that you are on the official website. Unfortunately, there are many con artists out there creating fake cryptocurrency exchange websites to impersonate real exchanges. To make the check, just look at the URL bar in your web browser and make sure you can see the padlock icon and the words ‘SECURE’. Then you are ready to hit the signup button.
Filling In The Sign Up Form
You will then be given the option of signing up via phone or email. It’s up to you to decide which method is correct for you. However, we usually like to sign up for exchanges via email. Just fill in your email address and click ‘Get Code’. This will send a six-digit code to your email address and you enter this into the ‘Enter Code’ field. You can then go about filling in the necessary particulars, tick that you have read the terms and conditions and click the ‘sign up’ button.
You will also get an automated email to confirm that your registration has been successful.
Your First Login
After you have hit the ‘Sign Up’ button, you will be logged into your OKEx account for the first time and be taken to the ‘Token Trading’ screen.
The first thing to note is that you must bind your phone number to your account to trade in the fiat-to-token markets.
To bind your phone number to your account, just hover over your email address in the top navigation bar and select ‘security’.
You will then see a ‘Link Mobile Number’ option and a ‘Settings’ button. Just click settings and you will be taken to a phone settings form. First, select your country and enter your phone number. Please note that the country code will be added automatically to your phone number. In the UK a phone number that starts as ‘079’ will be entered as ‘79’. The reason is that the international extension for the UK has been added and we have to delete the first number for it to work. In this case, the number will be (+44) 79xxx.
Once you have selected your country and input your phone number, just hit the ‘Get Code’ button. Then enter the code and click ‘confirm’ to bind your phone number to your account.
Setting Up Security On Your OKEx Account
Once you have bound your phone number to your account, the next step is to make your OKEx exchange account as secure as possible. The next thing to do is to set up Google Authenticator. To do this just pop into the security settings on your account and click ‘Settings’ in the Google Authenticator section.
You should then download the Google Authenticator App on your phone.
Then you just need to scan the QR code that is showing on your screen and enter the 6 digit code generated into the OKEx exchange. To confirm the use of Google Authenticator on your account, you will need to click ‘Get Code’, which will send you an additional code via email and enter this to complete the setup of Google Authenticator.
Setting Up An Anti-phishing Code
Sadly bad actors are impersonating email accounts all the time in the cryptocurrency space. This is why it is a good idea to add an anti-phishing code to your OKEx exchange account. You can set one up by clicking the ‘settings’ button in the security panel.
You can then set a custom code to be displayed in every official email sent by OKEx. This lets you know that every email without this code in it is a fraudulent email.
Why Verify Your OkEx Exchange Account?
On the OKEx exchange, there are four different stages of verification. A completely unverified account will not be able to deposit or withdraw tokens and fiat to token trading will be completely blocked. In a nutshell, the higher your verification level, the higher the limits are for each transaction that can be placed in fiat to token trading.
To pass the first level of verification, simply select the ‘Verification’ tab in ‘account settings’ and enter your nationality, name and ID number.
Once done you will have the option to progress to the next verification levels and further increase your fiat to token trading limits.
How To Deposit Regular Currency On The OKEx Exchange?
Once you have bound your phone number to your account and passed the first level of verification, you will be able to deposit regular currency on OKEx. To get started just click the ‘Fiat to Token’ category in the top navigation bar and click ‘Payment Settings’.
You will then be given the option to deposit using either: Bank Transfer, WeChat Pay or Alipay.
How To Deposit Cryptocurrency On OKEx?
To deposit cryptocurrency on the OKEx exchange, just select ‘Account’ in the top navigation bar and you will be taken to your wallet. You will then see a list of all the different cryptocurrencies traded on the exchange. To deposit a token, select ‘Token Deposit’ for your chosen cryptocurrency.
A wallet address to send your coins to will be shown. All you need to do is then send your cryptocurrency to this wallet address and it will be credited to your OKEx balance shortly.
How To Trade On The OKEx Exchange?
To trade different cryptocurrencies on the OKEx exchange you need to select ‘Token Trading’. Click this button and the trading screen will pop up.
Don’t worry if trade screen looks super complicated. We will show you how to use the trading panel and how to trade cryptocurrencies in just a few quick steps.
Step 1: Find The Ticker Symbol For The Crypto
Every cryptocurrency will have a ticker symbol that is three to five letters long. This ticker symbol is how traders locate the market for a particular cryptocurrency on an exchange. To do this, head over to TotalCrypto.io and select the ‘Coins’ section and you can see the ticker symbols under the price of the cryptocurrency.
This means if we wanted to buy Bitcoin Cash, we can use this process to know that the ticker symbol is BCH.
Step 2: Select The Right Trading Pair
The OKEx exchange has four different trading pairs:
- USDT (Tether)
- Bitcoin (BTC)
- Ethereum (ETH)
- OKB (The OKEx Token)
The vast majority of investors are going to be depositing either Bitcoin or Ethereum into their OKEx accounts. Simply, select the cryptocurrency that you have in your exchange account e.g. if you want to trade Ethereum for Bitcoin Cash then you want to select the ETH market.
Step 3: Buying Your Cryptocurrency
You should now be on the trading screen for the correct trading pair. The next step is selecting the right market to trade on. Let’s continue running with our example of trading Ethereum for Bitcoin Cash. We have already selected Ethereum as the trading pair and know that we are looking for the BCH/ETH market. You can find the different markets on the left-hand side of the trading screen. Simply, click the BCH/ETH market option.
The order type should be selected as ‘Market Order’, this enables you to buy the cryptocurrency at the current market price. You can then enter the amount of Ethereum you wish to spend and then click the ‘buyingBCH’ button to buy Bitcoin Cash.
Once you have completed your order, your crypto will be credited to your OKEx account balance.
How To Withdraw From The OKEx Exchange?
Although we are pretty convinced that OKEx is a safe exchange, you can never be too careful when it comes to cryptocurrency security. We always recommend storing your coins off any exchange and in a wallet you have full control over.
Why is storing your coins yourself safer? No one except OKEx and maybe their investors know the inner workings of their security. However, there is no doubt that exchange wallets are huge targets for hackers everywhere. As the second largest exchange in the world, OKEx is most likely the second largest target out there. Also, storing your own cryptocurrency means that you don’t have to depend on third parties to secure your funds. Why not take ownership and hold your own funds?
You can withdraw your cryptocurrency off the OKEx Exchange in just a few short steps:
- Select the ‘Account’ button in the top navigation bar.
- You will then be taken to a list of different cryptocurrencies. Find the crypto you want to withdraw from the OKEx exchange and click the ‘Token Withdraw’ button.
- You will then be taken to a withdrawal screen where you can add your wallet address and get your funds off the exchange.
- Once you click withdraw your funds will then be sent to your own personal wallet.
Choosing a cryptocurrency exchange is a very personal choice. The best exchange for one person could be the wrong choice for another. We will leave you with the pros and cons of the OKEx exchange so you can decide if it’s right for you:
- Get access to over 100 different cryptocurrencies.
- In terms of trading volume OkEx second only to Binance.
- The exchange has already attracted investment from many well-respected venture capital firms. Usually, venture capitalists are pretty smart and they evidently think they have backed a great exchange.
- OkEx offers special trading features such as x3 leverage, margin, and futures trading.
- The exchange has been trading for four years and is well established.
- A simple interface makes trading relatively easy.
- The Android and iOS apps are still in closed beta testing.
- Cryptocurrency commentator Sylvain Ribes, believes that up to 93% of the exchanges trading volume is fake.
- Futures, margin and leveraged trading are advanced products. We don’t believe these should be made available to beginners.
- Email customer support answers could be faster.
There is quite a lot to like about the OKEx exchange. However, the lack of mobile support and fresh allegations of faked volume mean that we do consider other options like Binance to be better.
Ultimately, the choice is yours. The OkEx exchange certainly has strong backing from venture capitalists and does have one of the widest selections of cryptocurrencies available. It also offers customers with more features than other exchanges, so this is likely to make the exchange more appealing to experienced crypto traders.