OKEx Cryptocurrency Exchange Overview
OKEx is a cryptocurrency exchange that allows users to exchange and speculate in cryptocurrency, tokens, fiat money, and also engage in margin trading in futures for digital assets. OKEx Cryptocurrency Exchange was listed in Hong Kong in 2015. It supports trading in 500 currency pairs and ranks third (after Binance and Huobi) in the number of daily trades in the rating of cryptoexchanges. The resource interface supports only two languages: Chinese and English, so for convenience, you can use the built-in translator. OKEx Exchange is suitable for both beginners and experienced traders who are actively involved in margin trading in cryptocurrencies. Confirmation of this is the fact that the functionality of this site is very extensive. Users can access more than 500 currency pairs that are traded with crypto assets such as:
- Bitcoin (BTC),
- Tether (USDT),
- Ethereum (ETH),
- OKB (OKEx exchange’s own token).
Features of the OKEx crypto exchange
One of the most important features of the OKEx terminal is that it is offered in the desktop version with loading to the hard disk (similar to the well-known Metatrader terminals for Forex). Mobile versions of the application are available for Android and iOS. Also, users can work directly from the browser. In terms of functionality, the platform is rich in a variety of tools. Here you can add indicators, choose the type of price representation (by default there are Japanese candles), change the color scheme. On the exchange trading indices are available. There is also the possibility of conducting C2C trading (that is, between customers). True, only Chinese yuan is available as a fiat currency. Token trading and the ability to work with futures contracts (with margin functions) are provided. The user can use more funds than he has in his account.
The creators of OKEx pay a lot of attention to the issue of security and the selection of effective tools to protect the funds and personal data of customers, so the 2014 exchange was never hacked. Traders in the Security tab of your personal account have an extended set of options to protect your account:
- 2FA through Google Authenticator to log in, financial actions and change security settings;
- SMS verification codes; Additional password for trading operations;
- Notification and confirmation of actions via email;
- Setting the frequency of password re-entry during activity on the exchange.
Each email from OKEx received by the user by email contains an anti-phishing code to protect against fraud.
OKB’s own cryptocurrency
As already mentioned, this exchange has its own personal utility OKB token, which can be used to trade cryptocurrencies, as well as receive some rewards. The issue of all tokens is 1 billion OKB, of which 70% is not in the public domain. In order for investors to buy tokens, the exchange distributes to the owners of their digital shares 50% of the commission of all transactions on this trading platform. Some privileges on commissions for investors are also issued.
Registration on the OKEx exchange
To register, first of all, you must go to the official website of the exchange https://www.okex.com, and click on the ‘Sign Up’ button on the top panel of the site. After that, a registration window will open in front of you, each line in which you will need to fill out. It is important to note that when registering a new account on OKEx, you will need to tie up your phone number. To go through this procedure, you first need to select your country, and then enter the phone number. After you click on the message “Send SMS” to your phone, a code will arrive within 1 minute, which must be entered in the appropriate field.
After that, you need to come up with a password, which should consist of characters, the number of which can vary from 6 to 32 pieces. Repeat the password, put two checkmarks, click on the big blue “Sign Up” button, and voila, you are registered.
To begin verification, you need to choose your nationality, after which the verification field will be changed for you. If you are a resident of Russia and Ukraine, after choosing your nationality, you will need to enter your first and last name, as well as your passport number and click on “Submit”.
The next stage of verification will be filling out an extended user profile, at the end of which you need to upload a photo of your documents and your photo with a passport in your hands. But, suddenly, for you this process is complicated, you can skip it and go straight to work. Although, we recommend verifying your account.
Account replenishment and withdrawal of funds
Go to the “Account” tab, and in the side menu we have 4 items:
- Balance state.
- Transaction history.
From the pleasant, the presence of different accounts for trading tokens, margin and futures trading is immediately evident.
Top-up on the Okex exchange
You can top up your account with absolutely any token – this is where the built-in multi-currency wallet came in handy.
The deposit replenishment procedure takes only a few clicks:
We select the cryptocurrency with which we will replenish the wallet.
We copy the address for replenishment and send the necessary amount to it.
How to withdraw funds
If you registered using a phone number, you will immediately be asked to confirm and email. When you click on “Verify” we are sent to the “Security” page, where we are immediately asked to set an “administrator password”, as it will serve as confirmation for changing data in the settings, or serve as a means of additional security when making transactions or transfers.
On a note. The procedure for creating this password can lead to a whole drama, as the site really requires a strong password. The easiest way is to use the random password generation service in order to avoid the tedious addition of additional letters and numbers in order to achieve the necessary “security”.
The minimum amount to withdraw:
Bitcoin – 0.01 BTC;
Lightcoin – 0.1 LTC;
Ether – 0.01 ETH;
Bitcoin cache – 0.01 BCH;
Teters – 100 USDT.
Up to 100 bitcoins can be withdrawn per day, the allowed amount will increase depending on the turnover of funds in 30 days, the maximum possible – 1000 BTC with a spot trading volume of more than 120 thousand bitcoins.
You can top up your OKEx account with any cryptocurrency without a commission. The withdrawal fee is set for each currency separately and may vary depending on the network load.
Commissions for trading on the exchange
To buy or sell assets, after the funds have been credited, they must be transferred to the trading account. Three types of trading accounts are available on the exchange – for spot, margin, futures and C2C trading. To transfer funds between them, in the line of the selected account, click Transfer and select the direction of movement. The platform for spot trading in digital currencies is located in the Token Trading tab. In the left sidebar there is navigation on currency pairs, in the right sidebar there is an order book, in the center there is a customizable chart and fields for the formation of orders.
OKEx offers three types of transactions:
Limit – the order is executed at the price specified by the user, or better, you need to specify the transaction amount and currency value;
Market – an order is executed instantly at the current market price, you need to specify only the transaction amount;
Trigger – a pending limit order that is triggered as a result of the fulfillment of the main one or upon the occurrence of specified conditions, with the possibility of setting a stop loss or take profit.
OKEx trading commission for makers and takers is different: for a transaction on a limit order, the commission is 0.15%, for a transaction on a market order – 0.2%. The differentiation of commissions for makers and takers is designed to increase market liquidity and reduce the spread. In addition, traders working with large volumes of assets pay lower commission fees, the lowest possible – 0.02 / 0.05% with a 30-day turnover of more than 120,000 BTC.
As a conclusion, OKEx is a stock exchange with a huge set of features and decent security, which will first of all appeal to an experienced trader. Beginners can also easily get used to it, the benefit of the design of the site and the simplicity of the trading interface give this opportunity. To maximize your safety, do not leave large funds in the form of cryptocurrencies on this trading platform, it is best to withdraw them to a third-party wallet immediately after the completion of all trading. Judging by the numerous reviews on the Internet, using OKEx is not always convenient – there are problems with the withdrawal of funds, the site may fail, security passwords must be entered too often. However, given the advantages of this platform, it can be used for various profitable operations using futures and margin trading. Therefore, the final choice is only for you to accept – maybe it is on this exchange that you can become a successful broker and conduct profitable financial transactions.