OKEx Exchange – One Of The Largest Cryptocurrency Exchange In The World. Get a detailed review of this Exchange.
Investing and trading in cryptocurrencies have grown to a large extent in current years. Traders and investors are always exploring a platform that is quick and stable, has adequate customer service, has a well-protected infrastructure, and where the investment is safe.
The Okex exchange is one of the foremost cryptocurrency exchanges that allow users to trade on hundreds of digital assets.
What is OKex?
OKEx is a Malta-based business that is currently considered one of the largest crypto-to-crypto exchanges in the world. It has its offices located in Malta, Hong Kong, Beijing, and Malaysia.
The exchange offers its users the opportunity to trade Futures, enduring swaps, and choices markets. These opportunities give the traders an amazing way to trade the crypto markets.
It has helped millions of users in more than 100 countries with a BTC futures trade daily volume of over $1.5 Billion. OKEx is currently ranked 11th by trading volume according to Coinmarketcap.
How to Setup Account
Step 1: Navigate to the official website and click on the ‘Signup’ button on the top right corner of the screen
Step 2: Enter your email address and select a strong password.
Step 3: Then tick the box of the terms and requirements and then click on ‘signup’ in the middle of the screen.
Step 4: Now click your account name for a drop-down menu and select “verification”. Then provide your details to complete the verification.
Step 5: For linking a mobile number, select Security in the same drop-down menu. Then link your mobile number under “Authentication”.
How to Recover the OKex password?
Go to the OKex home page, and then click the “Forgot password” option in the login box. Enter your registered email address and follow the instructions to cause a new password.
Also Read: LocalBitcoins Exchange Review: Is it Beginner friendly?
How to buy cryptocurrencies on OKex?
Step 1: Log in to your account. Go to C2C Dashboard
Step 2: Select the currency and digital asset you wish to trade with.
Step 3: choose an order of your preferred price in the book to buy.
Step 4: Now, add the size/total amount of your order and confirm.
Step 5: Then select “I have paid”. Once the seller confirms the receipt of your payment, they will terminate the tokens.
How to sell cryptocurrencies on OKex?
Step 1: Log in to your account. Go to C2C Dashboard
Step 2: Select the currency and digital asset you wish to trade with.
Step 3: Select an order of your desired price in the book to sell.
Step 4: Select the size/total amount of your order and confirm.
Step 5: Wait for the buyer to transfer the payment. Please make sure that you have received the payment before releasing the tokens
Deposit & Withdrawal Procedure
Step 1: Log in to your account and then click the “Assets” Option
Step 2: Enter the currency you would like to deposit/withdraw
Step 3: Then enter the network protocol and the deposit/withdrawal address
Step 4: Finally click the “Deposit” / “Withdrawl” option.
OKex Features
- C2C trading platform: OKEx’s C2C trading platform is similar to an Over the Counter (OTC) trading desk. It allows users to trade a selection of cryptocurrencies amongst themselves effectively.
- Futures contracts: This allows trading of the cryptocurrency at a predetermined price at a future date, irrespective of the market conditions. OKEx has a peer-to-peer leveraged trading platform.
- Perpetual Swap: In the OKEx’s Perpetual Swap, the profits and losses of the traders are realized and paid twice a day, and trading up to 100x leverage is available
- Security: OKEX uses a secure hot and cold wallet security method. This means that the majority of their funds are stored offline in a cold environment and are protected from hackers.
- Customer Support: OKex offers responsive customer support via phone as well as an email-based ticketing system and several messaging apps and social media channels.
Trading Fees
The trading costs for takers charged by the exchange are 0.15%. This fee is slightly below the industry average which is around 0.25%. OKEx also offers a discount for the designers in the trades, who are charged at 0.10%.
The exchange has a discount system through which you pay more inferior trading fees the more you trade. This trading platform charges a departure fee amounting to 0.0005 BTC when you withdraw BTC. The deposit modes include Wire Transfer, Credit cards, and cryptocurrencies
Supported Currencies
The OKex exchange funds over 200+ cryptocurrencies. Some of the major ones include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Dash (DASH)
- Dogecoin (DOG)
- Litecoin (LTC)
- Stellar Lumens (XLM)
- EOS (EOS)
- Ethereum Classic (ETC)
- Ethereum (ETH)
- Gnosis (GNO)
- Iconomi (ICN)
- Melon (MLN)
- Augur (REP)
- Tether (USDT)
- Monero (XMR)
- Ripple (XRP)
- Zcash (ZEC)
The only fiat currency backed by the OKex exchange include
- Chinese Yuan (CNY
OKex Mobile App
The OKEx exchange offers both iOS and Android apps for trading on the go. You can download these apps via the official Apple Store or Google play store.
Referral Commissions and Other Services
OKEx Referral Program
By instructing your friends to open accounts on OKEx and begin trading, you can earn incentives through the OKEx Referral program. You will receive $10 for each of the ensuing three tasks that one of your referrals completes within 180 days of their registration.
The 3 tasks are Buy and Deposit crypto worth $100 or above, and Trade Crypto
OKEx Affiliate Program
When any of your suggested users trade on OKEx, you can earn free Bitcoin and a minimum of 30% commission via the OKEx Affiliate program. If 10 of your requested friends have ended the first job on the Rewards webpage, you can become an affiliate.
As an OKEx affiliate, you are allowed to several apart from trading commissions. For instance, you will receive support from OKEx regarding in-depth content and community partnerships, such as airdrops and AMA sessions.
Is OKEx Safe and Secure?
OKEx is written in Malta and Hong Kong and yields with the Malta Financial Services Authority’s Virtual Financial Asset Act (“VFAA”). The platform’s token security is based on an industry-standard cold and hot wallet technology and a core private key encryption method.
The exchange is said to have the most advanced privacy encryption technology in the space
It is equipped with 2-factor authentication, a Mobile verification code for security grounds and departure, of funds, and Email verification codes
Conclusion
OKEx Exchange has a simple and easy-to-use interface. This makes it a perfect exchange option for customers. The exchange features a large number of listed coins with various functions and competitive trading fees.
Derivatives trading is another process that puts OKEx among one of the most utilized trading platforms in the market with a good track record of security. Thus OKEx being one of the largest exchanges in the world comes out as a dedicated platform for traders of all types.