OKEx Review 2021: Is it legit or a Scam?

In this article, we will review OKEx exchange, an international digital asset and cryptocurrency exchange platform, which allows users to trade on hundreds of tokens. It is an innovative exchange that was founded in 2014 by Star XU. This exchange was born out of OKCoin with its target on the more advanced cryptocurrency traders.

OKEx exchange is listed as one of the largest crypto exchanges in the world on CoinMarketCap.com. According to their official website, their daily turnover is around $1.5 billion only from its Bitcoin futures trading product.

In early 2018, Like the other Chinese exchanges, OKEx also launched their utility token cryptocurrency. Users can use this token to settle trading fees or to pay for exclusive services like enhanced API rate limits and customer support on the exchange platform. Although there has been no official announcement, it has been rumored that OKEx will launch its own Ethereum-Esque public Blockchain platform.

OKEx Review: Summary (TL;DR)

  • OKEx is a leading one-stop cryptocurrency trading platform.
  • It has an easy-to-use interface and is user-friendly.
  • Both beginner and advanced level traders can trade on this platform.
  • OKEx accepts 30 fiat currencies including, USD, CNY, EUR, and others.
  • It has 17 payment methods like VISA, MasterCard, and others, for purchasing crypto.
  • OKEx fiat gateway allows users to buy Bitcoin, Ethereum, USDT, Ripple, Litecoin, and OKB with transaction fees as low as 0%.
  • The spot trading feature has a high liquidity order book with low spreads.
  • Users can trade crypto with up to 100x leverage on Perpetual swap and future markets.
  • It focuses highly on security and uses offline cold storage measures.
  • The OKEx app for both Android and iOS version smartphones is also available.
  • Other programs like Referral and affiliate reward users for bringing users to this platform.
  • The support system is highly efficient and supports multiple languages.

How to get started with OKEx?

Follow these steps to get started with the OKEx platform. Click on the ‘sign-up button on the top right corner of the official website of OKEx. After clicking, you will find the sign-up window. Fill in all the details including, a valid Email-Id with a strong password. After completing the details, click on sign-up.

OKEx signup
OKEx signup

You will receive a code on the email id you entered while signing up. Enter that code. After confirmation of the code, your registration process will end. Now, you can log in to your account.

OKEx Verification Process

To start the OKEx verification process, first, click on your profile and then click on verification. A window like shown below will open up on your PC. 

OKEx Review: Verify Account
OKEx Review: Verify Account

We will be doing the process taking “Individual Account” into consideration. 

Step 1: Individual Verification

To complete this part of KYC, enter your full name, select your nationality, ID type, and ID Number of the specified ID. After completing the details, click on submit. Once verified, your 24 Hour withdrawal limit will increase up to 200 BTC.  

OKEx Verification: Step 1
OKEx Verification: Step 1

Step 2: Photo Identification

This is level 2 of KYC verification. Under this, you will have to upload the document’s images, which you selected in the level 1 verification. After completing this, your withdrawal limit will increase up to 300 BTC.

Step 3: KYC

This is the final part of completing your KYC. After completing this, users will get leverage of increased withdrawal limit and other benefits.

OKEX KYC
OKEX KYC Level

Here is the summary of the benefits you will be enjoying for completing the different levels of KYC.

OKEx Fees

The trading fees for Spot, Futures, and Perpetual Swaps different. The OKEx trading fees also differ whether the user is a regular or a VIP.

For example, if you are a regular user engaging in spot trading, you will get charged 0.10% for takers and 0.08% for makers. If you somehow achieve a 30-day trading volume of more than 5,000 BTC and hold more than 1,000 OKB tokens, you only have to pay 0.09% for the taker and 0.07% for the maker.

OKEx Spot Trading Fee

The trading fee for the takers on the OKEx exchange is 0.10% for spot trading. This amount is below the industry average, which is 0.25%. Also, the fee for both takers and makers varies on the trading volume of the investors. Moreover, VIP users can enjoy even more competitive trading fees of 0.030%-0.080%. 

OKEx Spot Trading Fee
OKEx Spot Trading Fee

OKEx Futures and Perpetual Fees

Like spot trading fees, the maker and taker OKEx fee for both futures and perpetual starts at 0.02% and 0.05%, respectively. This fee also varies or reduces based on the OKB tokens the users hold. 

OKEx Review: Futures and Perpetual Fees
OKEx Review: Futures and Perpetual Fees

OKEx Deposit and Withdrawal Fees

OKEx does not charge users any fee for deposits and withdrawals. However, there is a minimum amount of Bitcoin network fee that users have to pay when they withdraw Bitcoin from the exchange. The OKEx withdrawal fee is about 0.0005BTC.

How to Deposit Funds on OKEx?

In this platform, users can fund their accounts using digital currencies only. OKEx does not have any options to transfer fiat currency to the exchange. Therefore, the two options that are available for the users to fund their new account:

  • Users can transfer the cryptos from another exchange or a hardware wallet.
  • They can purchase crypto with suitable and available payment methods on the website.

OKEx Review: Supported Cryptocurrencies

Currently, OKEx offers more than 246 different cryptocurrencies, which users can trade on the website against ETH, USD, BTC, DAI, and OKB pairs. The platform also offers discounts on trading fees if the users trade with the OKEx utility token OKB. 

To burn the 300 million circulating supply of OKB, OKEx has started a buy-back scheme that occurs after every three months. This is a positive way to drive up the price of the token by reducing the supply amount. 

OKEx Pool

OKEx exchange platform provides a mining pool, which is a shared group of cryptocurrency miners. These miners combine their computational resources over a network to mine digital assets. Besides this, it also supports Proof-of-work (PoW) mining of nine significant cryptocurrencies. It means users can offer their computer hash rate, and in return, they will get additional income.  

OKEx review: Pools
OKEx review: Pools

OKEx Review: Algo-Order Options

To help investors place a trade at a predefined volume and price, different type of market orders and the ability to use Algo orders is vital for active daily users. Therefore, the OKEx platform allows users to trade with the different types of orders. Orders like stop-limit order, market order, limit market orders, advanced limit order, trailing top order, Time-weighted average price orders, and iceberg are available.

OKEx Reward System

OKEx offers a reward system for all users. Using this, users can earn Bitcoin and Rebate cards for completing the tasks and free Bitcoin learning missions. Please keep in mind that to claim the rewards, users must complete the tasks before 30 days of registration. 

OKEx Review: Reward System
OKEx Review: Reward System

OKEx Review: How to buy/sell Cryptocurrencies?

Step 1: OKEx Login

Log in to your OKEx account to buy or sell any cryptocurrency. Click on the “Log in” on the top right corner of the official site of OKEx. Enter your details and sign in.

Step 2: Select Buy/Sell

After logging in, you will find the option “Buy/Sell” on the top menu. Click on it to move to the next step.

Step 3: Select your Buy/Sell method

The next step is to select the method you would prefer to buy or sell cryptocurrencies. In general, there are two primary options available on OKEx:

  1. Quick Trade
  2. P2P Trade

Here is what you need to know about them.

OKEx Review: Quick Trade

This is the simplest way to buy cryptocurrencies on the OKEx platform. All users have to select the cryptocurrency they prefer and the fiat currency they wish to spend. Please input the correct amount of your fiat or cryptocurrency before choosing the payment method. Once the payment is complete, the cryptocurrencies get transferred into your account automatically. 

OKEx Review: P2P Trade

Under this, click on the currency you want from the dropdown menu and then select the desired currency. Enter the amount and payment mode, and finally click on the “BUY” option to buy that cryptocurrency. 

OKEx Mobile Apps

OKEx supports the mobile application for both Android and iOS users. The OKEx application is an all-in-one trading app for cryptocurrency trading. With this, users can buy and sell digital assets in all forms irrespective of the time and place. They can also view real-time streaming quotes, deposit and withdraw funds, and store crypto coins in built-in digital wallets.

OKEx Review: Supported Countries and Regions

OKEx is a global trading platform that is available to over 100 countries across the globe. However, these countries also have other options than OKEx. 

The list of the countries is North Korea. Crimea, Syria, Ecuador, Bolivia, The USA and its territories, Hong Kong, Sudan, Malaysia, Kyrgyzstan, Bangladesh, and Cuba.

OKEx Review: Security

When it comes to security standards in cryptocurrency, OKEx is one of the safest trading platforms. Several new-ages, innovative technologies like the cold wallet technology, and core private key encryption algorithm making it one of the most advanced platforms with the best private encryption.

 OKex is also one of the biggest trading platforms, which makes it highly reliable. This platform’s trading services and digital assets comply with the Virtual Financial Asset Act (“VFAA”) and are regulated under the authority of the Malta Financial Services Authority. 

These are the ways through which user can secure their assets more:

  •  Verification code via email 
  • Verification code via phone for drawing out funds and security settings.
  •   Authentication via two factor

OKEx Review: Customer Support 

OKEx has a solid and reliable technical support team that offers 24*7assistance over various modes. It also has a dedicated FAQ section, which holds general queries faced by users. The other way to enquire about your doubts is by submitting a request. You can also directly chat with their customer support team. Users can also directly contact the members on their platform through their “join the community” section. 

OKEx Review: Pros And Cons

Pros

  1. The financing and trading fee are pretty low.
  2. PayPal is an accepted mode of payment.
  3. The deposit fee is not required, and the trading and withdrawal fee is quite negligible.
  4. Fiat currency deposits are received.
  5. The mobile app for this platform is highly user friendly
  6. Get access to the broadest range of unique digital asset coins. 
  7. You will get facilities for derivative and spot trading. 
  8. You will receive customer support throughout the day. 
  9. The trading platform is high-level, and you will get the most extensive range of pro trading options. 

Cons

  1. All U.S. citizens cannot gain access to it. 
  2. There are limitations when it comes to withdrawal transfer. 
  3. All the customer reviews are not very satisfactory. 
  4. Currently, CNY only flat is supported.

OKEx Review: Conclusion 

Whether you are just a one-time investor or an active daily trader, it doesn’t matter. OKEx is a professional trading platform that is well-backed and has international goals. It offers various trading options and that too at low trading fees. Users can also win bitcoins and other rewards using the special features OKEx offers. The customer support is impressive, and users can communicate in various ways. Finally, OKEx is also a secure platform with no records of severe hacks.  

Frequently Asked Questions

How long does a deposit take OKEx?

The digital asset transfer is a simple three-step process: 
● Request 
● Confirm 
● Credit 
At times it might get slow due to network congestion, but the process is usually fast.

Is KYC mandatory to use OKEx?

No, KYC is not mandatory for using the OKex trading platform. You can complete the KYC to get extra benefits like an increase in 24-hour withdrawal limits. 

Is OKex safe?

Till now, there have been no rumors of having OKEx hacked. Moreover, when it comes to security and reliability, OKEx is one of the leading platforms.

Are the U.S. Traders allowed to use OKEx?

No, OKEx does not offer its services to U.S. citizens due to their strict internal regulations outside the exchange’s control. To invest in cryptocurrency, investors will need to find a licensed trading platform in the USA.

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