OKEx Exchange: A detailed overview of the okex.com official website. Registration, entry, trade, input and output methods, commissions
OKEx is an exchange for exchanging cryptocurrencies, tokens and fiat money. Formed from OKCoin, which is focused on advanced traders. Compared to it, OKEx is much simpler and more straightforward, focusing on pure cryptocurrency trading.
Official site: okex.com
The first time you purchase through the Buy Cryptocurrency service – Quick Buy (see screenshot below) for an amount of RUB 1,490 or more, you will receive up to $ 2 in BTC for free on your exchange wallet. VISA / Mastercard / MIR bank cards, ApplePay payment system and payment from the Advcash payment system wallet are accepted.
On CoinMarketCap, OKEx leads the ranking in terms of trading volume, with a daily turnover of almost $ 2 billion. True, as in relation to many other crypto-exchanges, doubts were raised whether such a trading volume was really there, or the figure was achieved through manipulation. If you look at the same figure on CoinGecko, it will be equal to $ 93.5 million.
In early 2018, OKEx launched its own cryptocurrency OKB following Binance and Huobi Pro. The token can be used to save on trading fees or to pay for exclusive services, including extended customer support and changing API rate limits.
- 1 OKEx Exchange Review
- 2 Features of the exchange
- 3 Official site okex.com
- 4 Check in
- 5 Personal Area
- 6 Deposit and withdrawal of funds on OKEx
- 7 Trade on OKEx
- 8 Commissions
- 9 OKB Token
- 10 Advantages and disadvantages
- 11 Conclusion
OKEx Exchange Review
|Year of foundation||2013|
|Address||18th Floor, Menara TA One 22, Jalan P. Ramlee 50250, Kuala Lumpur Malaysia|
|Rating||# 1 on CoinMarketCap and # 10 on CoinGecko|
|Working with fiat money||Yes|
|Withdrawal commission||Blockchain network conditions|
|Verification||To withdraw funds, level 1 is required, to work with fiat money, level 2|
|Account protection||SMS, IP, Google Authenticator, anti-phishing code, trade password, e-mail|
|Trading commission||from 0.01% to 0.15%|
|Number of trading pairs||551|
|Number of currencies||176|
|Own token||OKChain (OKB)|
|Token capitalization||457 302 895 $|
|Trading volume||Declared trading – $ 2,000,060,684;real (Normalized) – $ 95,014,201 (according to Coingecko)|
|Types of orders||Limit, market, trigger, sliding, iceberg, TWAP|
|IEO||Yes, OK Jumpstart|
|Contracts / Futures||Yes|
|Social networks||@OKEx; https://t.me/okexofficial_ru; https://www.facebook.com/okexofficial|
|Contactsemail@example.com; firstname.lastname@example.org, +1 226 798 4487; https://www.reddit.com/r/OKEx/|
|Competitive cryptocurrency exchanges||Binance, FTX, Currency.com, Huobi, Bybit, Bitmex, EXMO and others|
Features of the exchange
OKEx offers users the following features:
✅ Multiplatform. The cryptocurrency exchange can be used through the website, mobile application or API.
✅ Margin trading is available with a leverage of 10x or 20x to choose from, which allows you to maximize your profits.
✅ It is possible to take profits using hedging.
✅ Simple hedging and arbitrage with multiple cycles.
The platform is currently used by residents of more than 100 countries around the world.
Official site okex.com
The OKEx platform is available both in a browser and as downloadable desktop software. Since marketplaces are relatively heavy due to the abundance of features and the need to display everything in real time, downloadable software takes over most of the load. They also note that OKEx is more resource-demanding than other popular crypto-exchanges.
The design of the platform is well designed, in part resembles the traditional trading platforms of the financial markets. Also, anyone with trading experience will appreciate a set of informative charts developed by parent company OKCoin.
The top menu of the main page of the site looks like this:
The “Charts” tab contains a list of currencies supported by the exchange. For each of them, you can see the cost graph or go to the exchange.
The Fit / Token tab allows you to quickly and securely exchange traditional currencies for digital ones. The rate is determined in accordance with the indicators of the world’s largest exchanges. There are no hidden fees, trading is carried out strictly at the indicated prices. In addition, the platform uses an intelligent system that instantly analyzes the quotes of market participants.
The Spot Market tab is a place to trade 100+ different tokens, including the newest ones. It has a user-friendly intuitive interface for both professionals and beginners. You can trade 24/7 and funds are held in a secure cold wallet.
The next tab allows you to trade futures. The use of hedging significantly reduces price fluctuations and, as a result, risks. You can create contracts with terms of 1 week, 2 weeks or a quarter, as well as with any token from a wide selection, from the most promising to the least known. Leverage gives you the opportunity to increase your income 10 or 20 times.
Also in the top menu there are buttons for login and registration, social networks, applications and changing the language.
After clicking on the “Register” button, you will need to enter the following data:
✅ E-mail or phone, depending on the chosen registration method.
✅ Code (to do this, click “Get Code” and enter the password received by SMS or e-mail). If necessary, the code can be requested again in a minute. It is valid for half an hour.
✅ Password. Try to come up with a strong password for logging into your account, containing different types of letters (uppercase and lowercase), as well as numbers.
You can enter your personal account by clicking the “Account Security” button that appears when you hover over your account name in the upper right corner.
In your OKEx personal account, you can use the functionality to improve the reliability of your account. Namely:
- Set a more complex password.
- Connect Google Authenticator.
- Link a phone number.
- Activate email verification.
- Install anti-phishing code.
It is recommended to do all this in order not to lose access to your funds as a result of an attack by intruders.
To be able to trade fiat currency on the OKEx exchange, you must pass at least the second level of identification. To be able to withdraw funds from the exchange, level 1 is enough.
The first stage requires the provision of a scanned passport and real full name.
At the second stage, they will ask for additional data, and at the third – video confirmation. Please be careful when filling in all the fields, as they cannot be edited later.
Commission level according to tariffs
In this section of your Personal Account, you can see what commission fees are applied to trading operations. The table shows that they depend on the level. The level, in turn, is assigned based on the trading volume.
Works only after binding a mobile phone or Google Authenticator.
A subaccount is an additional account that can be used to perform certain transactions. He has his own balance, but at the same time he is tied to the main OKEx account, all settings and verification apply to him.
This feature also only works after a mobile phone or Google Authenticator is linked.
Up to 50 APIs can be created; they fall into three categories: account, trade, and market trends. Developers can create various extensions according to their needs – for example, perform automated trading on OKEx or withdraw funds.
In the last section, you can submit a request for technical support and view reports on your past messages.
Deposit and withdrawal of funds on OKEx
To get to the section for managing your assets on the OKEx cryptocurrency exchange, hover over the word “Account” next to your account name and select “Portfolio”. Here you can find detailed information about the current state of the balance, and sections of the side menu help to manage it.
List of currencies you have. Next to each there are buttons that allow you to deposit, withdraw or transfer tokens.
Deposit in tokens
Here you can fund your OKEx account. Select the required token in the appropriate field, and then transfer money from your wallet to the provided address. Please note that only the selected cryptocurrency can be transferred. Otherwise, the money will be lost forever.
Bitcoins are credited to the account with just one confirmation from the miners.
You can withdraw funds only if four conditions are met:
- Level 1 personality identification.
- Binding SMS or Google Authentication.
- E-mail binding.
- Activation of a password for access to finance.
When everything is done and confirmed, you can proceed directly to the withdrawal of funds from OKEx. Everything is simple there:
✅ in the form, indicate the required token and the desired amount for withdrawal;
✅ paste the previously copied wallet address where you want to receive the cryptocurrency;
✅ confirm your intention and wait for the miners to process the transaction.
This function allows you to transfer funds from your main account to auxiliary ones – margin, futures, C2C, etc.
Trade on OKEx
The OKEx exchange offers both standard cryptocurrency trading and fiat money trading. Currently, Russian ruble, Chinese yuan, Vietnamese dong, pound sterling, euro and Turkish lira are supported. The number of cryptocurrencies and tokens is measured in hundreds. New ones are added regularly.
The platform also provides the opportunity for margin trading with a maximum leverage of 20: 1. Among the additional functions of the exchange, one can also note algorithmic trading tools that simplify the trading process.
To start trading, go to the “Charts” section and click “Exchange” opposite the currency pair you are interested in.
On the left, you can change the selected trading pair. The history of the last orders is located on the right. In the center, you can create your own order. To do this, first select what you want to do – buy cryptocurrency or sell – and then enter the desired indicators. Order type, volume, price of interest. Then click on the green Buy or Sell button.
We have already seen information about trading commissions on the OKEx crypto exchange in our personal account. For the maker, it ranges from 0.1 to 0.01%, and for the taker, from 0.15 to 0.05%, depending on the level determined by the trading volume. These are quite low trading fees in this market segment.
Withdrawal fees are fixed and depend on the specific cryptocurrency. There are no deposit fees.
On April 29, 2019, the OKEx exchange launched its own token. So far it complies with the ERC-20 standard, but in June it is planned to transfer it to its own network (OKChain), as soon as the developers make sure that it works stably.
First of all, OKB can be used to pay trading fees, but they will also have functionalities in voting and as a means of paying service fees for supernodes.
Advantages and disadvantages
✅ Dynamic market development providing good liquidity. Large selection of available cryptocurrencies.
✅ Good capitalization with investor support. In particular, Mandra Capital, Ceyuan, as well as a well-known venture capitalist Tim Draper, have invested more than $ 10 million in total.
✅ Low fees.
✅ A wide range of trading options for professionals such as futures.
✅ Fiat money support.
✅ The ability to trade with leverage.
❌ Small selection of fiat currencies.
❌ Mixed reviews of customer service competency.
OKEx shows itself to be a well thought out cryptocurrency exchange with certain ambitions for further development. Experienced traders often find it difficult to find an exchange that offers many trading opportunities and formats similar to those of traditional markets. OKEx is one of those exchanges. Low commissions, comfortable interface are additional advantages that make the site popular among traders.