OKEx is a fairly large cryptocurrency exchange that offers over 500 different trading pairs which include both popular and lesser known cryptocurrencies. Cryptocurrencies on OKEx can be traded against USD, BTC, ETH, OKB and DAI (which is a stablecoin).
The exchange can be also downloaded as a mobile app both for iOS and Android devices.
OKEx relocated from Hong Kong to Malta in 2018. Similar to Estonia and Gibraltar, Malta has developed a comprehensive legal environment for crypto exchanges, providing them with clear license requirements.
✓ High liquidity
✓ An intuitive user interface that both newbies and advanced traders can easily navigate through
✓ Purchasing and selling cryptocurrencies is both fast and seamless
✓ There is an option to deposit via credit or debit cards, as well as bank transfers
✓ Over 30 national fiat currencies such as USD, EUR, TRY, BRL and BGN are accepted
✓ Extremely low fees
✓ Besides the spot trading, users can enjoy perpetual swap and futures markets where they can trade with a leverage of up to 100x
✓ High security thanks to the usage of offline cold storages where most of the funds on the platform are stored
✓ Storing crypto can earn you an interest of up to 6.57% APY (annual percentage yield)
✓ A robust mobile application
✓ Solid technical support
✓ Its own fee-reducing token
✓ The option to get rewarded for bringing new users to the platform
✓ The customer support team is available 24/7
✗ There have been issues with withdrawing funds in the past
✗ There are concerns in regards to the executive’s staff issues with the Chinese authorities
Registering on OKEx
Registering on the OKEx Exchange is really simple. It literally takes a minute as you are merely asked for an email address and a password. You need to undergo a KYC verification only in case you want to make a withdrawal. The current withdrawal limits for a newly registered user who hasn’t gone through the KYC (Know-Your-Customer) procedures is 10 BTC.
Investors from Hong Kong, Cuba, Iran, North Korea, Crimea, Sudan, Malaysia, Syria, United States of America [including all the US territories], Bangladesh, Bolivia, Ecuador, Kyrgyzstan and Malta are restricted from trading on this exchange.
In terms of liquidity, OKEx is among the top 10 crypto-exchanges in the world, which allows for trades with greater volume. As of June 2021, the average daily trades on OKEx amount to 11.5 billion USD!
The trading fees for takers charged by this exchange are ridiculously low. The maker fee (if you are publishing an offer to sell your crypto) for level 1 traders is 0.08% and the taker fee (if you fill in the offer) is 0.10%. OKEx has implemented a system thanks to which you are charged with lower and lower fees the more you trade. High-volume traders from VIP level 5 to 7 even enjoy negative maker fees, meaning that they actually earn for selling their crypto on OKEx!
The OKB Token
Holding the OKEx native token, the OKB, also lowers your fees. The platform has initiated a buy-back scheme with the intent to burn the circulating supply of 300 million OKB tokens. These periodical burns occur every 3 months. Occasionally reducing the overall token supply is a well-known method of having a positive influence on a token’s price.
Deposits and Withdrawals
OKEx has enabled users to deposit their funds via wire transfer, as well as with credit cards. The whole process has facilitated the user experience immensely.
This platform charges some of the most competitive withdrawal fees in the industry – BTC withdrawal fee has been adjusted to 0.0004 BTC, ETH withdrawals have been reduced to 0.003 ETH and the XRP withdrawals cost merely 0.1 XRP. This is significantly less than the industry average of 0.000812 BTC per BTC-withdrawal, in other words around 40% lower.
Despite all of its positives, it needs to be taken into account that in 2020 OKEx halted withdrawals for almost six weeks. This occurrence raised a lot of concerns among the exchange users, however, OKEx eventually allowed withdrawals – without providing a detailed explanation on the accident. The most probable explanation is that the Chinese authorities had initiated an investigation of the executive staff and had detained the OKEx CEO Xu Mingxing amid fraud accusations. Xu is one of the many wealthy mainland Chinese and Hong Kong nationals who have been investigated by the Chinese authorities on suspicion of tax evasion. We remind you that during the same period Jack Ma disappeared from the public for over 2 months after making remarks that the CCP found unflattering.
Nothing on this website should be perceived as financial, investment or trading advice. We urge you to do your own research prior to investing and we highly recommend that you consult a certified financial advisor.
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