Maybe when you read an article about cryptocurrencies, you came across advice on buying cryptocurrencies on the OKEx exchange.
OKEx is indeed become one of the popular cryptocurrency trading platforms. This is an innovative cryptocurrency exchange that makes it easy to buy, sell or trade cryptocurrencies or digital currencies.
Alright, let’s find out more about OKEx exchange, is it a safe exchange?
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Contents
OKEx Cryptocurrency Exchange overview
OKEx is the world’s leading cryptocurrency exchange and Bitcoin exchange platform. This company providing hundreds of trading pairs for spot and derivatives.
OKEx exchange grew up to become one of the leading cryptocurrency exchange platforms. Daily trading volumes and Bitcoin futures transactions can reach $1.65 billion.
OKEx was founded in 2017, owned by Ok Group which also owns crypto exchange Okcoin. Americans’ people can use Okcoin as an alternative to OKEx exchange which they cannot access.
OKEx exchange adopts blockchain technology to build the financial ecosystem for the next generation. Trying to remove financial barriers, develop the global economy, and change the world for the better.
Who owns OKEx exchange?
OKEx is a privately held company that stands under the auspices of the OK group, Wikipedia writes that this company has a key point CEO, Jay Hao.
The company that was founded in 2017 is reported to have more than 1000 employees worldwide. OKEx has a sister Okcoin, both under the auspices of the OK group, where Okcoin accommodates American users because OKEx exchange prohibits US users.
In April 2019, Jay Hao said that “the market is pushing OKEx to make a decision” in an open letter. The market and users both play an important role in IEO development. After careful consideration, we decided to launch the IEO project listing platform, OKEx Jumpstart.”
OKEX Jumpstart is a response to the IEO (Initial Exchange Offering) guidelines issued by the Blockchain Consensus & Governance Committee (BGCC) and the Korea Blockchain Startup Association (KBSA). These guidelines form the basis for technology products, disclosure lists, and financing scales.
Besides being the leader of the cryptocurrency market, OKEx has faced controversy, because it was considered to provide a very high listing fee, although this was denied by one of the company’s Public Relations.
The exchange is also temporarily suspending withdrawals on 16 October 2020 because the founders were allegedly arrested. However just a few days they announced the withdrawal opened On 19 November 2020 and will resume on or before 27 November.
Where is the OKEx exchange located?
This company’s address is Suite 202, 2nd Floor, Eden Plaza, Eden Island, Victoria, Mahe, Seychelles. They have 24/7 customer support providing options via email and phone service.
For e-mail service, users can contact [email protected] and telephone +1 226 798 4487. Another option is through social media contacts like Telegram, Facebook, Weibo, Line, or in the Reddit community.
Platform trading
For users who trade crypto on the OKEx trading platform, there is a quick trade option with a simple user interface.
Users easily select Buy or Sell options with the click of a button. There the user fills out a currency form to pay and is automatically converted to a number of crypto assets that are bought or sold.
There are many currency options to pay, USD, MAD, INR, IDR, CNY, and so on. While the payment options are complete, bank transfer, google pay, Advcash, Paypal, credit card, Apple pay, also SEPA. Users can also use the Order Book by selecting P2P trade.
Spot trading platform
The OKEx trading platform is divided into three bars.
The left bar is for traders to choose the crypto pair to trade. Users can easily type in the crypto token they are looking for, an option for trading pairs will appear.
The middle bar reveals the order book and history depicting the transactions of crypto pairs on the OKEx exchange in pairs respectively.
The right bar displays the chart of the selected crypto pair. Some of the features in the OKEx chart platform are that users can choose the type of candlestick chart and bar chart. There are not many indicator options that can be chosen for indicators on the chart, there are only MA, EMA, Bollinger bands, and Parabolic SAR.
However, there are more options of indicator templates that appear in the new window that you can select below the chart by clicking on one or more of the needs. There are indicators for Volume, MACD, KDJ, StochRSI, RSI, DMI, OBV, BOLL, SAR, DMA, TRIX, BRAR, VR, EMV, WR, ROC, MTM, AND PSY.
Product and service
OKEx exchange has several financial features related to cryptocurrency, that service includes Spot trading, Trading margin, Options, Perpetual swaps
Decentralized finance (Defi), Lending, and Crypto mining services.
OKEx trading
OKEx’s first product is spot trading, there are options for basic trading and margin trading. Basic trading is a simple way of instant trading, while margin trading allows users to trade using leverage.
You can also use the quick trade or P2P trade features to trade crypto assets. Users can also choose perpetual swaps, or options, or futures.
Decentralized finance (Defi)
OKEx also offers a service to connect users with many Defi projects. You just need a wallet then you can select any Defi project in the list.
Lending
Another product service from OKEx is flexible loans. Users can borrow some money in USDT stablecoin using cryptocurrencies as collateral such as Bitcoin, Ethereum, and so on. The minimum loan is 200 USDT and the maximum is 3500000 USDT.
The loan period has several options that you can choose from 7 days, 15, 30, 90 to 180 days.
OKEx earn
This exchange also provides an earning program starting with Saving in flexible yield, Staking with stable yield, and Defi with high return no fees.
- Saving allows you to get daily interest just like saving in a bank.
- Staking is participating in the network by becoming a delegate by locking crypto and getting rewarded.
- Defi is a collection of financial services including Decentralized exchange, insurance, or stablecoins.
Trading fee
In general, there are two tiers of fees for OKEx transactions, the larger the transaction value, the lower the fees charged for Maker and Taker.
VIP users and normal users have different fee schedules, for example for normal users the minimum is under 500 OKB holding within 30 days trading volume is 1000 BTC, maker fee is 0.10% and fee taker is 0.150%. If the trading volume is above 10000 BTC the maker fee is only 0.020% and the taker fee is 0.050%. OKB is a native token by OKEx.
You will get a clearer picture from the image below, which is taken from OKEx’s detailed fee in the help center.
Normal user fee
VIP user fee
OKEx’s first tier for normal users is divided into five levels, from Lv1, Lv2, Lv3, Lv4. and Lv5. and the second tier for Vip users is divided into seven tiers from VIP1, VIP2, VIP3, VIP4, VIP5, VIP6, and VIP7.
Supported cryptocurrency
Being one of the leading exchanges, OKEx has listed hundreds of popular cryptocurrencies including Bitcoin, Cardano, Ethereum, Solana, Ripple, Polkadot, and many more crypto options available.
You can find it more easily by using the search box in the trading platform. OKEx also still allows listing of new tokens and announcing them from their help center page. So you can follow updates in the latest information.
Payment method
OKEx exchange provides payment method options depending on the region where the user is located.
How to find out which payment methods are available, simply click Buy/Sell cryptocurrency which will display P2P trades. There you just need to navigate the dropdown menu in the all payment box. For example, you find payment options with Paypal, Western Union, Advcash, Moneygram. Tinkoff and so on.
How to use OKEx exchange
To use the OKEx trading platform, you need to register in the OKEx ecosystem, it will give you the right to start trading. After having your OKEx account then log in to start using the exchange service.
In general, the steps to start using the OKEx platform for trading crypto pairs are walking in six steps.
Go to margin trading
On the OKEx website page, go to the Trade tab where the Basic trading and Margin trading options appear. Go to margin trading, it will bring up the OKEx trading platform.
Activated margin trading
You must agree that trading crypto using margin trading is risky, in that you may lose your funds due to losses due to price changes that are not in line with expectations.
Check the box then click submit to continue.
Transfer fund to margin account
Without funds available in the account margin, you cannot start buying and selling crypto pairs.
You must fund the margin account by transferring from the funding account. Previously you must have funded your wallet, for example, you have BTC, you can transfer to a margin account. If you don’t have crypto assets you have to buy them first.
Choose the pair
There are many crypto pairs available on the OKEx platform, you just need to find the crypto pair which according to your analysis will be profitable if you choose to trade on the pair.
Choose leverage
You can choose the leverage according to the level of risk you may get in the transaction. Ideally, the higher the leverage chosen, the higher the risk. Although the gain to be obtained is also high, you must properly understand the risk. After selecting leverage proceed with submitting your request.
Enter detail transaction
It’s up to you to buy or sell one cryptocurrency against another. If for example you choose the BTC/ETH pair and want to buy BTC, select Buy (long), if you want to sell BTC select Sell (Short). You can also use the limit order option to get a specific price.
After the order is executed, you can monitor it in the trading history, to get information on the status of the order. If you want to cancel an order look at the open order and take action.
As in forex, if your margin is below the maintenance value. It will trigger a margin call. This indicates you have to inject funds, otherwise, your order will be liquidated and eventually lose hope of profit.
OKEx exchange KYC
To fully access OKEx services, users must verify to comply with KYC rules. When you register it may be a company or corporation, you need to verify levels 1 and 2.
Likewise, if you register as an individual, you also need to do level 1 and 2 verification to be able to fully use the service. You must upload all required documents for account activation.
OKEx exchange country
OKEx is an exchange with global services, they have been able to reach more than 100 countries around the world. You will be directed to the site according to where your location was detected.
Citing from Fxempire, this is a list of countries that OKEx’s services cover. Australia, Cameroon, Chad, Canada, Denmark, France, Greece, HaitiIceland, Libya, Mexico, Nepal, Romania, Cape, Verde, Belize, Senegal, Sri Lanka, United Kingdom, Eritrea, Gambia, Indonesia, Lebanon, Angola, Malta, Bahamas, Benin, Chile, Ghana, Gibraltar, Grenada, Serbia, Guinea-Bissau, Tonga, Kenya, Finland, Namibia, Oman, Jamaica, Palau, Solomon Islands, Kyrgyzstan, Tunisia, Montenegro, Peru, Sweden, Trinidad and Tobago, Yemen, Bahrain, Belarus, Bulgaria, Colombia, Cuba, Cyprus, Algeria, Burkina Faso, Cambodia, Kuwait, Russian Federation, Saint LuciaSouth Sudan, Tanzania, Turkey, Virgin Islands, British, Japan, South Korea, Malawi, Maldives, Netherlands, Botswana, Qatar, Saint Nevis, Saint Kitts and St. Vincent and the Grenadines, Slovenia, Sudan, Taiwan , Tuvalu, Vatican City, Uruguay, Malaysia, Moldova, Nauru, Papua New Guinea, Zambia, Andorra, Bolivia, Afghanistan, Congo, Cote d’Ivoire, Laos, Dominican RepublicMauritania, Egypt, Gabon, Morocco, Uganda, Swaziland, Vietnam, Nigeria, Austria, Barbados, Bosnia and Herzegovina, Djibouti, Equatorial Guinea, Comoros.
Next
Estonia, Fiji, Ethiopia, Mali, Hong Kong, Ireland, Italy, Philippines, Macedonia, Poland, Madagascar, Sierra, Leone, Vanuatu, Panama, Portugal, Samoa, Saudi Ara bia, Timor-Leste, Albania, Burundi, GuineaIran, Armenia, Bangladesh, Belgium, Kiribati, Lithuania, Bhutan, Mongolia, Cayman Islands, Rwanda, Myanmar, Niger, Sao Tome and Principe, Slovakia, Czech Republic, Thailand, United Islands, Mozambique, New Arab Emirates, Ecuador, Germany, India, Liberia, Liechtenstein, Luxembourg, Marshall Zealand, Pakistan, Togo, Uzbekistan, Venezuela, Zimbabwe, Antigua and Barbuda, Croatia, Argentina, Guyana, Kazakhstan, Lesotho, Central African Republic, Norway, Paraguay, San Rica, El Marino, Spain, Suriname, Switzerland, Tajikistan, Guatemala, Honduras, Iraq, Mauritius, Nicaragua, Singapore, Somalia, Azerbaijan, Brazil, Brunei, China, Costa Salvador, Georgia, Israel, Hungary, Jordan, Latvia, Micronesia, Seychelles, South Africa, Turkmenistan, UkraineIsle of Man, Kosovo
OKEx exchange Singapore
The OKEx exchange spans over a hundred countries, one of which is Singapore. Customers can use local currency SGD as a method of purchasing cryptocurrency. You can use VISA and Mastercard credit cards, or also Paynow and Apple pay.
OKEx exchange united states
Although the payment platform is available in USD currency, OKEx does not offer services for customers from citizens of the United States.
Besides the Americas, restricted regions that appear in the search snippet include Hong Kong, Cuba, Iran, North Korea, Crimea, Sudan, Malaysia, Syria, United States of America, Bangladesh, Bolivia, Ecuador, and Kyrgyzstan.
Customers from the United States of America can use Okcoin’s services, which is a company that is also a sister company to OKEx which is under the OK group.
OKEx exchange Australia
Users from Australia can use the local currency AUD to make cryptocurrency purchases on the OKEx exchange. The payment methods available for the AUD currency are more diverse.
You can buy using a credit card, bank transfer, Paypal, BPay, POLI, SEPA, google pay, Apple pay, PayID, NewSagent, Post Billpay.
Is OKEx exchange safe?
OKEx claims that in any country the customer is in, it is safe to use the service. They use semi offline management and online management. Where offline management to be safe from hacking.
However, the user experience may provide a deeper insight into the security of the OKEx exchange.
Citing from Trustpilot, which is a well-known site where many users of the service testify about their experiences. This exchange gets a score of 3.8 stars out of a maximum of 5 stars. 61% of excellent, Great 8%, Bad 2%, Poor 2% and bad 27%.
Pros and Cons OKEx cryptocurrency exchange
Pros
- Global countries service.
- Hundreds of cryptocurrencies are available.
- There are multiple payment methods.
- Zero deposit fees.
- Easy trading platform user interface.
- Various products include connecting to Defi’s project.
Cons
- US Citizen restricted.
- Limitation withdrawal.
- No demo account available.
Final Thought
OKEx is a well-known exchange and reaches more than 100 countries. Based on its latest update it is in more than 200 countries.
More than 20 million traders globally, more than 400 trading pairs, with 24/7 support services providing easy access when traders face problems.
Note: This information is not an investment solicitation and advice, each investor is responsible for his investment.
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