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We decided to test it to find out whether you can manage your account from the mobile app and what are the supported features. Following are the main areas of the Okex exchange review 2020 that we will discuss today: Lets review these points about Okex Exchange. OKEx takes security very seriously, but fund security also depends on how careful users are. If you are not holding any digital asset and wish to buy and sell cryptocurrencies via OKEx, you can choose the Quick Trade option that enables you to buy cryptos with fiat payment methods. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. The OKEx exchange is currently providing its services to over 100 countries. At Trustpilot, OKX receives an average 3.4-star rating out of five across over nearly 300 reviews, which is a relatively high rating for a cryptocurrency exchange. The OKEx cross-chain gateway currently supports the Ethereum blockchain, yet both the OKExChain and the Tron chain will be added within the short-term future. Want to get started with OKEx? Nowadays, OKEx is one of the top 20 cryptocurrency exchanges worldwide by trading volume according to CoinMarketCap, and has a wide presence all over the world. Theres also a phone number listed on the OKX website. A cryptocurrency and trading writer and investor, Patrick specialises in algorithmic trading. With over 300 cryptocurrencies supported, theres not enough room to list them all in our OKX review. Futures contracts entail that traders agree to purchase or sell an asset at a predetermined time and date. Supporting more than 100 digital assets Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. Low trading fees of 0.10% or less for most trades, Easy to buy cryptocurrency using a card, bank account, or digital wallet, Not available to users in the United States. OKX Restricted Countries The project is supported in over 200 countries. While the latter supports market data, the first one provides trading, withdrawals, and market data. It also has offers additional features like the ability to set up a withdrawal password and anti-phishing codes. OKEx is a safe cryptocurrency exchange as they use the most advanced encryption technology to secure its platform from hackers. They are also one of the top digital asset exchanges by trading volume, serving millions of users in over 100. countries. Participating in public sales comes along with a larger profitability potential, as public sale buyers are often able to purchase tokens at significantly lower prices, as opposed to those which are bought from the token market. If you agree to our use of cookies, please continue to use our website. Clickout Media Ltd AA PH, Camilleri Buildings, Oratory Street, Naxxar, NXR 2504 Malta, Company No. How OKX Compares to Other Cryptocurrency Companies, Securities Investor Protection Corp. (SIPC). When engaging in margin trading, users increase their exposure to cryptocurrency volatility without having to purchase too much crypto out of their own pockets. OKEx exchange deposits and withdrawals are mainly done via digital currencies. The exchange supports well over a hundred cryptocurrencies and tokens with the regular addition of new options. This process includes uploading your passport and recording a verification video according to the instructions provided by OKEx. A leverage ratio, also known as margin trading, is a tool that allows you to open positions with more capital than initially deposited. CEO of OKEx, JayHao, had a background in game development and the semiconductor industry before joining the cryptocurrency space. With these security features, scams can not touch the platform. OKX offers low fees, but it's not available to U.S. investors. OKEx perpetual traders will find an immersive interface that contains all necessary tools. Deposit and Withdrawal Options Gate.io does not have any support for fiat currencies and as such, the only way which you can fund or. The company, whose operations are based out of Hong Kong, has some significant backing. Many users have reported that Binance closed their accounts because they reside in one of their unsupported countries - including users from Serbia, Bosnia, Iran, Myanmar, among other countries. We are going to provide the users an elaborative review of the Okex exchange which will include the details about the exchange and through these details, users will come to know whether this exchange is a trusted trading platform or not. Well cover everything you need to know including the exchange fees, features, range of assets, the safety of funds, and more. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Based on everything that has been highlighted so far, OKEx has established itself as an all-inclusive cryptocurrency exchange, providing an array of services suited for digital asset enthusiasts worldwide. There are four methods for depositing funds into the Okex trading account. OKEx is a Malta-based world-leading cryptocurrency exchange that allows users to trade on hundreds of tokens and futures trading pairs. Shortly thereafter, margin trading can commence. Whether you are an advanced active trader or a one-time investor, you will find a solution on this platform. According to OKEx, their daily trade volumes are more than $1.5 billion, and the platform has millions of loyal users in over 100 countries. Bank withdrawal Supported: Yes: Withdraw fees: Depends on cryptocurrencies: . To access the OKEx Cloud, users will have to fill an application form and conduct an audit with a dedicated project manager. The supported countries list for Kryptoksatt is expected to grow to 10+ countries including the UK, Canada, and the US within the next few months. The 24/7 service is available for the customers. The more professional nature of OKexs exchange platform also means that it places more demand on hardware than the average cryptocurrency exchange. When investing your capital is at risk. The product markets itself as safe, stable, open, flexible, global and reliable. Customers will have to use their passport to record a verification video according to preset instructions. By this point, it is common knowledge that many cryptocurrencies have their very own blockchains which they are exclusive to. Apart from facilitating instant trading between popular trading pairs, OKEx exchange also provides margin trading, futures trading, DEX trading, perpetuals trading, and options trading. This is good for people new to cryptocurrency looking to buy their first Bitcoin, Ethereum, or any other supported currency. Cons Users can deposit and withdraw funds whenever they want. OKEx supports a mobile application that is easily downloadable on Apple Store and Google Play and is very user friendly. Customers reviews are mixed about their customer service. One major advantage of opening an account with OKEx, when compared with other crypto exchanges, is that when you use the One-stop Marketplace, no KYC verification on OKEx is required. The main trading options on the platform are: Fees are imposed on users on the basis of the trading option they choose. Angola Wire. This platform is ranked as the fourth biggest crypto exchange in the world in terms of trading volume and is best suited for experienced cryptocurrency traders and for one-time investors. High-yield staking opportunities and the ability to earn at least 1% with dozens of coins. Your email address will not be published. The state of New York has introduced BitLicense for the exclusive regulation of Bitcoin. OKEx was founded in 2017 by Star Xu. Daniel is a digital currency expert, freelance writer, and jurist. The daily volume of BTC futures trade on the Okex exchange is $1.5B. Accepts PayPal She has comprehensive knowledge of blockchain and various cryptocurrencies. The crypto earn feature has become incredibly popular as of lately, especially in the decentralized finance space. Either way, OKEx exchange employs a cold and hot wallet architecture designed to keep the majority of funds on air-gapped devices that are inaccessible from the outside. These include yield farming on Sushiswap or Compound, but also locked savings and C2C loans. Additional measures are taken to make sure that no individual from within the company has free access to user funds, through the usage of multi-signature logins. So far, OKEx has never faced a high-profile successful hack, in spite of the fact that some users reported that their accounts were accessed by attackers, leading to loss of funds. OKex also offers futures trading for Bitcoin, Ethereum and EOS with weekly, bi-weekly and monthly contracts available. As such, OKT token holders obtain voting rights on team and community proposals, as well as staking privileges. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Any of the exchange cannot be regarded as a trusted exchange until it proves itself. If you have any kind of inquiry about the exchange and you face any problems in your accounts or about your transactions then you can get help from the Okex community. Unlike futures and perpetuals, options trading contracts are not obligatory, meaning that bearers are given the choice to purchase or sell an asset at a predetermined price and date. Without a cross-chain gateway, USDT operating on the Ethereum blockchain cannot be transferred to the Tron blockchain, for instance. A level one verification grants access to most portions of the OKEx site with a transaction limit of $2,000, and it requires only a nationality, username, and ID number. OKB also opens up additional revenue streams in the form of passive income, via the OKEx Earn product. First, it is difficult to find market news and analysis., which means youll have to find a third-party tool that offers instant market updates. OKX is available to users in over 200 countries, but it's not available in the United States. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review. OKex is listed on CoinMarketCap.com as one of the largest international cryptocurrencies exchanges in the world and it claims daily turnover of $1.5 billion only from its Bitcoin futures trading product. The exchange has never been hacked and overall, it is considered one of the safest cryptocurrency exchanges in the market. Speaking of the OKEx API, access is easily obtained with the REST and WebSocket APIs. Users can manage their accounts through the OKX website or mobile app. View the latest crypto prices, volume, and data, Trade a full range of contracts and margin products, Multiple strategies to help you trade with ease, Instantly trade spot OTC, futures spreads, and options strategies at the price you want, Discover new, high-quality projects around the world, The world's most powerful suite of crypto trading solutions, OTC liquidity network for pro and institutional traders, Seamless and ultra-low latency API connectivity, Improve capital efficiency and lower risk, Access world-class market depth with high commissions, Candlesticks, aggregate trades, order book data and more. These trading wallets include: 1 : Funding Wallet: Funding wallet allows you to transfer, deposit, and withdraw your funds. We strive to achieve something that changes the world and never stop to innovate and improve on our customer experience. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. In a move that mirrors that of other major Chinese exchanges such as Binance and Huobi Pro, OKex also launched their own utility token cryptocurrency in early 2018. The OKExChain is marketed as a high-performance network that facilitates decentralized governance and community-driven consensus. As at 2018, the Exchange has over 800 employees and serves customers in over 100 countries. var c_display_preferences = {}; To unlock full trading capabilities, users are required to complete the know-your-customer (KYC) procedure. Moreover, institutional investment in cryptocurrencies is growing, a testament to the potential and future of digital currencies. Yes, OKEx offers the OK Vault multi-currency wallet that allows users to store mainstream and ERC20 tokens. The main mission of the exchange as described on the website is: OKEx believes the blockchain technology will eliminate barriers to transactions, increase the efficiency of transactions across society, and eventually have a significant impact on the global economy. "Top Cryptocurrency Spot Exchanges.". This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Positive reviews focus on an easy online experience, fast transitions, and low fees. OKEx brokers work by attracting users for their particular product which is based on the liquidity and market depth provided by OKEx. Today, the CEO of OKEx is Jay Hao, who was previously involved in the semiconductor industry. Overall, the exchanges withdrawal fee is slightly lower than at other exchanges. Algeria Wire. The simple form to buy crypto using a card, bank account, or digital wallet. To compile name of all the supported countries under this read would be quite hard, so here we are enlisting the. The list of the countries is North Korea. Jay is well-known for his prior involvement in building blockchain-based applications for mobile gaming and video streaming [Wikipedia]. The basic forms to buy and convert cryptocurrency are simple and intuitive. These methods are: The exchange offers different types of trading options on the platform. The token can be used to settle trading fees on the exchange platform or to pay for exclusive services including dedicated customer support and enhanced API rate limits. No. Bitcoin is a reserve asset like gold, and because of its standardization, divisibility, and the ability of conducting online transfers, it has great advantages in many aspects such as payment efficiency, preservation cost, and more. Prominent crypto exchange OKEx says that . Albania Wire. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. If youre in an area that works with OKX, you can create an account that gives you access to trade 343 spot currencies. Of course, OKB can also be used as a means of payment. The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. Heres a glance at the top currencies traded on OKX by volume: OKX supports a large number of the most popular currencies. ALL RIGHTS RESERVED. Simply click the link below to register an account today! Bitcoin is a virtual good and is similar in many ways to more traditional investments. Generally, it would appear that the exchange is quite inflexible in its systems and approach but users who understand this and act accordingly report few problems. The OKB utility token is one of OKExs native tokens, providing holders with significant benefits when using the platform. - The promotion starts on April 7 and ends on May 6 at 11:59pm (UTC+8). Okex exchange is providing with the advanced security options like 2-factor authentication, anti-pushing codes for every email by the Okex exchange and also mobile verification codes for withdrawals. Spot and derivative trading The Bitcoin blockchain, as an underlying blockchain, can provide consensus solutions to other public blockchains, with Bitcoin itself as the fees for this service. Originally based in China, the exchange, and sister OKCoin, moved to Hong Kong after the Chinese government banned the trading of ICO tokens and is now internationally focused. Given the absence of trading-centric blockchains, OKEx has decided to further tap into the total blockchain addressable market by creating the open-source OKExChain. Because of this, it has the potential of becoming a form of "digital gold", and is therefore an asset with the possibility of replacing gold in the internet of value era. At this point in time, OKEx classes as one of the worlds largest exchanges by features and trading volume, a title it has rapidly gained since its establishment in 2013. Learn more. OKEx presents itself as a global digital assets exchange that gives traders advanced financial services using blockchain technology. The listings that appear on this page are from companies from which this website and Bankrate may receive compensation, which may impact how, where and in what order products appear. The OKExChain ecosystem makes use of OKT, its very own native token that fulfills multiple use cases. Required fields are marked *. The instrument page is very basic and inserting an order is extremely easy. Like many large cryptocurrency exchanges, OKX offers a simple trading form that works well for beginners alongside an active trading platform for intermediate to expert traders. OKX (previously OKEx) is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology. OKX publishes its trading fees clearly while Coinbase hides prices until you enter a trade. Lastly, OKB ownership allows users to join the OKExChain ecosystem, an open-source blockchain that allows users to obtain a larger number of tokens as soon as the mainnet is launched. There are 343 currencies on the exchange total. OKEx exchange is owned together with OKCoin cryptocurrency exchange by OK Group and has 1000+ employees. If youve ever signed up for another cryptocurrency exchange or stock market brokerage account, you will find a familiar experience at OKX. Some of the cons, however, include no service to US-based customers and the lack of a demo trading account. On OKExs platform, traders do not have to pay deposit fees but are required to pay a withdrawal fee of 0.0005 BTC for bitcoin, 0.01 for ETH, and 0.15 for ripple. Before you settle for one platform, make sure to look at the list of countries and locations they support to avoid any issues with future transactions. Detailed review of OKEx exchange - one of the largest crypto currency exchange in the world .where you can buy and sell more than 100 coins and token. The token comes along with a deflationary mechanism, designed to reduce the circulating supply, thereby further boosting the tokens value. Global world-leading companies like Samsung, BlackRock, Morgan Stanley, and Alphabet have invested in blockchain and crypto. Negative reviews mention poor customer service, lost funds, and slow withdrawals. Users will not only learn how to use each of the services that OKEx provides, but also how to conduct technical analysis, how to understand bullish and bearish sentiments, and how to carry out industry analysis. Because of this, the Bitcoin blockchain may become the infrastructure on which all other blockchain applications are built in the future. You should note, however, that transfers with fiat currencies is available on the One-stop Marketplace feature and enables users to buy only 6 mainstream coins Bitcoin (BTC), Ethereum (ETH), USDT, Ripple (XRP), Litecoin (LTC), and OKB. These are C2C loans that are facilitated through OKExs matching engine. Required fields are marked *. As one of the worlds major cryptocurrency exchanges, backed by some major capital, it would be assumed that the cybersecurity architecture in place at OKex is in line with the best standards in the industry. [2] OKX is owned by OK Group, which also owns crypto exchange Okcoin. Spot / Custodial / CEX / DEX / Derivatives. What is OKEx Exchange? c_display_preferences.width = "250"; OKEx offers crypto trading services to more than 100 countries around the world. It was founded by Star Xu () in 2017. This works the same as a simple market trade on the active trading platform, but with an easier-to-understand form and interface. 5. Those looking to integrate the OKEx API within their own trading products and services can learn more on the API page. Your email address will not be published. If youre looking for an easy way to swap currencies, including stablecoins, you can use OKX's conversion form. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. Enjoy hundreds of tokens and trading pairs. Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. OKEx exchange gives you the possibility of creating sub-accounts used for crypto trading. 4. We provide the latest trading services for hundreds of diverse crypto assets. What Coins Are Supported on OKX? When engaging in margin trading, users increase their exposure to cryptocurrency volatility without having to purchase too much crypto out of their own pockets. The exchange itself lists GSLB, distributed server clusters and cold storage multi-signature wallets among the security measures in place. The OKExChain also supports smart contract integrations, thereby creating yet another ecosystem suited for the deployment of decentralized applications (dApps). Were providing spot, margin, futures, options, perpetual swaps trading, DeFi, lending, and mining services. Leah Hutton has recently joined Tokenhell team as a freelance writer. Internet Computer Protocol Announces 23% Price Increase, Heats Up Debates, Senator Elizabeth Warren Wants to Impose a De Facto Ban on Crypto, Says Jake Chervinsky, Hackers Hijack Popular YouTube Channel to Promote Crypto Scam, Twitter CEO Elon Musk Introduces Monetization Features for Content Creators, FDIC Official Attributes Collapse of Signature Bank to Poor Management, Unlocking the Secrets of Bitcoins Taproot: Everything You Need to Know, Live Coin Watch: The Must-Have App for Cryptocurrency Investors, Price Analysis 29th April BTC, ADA, ETH, DOGE, XRP, BNB, and MATIC, Polkadot (DOT) Staking: What It Is And How To Do It, Ceramic Protocol: Unlocking the Future of Decentralized Data Storage for Beginners, https://www.okex.com/pages/products/fees.html. Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. Further, the trading fees are below the average in the industry and the exchange has never been severely hacked. Founded in 2017, OKX is a Seychelles-registered cryptocurrency exchange that adopts blockchain technology to build the next-generation financial ecosystem. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. OKEx exchange allows traders to buy and sell cryptocurrencies by using margin, giving them the chance to access leverage as high as 10x for spot, and 100x margin for futures. Then, select one of the OKEx-supported fiat currencies and set the amount of which you wish to buy a specified crypto coin. OKEx aims to cater both to novice and advanced cryptocurrency traders and investors. This website uses cookies for functionality, analytics and advertising purposes as described in our Privacy Policy. Users can also set up security features on their accounts, such as email verification, SMS verification, and 2FA authentication. As mentioned, there are different types of trading options available including a spot, margin, futures, options, DEX, and perpetual swap. Customers reviews are mixed about their customer service. On the OKEx academy, youll find lots of tutorials on a wide variety of topics suited for beginners and experienced investors. Once logged in, you can view account balance and access features for spot, futures, options, and other trading needs. Annual percentage yields as high as 12.84% can be seamlessly obtained by taking part in the earn initiative. [3] [4] It is not currently available to US-based investors. If you need extra help, OKX offers a help page and chat support. OKEx is one of the few crypto exchanges on the market to offer not only a mobile app, but a desktop app as well (rather than only offering a browser version on desktop). Thanks to its cross-chain support and the value-exchange ethos, the OKExChain will hold significant popularity. With OKEx Cloud, users can access OKExs market depth, cutting-edge core technology, flexible token listing, cross-platform development, spot trading, P2P trading, and 24/6 global customer support. OKEx allows loans for a period ranging between 3 to 180 days, which are often priced at a 3.65% 15.33% effective interest rate. Country/RegionFiatCryptoFunding MethodsMargin Trading. If you want to see the whole structure of trading fees of the Okex exchange, you can visit this link: The 24/7 service is available for the customers. To do that, click on the Buy/Sell button on the top menu. Trading ideas, cryptocurrency fundamentals, and other technical knowledge is also readily available. In summary, OKEx is one of the best exchanges in terms of liquidity, the supported assets, and features. OKex is a well-backed exchange with significant global ambitions. While much of OKX is transparent, hidden cost details are a red flag that may send you to another exchange with transparent fee schedules. OKEx is registered in Malta and Hong Kong and recently featured digital assets and trading services that are compliant with the Virtual Financial Asset Act (VFAA), which is a regulated authority by the Malta Financial Services Authority. When you use margin trading, you are essentially borrowing funds from your crypto exchange and therefore, they will charge you interest on any position held overnight. Of course, this extra bitcoin doesnt amount up to huge rewards, but it does provide an incentive to learn more about the cryptocurrency market. If you are considering opening an account with OKEx exchange, be sure this read this guide first. Consult with a qualified professional before making any financial decisions. Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions.