Okex Review (2022) Review
OKEx is a cryptocurrency exchange that makes it easy to buy, sell, or trade cryptocurrencies. At the moment Okex.com is not available in the US. It offers advanced financial services, that include flexible borrowing and ways to earn interest on staked tokens. OKEx provides simple and complex trading tools too. Founded in 2014 by Star XU, it is based in Belize. OKex is listed on CoinMarketCap.com as one of the largest international cryptocurrencies’ exchanges in the world and OKex exchange was born out of OKCoin as a brand targeted at more advanced cryptocurrency traders.
The OKex exchange offers the standard crypto-to-crypto trading most common for cryptocurrency, you can access to over 100 cryptocurrencies exchanges as well as fiat to cryptocurrency trading. Unfortunately, Chinese Yuan is the only fiat currency supported. The exchange supports over a hundred cryptocurrencies and tokens with the regular addition of new options. It offers its own exchange toke but does not support other crypto exchange coins, such as Binance Coin or U.S. Dollar Coin (USDC).
OKEx offers advanced security features to help protect the user’s account. From private keys that are held in different countries for the same wallets, to the use of a proprietary network communication protocol for transmitting user data over long distances. Nothing about other security is taken on their account, which is a shame. I take it, security is important and should be shown to potential new traders.
Using a demo trading account means that you don’t need to worry about losing money, you can learn and gain skills before you go live with trading. It’s a good educational tool for beginners. In other words, demo accounts are an invaluable tool for new traders. With Okex, there’s a “demo trading” feature that allows newbies to practice trading without risking.
Broker fees can vary and change, there may be additional fees that are not mentioned in this review. Trading fees in Okex is one of the lowest. The highest trading fees payable for low volume accounts are a 0.15% maker fee and 0.2% taker fee. This drops as low as 0.02% and 0.05% for makers and takers fees. There are discounts available as users execute more transactions and hold more OKB coins.
Simply click the “Sign In” button in the top, right corner. A short form comes up to be filled in. They ask for an email and a password.
I had a six-digit code sent to my email immediately. You have 30 minutes to type this code in before it expires. And I was in my Okex account in a minute. Very fast, functional and simple. No hassle no extra questions and no delays.
First of all, from the home page, you can select “Basic Trading,” and that worked without registering. You can also select “Margin Trading” and it will allow you to use leverage to try to amplify returns when trading in futures and advanced options. To use the advanced functions, you have to apply and be approved, so if you`re a beginner, like me, no need to worry, watch and learn, before you go live. Looking into the “Advanced options” the platform looks great, but could be a bit overwhelming for a beginner. Luckily, in the demo, there is a tour of the platform.
This website has all you need. The fees are transparent. You get to check them out through a click in their footer, there is a live chat bubble available all time and doesn’t annoy you with questions, it just sits there, waiting. The header offers a menu pane, where you can choose from:
- Buy Crypto
Here you get to log in, register or choose the preferred language. In the “Trade” option, you can choose to convert, do “Basic Trading”, or “Margin Trading”. In “Finance”, choose to “Earn”, “Loan” or get a “Jumpstart”. Hats down, because in their “Learn” tab, you get to look at videos for newbies full of tutorials, analysis and some How-To videos too.
Overall the website is functional, fast and very intuitive. Colors are blue and white, and you won`t get any flashing lines and no extra marketing blabber.
In the footer, you`ll find a handful of social network accounts, like Telegram, Line, Twitter, Facebook, Reddit, Weibo and more. Looking at their Facebook account, unfortunately, the page didn`t open, due to an error, so I decided to try Twitter. That`s up and going with around 750 thousand followers. The last Tweet was a couple of hours ago, so it’s up to date.
Advantages and disadvantages
Although the fees are transparent, for a beginner it may seem complicated. It is divided into two tiers, with multiple levels within each tier. OKEx supports hundreds of tokens and coin pairs on its trading site, and it uses multiple levels of protection to ensure the security of its users’ private keys. It’s good for you, if you don’t live in the US, that is, they have a little demo and good educational support for newcomers, they are active on social networks and have a live chat.
- Demo platform
- Live chat
- Fees are low
- Over 100 cryptocurrencies supported
- The fee structure is difficult
- Not supported in the US
- FB not working
- Withdrawal transfer limitations