OKEx Review: Is it the Best Crypto Exchange in 2019?
Founded in 2014 by Star XU (a Chinese businessman), OKEx is a cryptocurrency and digital assets exchange whose operations are based out of Hong Kong.
Initially based in the Republic of China, the exchange, and sister company OKCoin, moved to Hong Kong after China banned the trading of ICO tokens and fiat trading. The exchange’s remarkable roster of investors includes VenturesLab.
The platform is great for new cryptocurrency users because it effectively supports the trading of a wide majority of different popular coins. OKEx’s user-friendly exchange platform is also perfect for professional investors and high rollers. Without even having their account verified, stakeholders can trade up to 1,000 bitcoins per day.
Presently, OKEx exchange is registered as one of the leading worldwide crypto exchanges, and it claims a daily turnover of $1.5 billion just from its BTC futures trading.
Which Countries is OKEx Available in?
OKEX has high restrictions amongst crypto exchanges for exactly who can take part in trading on the platform.
The platform is not currently available for citizens of Hong Kong, North Korea, Crimea, Sudan, Malaysia, the US, and its territories, Ecuador, Bolivia, and Kyrgyzstan, among others.
These countries are either on the United Nations Security Council Sanctions List or its citizens are restricted or prohibited from trading platforms in some way.
In the case of the US, crypto still occupies a legal gray area. The issue hinges on whether digital assets can be classified as securities, and it has largely been decided on a case-by-case basis.
Exchanges that offer multiple coins are thus in danger of running afoul of the US Securities and Exchange Commission (SEC) if they don’t take steps to prevent US citizens from operating on their exchanges.
The decision for developers to exclude US citizens from initial coin offerings is dictated by fears that their token might later be deemed a security. Thus an illegal securities sale was held.
How are OKEx Fees?
OKEx’s fees are unusually structured for a diverse exchange offering. The company charges a 0.1% maker and taker fee for all token-to-token trades.
BTC is currently assessed at a maker, taker, and settlement fee of 0.015 %, while LTC futures trades have a 0.025% maker fees, 0.075% taker fee, and a 0.05 % settlement fee.
ETH, ETC, and BCH all carry a 0.025 % maker fees, 0.075 % taker fee, and a 0.05 % settlement fee.
OKEx exchange also has a tiered volume-based discount arrangement. Discounts are calculated every day from a 30-day trading bulk and come with linked withdrawal levels.
The levels range from less than 600 BTC equivalent with maker fees of 0.15 % and taker fees of 0.2 % to greater than 120,000 BTC equivalent with maker fees of 0.02 % and taker fees of 0.05 %.
There is a similar tiered discount arrangement for BTC and LTC futures traders that are calculated separately from spot market transactions. Those amounts range from below 10,000 BTC to higher than 300,000 BTC equivalent.
OKEx platform charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is considerably lower than the industry average, which is 0.000812 BTC per BTC-withdrawal. The exchange’s withdrawal fees are actually approximately 40% lower than the industry average.
OKEx’s native token (OKB) works to incentivize trading on the OKB platform while the corporation develops its blockchain. The token carries a total supply of 1 billion (70% of which is locked up), and the company distributes 50 % of its service fees collected during the week each Friday to OKB holders. The actual amount distributed is weighted by the volume of OKB a user holds.
OKB warrants traders on the platform to certain privileges, such as service fee refunds. In this way, it operates much like the BNB coin used by Binance exchange.
The overall goal of the OKB token project is a worldwide network of crypto trading assets.
According to the OKEx exchange, the OKB token will act as a base token to allow global blockchain teams to participate in the construction of a decentralized global exchange.
Is OKEx Safe?
OKEx internal security requires two-factor authorization (2FA) to be set up during account creation, and OKEx gives detailed instructions for changing administrator passwords, but the details of OKEx’s security scheme are well hidden.
On October 2nd, 2017, hackers breached some OKEx accounts. The official OKEx’s statement attributed the breach to individuals falling victim to phishing attempts, not a failure of the OKEx’s security system itself.
OKEx explained the cause of the breaches as inappropriately kept and set passwords, personal computers infected by malware, and users logging into unsecure public computers.
Since the 2017 hack, the exchange has enhanced security features and now stores encrypted private key paper documents under the strict supervision of constant monitoring and security.
As a convenient preventative measure, only a limited number of BTC and other crypto offered on the platform are stored in the cold wallet of this platform.
OKEx Crypto exchange offers users with Bitcoin and Litecoin futures and also high trade volumes, which makes it very popular with a majority of users.
William smith praised the exchange saying:
“Excellent exchange best I’ve used in years of trading. So many developments this will be top.”
Another user named Stefan remarked that OKEx is really good, stating:
“OKEx is really good, to celebrate bitcoin trading, a new Crypto-Giveaway has started! Claim your coins now! –> ethergiveaway.live”
On the downside, feedback on support levels is mixed with some complaints online around slow response rates or failure to resolve problems.
“I couldn’t have access to my wallet again called customer service they didn’t help, they responded with the same response over and over again.”
‘Digital’ was equally angry about customer support and went on to warn:
“It’s a SCAM. In verification process they ask a lot of documents, but they never give KYC2 status. Support staff is NOT serious. Stay away from these scammers!”
OKEx is a cryptocurrency exchange and trading platform specializing in BTC and LTC futures.
The exchange is a well-developed exchange with significant features that provide more facilities to professional users as compared to other exchanges. Competitive trading fees and relatively low withdrawal fees also attract many users.
It’s a shame that a large portion of investors in countries like the US and Malaysia are currently unable to partake due to OKEx’s rules regarding nationality and account creation.
It’s understandable, however, to have tough regulations in place, as in the hostile atmosphere of trading cryptocurrencies currently witnessed in the market, it pays to be on the conservative side.
OKex is listed on Coin Market Cap as one of the top exchanges in the world, claiming a daily turnover of $1.5 billion just from its BTC futures trading product.
Nevertheless, reservation has recently been raised over whether the turnover figures on many Chinese based exchanges are as high as reported, amidst claims of exaggeration and manipulation.
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