OKEx.com Crypto Exchange - A Review
Learn more about cryptocurrency exchanges in our previous article!
As mentioned earlier, the website’s older brother is OKCoin.com. The latter announced in 2017 that they will move all services for their digital assets to OKEx.com, leaving their original website as a Fiat-Crypto trading platform. In addition to the full transfer that happened last year, they also decided to transfer all futures trading to OKEx.com; significantly cutting down website traffic to provide a better overall experience for all customers.
Account Creation with OKEx.com
The first step in creating an account with OKEx.com is to head to their website and click on the sign-up button located in the upper right-hand corner of the page. There are two options that you can choose from when creating an account on the website. The first option that is shown in the sample screenshot is the regular email address. The second one gives the user a choice to use their mobile phone for creating an account.
After providing the chosen option, the user will receive either an email or SMS code that needs to be entered on the provided space. Please be advised that you are only given 60 seconds to enter the code before it resets and you need to redo the process all over again. Once everything is provided, you will be redirected to their trading platform.
Account verification kicks in once a user decides to trade with Fiat currency. To access the verification tab all you need to do is log into your OKEx.com account and click “Verification” located on the left-hand side panel of the account page. Please be advised that users that are willing to go through the verification processes should provide the needed ids and personal information.
Token & C2C Trading with OKEx.com
Shown in the screenshot above is the trading platform that new users will be greeted with (Token Trading). On the left-hand side panel, we have the list of pairs that you will be able to trade with. The website features a lot of pairs to trade against USDT, BTC, ETH, and OKB which can be changed by clicking on the market pairs on the upper part of the platform. The chart is located in the middle part of the platform showing the selected pair.
Traders can find the order slip right in the middle of the platform. You are able to choose from “Limit Order” and “Market Order” by clicking on the first selection box located on the uppermost part of the order slip. The order slip also contains the current price of the market you are trading against. By entering the amount you want to purchase/sell the system automatically calculates the total market value of the token you are trading with.
Found on the upper right-hand side of the platform, traders are able to turn on the leverage function of the website. If the user has the available balance in their Spot Account, this can be transferred to the Margin Account wallet by clicking “Transfer” found on the leverage trading page.
The website offers different trading platforms namely Token Trading, C2C, Index Trading, and Futures. If a user wishes to trade using the Fiat to Token and Futures platform they need to undergo a few steps that involve answering questionnaires before enabling both of the additional platforms.
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Finding the deposit button isn’t that hard if you want to top up your account. This is because there are multiple buttons that will pop up out of nowhere if you haven’t deposited any funds into your account yet. Shown in the screenshot is the token deposit/withdrawal page. Accepted cryptocurrencies are BTC, LTC, ETH, ETC, BCH, IOTA, XMR, and a whole lot more!
Fees depend on the tier level of the account. For a 30-day trading volume of less than 600 BTC, the maker fee is at 0.15% and the taker fee is 0.2% for crypto trading. For futures trading (30-day trade volume) that is less than 10,000 BTC the trader will be charged 0.03% for makers and 0.05% for takers.
The website provides Futures and Margin trading with the addition of downloadable iOS and Android Apps. OKEx.com also accepts coin listing for people that want to trade their tokens on the website. The token listing form will require a valid email address for the application, complete name, ID Documents, and all of the founder’s ID’s together with their proof of addresses.
OKEx.com is a website that provides all the channels available when it comes to customer service. Users will be able to contact them through Chat, email at firstname.lastname@example.org, and by phone: +852 5808 5768 with the physical address of 255 Gloucester Road, Causeway Bay. There are a lot of exchange/trading websites today that offer one or two of the mentioned channels but only a handful offer everything just like what OKEx is providing.
Under the security page, users will be able to change the login password, linked mobile number, add a Google authenticator, email verification (automatic after creating an account), and last but not the least is their anti-phishing code.
Pros and Cons
- A lot of crypto choices to trade with
- Futures trading
- Leverage trading
- Comprehensive website
- Negative comments
- Fund storage unclear
There are quite a number of negative comments regarding the website “taking” their money and not letting them withdraw it. The funny thing is, that anyone can claim that they have been “scammed” by trade websites but without any proof, all of these alleged scams cannot be considered legit. On the lighter side, OKEx.com is a website that offers a lot of cryptocurrencies to choose from which provides futures and leverage trading as well as mobile applications for people who want to trade on the go. Their website is subjectively easy to understand and offers an array of customer service channels to contact them with. Overall, the website is something that you should check out one of these days!
Want to learn more about cryptocurrencies? Read our history article here!