OKEx is a global digital asset exchange that offers advanced financial services to traders word wide by using blockchain technology. The exchange provides several token and futures trading pairs to help traders to optimize their crypto trading strategy.
It aims to provide a safe, reliable and stable environment for digital assets trading via web interface and mobile app. OKEx exchange is constantly innovating to meet customers needs and is one of the most popular cryptocurrency trading exchanges in the world.
OKEx Exchange: Crypto Trading Review
OKEx is a world-leading digital asset exchange that provides advanced financial services to traders globally by using blockchain technology. It provides hundreds of token & futures trading pairs to help traders to optimize their strategy. The exchange is currently ranked 8th by trading volume, serving millions of users in over 100 countries with a BTC futures trade daily volume of $1.5B.
The founders of OKEx are strong believers of blockchain technology and aim to provide a services that is continually innovating and improving to meet and exceed its customers trading experience.
Why Trade With OKEx?
You should trade with OKEx if:
- You are looking for a reputable and trusted crypto exchange
- You want to trade several crypto financial products
- You want to trade a variety of altcoins in the one place
- You like to short futures products to hedge your crypto portfolio
- You like a charting platform that is responsive with advanced trading tools
- You like an exchange that has a mobile trading app
OKEx Registration, Login & Limits
OKEx Exchange registration process is quite simple. All you need to get started is a valid email address. You will be asked to login to your nominated email address and enter in the verification code. There is no need to upload any identification (KYC) documentation unless you intend to withdraw more than 100 BTC in a 24-hour period. OKEx Verification Levels and Limits are as follows:
Once you have registered, you can log in to OKEX using your email ID and password. You should also setup and activate 2FA and SMS authentication (highly recommended) for extra security. To do this, navigate to ‘Account Security’ in your Profile section. For further information, you can also read their guide.
Funding Your OKEx Account
OKEx accepts deposits in crypto only. There are two options available on OKEx to fund your new trading account:
- Purchase crypto through the OKEx website with Simplex or Koinal
- Deposit crypto directly from your hardware wallet or other exchange directly into the account
You can also deposit funds using a reputable fiat-to-crypto exchange and then transfer the purchased Bitcoin into OKEx.
OKEx User Interface
For all traders alike, the charting interface is one of the most important considerations when selecting a crypto exchange. Especially for traders that rely on technical analysis to find an edge in the market. When selecting a cryptocurrency trading exchange, you must be comfortable with the trading interface, order types and charting tools. It must feel right as this is where most of your time will be spent!
When you first login to OKEx exchange, you will be greeted with a easy to use trading interface as shown below.
The crypto pairs are neatly listed on the left with the trade order window on the right. Open orders and positions can be quickly viewed along the bottom. While very simplistic, the default user interface provides users with the relevant information to enter into buy and sell positions or place pending orders.
If you are a technical analysis trader or day trader that requires more sophisticated trading tools, OKEx provides a full screen charting mode which looks like this:
Traders are able to switch between the default OKEx charts or TradingView charts that are renowned for smooth, intuitive and clean visuals where traders can make use of advanced trading tools and indicators to refine their trading edge in maximize profits and minimize risk. This will suit traders that are familiar with Tradingview to chart traditional assets.
Otherwise, the OKEx default charts are absolutely fine and provide all the basic tools such as trend lines, indicators and chart patterns. A great feature that we noticed with OKEx is the number of order types that can be selected, which consists of:
- Advanced Limit (Post Only, Fill Or Kill, Immediate Or Cancel)
- Stop Limit
Iceberg orders seem to be a unique feature to OKEx exchange. It is basically an algorithmic order type that allows users to avoid place a large order to avoid slippage.
It will automatically breaks up a user´s large order into multiple smaller orders that are placed according to the latest best bid and ask price as well as the parameters set by the user. For further information, you can read the guide here.
Similarly, time-weighted average price (TWAP) orders seem to be exclusive to OKEx. These are advanced orders that can be used as part of a crypto trading strategy to execute an order in portions at regular intervals of time as specified by users. This can minimize the market impact on basket orders.
Overall, traders will be content with the OKEx user-interface which provides a feature-rich, user-friendly and intuitive charting system that will give traders enhanced technical visualization, flexibility and control of trade risk according to their crypto trading strategy.
OKEx exchange currently offers 246 different cryptocurrencies that can be traded on the website against USD, BTC, ETH, DAI and OKB.
The exchange offers trading fee discounts if users on the platforms decide to trade with the OKEx utility token OKB. The crypto site have also started a buy-back scheme to gradually burn the 300 million circulating supply of OKB which occurs every 3 months. This is seem by many as positive intent to drive up the price of the token by reducing the supply amount.
In addition to the spot exchange, OKEx offers other crypto products which include:
- Spot: trading from crypto to crypto or with margin
- Derivatives: trade futures and perpetual swaps long or short with up to 100x leverage
- Options: Feature is coming soon according to OKEx
OKEx offers margin trading on it’s spot and derivatives products. The exchange also offers fixed and cross margin.
Leverage trading can be a powerful tool for a trader to take advantage of comparatively small price movements in the crypto market. It works by putting down a fraction of the full value of your trade – and the exchange provides the rest of the deposit to facilitate a much larger position size without tying up your capital.
It can also have the opposite affect and increase the size of your losses.
The maximum amount of margin that can be traded for each product are:
- Spot exchange: Up to 10x margin
- Futures: Up to 100x margin
Importantly, exchange fees need to be assessed before decided to trade on a cryptocurrency exchange. This is even more critical when trading larger position sizes with margin or making multiple trades in a single day (i.e. day traders) which can eat in your profits.
Deposit / Withdrawal
OKEx does not charge a deposit or withdrawal fee. There is a minimum Bitcoin network fee that is charged when you withdraw Bitcoin from the exchange which is determined by the blockchain load. The blockchain fee is 0.0005 BTC.
OKEx uses a tier-structured to determine the trading fees for users based on a 30 day trading volume. VIP is considered about 1,000 BTC in volume, so we will focus on the normal trading fees.
Frequently Asked Questions
Conclusion: OKEx Exchange Review
To conclude our OKex review, it is a safe and reliable platform to trade a wide range of altcoins and the major crypto pairs such as Bitcoin, Ethereum, Litecoin and Ripple. The exchange allows direct crypto deposits from other exchanges or your own hardware wallet. You can even purchase crypto instantly through the exchange using fiat currency.
OKex does many things well such as:
- Beginner-friendly user-interface with advanced trading tools
- Mobile trading app that let’s you check live crypto prices and trade on the go
- Spot and derivatives crypto products to hedge your portfolio
- Trade with up to 100x margin across spot and futures markets
Lastly, we should also point out that OKEx is about to release crypto option trading products on its platform which will be settled in Bitcoin (BTC). This will provide an all-in-one exchange for traders to diversify their trading and hedging strategies using OKEx.
It’s important to use a global and trustworthy crypto exchange to buy, trade and sell Bitcoin and cryptocurrencies. There are several exchanges that have been hacked or had client funds stolen. The following cryptocurrency trading exchanges – in addition to the above exchange – are well known and trusted to provide a safe and secure way for beginners and professional crypto traders to deposit fiat currency and purchase digital assets.