The Ultimate Guide To Okex

If you want to withdraw , you’ll need to provide further personal details to upgrade to verification level 1 or above. There are a few different tiers of accounts that you can have depending on the trading volume and your overall activities. As of May 3, 2018 the exchange allows deposits in Bitcoin, Litecoin, Ethereum, Ethereum Classic, Bitcoin Cash, Ripple and NEM.

okex exchange review

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. 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 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 %. 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. Founded in 2014 by Star XU , OKEx is a cryptocurrency and digital assets exchange whose operations are based out of Hong Kong.

More In Exchange:

The team behind OKEx are considered to be experienced and knowledgeable regarding the world of cryptocurrencies. The CEO is Chris Lee, who has decades of experience in banking and investment, and was named “Best Hong Kong Executive” by Asia Money in 2015. 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.

okex exchange review

During the crash multiple exchanges, including Coinbase, Bitstamp, Gemini, Kraken and Binancereported problems. In many cases, clients were unable to log into trading platforms during the steepest part of the plunge. And it was the exchanges offering extreme leverage via perpetual swaps that consistently recorded lower prices than the others. According to BitMEX, perpetual cryptocurrency swap contracts “mimic a margin-based spot market” and “hence trade close to the underlying reference index price”. Instead, traders either pay or receive a funding rate on open swap positions, with longs paying shorts when the funding rate is positive.

According to CF Benchmarks’ Chung, the market volatility seen this week serves as a warning to those using benchmarks to trade cryptocurrency, especially using borrowed money. New Money Review asked Binance to clarify whether it had removed any price feeds from its own bitcoin index calculation during Wednesday’s market plunge. CF Benchmarks is owned by the Kraken cryptocurrency exchange, which is based in the US. Divergent prices between cryptocurrency exchanges around the world are nothing new.

Okex Review: Is It The Best Crypto Exchange In 2019?

Withdrawal fees on OKEx are fixed amounts and depend on the specific currency. 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. OKEx is a cryptocurrency exchange and trading platform specializing in BTC and LTC futures. ETH, ETC, and BCH all carry a 0.025 % maker fees, 0.075 % taker fee, and a 0.05 % settlement fee. The company charges a 0.1% maker and taker fee for all token-to-token trades.

okex exchange review

Verification is similar to that employed at other cryptocurrency exchanges and can be seen in detail here. OKEx is a relatively new cryptocurrency exchange platform, having been split off from the well established OKCoin exchange in May 2017. 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. Futures Trading To enable OKEx futures trading, users must fully read, understand to and agree to the “OKEx Futures Trading User Agreement”. Users must agree to and comply with the agreement before using OKEx futures trading and the related services. By logging into, viewing, or releasing information about futures trading, the user agrees to abide by the terms of the agreement. Currently, eight tokens are supported – BTC, LTC, ETH, ETC, BCH, XRP, EOS, BTG.

Crypto Margin Trading Supported:

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. 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. If you want to compare OKEx with other brokers, use the detailed comparisons below.

The maximum liquidity on OKEx exchange is shown by the BTC/USDT pair (almost $915 million/day). In April 2019, OKEx added support of three fiat currencies to its platform — the Russian ruble, the Euro, and the Turkish Lira. OKEx are currently dominating crypto derivative trading volumes, and they offer a good range of crypto derivatives trading products with competitive tiered fee structures. OKEx is a digital exchange, allowing you to trade cryptocurrencies, as well as cryptocurrency futures. It is a subsidiary of the famous OKCoin exchange based on mainland China, and was split off in May 2017 to handle the futures trading part of the OKCoin business, so that OKCoin could focus on fiat/crypto exchange. 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.

Note that deposit availability is based on network confirmations for each type of cryptocurrency. Previously OKEx accepted only certain cryptocurrencies as deposits and withdrawals, and there was no limit to the amounts you could deposit and withdraw. As of May 3, 2018 while I write this they appear to be changing this, likely due to the implementation of KYC and AML regulations. 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.

  • OKEx is a relatively new cryptocurrency exchange platform, having been split off from the well established OKCoin exchange in May 2017.
  • On its website, Binance says that when a user’s position is liquidated, ‘a certain percentage’ of the ‘insurance clear fee’ will be collected and contributed to its insurance fund reserves.
  • Discounts are calculated every day from a 30-day trading bulk and come with linked withdrawal levels.
  • Specialists of the exchange calculate the trade turnover of each user daily and adjust the commission fees following the table.

The cryptocurrency’s dollar price reached $42,000 in early afternoon trading, London time, on Thursday 20 May. For those traders who had held leveraged long positions on these four platforms, this meant crystallising an even greater loss. For those on the other side of the liquidation trades, this meant buying bitcoin at extremely favourable prices. “I got liquidated today on coin-margined futures at $29,408 even though Binance [bitcoin/dollar spot price] low was $30,000 and the USD margin mark price was $29,563,” a Twitter user wrote to Changpeng Zhao, Binance’s CEO. First created by BitMEX, a perpetual swap allows traders to gamble on the upwards or downwards movement of cryptocurrency prices without ever paying for the underlying exposure in full.

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. OKEx is broker that provides access to Spot, futures, perpetual swaps, options. Surprisingly, OKEx does not support either of the enormously popular MetaTrader platforms . To add salt to the losing traders’ wounds, bitcoin prices have recovered sharply since Wednesday.

C2C Trading allows users to trade between fiat currency and digital assets and users can place orders at their own prices and trade freely with all other users on the platform. The digital currency bought can be withdrawn to other accounts or wallets. One trader, whose leveraged bitcoin perpetual swap position was liquidated by Binance in the May 19 market plunge, raised a question on social media about the price at which the trade was closed. To open a perpetual swap, traders also have to leave an initial stake at the exchange on which they place their bets.

The overall goal of the OKB token project is a worldwide network of crypto trading assets. 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. Discounts are calculated every day from a 30-day trading bulk and come with linked withdrawal levels. The issue hinges on whether digital assets can be classified as securities, and it has largely been decided on a case-by-case basis. OKEX has high restrictions amongst crypto exchanges for exactly who can take part in trading on the platform.

Financial Institution Of Choices Review

All I can say is just be patient if you can’t get your question answered in the platform FAQ and you have to actually contact customer support. They are variable based on what tier you’re in and the tiers are dependent on your trade volume. Fees are in-line with industry standards, with maker fees ranging from 0.15% down to 0.02% and taker fees ranging from 0.2% down to 0.05%. Note that as of May 2018 OKEx is the second largest cryptocurrency exchange by trading volume. Only Binance has more than the over $2 billion in trade volume seen at OKEx. OKEx’s native token 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.

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 internal security requires two-factor authorization 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.