Okex review 2023: Is the exchange safe to use?

1 year ago By Oluoma Aneke

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Okex is a cryptocurrency exchange. The exchange has a wide range of cryptocurrencies which are available to trade against each other. The Okex exchange has over 1 billion worth of daily trading volume, making it one of the most popular exchanges in the world.

This Okex review covers all aspects of the exchange which includes its history, products, operations and fees. We will also look at some of the pros and cons of using this particular platform to trade cryptocurrencies.

What is Okex?

The Okex exchange was started in 2014 by Star Xu and Yi He, two computer science graduates from the Hong Kong University of Science & Technology. They wanted their exchange to be one of the first crypto exchanges in China, so they set up shop in Hong Kong. After two years of operating as a crypto-to-crypto only exchange, they added fiat trading pairs. The exchange now operates out of Hong Kong and has offices in San Francisco, Beijing and Chengdu.

The company was founded with the goal of providing access to global financial markets for all investors. Okex currently offers more than 300 trading pairs and supports over 1 million active users from more than 100 countries around the world.

Okex also offers other services such as margin trading, lending services, futures contracts and derivatives trading for investors who want to take advantage of new opportunities provided by cryptocurrency markets.

The main focus of Okex is to make it easier for users to get into cryptocurrencies by offering them more leverage than they would get elsewhere. If you want to buy $1 million worth of bitcoin on an exchange like Coinbase Pro, you have to follow strict KYC requirements and wait several days while they process your request before you can even begin trading. On Okex however you can purchase up to $100 million worth of bitcoin at once.

The Okex website is well designed with many features such as charts and graphs that allow users to easily monitor their trades. The site also offers mobile apps for iOS and Android devices which allow traders to access their accounts from anywhere at any time via their smartphones or tablets.

What products does Okex offer?

Okex has been around for quite some time now and they are one of the best exchanges out there. They offer a great platform with lots of tools and features to help you trade more effectively. 

Okex review

Okex Exchange

Their website is very easy to navigate, which makes it easier for newbies to get started as well. The platform also has its own token called OKB, which users can purchase through its token sale platform.

Okex offers quite a few different products including:

Margin trading: This allows traders to purchase more than they have in their accounts by borrowing funds from lenders. The interest rate varies depending on the asset and the amount borrowed. Leverage is available for some pairs but not all pairs are eligible for margin trading at this time so please check with your account manager before opening any positions.

Futures contracts: These allow traders to speculate on whether an asset will rise or fall in value at a specific point in time.

Spot trading: Users can buy or sell cryptocurrencies at market price without any restrictions or registration requirements. You just need to enter the amount you want to trade and click the "buy" or "sell" button. When you're done with your order, it will be executed immediately at the best available price.

Crypto-Fiat Exchange: This allows you to exchange any cryptocurrency for US Dollars (USD) or other fiat currencies like Euros (EUR), Japanese Yen (JPY), Chinese Yuan (CNY), British Pound Sterling (GBP) etc. You can also deposit funds into your account directly from your bank account or credit card if you prefer not to use Bitcoin or Ethereum as an intermediary currency when making deposits on their platform.

Okex review: Fees and funding methods

There are two types of fees on Okex: withdrawal fees and trading fees. 

Withdrawal fees vary depending on the currency being withdrawn but they range between 0 - 0.001 BTC per transaction plus network fees.

Trading fees are calculated as a percentage of your trade volume 

You can find more information about Okex’s fee structure on their website.

Okex review: Pros & Cons

Pros of Okex 

Just like everything else, Okex comes with many benefits and here are some of them;

High liquidity: The exchange has a large number of coins available for trading, which increases liquidity on its platform. Margin trading: Margin trading allows users to borrow funds from the exchange for short-term trading purposes at interest rates that range from 2% to 6%.

User-friendly interface: The website has an intuitive design which makes it easy for beginners to use without having to spend hours learning how everything works first. Advanced traders will also find everything they need here since there are a lot of advanced features available too such as margin trading or stop loss orders.

Numerous trading options: Okex has a wide variety of trading options which include BTC/USDT, ETH/BTC, XRP/BTC and many more altcoins. These pairs are available for 24-hour trading which means you can exchange your coins whenever you want to do so. 

Low trading fees: Okex has one of the lowest trading fees in the market today with a 0% maker fee and 0.05% taker fee for any trade volume less than 100 bitcoins per day or USD equivalent thereof at the current rate). This makes it one of the cheapest exchanges to use if you have low trading volume each month or week but still want to make some profits by trading on margin or by using leverage in the form of margin trading (leveraged positions).

Cons of Okex

Okex is a crypto exchange with a worldwide presence. Despite being a centralized exchange, the platform supports a wide variety of cryptocurrencies and offers more trading pairs than its competitors. But just like any other cryptocurrency exchange, Okex has its fair share of disadvantages as well. Let's take a look at some of them.

Security issues

The company has been hacked several times, which means that it has failed to protect its customers' money. In June 2018, it was reported that $30 million had been stolen from the exchange, but then it turned out that the real amount was much bigger, over $40 million. This was due to an error in the system that allowed hackers to make several transactions with their stolen funds before they were detected by the company's management.

Lack of transparency

Okex does not disclose any information about its ownership structure or management team, which makes it impossible for investors to know who they are dealing with and whether their money will be safe there or not. In addition, the company does not publish a list of people who own more than 5% of its tokens (this is required by law), so there is no way of knowing if they are reliable partners or not.

Poor customer support

While customer service at Okex has improved since 2018 when there were widespread complaints about long wait times for customer support tickets and slow response times from support staff, it still does not match up to other major exchanges like Binance or Bitfinex who have much better support teams who respond quickly.

Okex review: How safe is the exchange?

Okex is one of the largest cryptocurrency exchanges in the world by volume traded and they have been around for years now. They are registered with multiple regulatory bodies such as Financial Services Commission (FSC) and Hong Kong Customs & Excise Department (HKCED). 

Okex is also listed on Coinmarketcap as one of their top exchanges by volume traded. One of the biggest factors that make Okex safe to use is its security features such as 2-Factor Authentication (2FA) using Google Authenticator or SMS Auth codes, email confirmations for withdrawals and deposits, and cold storage wallets with multi-signature keys required for withdrawals, etc.

Therefore, it can be concluded that Okex is a relatively safe exchange to use. Whether you are a new or an advanced cryptocurrency user, you should always be watchful and trade with care in any exchange.

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