OKEx is a leading cryptocurrency formed in 2014. Since the formation, OKEx has served millions of users from more than 100 countries in the world. OKEx is currently ranked as the 14th largest cryptocurrency exchange based on trading volume in the world, and the daily trading volume for Bitcoin futures alone is at $1.5 billion. Moreover, it provides an opportunity to trade in spot, options, margin, DeFi, lending, and mining.
Their platform was created to provide a safe and secure place where traders can exchange hundreds of coins, tokens, and futures pairs.
+ Wide range of services
+ Low trading fees
+ 15+ deposit and withdrawal methods
– Service not available in the US
– Reports of mixed customer service levels
OKEx Currencies and Payment Methods
OKex allows buying Cryptocurrencies from 40 different countries, using multiple payment methods. This makes it highly flexible for those who want to buy Cryptocurrencies in a secure environment.
During our review, we have found that all payment methods are trustworthy with OKEx and that the quickest method is to buy with Debit/ Credit Cards.
If you own a Visa or MasterCard and your country allows buying cryptocurrency, there is good news for you.
You can easily buy 10 of the world’s top-tier cryptocurrencies through Visa and MasterCard. After making the payment, you will receive the Cryptocurrency within a minute.
The available cryptocurrencies for Visa/ Mastercard are- USDT, BTC, ETH, XRP, LTC, OKB, BCH, BSV, USDK, and LINK.
Bank Transfer is another way to buy Cryptocurrencies through the OKEx platform. It is suitable for those who want to buy Cryptos at a bigger volume.
However, as the OKEx platform is not available in the US, you will not be able to make payment through bank transfer in US dollars. However, it supports bank transfers from the following currencies- EUR, CNY, ARS, GBP, AUD, etc.
OKEx P2P Trading
P2P trading is a process to buy or sell Cryptocurrencies through a social network within the OKEx platform. Here, if you want to buy any Cryptocurrencies, you should search for sellers. Once the payment method and available Cryptocurrency match your expectation, you can buy them instantly.
Via this method, OKEx will ensure that you will get the Crypto, and in case of discrepancy, you can always open a dispute.
For third-party payments, OKEx uses some notable platforms, such as- Paxful, Koinal, Xanpool, Coinify, Simplex, BANXA, Indacoin, Mercury, Moonpay, OKCOIN, Latamex, Advcash, and Menapay.
Based on our review of the payment systems, it is clear OKEx uses a variety of payment processors so that investors and traders from all levels can take part Moreover, P2P trading makes exchanging Cryptocurrencies more accessible and flexible. Users can also dispute any discrepancies during the fund transfer to ensure P2P is secure and reliable. We have gone through the dispute process and found it adequate but time-consuming.
OKEx Safety and Security
OKEx emphasizes security measures to assist users regarding their safety of crypto assets. This platform uses two/ multi-factor authentication that provides strong security measures for the company. Once logged-in, users will receive an authentication code directly to their mobile phone, email address, or authenticator app so that they can remain safe from any anti-phishing activity.
Overall, during our review, we have found OKEx to be a safe cryptocurrency exchange with many security features. Furthermore, this platform did not face any experience of hack or significant security breaches.
OKEx uses cold and hot wallets, and its infrastructure is very secure. We all know that Bitcoin security is based on BTC private key encryption algorithm where BTC experts believe that SHA256 and EDSA are safe, based on current decryption capabilities. However, the main challenge is the safe storage of private keys ensured via a cold wallet.
OKEx has also provided a solution that looks to overcome the Cold Wallet’s technological challenge and focused on Hot Wallets to ensure more safety measurement.
Overall, based on our review, we can say that the OKEx is a secure platform, and your Crypto investment in this platform is highly secure. However, you have to take some precautions while maintaining your Crypto asset to reduce the chance of loss, and a separate hardware wallet remains the safest option.
OKEx Fees and Limits
OKEx fees are highly competitive where the platform uses a maker-taker model. In this method, when you place an order, you become a maker who has to pay a lower fee. On the other hand, if you take someone else’s trade, you will be a taker. In that case, you have to pay a higher fee.
For the trading fees, OKEx has implemented a dual-tiered fee structure. If you are a high-volume with more than 1K BTC transactions, you will receive a discount from the platform. Moreover, if you make more than 150K BTC transactions per month, you will receive a negative fee from maker traders. Instead of taking charges from them, OKEx pays them to provide liquidity.
On the other hand, traders who hold 40% of OKEx’s proprietary exchange token will enjoy an additional reduction in fees. Furthermore, new traders have to pay 0.1% maker and 0.15% takers fee. We have found the non-spot trading is cheaper where makers should pay 0.02% and takers should pay 0.05%. See the full breakdown of fees here.
Based on our review, OKEx has low fees that may encourage traders to take part in it; being lower than most of its peers. Moreover, on spot trading, the spread depends on the difference between the bid price and the asking price, where the higher liquidity ensures a lower spread for OKEx.
OKEx Review – Services Offered and Customer Support
The core product of OKEx is the Cryptocurrency exchange, where you can easily exchange Fiat to Crypto or Crypto to Fiat at a minimum cost.
Buy Crypto (Fiat/P2P)
OKEx offers a place to buy cryptocurrency directly on the trading platform using a variety of payment methods. Users can buy cryptocurrencies with various methods, including bank payment, debit/credit card, Google Pay, Apple Pay, and PayPal.
Even new users can open an account within a minute and start buying cryptocurrencies. Moreover, besides Fiat, there is a P2P trading opportunity to buy or sell Cryptocurrencies with Fiat to other OKEx users.
OKEx Cryptocurrency Trading
When a trader chooses cryptocurrency exchanges, he should focus on charting functionalities and available trading pairs. Moreover, technical analysts require more tools and indicators to define the exact price direction. Based on these functionalities, we have found OKEx to be very flexible as a platform.
In the OKEx platform, you can see the real-time chart in the right section. You can change the chart view from default to trading view, according to your choice.
OKEx focuses on simplicity in its platform by allowing all required options in one place. In the basic OKEx chart, traders can see all functions and tools with multiple trading orders as listed below:
- Limit Order
- Advanced Limit Order
- Market Order
- Stop Limit Order
- Iceberg Order
- TWAP (time-weighted average price)
Here “Iceberg orders” are an OKEx exclusive; it is an algorithmic order where traders can place larger orders without any slippage. In this feature, orders will be split between smaller orders according to the latest available bid and asking price parameters set by the trader.
Besides the Iceberg, TWAP is another complete OKEx order where traders can take advance orders regularly.
Overall, we have found the OKEx trading platform and service to be a complete package that a retail trader looks for during our review.
OKEx Customer Support
OKEx support center includes a lot of frequently asked questions that a trader asks for or their help center. Besides that, if you face any specific problem, you can contact them through Submit a request form.
Moreover, OKEx live chat is the quickest method to connect with them, where you can send messages using your email address and name.
In the OKEx telegram channel, there are more than 50,000 members, and they seem to be very active in their social trading platform. If you follow their social channel, you can find accurate information and updates about the company.
Overall, the OKEx customer support speed is satisfactory, where the quickest method to connect with them is through the Live chat channel.
OKEx Supported Countries
OKEx website is available in 11 countries, including English, Spanish, Russia, and French. OKEx supports most countries in the world except the following countries:
- United States
- Hong Kong
- North Korea
However, there are other countries where OKEx use may remain limited due to those countries’ regulations.
OKEx has grown since 2014 into one of the big Crypto exchanges and it is not surprising with such a wide range of services offered, diverse coin selection, and low fees vs its peers. The big miss is with no service available to the US though and their plans for expansion internationally should include this market if they are to continue their growth. Reports of mixed customer service levels are one to take note of, but the offering from the platform itself and its choice of deposit/withdrawal methods give both beginners and advanced traders the features they need; making OKEx a strong choice to start your Crypto journey.
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At Complete Crypto we hear many questions on exchanges and have sourced the most common ones here to help you
OKEx users (and potential users) most commonly ask these questions about the platform
Is OKEx safe?
OKEx is a safe cryptocurrency exchange in terms of security and funds safety.
Can I store my Cryptos in OKEx?
Yes, you can store Cryptos to OKEx. The safest place to store Cryptos is via a hardware wallet though.
How do I get my money out of OKEx?
There are several ways to get money out of OKEx like- direct bank transfer, Credit/Debit Card, Google Pay, Apple Pay, P2P Trading, etc.
How long do withdrawals take from OKEx?
Withdrawal through Cryptocurrency depends on the Blockchain network’s activity, and Fiat withdrawal depends on the payment processor’s required time.
How high are OKEx's fees?
OKEx fees are low compared to the other brokers and a full breakdown can be seen here.
How do I speak to support at OKEx?
The quickest and most effective way to contact the OKEx support team is via the Live Chat system.