Author: Harry Napier
OKEx Review: Is it a good broker?
OKEx is one of the top-10 exchanges according to Coinmarketcap with one of the highest volumes among all other services. It works in more than 100 countries including Canada, Australia, China, and others. It has built up a great reputation since 2017 and has had no issues at all. However, does this information mean you can trust it? Read our OKEx review to find out!
The exchange is less than 3 years old, but it has already got leading positions among many other competitors. It originally worked in China, but in 2018 it has moved to Malta. First, this was a company that was created in 2013. It worked with the blockchain technology. Later on, in 2017, the owners decided to rebrand it into an exchange.
What can you do with OKEx?
With OKEx, you can buy 6 different cryptocurrencies: USDT, BTC, ETH, XRP, LTC, and OKB. These are the coins that are currently one of the most popular choices in the markets. More than 30 fiat currencies are accepted by OKEx. You can also use spot, margin and DEX trading. Other choices are futures and options. The company provides profitable terms for all traders to work with them. So what are you waiting for? Other traders are already making profits!
A great drawback of the company is that it does not work in the United States. The list includes several other countries because of political reasons: Syria, Iran, Hong Kong, and some others. However, the system can still be used by citizens of Canada, Russia, and a list has over 100 countries that can be found on the exchange’s website.
The fees at OKEx are another thing you have to pay attention to when choosing an exchange. There are different types of fees, so we shall have a detailed look at each of them.
Deposit and withdrawal fees
OKEx does not charge any fees when you make a deposit or withdrawal. This already makes the service stand out from the list of many exchanges.
At OKEx, a regular fee system is used. These are the maker and taker charges. Such a system encourages users to place more orders and increases liquidity. Therefore, maker fees are significantly lower than taker fees.
The minimum maker fees are 0.10%. This number can be lowered. You are charged a specific amount when your order is not matched with an existing order from the list when you place a trade.
The taker fees begin at 0.15%. You are charged a specific amount when your order is matched with one of the available orders at once.
Just like many competitors, OKEx provides its own system that rewards frequent traders. By trading regularly, you can decrease the fees for both maker and taker options. The highest levels in the system even get rebates on maker fees!
Here is a table from OKEx’s website that shows the terms for progressing in the tiers.
OKEx provides several different payment methods to make sure that every customer can easily make a deposit. However, the number of available methods varies depending on your location. If you do not think that a payment option can be used in your country, it is recommended to contact the customer support. They will help you out. Here is what you can use:
- Bank cards
- Crypto transfer from any wallet
Make sure you calculate the payment system’s fee before making a deposit. This will prevent many misunderstandings in the future.
Can you trust OKEx?
Currently, there has been no information about OKEx being hacked in 2020 or deceiving its customers. The exchange has a decent reputation and keeps on providing high-quality service to traders worldwide.
Although in the current year there have been no issues, the service WAS hacked in 2017 where a single user had lost 200 BTC. The exchange blamed hackers instead of taking the blame. However, the incident only involved one user. Multiple accounts have not been hacked and that shows that it is quite possible that it is the user’s fault for not securing his account enough.
Unlike many other exchanges, OKEx lacks insurance funds. This is a very negative thing because if anything happens, it is not likely that all the losses will be covered. This is a stop signal for many traders. Therefore, we recommend our readers to store only a small amount of coins on exchanges. The majority of your funds must always be stored securely. For example, you could use a hardware or paper wallet.
Pros and cons
We shall list the advantages and disadvantages of the service. This will help you get a quick snapshot of the OKEx.
- No significant issues since its foundation
- Fiat to crypto trading
- Built-in wallet
- Many assets that can be traded
- Many functions for traders of all kinds
- Minimum fees and a reward system for frequent traders
- Does not operate in the United States
- Does not mention having an insurance fund
- Regulated in Malta
User opinions about OKEx
There are plenty of user reviews on websites of all kinds. You can find various opinions on rating websites, trading forums, and personal blogs.
The review above was published on the website revain.org. The user likes the availability of multiple currencies, high-quality customer service, the mobile application, recent promotions, the OKB token, and low competitive fees.
Mostly, traders leave positive reviews about working with OKEx. There are not many negative opinions, which is a big advantage.
OKEx is a “fresh” exchange with several years of experience. However, it has already positioned itself as one of the top services according to Coinmarketcap and provides competitive terms. There is a variety of cryptocurrencies to work with and many useful instruments. Users are also very satisfied working with it.
We recommend being careful with this website because it does not mention having a security fund. Remember that the major part of your funds must not be kept on the exchange. The service does not charge anything for deposits and withdrawals, so you can easily move the funds to secure them.