OKEx exchange is considered to be the global leader in blockchain tech and one of the most trusted digital assets exchange. It has brilliant records so far in terms of safety, security, and privacy and has proved it's worth many times over as an advanced trading platform.
This quick guide will touch upon the pros and cons of OKEx while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose OKEx?
A Simple and straightforward trading interface
Offers large trading volumes
Fees are low and competitive.
Supporting more than 100 digital assets
What’s not to like?
Customer service reviews are mixed
May not be very comfortable for beginners
Brief Background of OKEx
OKEx is a leading exchange open to global crypto trade. It is a platform where you can easily buy, sell, and trade digital assets. The exchange was started in the year 2014 by Star Xu in Malta. The exchange has so far come to be known as the second largest in terms of volume.
What is the Trading Fees on OKEx?
OKEx charges a trading fee of 0.15% for market takers. This fee is highly competitive and well below the industry average. However, Binance does better at 0.10%. There is an instant discount for makers with their fees pegged at 0.10%.
There are multiple advantages of higher trading volumes on OKEx. While these may not seem readily beneficial in the short term to beginners, it is always good to know the features of any exchange before signing up with one. OKEx discount system automatically reduces the fees based on the trading volume.
For instance, you would have to pay just 0.09% as a taker and 0.06% as a maker, if you hold more than 2,000 OKB tokens and achieve a trading volume of more than 1,000 BTC within a 30 day period.
How Does OKB Token Help?
OKB is OKEx’s native utility token. The fee discounts are open to beginners and normal users, known as Level 1 users. You can enjoy OKB benefits by holding only 500 units. You would be charged a taker fee of 0.135% and a maker fees of 0.09%. The discounts progressively increase till a user has 2,000 OKB tokens. In this case, the trading fee is 0.09% for takers and 0.06% for makers.
How to Deposit and Withdraw Funds?
OKEx offers four methods of depositing funds:
Newer crypto investors can find this helpful for making their “entry-level exchange”.
There is a withdrawal fee of 0.0005 BTC whenever you withdraw bitcoins. This is around 40% below the industry average of 0.000812 BTC per BTC-withdrawal.
Is OKEx Versatile in Terms of Trading?
There are different trading options on the platform including:
OKEx announced the launch of USDT- margined futures in November 2019. While the USDT-margined futures tend to lean towards BTC, they also support ETH, BCH, EOS, XRP, BSV, and TRX USDT pairs. Users can also settle their futures using the stable coin USDT and enjoy leverage from 0.01 to 100x.
A Tiered Maintenance Margin Ratio System for Spot Margin Trading was announced by OKEx in December 2019. This is expected to lower leverage risk while increasing borrowing limits.
OKEx accepts a broad range of fiat currencies for customer-to-customer (c2c) trading, including Vietnamese dong, Russian ruble, Turkish lira, Chinese renminbi, British pound, Thai baht, and the Euro.
How User-Friendly is OKEx?
The exchange is available as both a form of downloadable desktop client software and an inbuilt browser. You can avoid facing memory and processing difficulties on your browser by using the downloadable software. OKEx has a more professional platform, which can place a high demand on hardware as compared to the average crypto exchange.
The platform is well designed and resembles the traditional financial markets platform. You may get confused and find it difficult to navigate if you have never traded finances before.
OKEx Customer Service
Customer support is offered through both email-based ticketing systems and phone lines. There are also several social media channels and messaging apps. Support level feedback is mixed with some people claiming to be very happy while others waiting weeks for a response. The exchange seems to be inflexible in its approach and users who appreciate this would like the platform.
The Bottom Line
OKEx is by far one of the best cryptocurrency exchanges. The platform is designed to help the average user while having more advanced features for an experienced trader. There are a variety of tools on this trading platform that could help you navigate your way. The interface contains many views and trading options. As a complete beginner, you may find it difficult to start, but the trading would become easy once you get used to the platform.