What is Okex.com? Is it a good alternative in its niche? Are there any unique benefits that you can derive from using it? These a couple of questions that I’ve been asking myself about Okex.com. I did some background research, and I’d like to share with you what I discovered. Most of what I discovered will be presented under the following subtopics:
- What is Okex.com?
- How is the exchange platform?
- Which exchange markets does it deal with?
- What fees can you expect to be charged?
- Is Okex.com genuine?
- Pros and cons
Name of the platform: Okex.com
Official Website URL: https://www.okex.com/
Overall rating: (3.8 / 5)
Recommended: Yes (But it’s not one that traders have a strong opinion about)
What is Okex.com?
Okex.com is a Belize-based crypto and digital asset exchange platform that was founded back in 2014. This platform essentially offers financial services to traders on a global scope via blockchain. This platform offers several hundreds of tokens and futures pairs in a bid to help the traders to maximize the potential of their earning strategies.
The owners of this platform claim that Okex.com is amongst the top digital asset exchanges on the basis of trading volume, in the way it has the capacity to serve millions of users in more than 100 nations. Its BTC futures trade volumes usually go to as high as $1.5B daily.
OKEx believes that using blockchain technology is essential for the:
- Elimination of the barriers to transactions
- Increasing the overall efficiency of the transactions that are done in today’s world
- Transformation of the global economy.
The above beliefs led to OKEx taking a step to create a blockchain-based platform, and many people who agree with them have switched to using this platform.
Some of the notable investors who are behind the existence of this platform are:
- Ceyun Ventures
- Longling Capital
- Giant Network Group
- Tim Draper – American Venture Capitalist/ cryptos proponent. He is also known for being an early-stage investor in firms such as Hotmail, Tesla, as well as Baidu.
The exchange platform
OKEx exchange platform is presented in the form of a browser as well as desktop client software that you are required to download. OKEx’s software is very professional in nature, and it, therefore, places more hardware demands on its users than the average cryptos exchanges do.
If you have used a downloadable trading software, then you understand they are relatively heavy. They are developed to cater to the risk of your browser experiencing processing difficulties and freezing right at the time when you need it the most. This means that you should be willing to invest in a decent computer if you want to use this platform to trade.
The exchange platform offered is pretty much decent, and one that closely resembles the traditional trading platforms that you may have already interacted with. OKEx offers a charting package that was developed by OKCoin, its parent, and sister exchange. Anyone who has been trading for quite some time will definitely point out the charting package as one of the best features that OKEx has to offer to its customers
The exchange markets
OKEx’s exchange platform allows clients to do crypto-to-crypto exchanges, as well as fiat to crypto exchange. The only fiat currency that is supported on this exchange, unfortunately, is the Chinese Yuan. If you are looking for a platform that offers more fiat options then you will have to look elsewhere. OKEx’s exchange supports more than 100 cryptocurrencies and tokens. Their crypto offerings are usually updated regularly. Hence if you do not find one coin at a certain time, you can always check in later to see if it has been added to the platform.
OKEx allows margin trading, with the maximum leverage being 20:1. This is one of the highest crypto leverages you will find in the market. Due to the volatility of cryptos, anyway, the trading margin is usually limited to 20:1 in most crypto markets anyway, so this may not be a very unique thing to you if you have been using a wide variety of crypto exchanges.
This platform currently offers BTC, ETH, and EOS futures. With these, you can access bi-weekly, weekly and monthly contracts. The best thing is that leveraged trading is also availed for these futures, so you can take advantage of this to maximize your income-earning potential.
Recently, this platform added algorithmic trading tools, which I admit can be quite helpful to new traders. If you are a seasoned trader who has been looking for a platform that will let you get more from your trades by using algorithmic trading tools, then OKEx may be the solution you are looking for.
The fees you can expect to get charged
The low fees on this platform are probably one of its main selling points. Its fees tiers are based on the average 30-day trading volumes, those they are still relatively low even on the upper end, in comparison to most of the other trading platforms in the market.
The highest trading fees you can incur are on the low volume trades. For these, you will have to part with a 0.15% maker fee or the 0.2% taker fees. Depending on the trade volumes, these can drip to as low as 0.02% for the taker fees, and 0.05% for the taker fees.
Is Okex.com a SCAM or Legit & Genuine?
Yes. I think, so far, there’s nothing that points to it not being genuine. It is a platform that many people are using regularly, for more than half a decade already. That said, however, the main concern is usually client experience. I looked around for customer reviews and discovered that OKEx is a good platform for trading, but you might have a slight problem during the withdrawal of your funds if you do not have all your documents with you.
Most of the reviews I saw on Trustpilot, are generally not that solid, and the ones on other consumer trust sites do not talk about the platform being a terrible one. To that regard, I’d say that if you give this platform a try, then make sure that you understand their terms and conditions, just to avoid losing your money.
Pros and cons
It is never a bad thing to compare the positives against the negatives to get a better overall view and understanding of something, right? As always in our reviews we provide you with some clear points on both sides of the spectrum:
- Offers derivatives trading
- Supports fiat to crypto exchanges (only Chinese Yuan for now)
- Well-developed trading platform
- Leveraged trading
- More than 100 cryptos offered
- Relatively low fees.
- The reviews about it are not very solid.
- The fact that it only supports the Chinese Yuan shows that it is not ambitious about global consumer user experience.
Final words and verdict
Overall rating: (3.8 / 5)
OKEx is a genuine platform that is out to serve all derivatives crypto traders. This is actually a very valuable niche, and those who have sufficient knowledge about derivatives trading can make the best use of it, and maximize their earning potential through the leverage option. That said, I do not think a strong opinion of this platform has been formed so far, so it’d be good for you to tread carefully.
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Thanks for sticking through to the end of this review about what Okex.com is about. If you still have any question that you feel has been left unanswered, do not hesitate to drop it in the comments section so that I can respond to it. Do not also forget to have a look at The Crypto Vigilante to see how you can begin making more reliable cryptocurrency investment moves. I wish you all the best.
Investor and team member on Gold Retired!