OKEX

It is of course no secret to those involved in the industry and others who are enthusiastic about cryptocurrency that crypto exchanges up until now lack being regulated.

This, unfortunately, as much as gives a wider margin to them to work, it also on the other hand opens the way to scam and risky dealing, in the shade of absence of a clear, straightforward law labels to regulate that business and chase those who run such exchanges when they fail to meet the compliance labels. Hence, most traders feel insecure in their trading, having concerns about whether they are opening their accounts with the right exchange or not.

For the above-mentioned reasons, and since we are leading veterans in the cryptocurrency market, its exchanges and pertinent type of business, at AtoZ Markets , such exchanges are usually given a rigorous eye for study from the senior management to junior editors, before introducing interviews about them to our readers.

This comes from our high appreciation to the trust our readers put on us, which we exchange with our commitment to our honor in the market. In this review, we talk about OKEX. We will analyze one of the top 5 cryptocurrency exchanges.

Since traders have parted in two teams for this cryptocurrency exchange between with and against, here we are trying to answer the main question - "Is OKEX scam or reliable? Can I trust OKEX?

As a reminder, at AtoZ Markets , Cryptocurrency exchange reviews are not sponsored and they are personal opinions by the authors. If you are a trader, or investor and you want to share your opinion, please refer to our comments section below this review. Meanwhile, if you are from OKEX and you would like to add comments please contact AtoZ Markets  editorial team, though, we don't promise changing our opinion.

OKEX was originally launched in China in January 2014, by Star Xu. However, following the ban placed on the trading of ICO tokens by the Chinese government, OKEX relocated their headquarters from China to crypto-friendly Hong Kong and is now internationally focused.

While this crypto exchange accepts clients from over 100 countries around the world, US traders are restricted from Bitcoin futures.

Their interface is quite simple, well designed and also provides lots of different trading options and views which seasoned traders will appreciate.

While it is user-friendly, it might be a little bit overwhelming for complete new traders. However, a tabbed box shows the option to either buy or sell, with the relevant price and volume information displayed underneath. Also, a chart on the right hand side of the main trading screen indicates recent bids and asks.

OKex account holders complained back in October 2017, that their accounts were accessed by hackers and cryptocurrency holdings were stolen. However, the company issued a statement, saying that it wasn't a failure of their security system, but rather it was the fault of the individual who has failed to secure their accounts and made passwords and logins accessible, thus falling victim to phishing attacks.

To prevent future reoccurrence, OKEx has advised all traders to make use of the two-factor authorization and has also provided a short tutorial for that.

While the OKEX cryptocurrency exchange and trade platform are available for download on iOS and Android smartphones, both are systematically secured with bank-level SSL encryption and utilizes highly secure cold storage which is a storage option for digital assets.

Is OKEX Safe?

OKex account holders complained back in October 2017, that their accounts were accessed by hackers and cryptocurrency holdings were stolen. However, the company issued a statement, saying that it wasn't a failure of their security system, but rather it was the fault of the individual who has failed to secure their accounts and made passwords and logins accessible, thus falling victim to phishing attacks.

To prevent future reoccurrence, OKEx has advised all traders to make use of the two-factor authorization and has also provided a short tutorial for that.

While the OKEX cryptocurrency exchange and trade platform are available for download on iOS and Android smartphones, both are systematically secured with bank-level SSL encryption and utilizes highly secure cold storage which is a storage option for digital assets.

OKEX Trading Fees

OKEx’s trading fees are probably the lowest in the crypto market, at the time of writing this review.  The company charges a 0.15% maker fee and 0.2% taker fee as the highest transaction fees payable for low volume accounts.

This can be considered the lowest when compared to the average of around 0.20-0.25%, offered by other cryptocurrency platform.

OKEX Taker-Maker Fee

OKEX has a tiered volume-based fee discount structure in a taker-maker model for traders who trade more volume. The discounts are computed on a daily basis from a 30-day trading volume and also come along with associated withdrawal levels.

The levels (as the table below shows) range from less than 600 bitcoins equivalent with maker fees of 0.15% while taker fees of 0.2% to greater than 120,000 BTC equivalent with maker fees of 0.02% and taker fees of 0.05%.

Meanwhile, futures traders have a similar tiered discount structure that is computed separately from spot market transactions. These levels range from less than 10,000 bitcoins equivalent to greater than 300,000 BTC equivalent.

OKEX Deposit Fees

Since OKEX is directly linked to OKCoin, you can make deposits in CNY and the only acceptable two ways to do these are through Bank and Wire Transfer. For institutional users, transferring funds is free of charge, while fund transfers made by individual users attract a fee of 0.1% of the amount transferred.

In addition, cryptocurrency transfers in Bitcoin, Ethereum as well as Litecoin are accepted.

OKEX offer strong liquidity in the global lead market in the CNY/BTC, BTC/USD, and LTC/USD pair.

With some small exchanges, the number of sell orders could be quite small. This means that if a trader wants to buy a cryptocurrency that is worth $600, then this could move the price. Conversely, high liquidity means that an investor can buy any cryptocurrency of his choice in one go and at the same price.

This is what OKEX represent. With one of the highest liquidity in the world, it makes buying of cryptocurrencies in their platform very easy.

Worldwide, cryptocurrency regulations are in their infancy and it is not yet clear which direction they will turn in established markets, like the US, or developing economies in the world. Hence, OKEX is not currently known to be regulated by any regulatory agencies.

With its user base which it claimed to be in excess of 200,000 active customers, OKEX cannot afford to take many risks, rather, it has the ability to impact future policy by the risks it does decide to take. Therefore, playing it safe in the meantime might be the best or at least until some of the regulatory dust settles.

Withdrawals can be done in CNY and can also be carried out via Bank or Wire Transfer with 0.1% fee and a minimum of 15 US Dollar. This is an indication that the exchange is very much oriented towards the Chinese market.

When it comes to OKEX customer support, their team stands ready online 24/7 via phone support to help customers to effectively resolve any trading issues. The exchange has provided phone numbers on their website for their users in Hong kong, Canada, Ireland, Singapore and Russia.

Should you have any issues with your trading account, you can also get help via their email address; support@okex.com.