OKEx, a cryptocurrency exchange founded in September 2013 by Star Xiu and headed by Jay Hao since 2018, is one of the oldest cryptocurrency exchange platforms. Every day, it serves millions of users in more than 100 countries, and its volume is almost $ 1.5 billion.
OKEX has a relatively high standard among cryptocurrency exchanges, and is currently unavailable to citizens of Hong Kong, Cuba, North Korea, Iran, Crimea, Sudan, Malaysia, Syria, the United States and their territories, Bangladesh, Ecuador, Bolivia, and Kyrgyzstan.
These countries are either included in the UN Security Council sanctions list, or their citizens are somehow subject to restrictions or bans on trading platforms.
In the case of the US, cryptocurrencies are still in the gray zone. The question is whether cryptocurrencies can be classified as securities, and this is decided mainly on an individual basis. The rules on this are unclear and are likely to remain so for some time.
Easy-to-use OKEx provides traders with a dashboard of cryptocurrency-related products, including a storage portfolio and DeFi investments.
In addition to the so-called classic (spot) trading markets, the platform also offers futures, options, margin trading, and even a corresponding decentralized exchange running on its own blockchain, OKExChain.
OKEx's own token is OKB, and it is used to encourage trading on the OKB platform as the company develops its blockchain. The total volume of the token is $ 1 billion, of which 70 percent is blocked, and the company distributes to OKB holders 50 percent of its service fees collected during the week every Friday.
OKB allows OKEx traders to enjoy certain privileges, such as discounts on service fees.
OKEx offers a relatively unusual C2C trading system that works like an OTC swap. Transactions can be made between individual OKEx users by setting their own prices on a secure portal with moderation.
OKEx lists a variety of tokens, comparable in number to most other major exchanges, in three trading pairs-BTC, ETH, BCH, and USDT.
The vast majority of cryptocurrencies are available for trading on OKEx, including, of course, the main ones, and OKB-the platform's service token, which offers many advantages. In total, about 200 cryptocurrencies are provided on the platform, and the liquidity of the various markets is sufficient to offer unhindered trading.
The real nerve center of OKEx is its trading interface. It is both simple and complete, and is divided into two versions: "Basic" and "Advanced". To have at your disposal all the tools you need for trading, you need to use the "extended" version.
Fees and withdrawal
OKEx service fees are greatly simplified for such a diverse exchange offer. The company charges a commission of 0.1% for all exchanges between cryptocurrencies.
OKEx also has a multi-level volume discount structure. Discounts are calculated daily from the 30-day transaction volume, and are also accompanied by appropriate withdrawal levels.
There is not much information about internal security mechanisms on the OKEx website. Two-factor authorization can be configured during account creation, and OKEx gives detailed instructions on how to change administrator passwords, but the details of OKEx's security scheme are well hidden. This is surprising, given that the exchange almost constantly displays pop-ups with detailed descriptions of countries that are currently prohibited from accessing the exchange.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.