OKEx

OKEx is an OTC cryptocurrency exchange and wallet that supports swing trading. Investors can earn through a range of methods, including multiple trading accounts, promotions, mining and gaming features. This 2024 review will cover what OKEx is, the digital tokens available, plus the pros and cons of the various crypto services.

What is OKEx?

Company Details

OKEx is a decentralized cryptocurrency exchange and finance platform. It offers spot and derivatives trading on many digital currency pairs as well as novel instruments such as NFTs and ‘GameFi’ crypto games.

The OKEx head office is in Malta with additional offices in the Seychelles and Hong Kong. The CEO and owner is Jay Hao.

History

Launched in 2017, OKEx was created to facilitate easier access to digital wealth for people around the world. Since then, over 20 million traders have signed up to the global broker which now sees a daily trading volume of over $18 billion.

Markets

Exchange

The exchange on the OKEx website is where more traditional trading takes place. On here, customers can execute spot and derivative cryptocurrency trades with over 400 pairs to choose from. Spot trading and margin trading is available alongside perpetual swaps, futures and options.

There are many different cryptos available on the OKEx platform, including popular coins: Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). Additionally, there are ‘meme’ cryptos such as Dogelon Mars, GM, Baby Doge Coin, PolyDoge and Kishu Inu. There are also some optimised layer 2 scaled tokens such as Immutable X and Polygon MATIC.

To find the coin price for given cryptos and pairs such as Kishu Inu ($KISHU), Chia (XCH) or BTC/USDT, you can either use the OKEx platform or third-party websites CoinMarketCap and CoinGecko. These websites are also useful for finding fiat/crypto pair price history, for example, 1 BTC to INR.

DeFi tokens such as 1 Inch (1INCH) and Yearn.finance (YFI) can be found and traded on OKEx – YFValue (YFV) used to be listed but it is no longer offered. There are also many other tokens including Nano, Zyro, Zilliqa, QTUM, the stable coin Tether (USDT) as well as the platform’s own coins OKB and OKT.

Mining

If you are interested in earning a passive income, then mining could be a viable option. OKEx facilitates several staking projects for Proof of Stake networks. This is where users stake their crypto into a pool or fund to help generate more tokens, with the rewards proportional to the amount being staked.

Each project has different terms and interest rates, for example staking coins with GuildFi for 90 days will generate a 118% average percentage yield (APY). Another example is Mina Staking which has an APY of 22% for both flexible and fixed terms.

NFT Marketplace

A non-fungible token (NFT) is a digital piece of art that can be created and traded using blockchain technology. Over the past couple of years, they have soared in popularity and now represent an interesting trading opportunity.

The OKEx NFT marketplace allows users to create, upload and start earning by selling their artwork. NFT related tokens such as OMI and CELT, can also be traded on the exchange.

GameFi

OKEx also offers blockchain games via GameFi, where customers can earn cryptos or NFTs that can later be traded and sold on the marketplace. Players can compete and earn via a range of methods including rewards or yield farming.

An example is Axie Infinity, which has more than 100,000 active players and a trading volume of over $50 million. This game is operated by Yield Guild Games who have their own token, YGG.

Trading Platform

The exchange offers a proprietary platform for crypto trading. Once you have created your account and are ready to start trading, you open either the OKEx app or web browser trader. With a clean user interface, the trading platform is relatively simple to use.

Features include:

• Customisable layout
• Detailed price history chart
• Market-buy and market-sell prices
• 10 time frames from as small as 1 minute intervals
• Order book and trade history for given currency pairs

The OKEx trading platform is available as an application on both MacOS and Windows computers. Alternatively, you can download the 4.8.3.1 and 5.4.7 version APK trading platform files via a third-party website. Note that the servers are in the Hong Kong time zone.

Extras

OKEx has created its own automated trading bot. Once you login to the exchange, either via email address and password or by scanning the QR code, you can find the bot in the trading platform section.

If you wish to create your own bot, you can access the OKEx API documentation via the website. Some websites have created trading robots using Python suited to OKEx’s v5 API, such as 3Commas, that can be downloaded and used on the platform. Often, websites will have bot reviews so you can find one that is best for you.

There is also a token launchpad service called OKEx Jumpstart Mining. This is where new listings such as Gods Unchained and the Lemond x OKExChain test airdrop have launched. The firm also offers investments into new projects with the Blockchain Ventures service. Example projects that have received funding are zkSync and OK Fly.

Mobile App

The OKEx application is available on both Android and iOS devices. To find the app, you can either search for it on Google Play or the Apple App Store or by scanning the QR code on the broker’s website.

Available in over 16 languages, the mobile solution offers a one-stop cryptocurrency trading platform where users can access a vast selection of assets. Traders can set price alerts to access real-time notifications on coins. Those who do not wish to trade can simply hold their coins within the portal and earn interest.

OKEx Trading Accounts

OKEx offers nine different accounts catering to the following features: Funding, Spot, Margin, Futures, Perpetual Swaps, Options, Fiat, Savings and Mining.

Each account is independent, meaning that funds need to be transferred to the corresponding account, depending on what the user wishes to trade or access. Clients can sign up for any account easily through the OKEx website, whereby verification information will be needed.

Note that the Funding, Savings and Mining accounts do not facilitate trading but allow clients to transfer and store yields.

Fees

Trading on the OKEx platform incurs a series of exchange fees. These depend on several factors, such as 30-day trading volume and the cryptocurrency traded. With spot trading, for example, the highest rates are a 0.08% maker fee and a 0.1% taker fee, which is low for industry standards. The highest fee band for futures trading is a 0.2% maker a 0.05% taker.

The full details of each band’s fee can be found on the website.

Payments

How To Deposit Funds

OKEx is an entry-level exchange, which means that it facilitates purchases of cryptos using fiat currencies. To do this, you can make a deposit using the mobile app with one of the many available fiat currencies such as USD or GBP.

Another option is using one of OKEx’s fiat partners including Okcoin, Banxa or Coinify. Finally, you can use the direct crypto purchase service on the web browser where you can select the fiat currency, cryptocurrency and payment option from a drop-down menu.

If you wish to use fiat currencies, then you must complete verification steps such as two-factor authentication (2FA). Verification options include the Google Authenticator app or by inputting a secure code sent to a phone number.

Permitted fiat payment methods include:

• Bank transfer
• MasterCard
• Google Pay
• Apple Pay
• PayPal
• SEPA
• Visa

If you wish to make a deposit using cryptocurrency, you must first connect a crypto wallet. You can either use one you have already set up with MetaMask or use the WalletConnect or OKEx Connect services with a different provider.

With this, you can execute crypto-to-crypto trades on the OKEx trading platform. The minimum trade amount varies depending on the cryptocurrency you are depositing. If you wish to transfer crypto between different blockchains, you can use the OKEx Bridge service, which uses the OKExChain.

There are no deposit fees with OKEx.

How To Withdraw Funds

To convert your crypto back into fiat currencies for withdrawal, you can either complete a peer-to-peer order or use the app with an express quick trade payment. For the P2P process, you need to set up a receiving account.

Inputting the funds can be done via a crypto wallet address, ePayments such as Hyperfund, or by using bank details. The time taken to process can vary as it depends on the blockchain.

The withdrawal fees depend on the crypto. For example, there is a 20 USDT charge for Tether withdrawals and 0.2 XRP for Ripple withdrawals. For some cryptos such as Monero (XMR), there are no withdrawal fees.

OKEx Regulation

Traders should note that OKEx is not regulated and therefore is not covered by any insurance fund to compensate client accounts against anything such as company liquidation. However, the firm does adhere to regulatory rulings laid out by governments and authorities. It also complies with AML and ATF standards to maintain the positive reputation of the platform.

Security

OKEs has applied a series of measures to help keep the platform and user accounts safe. Customers can enable 2FA, which requires a verification code upon each exchange login. Another 2FA measure is YubiKey, which is a physical version rather than a digital token. There is also a funds password layer of protection to secure a customer’s assets. Technologically advanced risk management systems are available to users with an OKEx unified account.

To avoid scams, OKEx uses a channel verification procedure where users can check the validity of communication that they may have received. If you have received correspondence from a source using the OKEx logo and name but are unsure of its validity, this service is ideal.

Similar to Know Your Customer (KYC), OKEx also uses a process to validate new accounts, consisting of Level 1, Level 2 and Level 3 verification. Each level allows for larger crypto or fiat withdrawal limits and requires proof of name, address and a national ID number. Unverified users are limited to 10 BTC withdrawals per 24h period.

Educational Content & Analysis

The insights and alerts section of the OKEx website is useful for traders of all experience levels. The tutorials can teach beginners what they need to know before they start crypto trading, such as how to use margin and leverage. This includes details and guides on how to create trading strategies that can help to boost revenue.

To help gain experience with the platform and digital currency markets, users can also enable the demo trading mode. Investors are allocated virtual funds in certain cryptocurrencies, with which they can practise any type of trading.

OKEx Promotions

The broker frequently has promotions on offer. In 2021, the exchange offered a welcome bonus Bitcoin reward scheme. Users had to carry out tasks such as purchasing $100 or more of cryptos within the first 30 days after account registration. If they did so, they could receive bonuses such as $10 worth of free Bitcoin or 100 Satoshi.

In addition, there is an OKEx referral scheme for customers who sign up. If you already have an account, you can send an invite code to other people who open an account, such as friends, family or other traders on Reddit and Twitter. Typical rewards include a $30 bonus and 15 USDT in rebates.

Other examples of OKEx promotions include the 4th Anniversary celebratory giveaway and NFT mystery boxes. The exchange also runs cryptocurrency-specific rewards for holding Kishu Inu and other popular coins.

Advantages

Key benefits of joining OKEx include:

• Low fees
• Help center
• Trading academy
• Wide range of cryptocurrencies
• NFT marketplace and GameFi section
• Facilitates crypto purchases using fiat currencies

Disadvantages

If you take OKEx vs Coinbase, Kucoin, Huobi, or Binance, clients should be aware of the following drawbacks:

• Unregulated
• No Zendesk live chat option
• User complaints of withdrawal problems

Trading Hours

The cryptocurrency market operates 24 hours a day, 7 days a week, meaning OKEx clients with full-time jobs can freely transfer and trade coins at a time that suits them. With that said, swing traders who do wish to make careers out of trading may want to consider any times of day that a coin may be more liquid or volatile.

Customer Service

If users experience any issues such as a funding problem, an invalid withdrawal address, network error or a 2FA reset request, the OKEx help centre is available 24/7 via:

• Telephone: +1 226 798 4487
• Email address: support@okex.com
• Social media: Telegram, Twitter, Facebook, Instagram, YouTube and LinkedIn. Social media channels, in particular, are a good way to keep up to date with broker news and announcements.
• Status page: To view upcoming maintenance so you know about updates and known issues.

If you want to delete your OKEx account, you will need to first sign in and then contact the support team. Each account is given a unique identifier (UID) that will be needed.

OKEx Verdict

OKEx is a good option for swing traders who are looking to buy, sell and hold cryptocurrencies. The wide range of tokens plus the NFT marketplace and GameFi feature means that there is good potential to earn capital. While the brokerage is not regulated, this is common among decentralised finance platforms. The multiple security measures should also help to ensure that your funds are relatively safe.

FAQ