OKEx Review – Is It Safe to Buy and Sell Cryptocurrencies?

If you’re looking for a secure cryptocurrency exchange, then OKEx exchange is probably what you may need. With a wide range of options, including derivatives, OKEx futures, and crypto pairs, you can maximize your investment portfolio and get the most out of your trading experience.

In this OKEx exchange review, we’ll carefully analyze everything you should know about the exchange, including its features, offerings, pros, and cons. Then you can decide if the platform is worth trying or not.

At a Quick Glance

Key Findings

Our key findings in this OKEx exchange review cuts across every major part of the platform. You can explore hundreds of trading pairs and tokens on the platform by signing up on the exchange. OKEx exchange serves millions of users in more than 100 countries. A clear proof of its actively trading user base is a walloping $1.5 billion daily trading volume in OKEx futures.

OKEx exchange uses blockchain technology to create a next-generation financial network. It also works to oust all financial barriers, transform the global economy, and make the world a better place. Little wonder it employs an innovative approach to improve user experience and make cryptocurrency investing and trading available for everyone.

What is OKEx Exchange?

OKEx exchange is a cryptocurrency exchange based in Seychelles. Since its launch in 2017, it has grown considerably to become a global icon in the crypto exchange sphere. 

OKEx exchange is owned together with OKCoin cryptocurrency exchange by OK Group and has 1000+ employees. The company also has offices in Malta and Hong Kong.

Range of Offering

You can enjoy a vast array of crypto trading and investment features on OKEx exchange with over 400 trading pairs. Here’s a breakdown of the features and products OKEx exchange offers.

Buy and Sell

OKEx users can buy and sell cryptocurrencies and digital assets such as derivatives on the platform. Buying and trading cryptocurrencies on the exchange is easy, but you must create an account before proceeding.

OKEx Earn

OKEx Earn is another exciting feature of the exchange. With your digital assets, you can earn passive income on the exchange. There are different ways to earn through this offering. Let’s look at some of them.

1. DeFi Mining

With the rapid growth of decentralized finance, and the high demand for liquidity to approve PoW protocols, OKEx exchange presents crypto investors with a DeFi mining offering to increase their profits by running nodes using their digital assets.

Users can earn interests or bonuses by committing their crypto assets to these protocols. OKEx has also added various DeFi products to its Earn section—a move to create a seamless platform for anyone interested in earning from DeFi. They include:

• Compound: On OKEx exchange, you can support the Compound protocol and earn by depositing USDC, USDT, or DAI. The Compound protocol is a decentralized learning protocol by OKEx. It became even more popular after the platform launched its native token, COMP. 

After the launch of COMP, there was a sharp rise in liquidity mining in the DeFi sector. As investors provided liquidity to the Compound protocol, they earned the COMP token in return.

• SushiSwap: An Ethereum-based software that helps you swap a wide range of tokens and engage in other financial services.

But first, you need to invest your digital assets into smart contracts (a process-automating code). So, when traders buy and sell cryptocurrencies, you earn rewards as a liquidity provider.

OKEx exchange has a user-friendly deposit product for SushiSwap in its Earn section. The product accepts digital assets for SushiSwap and shares the gas fee between participants—of which you are one.

You don’t earn interest on the crypto you supply to the protocol. Instead, you earn SUSHI tokens. To earn SUSHI tokens, stake one of these cryptocurrency trading pairs on OKEx exchange:

• USDT/ETH
• WBTC/ETH

2. Earn Via Savings

OKEx exchange operates a Savings protocol that enables you to earn by depositing crypto assets on the exchange. Your invested assets are loaned to traders as margin loans, after which OKEx collects and shares the interest to participants.

Your interest income begins to count every day from the second day of your deposit. Also, there is no minimum amount you can deposit.

3. Staking

Crypto staking is one of the most popular ways to earn crypto rewards. Validators confirm transactions with staked cryptocurrencies. In return, users who staked the coins/tokens earn cryptocurrency rewards.

To use this service, you need to create an account on the OKEx exchange and check out the assets available for staking and the eligibility criteria.

4. C2C Loan

The C2C Loan product is an open marketplace where investors and borrowers can give or take loans. Users have the flexibility of selecting investment amount, loan duration, redemption date, and other loan criteria. However, OKEx allows USDT as the only C2C Loan cryptocurrency in the meantime.

OKEx Wallet

OKEx provides a multi-terminal and multi-channel wallet, which means broader and more advanced transaction features for users. The wallet is easy to use and stores your crypto assets.

You can explore DeFi features, track your assets on blockchains, access your NFTs, and enjoy investment projects from your wallet. Besides, you have a web version to control your private keys and monitor your crypto through the browser extension. 

Also, OKEx wallet has iOS and Android mobile apps to manage your digital assets on the go. Aside from tracking your crypto assets, you can trade in the OKEx exchange and participate in other on-chain projects all through your mobile application. 

OKEx Mining Pool

OKEx exchange has a global and reliable mining pool offering a stable 24/7 mining service. The robust mining service owes its success to its multi-node deployment worldwide and a highly professional technical team. 

There are over ten assets you can mine on the OKEx mining pool. The stable mining system, hedging, and real-time data guarantee higher earnings. Similarly, its advanced technology and unique architecture make it safe—maintaining sound operation and shielding the pool from malicious attacks. 

Mining in the OKex mining pool is also open, flexible, and transparent, thanks to its FPPS and PPS+ settlement models, which allow you to access real-time data and earn revenue daily.

Commission and Fee Structure

It’s essential to check out the fee structure of a crypto exchange before investing in its digital assets and trading features. OKEx fees structure is quite complex, and there are several criteria for determining reasonable user transaction fees. Let’s take a closer look at the fee structure on the platform below.

Trading Fees

There are different trading fees for regular and VIP users. The Regular/VIP system sounds like a class system, but those are just to differentiate users based on total OKB token holdings.  

Spot Fees

OKEx exchange follows a maker and taker fee system starting at 0.1% and 0.15% respectively for users with 500 OKB holding. Maker-taker fees drop considerably to 0.06 and 0.09%, respectively, when holdings are above 2,000 OKB.

VIP users with a big 30-day trading volume usually access more significant trading discounts. Generally, spot trading fees in the exchange are better when compared to other exchanges that charge higher or flat fees. 

Deposit & Withdrawal Fees

There are no OKEx fees for deposit and withdrawal of digital assets. However, the network charges a minimum network fee based on the level of trading pair activity on the blockchain.

For instance, the Bitcoin network will charge between 0.0001 BTC and 0.001 per BTC withdrawal, and Ethereum will charge about  0.003ETH per ETH, etc.

OKEx Futures & Perpetual Swaps Fees

OKEx Futures maker and taker fees begin at 0.02% and 0.05%, respectively. Holding more significant amounts of OKB tokens within your trading period reduces your fee.

That is to say, the higher your total OKB holding, the lower your trading fee. OKEx Futures and perpetual swaps fees are grouped in classes as shown in the image below:

Ease of Account Opening

Creating an account on OKEx exchange is a straightforward process. Your account can be up and running in just a few minutes. 

To open an account with the exchange, visit the OKEx’s official website, enter the required details and follow the step-by-step process to complete your account creation.

KYC Verification

OKEx exchange requires you to verify your identity to perform certain transactions on the platform, such as high-volume trading and withdrawing of cryptocurrencies or funds into your account.

A significant reason for KYC verification is to secure the exchange from fraud and other malicious activities. However, you can still deposit assets to your OKEx account without confirmation.

But with an unverified account, your trade is limited, and you can only withdraw below 10 BTC. Level one users can withdraw up to 200 BTC, while level two and three users can withdraw a maximum of 500 BTC daily.

There are also verification level-based limitations while buying crypto via P2P (peer-to-peer) channels on OKEx exchange. The cumulative P2P transaction limits include $500 for level one users, $10,000 for level two users, and $10,000 for level three users. 

Here are the KYC verification requirements for different levels:

Individual Accounts

• Level 1: Verification in Level one requires your basic ID. You will be required to fill in your name, nationality, and document identification number.
• Level 2: Level two of your verification is the Photo ID verification phase. You will be required to go through facial verification on Netverify.
• Level 3: Level three is the disclaimer phase. Once you’ve completed the first two levels, go through the disclaimer on the web page or your OKEx mobile app to complete this last level of verification for individual accounts. 

Corporate Account

There are two identity verification levels for corporate users—the basic level and the advanced level. The requirements for corporate account verification apply only to companies that don’t support P2P trading.

Institutions would need to provide basic information like the company’s name and registration number and country of registration. Below are the details of the required documents for company verification:

Level 1—Basic

• Country of registration
• Name of Company
• Company registration number
• Registered address and operation address
• Partners (Controllers), directors, and of major beneficiary’s information
• A declaration of “no bearer shares.”

Level 2—Advanced 

Business Information, including:

• Company Introduction
• Customer Type
• Source of funds
• Estimated monthly trading volume
• Total assets managed

Company Documents, including:

• Certificate of Incorporation and Business Registration
• Shareholder structure chart
• (M&AA) Company Memorandum and Articles of Association
• Certificate of Incumbency/ Annual Return
• Authorization Letter for Account Opening
• Authorized Account Operator/Ultimate Beneficiary/actual controller proof
• AML policy

Deposit and Withdrawal

You can either deposit your crypto to your account via OKEX’s Buy/Sell gateway or deposit your existing crypto assets from another wallet or exchange into your OKEx wallet. By default, incoming crypto assets go to your Funding Account. 

Other sub-accounts within your OKEx are Futures, Spot, Perpetual Swaps, P2P, Savings, and Margins accounts. The Funding Account is a sub-account in your OKEx account.

To start trading in a particular sub-account, you must transfer Crypto from your Funding wallet to that account. Your withdrawal limit on OKEx depends on your verification level. However, the minimum is 10BTC for an unverified account.

Platform User Interface and Trading Experience

OKEx exchange offers a slick and feature-rich charting experience, making it a great trading platform for professional crypto traders. Its suite of charting tools includes indicators, trend lines, and chart patterns.

The exchange runs an intuitive dashboard that you can connect with while looking for a feature or setting. You can switch from the default charts to more advanced charts with clean visuals to better understand market situations.

In addition, you can enjoy the various order types, including limit, market, stop limit, Iceberg, Trail, TWAP, and advanced limit orders.

Mobile Application

In this digital era, many popular exchanges are developing mobile apps to improve user experience. OKEx exchange has a mobile application too! 

Its mobile application is a trusted Bitcoin exchange and wallet for buying, selling, and managing your crypto assets. You can download the OKEx Android app on the Google Playstore or the iOS app on the Apple Store. 

Supported Cryptocurrencies

There are over 200 tradable cryptocurrencies on the OKEx exchange. You can trade these cryptocurrencies with BTC, USD, OKB, ETH, and DAI and earn OKEx fees discounts if you trade with OKB (the OKEx utility coin). In 2019, the exchange launched a buy-back program to burn its circulating 300M OKB. 

The plan was to use 30% of its spot market transaction fee to rebuy OKB and move them to a black hole address for burning. By minimizing the amount of OKB in circulation, OKEx wants to ensure OKB users can gain from its price increase and value stabilization.

The buy-back program seems successful as over 1.9 million OKB was burnt and moved to the black hole between May 4 and May 31, 2019.

Educational Tools

OKEx Academy is the exchange’s educational suite with many in-depth, easy-to-understand crypto articles for newbie and professional traders and investors. It explains virtually every day-to-day crypto term and goes deeper into industry analysis, company updates, and recent trends on the OKEx exchange.

Customer Support

You can get helpful information from the OKEx support center. The exchange also provides 24/7 customer support. You can also contact the OKEx team via email or their phone number—all on its Contact Us page. However, bear in mind that there may be delays when the customer service channels are congested.

Regulation and Security

OKEx exchange operates a very robust security system, so tight and comprehensive that it’s difficult to hack. The exchange operates secure offline and online storage systems with multiple backups and multisig protection to secure its internal data and users’ assets.

The exchange stores 95% of all its funds on an offline cold wallet due to the vulnerability of online storage systems. Also, OKEx exchange doesn’t connect USBs and other external storage devices to its cold storage since offline USB storage is still susceptible to virus and malware attacks.

Access to the OKEx’s cold storage requires confirmation from a minimum of two authorized personnel. Its architecture also makes up for unforeseeable and unexpected events by integrating contingency strategies like using multiple backups.

OKEx exchange also secures sensitive information in physically accessible bank vaults as a precautionary measure if hackers attack authorized personnel. Its semi-online servers are impossible to infiltrate, even through a physical attack.

Semi-online signatures virtually nullify cases of online attacks. Besides, OKEx’s multi-signature setup that requires multiple confirmations from geographically separate authorized personnel with their respective backups is almost impregnable.

Emergencies are a normal part of the online space, and the exchange prepares well for them. Extensive redundancy plans and multiple backups are always handy to return order and stability during emergencies.

You are encouraged to use the different security measures available on OKEx to secure your account. The reason is that the platform wouldn’t be held responsible for any unauthorized or malicious activity in your account that resulted from your negligence. 

Start to tighten your OKEx account’s security by going to Security Settings in your account. Alternatively, you can go to the Overview section and click the “security suggestions” prompt. You can secure your account with any of the following security options or a combination: Password, Mobile Verification, Google Authenticator. 

Also, you must enable the “Mandatory 2FA” and request the inclusion of an Anti-Phishing Code in all emails from OKEx exchange. The combined use of these options conforms with the best industry standards and tightens your account’s security beyond compromise.

Is OKEx Safe?

Yes. From all indications, OKEx is a safe cryptocurrency exchange, especially since it has several security measures to protect user information and secure funds on wallets. 

Although people reported in 2017 that hackers extracted Bitcoin worth millions of dollars from their OKEx accounts, it turned out it wasn’t a hack or security breach on OKEx itself.

OKEx would later state that the hackers infiltrated those users’ accounts because of inadequate personal security measures. OKEx explained that the affected users did not enable 2FA (two-factor authentication), which implies they left their passwords vulnerable to different forms of compromise.

Conclusion

Without a doubt, this OKEx review has touched every part of the platform. OKEx exchange is an asset and feature-rich platform where crypto enthusiasts can conveniently buy, sell, or trade cryptocurrencies. 

The OKEx exchange is not currently available to US crypto traders. But traders can use its closely related alternative, OKCoin, although it may be limited in features and cryptocurrencies.

Frequently Asked Questions (FAQs)