OKEX Review

OKEx technology of security is good. Except for the technology, customer support and market pin risk are two weaknesses of OKEx. That could be the reason that OKEx started the bitcoin derivative trading too early, and the founders don't have the background of traditional trading

OKEx is a cryptocurrency exchange platform that offers spot trading, derivative trading, and other crypto-related financial products. The company was founded by Star Xu in China in the year 2014. Same as Binance, OKEx used to provide spot trading before 2017. To gain a market niche, OKEx started to provide derivative trading in 2018. OKEx used to have several market pin risk issues, which caused China users to complain to China government. In 2018, Star Xu resigned from the CEO of OKEx. The latest CEO is Jay Hao.

1

Review Summary

Editorial Review based on real experience

OKEx Exchange

Positive
  • High Security
  • Support 471 Cryptocurrencies
  • Support Most Of Countries and Places Except US, Hong Kong and Malaysia.
Negatives
  • Frequently Market Pin.
  • Poor Customer Service
  • No Trading Licences
2

Platform Features

Register and Trade on OKEx

The company doesn’t provide any own trading licenses or related information. It auto disables the users from places like Hong Kong, Malaysia, and the United States to register. 

Most of the users are still from China, and the second-largest user base is Russia.

3

Platform Specification

Support Tokens and Fees

The company started the exchange market earlier than other crypto exchanges like coinbase and bybit. It supports fiat currencies like USD and allows users to use credit cards to buy bitcoin on the platform. However, the price of easy cryptocurrency is using USDT as the trading base. That means users cannot withdraw the fiat currency from the platform and only withdraw the cryptocurrencies. Bitcoin will be the major one.

Exchange Name OKEx
Fiat Currency USD, EUR, GBP, KRW, JPY, RUB, TRY, USH, CAD, AUD
Supported Cryptocurrencies 471
Payment Type Cryptocurrency, credit/debit card, bank transfer, UPI and IMPS
Trading Fees 0.06%- 0.1% maker; 0.08% – 0.15% taker
Non Supported Countries or Places Hong Kong, North Korea, Malaysia, United States of America, Bangladesh, Bolivia, and Kyrgyzstan.
4

Platform Specification

Leverage Trading 


Spot Trading: Different from the spot trading feature of Binance, OKEx spot trading allows users to use leverage and margin to trade bitcoin. It has a maximum of ten times leverage trading.
Derivatives Trading: contract trading like futures and perpetual swaps with up to 100x leverage.
Options: coming soon

Contract trading like futures and perpetual swaps with up to 100x leverage.
5

How To Trade on OKEx

Details of Trading Fees 

Once traders deposit the tokens into the wallet, the tokens will be converted to OKB automatically. OKB is the token issued by OKEx. It can only be used and traded on OKEx. Unlike Binance tokens, OKB is still NOT recognized by other big crypto exchanges. Holding OKB in the OKEx wallet will get fees deductions. That’s the only benefit of OKB.

6

Platform Securities

OKEx Security

Unlike Binance used to have the issue of users’ bitcoin have steeled by the hacker, OKEx security is very high. OKEx convert save users’ deposited digital assets in a cold wallet. Traders buy sell the digital assets within OKEx are using OKB. All the other platforms do not support OKB. That’s useless if the hacker had a lot of OKB. The risk is from the OKEx management team and China policy. OKEx used to suffer from the Chinese government was investigating this exchange, frozen 1.5 Billion USD worth bitcoin. Many users could not withdraw or transfer the tokens from the OKEx wallet to others. The company has moved the head office from China to Singapore, also seeking the trading license of Singapore MBS. OKEx probably cannot get a license from MBS because the maximum leverage of trading in Singapore is five times.

6

Customer Service

Service and Support

Customer service is one of the most critical factors for users to choose a global exchange. Because OKEx was started in China, most of the customer service officers are speaking Chinese. That’s a bit awkward for an English speaker. Most of the users complained that OKEx is about customer service. Although OKEx provides 24/7 customer support, many users had the experience of the support ticket delay for almost 30 days without any response.

7

Risk Control

Market Pin Risk

OKEx has the most Market Pin Risk issues, Compared with Binance, Bitmex Bybit Kraken BingX, and the rest of the top 10 derivative trading exchanges.It’s too frequent, and OKEx does not care about it anymore. The Market Pins is the most serious problem in trading. It will cause traders to suffer the Margin Call. Market depth is not deep enough is the common reason for Market Pin happening.

OKEx Market Pin Risk
  • Frequently Happened Market Pins
  • Not Taking Any Responsibility For Market Pin.
Warning
Need professional risk management for trading on derivatives.
8

Reward Program

Affiliate and Referral Program

OKEx reward program is not impressive. The affiliate program gives 30% of trading fees as commission. Users use referral programs to refer to friends who join OKEX, will be rewarded $10 USD worth of OKB. Different from the affiliate program, it’s a one time reward. One OKB price is worth $20 USD, according to the market data.

9

Comparison

OKEx VS BingX VS Binance
OKEx vs Binace vs BingXEpic battle
VS
VS
Social TradingTrading Robot
VS
VS
Risk ManagementMarket Pin Control
VS
VS
Platform TokensPlatform Issued Own Token
VS
VS
NFT MarketBuy Sell NFT
VS
VS
Customer ServiceSupport Languages
Poor
VS
English
VS
English
10

Other Reviews

Check Other Exchange Reviews

Binance Exchange Review

The biggest digital assets spot trading platform.

BingX Exchange Review

The best social trading platform with auto trading robot and copy trading features.

FTX Review

Perpetual Futures Contract Trading Platform.

 

 

11

Overall Scores

Add your rating
5.9 Total Score
Reviews and Overall Scores

Scores include editorial and customers ratings.

5.5Expert Score
Platform Features
6
Risk Control
2
Customer Support
5
Security
9
6.3User's score
Platform Features
7.2
Risk Control
6
Customer Support
4.2
Security
8
Add your review  |  Read reviews and comments

標籤:

1 Comment
  1. 2.5
    Platform Features
    80
    Risk Control
    20
    Customer Support
    20
    Security
    80

    no words about okex!!

    Helpful(0) Unhelpful(0)You have already voted this

Leave a Review

BTC Rankings Australia
Logo