OKEX is one of the biggest exchanges in the world, and their primary focus is on trading. The platform was founded in 2014, in China. Coming to the market they had big investors VenturesLab, eLong Inc, Giant Network Group. They are working towards becoming a global fiat-blockchain asset trading platform offering spot and margin trading. OKEX offers a client for iOS, Android, Mac, and Windows. OKEx provides hundreds of tokens, and trading pairs to help traders to optimize their strategy. The website is well formed with all features implemented. Cost of fees drops depending on how much you are trading in each month.
It is not complicated to register on OKEX, some basic information needs to be provided. On the main page in the right top corner is Sign up option. They are different from other exchanges in this part because they don’t require you to add a username. They prefer to have your number, and from which country you are. You will get an SMS with a code to verify that it is your number that you provided. Check the agreement box and add a password, and you are registered. OKEx brings you a powerful and robust suite of APIs. You can select only the features that optimize your trading experience. ‘apiKey’ is the user’s secret key provided by OKEx, ‘secretKey’ is the private key used to sign your request data. To get your apiKey and SecretKey, go to Settings, then Configuration, My API. OKEx provides APIs for fast access to both spot and contract markets, with the following features: Market data, Orderbook, depths of bids and asks, Trade history, Trade execution, Order information, Order history, Account information.
OKEX has multi-level verification system like many exchanges. To verify your account you need to provide your ID number, it can take some time if you are not from China because they first get their proposals. If you want to make any trades, you need to pass this part of verification. After they get back to you, bank account, credit card, and other accounts can be provided, with some pictures involved. These requirements are for higher levels. As you go through levels you gain more benefits that include low fees and bigger trading limits.
Make a deposit
To make a deposit you need to get a tier 2 account. To make a BTC deposit, they will provide you an address where to send the coins. That goes for every cryptocurrency on the platform. One disadvantage of OKEX is that for fiat currency they accept USDT, that is a digital currency for US dollars, but it is very hard to deposit. Because they are focusing on the Chinese market, it is harder to get all the requirements you need. It is always better when you deposit a digital currency, fees are usually lower and it is way faster than to transfer fiat currency. Even if they are one of largest exchanges, they don’t offer as many currencies as some of the platforms do.
To be able to make a withdrawal, you need to go through 3 steps and the 4th will be to wait for the transaction to happen. When you want to withdraw funds, you have to provide your email, and phone number with a password. This information needs to be Google authenticated, it is more secure, and users can later track the status of the transaction. When you pass the first step, you have to provide the address of your wallet where should they send the coins. The third step is to add the amount you planned to send. When you finish these steps you have to wait for them to make the transaction. Have in mind that millions of transactions are happening daily, it may take some time, but it good for them to make every transaction possible.
Even if they started to operate in 2014, there wasn’t any major hack attack. It could be that Chinese are very strong in this area, but they work hard on their security. They have a very smart made fees comparison. When users see that fees drop when you make more trades, they do that, and OKEX makes a benefit. This works for users, lower fees mean satisfied customers. Fiat depositing is enabled, but not for many currencies, so if someone wants to deposit a US dollar, they can make it just with a little effort.
There isn’t much information about OKEX difficulties. They are doing a pretty good job hiding them. Most of the reviews are not in English, so a bad thing is that it only focuses on Chinese users. For Chinese market withdrawal and deposits take less time to be made. Support also focuses more on Asian users that have an advantage over others. For such a big exchange platform they need to have more cryptocurrencies available. They have tokens but experienced trades are looking for currencies that are going to rise fast.
Most of the user reviews are in Chinese or Korean. Users usually complain about the time that they need to respond to certain difficulties that are acquiring. Outside of China, it can take up to 5 days to respond or for withdraw to happen. Feedback is usually positive, they know what are they doing, so even they are oriented only to one market, but gave the possibility to others, they are doing a great job.
OKEX is a great currency exchange owned by OKCoin. They are experienced and determined to make some difference in the crypto world. With great fees and security, they are very competitive on the market they target. If they try to expand someday in the future, they will make an impact on other platforms. They don’t have many coins to trade, but if you are an experienced trader you can manage it. All in all, OKEX is for the Asian market, users from outside the China area should pick other platforms to work with.