When paying high fees on crypto exchanges is a nightmare, you should choose to trade with an exchange such as OKEx.
It boasts some of the lowest fees as compared to other crypto exchanges, and this is probably something that will appeal to you right off the bat when searching for the best crypto exchange. It really should.
What fees can you expect to pay on OKEx?
The fees you’ll need to pay vary according to your 30-day trading volumes. The highest trading fees for lower volumes have a 0.15 percent maker fee and 0.2 taker fee, but these can decrease to numbers as low as 0.02 percent for makers and 0.05 percent for takers.
But low fees aren’t the only selling point that OKEx has to offer. Let’s dive into a detailed OKEx review, starting with two stellar benefits that this exchange offers its users.
Pro Features At A Glance
- OKEx has a variety of trading options. These include futures and options trading.
- When using OKEx, you get fiat-to-cryptocurrency trading. Why this is so important is because it means you can trade with and quickly cash out your currencies. Some crypto exchanges only accept digital currencies, so OKEx is a game changer. You can buy crypto directly with 30 major fiat currencies at your disposal.
Brief History Of OKEx
A relatively new crypto exchange, OKEx was established in 2017. At that time, it was linked to the OKCoin exchange that was based in China. It then separated itself in 2017 to focus on OKCoin’s futures trading aspect
Although OKEx had headquarters in Hong Kong, it has moved them to Malta due to security concerns as well as to ensure Know Your Customer (KYC) and Anti-Money Laundering (ALM) features in their process.
Interestingly, OKEx’s website used to only be available in Chinese but it’s now in English, which points to its opening up to global markets.
So, who are the faces behind OKEx? Chris Lee is the CEO and he’s got many years of banking and investment experience behind him.
The company’s CRO is Tim Byun whose resume includes being the head of the Anti-Money Laundering/Anti-Terrorist Financing at Visa. OKEx’s COO is Andy Cheung, who used to be Groupon’s CEO.
Now that we’ve looked at OKEx’s brief history, let’s move on to the exchange’s features and what it has to offer.
What Payment Methods Are Accepted?
OKEx enables users to make use of fiat currency deposits and withdrawals. It used to lack debit and credit card features, but it has upgraded to allow users the chance to purchase coins with cards as well as Apple Pay and bank transfers.
What Are The Supported Cryptocurrencies?
OKEx has a massive number of cryptocurrencies that it supports. Here we’ve supplied the full list. As you can see, there are well-known and popular cryptocurrencies as well as lesser-known ones.
- ACE (TokenStars)
- Acute Angle
- All Sports
- Bitcoin Cash
- Bitcoin Diamond
- Bitcoin Gold
- Bitcoin SV
- Cosmo Coin
- doc.com Token
- Ethereum Classic
- Exchange Union
- Gemini Dollar
- Genaro Network
- Hi Mutual Society
- High Performance Blockchain
- Internet Node Token
- IoT Chain
- Kyber Network
- Measurable Data Token
- Moeda Loyalty Points
- Molecular Future
- Olympus Labs
- OneRoot Network
- Origin Sport
- Paxos Standard Token
- Super Bitcoin
- Ubique Chain Of Things
- United Bitcoin
- USD Coin
- YOU COIN
What Countries Are Supported?
One of the downsides of trading on OKEx is that it excludes quite a few countries from using its exchange.
These countries are not allowed: Hong Kong, North Korea, Cuba, Iran, Crimea, Malaysia, Sudan, Kyrgyzstan, Syria, Ecuador, Bangladesh, Bolivia, as well as the U.S. No U.S. residents are allowed to sign up with OKEx.
Setting Up An Account With OKEx
When setting up an account with OKEx, there are three verification levels to choose from. Here’s a rundown of them:
Level 1: This requires users to provide basic information such as their name, passport ID, and nationality.
Level 2: This requires proof of identification, which must include a valid international passport with the photo clearly visible.
Level 3: Proof of address as well as video verification is required. Proof of address can make use of a driver’s license or ID card. Alternatively, you can supply statements that display your residential address as long as they’re not older than three months.
Which one should you choose? It depends on how much you want to trade!
What To Know About OKEx Accounts
There are many types of accounts you will have on OKEx – a total of nine, in fact! It can seem overwhelming to have to own all of these, but they all deal with different trading options, thus making it easier to manage your activity on the exchange. Here’s a summary of the accounts.
The main account you’ll have on OKEx is your Funding Account. This is where you’ll manage your balance, deposits, and withdrawals. You can withdraw funds from this account and send them to your personal wallet.
You’ll also get a savings account. This is where you will store your yields. When you deposit spare coins into this account, OKEx lends the money as margin loans to their traders. Some of the margin interest that’s collected from traders will be allocated as the interest for your savings.
There are also other accounts for specific types of trading, such as spot accounts and futures accounts.
OKEx Vs. Coinbase Vs. Bitmex
Now that we’ve looked at some important features of OKEx, let’s compare this exchange to other popular ones, namely Coinbase and Bitmex. We’ll look at four important features: Platform (interface), security, customer support, and fees that are charged by the respective exchanges.
OKEx has one of the best user interfaces. This is because its platform is easy to use, whether you’re an advanced or beginner trader. In addition, being able to use so many different types of cryptocurrency makes it even more appealing for beginners.
Although you get nine accounts to deal with, this actually makes your experience with the exchange much more organized.
When it comes to user-friendliness, Coinbase is known for offering both advanced and beginner traders a simple and clear interface. It also has pretty basic features that make using it just as good as, if not better than, using OKEx.
Bitmex falls short a bit when it comes to its interface. This is because it’s been described as being outdated and a bit messy, which makes it difficult for users to navigate, especially if they’re just starting out with trading cryptocurrency.
Safety And Security
OKEx offers its customers some important security in measures to make them feel secure when using the exchange.
These include mobile verification codes, two-factor authentication when you log into the website and withdraw your money, and anti-phishing codes that are used in emails. In addition, there is cold storage available for users which boosts the security of their money.
Coinbase maintains the safety of its users by keeping 98 percent of its funds in cold storage where they can’t be hacked. The exchange makes use of two-step authentication.
Paper backups and drives are distributed around the world where they are put in safe deposit boxes and vaults, and all of these features contribute to making Coinbase one of the most secure exchanges on the market.
Bitmex offers its customers high levels of security. These include the use of Amazon Web Services on its platform that protects customers with two-factor authentication.
There’s a trading engine security to close the system if a key and address don’t match, therefore protecting you against theft. In addition, the Bitmex platform was created with the use of a code known as kdb+ that’s been used when building trading applications of the world’s biggest banks.
OKEx does have support for customers in the form of a telephone number, but the number is based in Canada which can make it quite expensive to use if you’re not based in that country.
That said, you could make use of their Live Chat feature or send them an email the old-fashioned way if you’re having a problem.
Coinbase has a phone number but it’s only for problems related to compromised accounts. For other queries, you have to get in touch with them via email. Although they do have a Twitter account, it’s not meant for queries, but only updates regarding Coinbase products.
This is quite frustrating and makes it clear why one of the most common complaints users have about Coinbase is regarding its poor customer support.
Bitmex’s support staff will respond to user queries via a ticketing system used through email, but there are live chat channels available (such as Telegram). In addition, for really fast response times, you can connect with Bitmex staff on social media platforms like Twitter.
Earlier, we mentioned the fees breakdown for OKEx but it’s worth mentioning that OKEx gives you the chance to lower your withdraw fees by making use of ERC-20 Tether or by using OKB coins that come with trade discounts.
When it comes to withdrawing BTC, OKEX charges users a withdrawal fee of 0.0005 BTC.
When it comes to fees, Coinbase charges users a fee of 1.49 percent for every crypto sale or purchase. This fee will jump up to 3.99 percent if the trades are completed with the use of a credit card. What about withdrawal fees?
Things are a little complicated here. Coinbase doesn’t charge you money for withdrawals, but it charges you fees they need to pay in order to send you the money. When sending Bitcoin your way, the blockchain will charge Coinbase a network fee – this will then be charged to you.
With Bitmex, you’ll have to pay deposit, withdrawal, and trading fees. While deposit fees will vary, trading fees make up 0.075 percent of the total order value for takers. For makers, they get paid 0.025 percent for creating trades.
When it comes to withdrawal fees, you’re looking at approximately 0.000154BTC for BTC withdrawals, as Crypto Wisser reports.
What is OKEx’s corporate account?
It enables you to trade under the name of your country, while offering the same benefits that you’d gain from having an individual account. However, you can choose a maximum of four people to manage the account and place trades on behalf of your company.
What Are OKB Coins?
OKB refers to OKEx’s utility token and it operates on the Ethereum platform. When using the OKEx exchange, you can hold OKB tokens and make use of trading fee discounts with them.
Although a relatively new cryptocurrency exchange, OKEx has some interesting features. If you’re a beginner just starting out in the world of trading, you’ll love that OKEx has a user-friendly interface.
There are also other benefits available to you, such as its variety of trading options that make OKEx an appealing cryptocurrency exchange.