OKEx Cryptocurrency Exchange Review

Welcome curious crypto-heads! Let’s talk about OKEx, the popular centralised cryptocurrency exchange. The exchange's operators are based in Malta and the Seychelles. OKEx still keeps offices in Beijing and Shanghai and allows domestic investors to trade cryptocurrencies through OTC trading. 

Users can buy popular cryptocurrencies such as bitcoin, Ethereum and USDT from OKEx-verified merchants in a way similar to e-commerce platforms such as Amazon. OKEx boasts hundreds of tokens and futures trading pairs. Founded back in 2017, the brains behind the operation, Jay Hao pivoted from games development into cryptocurrency to launch the exchange. With many industries and crypto-projects suffering during a tumultuous 2020, OKEx has managed to beat the trend and remarkably become the exchange with the largest top-tier trading volume for derivatives. 

According to OKEx, their mission is driven by the strong belief that blockchain technology will eliminate barriers to transactions, increase the efficiency of transactions across society, and eventually have a significant impact on the global economy. 

Should you believe the hype? Perhaps yes. Read on as we explore the positives, the negatives, and more. 


Image via SOMAG

The Positives
  • More than 30 fiat currencies are accepted on the platform through 9 different well-known payment providers, allowing you to quick-buy one of 11 different cryptocurrencies to get you started. This is great for first-time traders, who can also benefit from the OKEx Academy, offering free resources with a great UX/UI.
  • Being such a popular platform means their liquidity is incredibly high, for example, there is over $1.5bn worth of BTC and $500m worth of ETH being traded every day.
  • Cryptocurrencies and derivatives can be day-traded 24/7, through spot or margin trading or futures contracts.
  • OKEx offers a highly-secure wallet and advanced portfolio management tools for hodling and crypto-mining.
  • One of the few popular exchanges that trade derivative instruments, with leverage available up to 100x in certain cases.
  • Zero deposit fees. Withdrawal fees depend on the type of coin and payment provider used.
  • OKEx has an Earn Program which allows traders to earn interest on their crypto-holdings. This customer-to-customer lending platform allows users to make backed loans to other users, earning loan interest in the process. Lenders and borrowers can both have some say in the terms offered.
The Negatives
  • Vulnerabilities that may be a result of unforeseen circumstances or internal/external forces (this affects almost all centralised exchanges) especially because the crypto space is largely still unregulated. 
  • Traders have to pay a small amount of BTC to withdraw their fiat currencies.
  • In the event of a major hack, it’s unknown whether they have an insurance fund.
  • The platform is geared more to seasoned traders and can be seen as sophisticated by some new crypto investors.
Which cryptocurrencies can you find on OKEx?

With over 500 verified market pairings and another 50+ awaiting verification, it would be pointless to list them all here. Instead, you can rest assured that most quality cryptocurrencies can be found on this platform, due to popular demand.

Some information about fees

Whilst some exchanges like to keep their trading fees simple, it’s actually the complexity of OKEx that makes them a very appealing proposition to traders. Rather than splitting their traders by free and paid, they instead define them as Normal and VIP based on their trading volumes from the last 30 days. Normal traders can benefit from 5 different tiers of commissions, whereas VIP users have 7 different tiers. Once you’re trading over 1,000BTC a month, you’re a VIP. Many large-volume traders are excited by the fact that the more you trade, the lower your trading fees become.

Normal User

 

Tier

Total OKB holding

30-day Trading Volume (BTC)

Maker Fee

Taker Fee

24hr Withdrawal Limit (BTC)

Lv 1

< 500

< 1,000

0.100%

0.150%

500

Lv 2

≥ 500

< 1,000

0.090%

0.135%

500

Lv 3

≥ 1,000

< 1,000

0.080%

0.120%

500

Lv 4

≥ 1,500

< 1,000

0.070%

0.105%

500

Lv 5

≥ 2,000

< 1,000

0.060%

0.090%

500

VIP User

 

Tier

30-day Trading Volume (BTC)

Maker Fee

Taker Fee

24hr Withdrawal Limit (BTC)

Lv 1

≥ 1,000

0.060%

0.080%

600

Lv 2

≥ 5,000

0.040%

0.075%

800

Lv 3

≥ 10,000

0.020%

0.070%

1,000

Lv 4

≥ 20,000

0.000%

0.060%

1,200

Lv 5

≥ 50,000

-0.002%

0.050%

1,500

Lv 6

≥ 100,000

-0.005%

0.040%

1,800

Lv 7

≥ 150,000

-0.010%

0.030%

2,000

Information about maker and taker fees can be found here.

OKEx Referral program

Image via Medium

In order to support their growth, OKEx offers the  and  programs, which encourage users to promote the crypto space and spread awareness in exchange for rewards and commissions. New sign-ups are also welcomed with the  program, which allows beginners to claim up to $80 by completing various tasks and activities.

With the OKEx Referral program, you can earn rewards by inviting your friends to create accounts on OKEx and start trading. As one of your referrals completes the following three tasks within 180 days of their registration, you will earn $10 rewards for each:

  1. Buy crypto: You will receive $10 in BTC when your referee completes the purchase of at least $100 worth of crypto in their first order.
  2. Deposit crypto: You will get a 10 USDT rebate card when your referee passes KYC verification level 2 and makes a first deposit of at least $100 worth in crypto.
  3. Trade: You will receive $10 in BTC when your referee completes the trading milestones, which will earn them $50 in BTC.
OKEx Affiliate program

The OKEx Affiliate program gives you the opportunity to earn free Bitcoin and a minimum of 30% commission when any of your referred users trade on OKEx. You can become an  if 10 of your invited friends have completed the first task on the Rewards homepage: Earn $10 in BTC.

As an OKEx affiliate, you are entitled to a number of  apart from trading commissions. For instance, you will receive support from OKEx regarding in-depth content and community collaborations, such as airdrops and AMA sessions.

Moreover, you will become a regular partner of OKEx at various conferences and annual events, which will also help you expand your network. Finally, you will also receive special gifts for local and international festivals celebrated by OKEx.

Please note, however, that once you become an OKEx affiliate, you are no longer eligible to receive rewards via the OKEx Referral program. If you’re interested in earning passive income online from OKEx, join the OKEx African Seeders Club or Content Partners Program here.

The final say

OKEx has done a pretty stunning job of entering the market, proving their reliability, and winning hundreds of thousands, if not millions, of crypto and derivative traders. Their system provides excellent security, flexibility, and many incentives to trade, with the infrastructure to ensure that trading activity is managed smoothly. For crypto-investors who don’t want to trade, for whatever reason, the interest-earning C2C loan system is worth some thought and consideration.

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