OKEx, a subsidiary of OKCoin, caters to discerning Bitcoin traders seeking advanced trading capabilities. In contrast to OKCoin’s user-friendly interface, OKEx provides a platform akin to traditional financial securities exchanges, facilitating sophisticated cryptocurrency and ICO token trading.
As a prominent international cryptocurrency exchange listed on CoinMarketCap.com, OKEx boasts a daily Bitcoin futures trading volume of $1.5 billion. However, questions surrounding turnover estimates, including allegations of exaggeration and manipulation, have surfaced, particularly concerning Chinese-owned exchanges like OKEx.
In early 2018, OKEx followed the footsteps of Binance and Huobi Pro by introducing its proprietary utility token cryptocurrency. This token enables users to pay exchange fees or access exclusive services, such as dedicated customer support and enhanced API rate limits. Proprietary utility tokens have gained traction since Binance’s ICO propelled it to become the world’s largest cryptocurrency exchange within a month.
While no formal announcement has been made, there are indications that OKEx may venture into developing an Ethereum-like public Blockchain platform.
The OKEx exchange platform is available both as a web-based application and downloadable desktop client software. Downloadable software, which alleviates browser memory and processing issues, offers a more robust trading experience, albeit requiring higher hardware specifications. The platform boasts a well-designed interface reminiscent of traditional financial markets trading systems, complemented by charting software developed by OKCoin.
OKEx facilitates both crypto-to-crypto and fiat-to-crypto trading, albeit limited to the Chinese Yuan as the sole fiat currency. With support for over 100 coins and tokens, the platform continuously expands its offerings to include new alternatives.
Margin trading, with the highest leverage among cryptocurrency and CFD brokers at 20:1, is a standout feature of OKEx. However, cryptocurrency margin trading is capped at 20:1 due to the inherent price volatility.
The platform also offers weekly, bi-weekly, and monthly Bitcoin, Ethereum, and EOS futures contracts, enabling leveraged margin trading. Recently, algorithmic trading features were integrated into the exchange.
OKEx boasts competitive cryptocurrency trading fees, determined by average 30-day trading volumes. Even at the highest tier, fees remain minimal, with makers and takers paying 0.15% and 0.2%, respectively.
With robust financial backing, OKEx prioritizes cybersecurity, employing features like cold storage multi-signature wallets, GSLB, and distributed server clusters. Despite past security incidents, including reported hacks in October 2017, the exchange emphasizes user responsibility for securing accounts and provides updated security recommendations.
Customer support is available through various channels, including phone, email, messaging applications, and social media. While support ratings vary, some users have reported delayed responses or resolution of issues. Understanding the exchange’s processes is key to minimizing potential issues.
In summary, OKEx stands out among cryptocurrency exchanges, offering a professional trading platform akin to conventional financial markets. With its advanced functionality, diverse trading formats, and low trading costs, OKEx caters to experienced traders while aspiring to global prominence.