OKEx allows you to trade in futures and securities, which makes it a multifunctional and promising trading platform for the entire digital market.
You can comfortably trade cryptocurrencies (there are a lot of currency pairs), as well as work with fiat money that is supported by the exchange. At the same time.
Based on such positive feedback, we decided to analyze this exchange and draw up a detailed review of the OKEx com platform. From it you can find out the history of the creation of the exchange, what trading functionality it provides, what are its advantages/disadvantages, how to register an account, secure it and start trading on OKEx (including trading cryptocurrencies, futures, fiat currencies).
What functionality is on the exchange
OKEx is a multicurrency exchange that allows users to exchange and speculate cryptocurrency, tokens, and fiat money, as well as engage in margin trading in digital asset futures.
The OKEx exchange is primarily intended for experienced traders who are actively engaged in margin trading in cryptocurrencies. This is confirmed by the fact that the functionality of this site is very extensive. More than 500 currency pairs are available to users, which are traded with cryptocurrencies such as Bitcoin (BTC), Tether (USDT), Ethereum (ETH), and OKB – the internal token of the OKEx exchange.
There is also an opportunity to trade fiat money, but only the Chinese yuan can be entered on the trading floor (USD is only in the plans of the developers).
Cryptocurrency futures are traded with 1:10 or 1:20 leverage.
The commission on this trading platform is calculated according to the “Maker-Taker” principle, where “Maker” is the user who creates a new order, and “Taker” is the one who satisfies the already created application (we will talk about commissions in more detail in a separate paragraph).
OKEx currently supports 7 languages, the main ones being Chinese and English.
Another feature of OKEx is optional verification, which, in principle, pleases a lot of users who value anonymity (however, now there are some nuances in the withdrawal of cryptocurrency).
How to trade cryptocurrencies on OKEx
So, now let’s go directly to the OKEx trading section, where we will buy/sell cryptocurrencies and tokens with USDT, BTC, ETH, and OKB (internal exchange token) pairs. There is also a separate section “Favorites”, where the most interesting tokens are located (you can view it if you wish).
Click on the Spot Market section and select Classic. The following window will open.
The OKEx system will automatically redirect you to the BTC (Bitcoin) / USDT (Tether) trading section with various charts, current values , and other data.
A little to the right you can see the “Buy” and “Sell” sections. Here you can trade both instant and pending orders. To complete a deal, you first need to select the type of order and enter the amount.
OKEx currently supports the following types of buy orders:
- “Limit” – you set the price for the purchase of cryptocurrency yourself.
- “Market” – the OKEx system automatically sets the price that is currently on the exchange at the moment.
- “Trigger” – when the last determined currency price reaches the stop price, the trading section system will execute the order that you place to buy or sell a crypto coin at a specific price and volume.
- “Trail” – you can set a stop price at a fixed rate below the market price with an attached “end” amount. As the market price rises, the stop price also increases, but if the value falls, then the price of this stop loss does not change, and your order will be triggered when the stop price is reached.
After you select the type of order, you will need to indicate the price of the cryptocurrency for which you want to purchase it in the “Price” section and the number of coins in the “Volume” column.
After that, below you will see the total cost of the purchase of the cryptocurrency, which will need to be paid. If everything suits you, then click the “Buy …” button (where … is the name of your coin, in our case BTC).
There is also in this section “Spot Market” the “Full Screen” mode, where you will see cryptocurrency trading on the full screen of your monitor. This is done for better and more convenient trading: here you can see more information regarding a particular digital coin, graphics for detailed analysis, etc. In general, this section is for more advanced users. The rest can use the simpler classic trading market mode.
How to top up your account
In order for you to buy cryptocurrency (tokens), you first have to replenish your account on the OKEx exchange. We can do this in the “Account” section. Here you have the options for depositing and withdrawing tokens. Click on the “Deposit in tokens” button.
Next, select the cryptocurrency that you want to replenish on your account. After clicking on a certain coin, the system will give you a wallet address, to which you will need to transfer digital assets. It is worth noting that there is no minimum deposit on OKEx.
Also, at the bottom of the section of each coin, you will see the history of its transactions.
How to withdraw cryptocurrency with OKEx?
Until recently, each user could withdraw cryptocurrency from the OKEx exchange without any restrictions and verification. However, this rule has now changed. To withdraw funds, you must at least pass the 1st level of verification (KYC 1). How to do this has already been explained earlier.
Those who have passed KYC 1 will be allowed to withdraw funds in an amount equivalent to 2 BTC per day, which, in principle, is enough for most users. Those who have passed KYC 2 and 3 have a chance to withdraw up to 100 BTC per day (the limit may be increased depending on the total amount of trading per day for a particular user).
Also, to withdraw cryptocurrency from the exchange, you will need to link your account to the Google Authenticator on your mobile phone and email, as well as create a Fund password. After completing all the above steps, the OKEx system will remove restrictions on the withdrawal of digital coins.
The “Withdrawal” section itself is located in the “Account” column.
After passing the verification, the OKEx exchange will show you the following window.
To withdraw cryptocurrency from the exchange, you need:
- select the cryptocurrency that we want to send (in our case, the Litecoin coin);
- add an address in the “Address” line for sending funds. This can be done using the “Add Address” button
- to enter the required amount of cryptocurrency to send (here we are shown the minimum withdrawal amount of 0.1 LTC; for each coin in different ways). Also, if you hover the mouse cursor over the inscription “Temp. not avail”, then here we will see the withdrawal limit for certain cryptocurrencies. Litecoin is capped at 226 LTC for 24 hours;
- agree with the amount of the commission that you will have to pay;
- enter the code from Google Authenticator, code from Email (it will be sent to you by email), as well as the Fund password, created earlier.
When everything is ready, click on the “Confirm withdrawal” button. Immediately after confirming the operation in the “History” section, which is located just below, your transaction will appear.
OKEx fees and limits
Commissions and limits for withdrawing cryptocurrency from the exchange are different for all coins. Below we have prepared a comparative table of commissions for the withdrawal of some currencies from the OKEx and Binance exchanges.
The commission for trading transactions on this trading platform is relatively small, especially for those who trade a large amount of cryptocurrency.
The standard rate is around 0.15%. A similar commission will be charged to you if you trade between 0 and 100 BTC per day. If this amount is exceeded, the commission is reduced.
In futures trading, the commission is from 0.03 to 0.05%.
