What is Okex.com? How does it compare to other platforms of its kind in the market? Is it one you should switch to or not? In today’s review, we shall cover such concerns in a bid to see to it that you have a clear understanding of what Okex.com can benefit you with. Here are some of the key items that we shall be looking at:
- What is Okex.com?
- How does the Exchange platform look like?
- How are the exchange markets on this platform?
- Fees charged on OKEx
- Is OKEx.com legit or a scam?
- Pros and cons
Name of the platform: Okex.com
Official Website URL: https://www.okex.com/
Overall Rating: (3.8 / 5)
What is Okex.com?
OKEx is a derivatives cryptocurrency and digital asset exchange platform which has been around since 2014. Its customers are mainly those people who are intrigued by the operation of platform based on blockchains. OKEx has more than 100 cryptos and it offers futures pairs to ensure that traders maximize their potential with their various money-making strategies.
Okex.com happens to serve quite a large number of traders on a daily basis, with the daily trading volumes going past $1.5B on some days. this means that this platform is well-established, and one that quite a large number of people trust. This could mainly be as a result of the fact that the blockchain technology is used to offer derivatives contracts. Some of the main benefits of using the blockchain technology on this platform include:
- The elimination of major barriers to financial transactions
- A boost in the overall efficiency of the transactions
- A transformation of the global economy.
In addition to that, this platform has the backing of well-known investors and firms such as :
- Longling Capital
- Ceyun Ventures
- Giant Network Group
- Tim Draper- He is an American Venture Capitalist who is a proponent of cryptocurrencies. Most people who know him can verify his experience in backing firms, in the way he invested in the early stages of firms such as Baidu, Tesla, and Hotmail.
How does the Exchange platform look like?
You can access OKEx through your browser, or through a desktop client software which is downloadable. Their software is relatively professional, thus has some extra demands in terms of hardware requirements, in comparison to other cryptos in the market.
In most cases, downloadable trading software is usually quite heavy since it are created to cater to risks that your regular browser cannot handle. Most regular browsers, can for instance freeze at the time you are carrying out some very crucial trades and this can cost you a lot of money. The trading software gives you the operational efficiency that you need to execute the trades at the time that you need to, with no inconvenience. You should, therefore, be ready to get yourself a decent computer with excellent hardware specs.
Generally speaking, I think OKEx resembles most of the trading software that you will find in the present-day world. Their charting package will definitely be one thing that you like about the exchange platform. OKCoin, the parent and sister company of OKEx is the firm that created this charting package.
How are the exchange markets on this platform?
Currently, you can do the following exchanges on OKEx:
- Cryptocurrency to cryptocurrency exchanges
- Fiat to cryptocurrency exchanges
For the fiat to crypto exchanges, the only currency that is supported is the Chinese Yuan. If you want a platform that gives you more fiat currency options, then this platform is not your go-to choice.
This platform, however, supports 100+ cryptos and digital tokens. These are usually updated from time to time, so you can keep checking to see if the coins you prefer have been added to their offerings. This platform offers margin trading. You can do your trades with a 20:1 leverage, which is quite impressive, owing to the income-earning potential that it has. OKEx offers BTC, ETH & EOS future contracts. They are usually availed in bi-weekly, weekly, and monthly term contracts.
Finally, you can rely on the algorithmic trading tools that OKEx recently added to the exchange platform. With the tools, you can execute more refined trades, and earn a better income in the long run.
Fees charged on OKEx
OKEx has done a relatively great job with the minimization of their fees and charges on their platform. This is one feature that attracts many traders, and I think this been a major selling point for OKEx.com. The platform’s fees tiers are tied to the 30-day trading volumes, but even on the upper end, you will find that they are relatively lower in comparison to other platforms. If you can take advantage of the features offered on this platform, carry out your research well, and execute your trades at the right time, you can walk away with impressive earning since they are not eaten into by unnecessary charges.
So far, I think the highest fees that you can incur when using this platform to trade are on the low volume trades. This is one fee and charges strategy that most platforms rely on to ensure that you deposit more money to trade. On OKEx, the low volume trades have 0.155 maker fees and 0.2% taker fees. Depending on how willing you are to deposit more funds on this platform, these fees can be as low as 0.02% (maker fees) and 0.05% (taker fees).
Is OKEx.com legit or a scam?
According to what I’ve seen so far, I think OKEx is legit. There’s nothing that points to it being a scam. Many people are already relying on this platform to execute trades, and this has been the case since 2014. If it was a scam, it would have been shut down by the authorities already. I did some research about whether the clients are gaining any value from this platform, and their user experience in general, but did not get any very solid reviews. On a platform like Trustpilot, the reviews presented are to some extent not very reliable to help one make a decision about whether or not to use this platform. I, however, could tell that the main issues are related to clients not reading the terms and conditions and not having their documents ready in case of a KYC procedure. On the other consumer trust sites, there’s nothing that points implies that Okex.com is not genuine. My general advice would be that if you decide to trade using this platform, then read the terms and conditions and have all your documents ready.
Pros and cons
- Cryptos futures contracts are offers.
- You can also do fiat-crypto trades
- The trading platform is well-developed
- Offers leveraged trading
- 100+ cryptos offered for trading
- Fees are relatively low
- The only fiat offered is Yuan
- Reviews are not very solid.
Final words and verdict:
Overall rating : (3.8 / 5)
I think Okex.com is a valuable platform in the way it lets you use reliable trading software and its algorithmic trading tools to earn your income. To make it through with this software, however, you have to ensure that you understand all terms and conditions properly. That said, you make crypto trading better by relying on my recommended source of investment information below:
There you go- my review about what Okex.com is all about. I hope that you enjoyed it and that you got some value from it. If you have any questions, feel free to drop them in the comments section. Have fun trading, and don’t forget to check out The Crypto Vigilante for reliable crypto alerts.
Eric. Bitcoin investor and blogger at Start Make Stop Waste.