OKEx Cryptocurrency Exchange - July 2018 review | finder.com

OKEx cryptocurrency exchange review

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Trade more than 100 cryptocurrencies on one of the world’s largest digital asset exchanges.

OKEx is one of the largest cryptocurrency exchanges in the world. Regularly featuring among the top 10 global exchanges by 24-hour trade volume, OKEx offers fiat-to-crypto and crypto-to-crypto trading on more than 100 digital currencies. It also offers market maker and taker fees starting from 0.15% and 0.2% respectively, with discounted fees for high-volume traders.

But is OKEx the right exchange for you? We’ve gathered together a host of information about the platform’s features, fees, pros and cons to help you decide.

Product Name OKEx Cryptocurrency Exchange
Fiat Currencies USD, CNY
Cryptocurrencies BTC, ETH, LTC, EOS, TRX, ETC, BCH, TRUE, XRP, ABT, HSR, MITH, BTM, AUTO, IOST, & over 119+ more
Deposit Methods Cryptocurrency, Bank transfer, Alipay, WeChat Pay
Trading Fee Maker: 0.02-0.15%
Taker: 0.05-0.2%
Deposit Fees Fees vary
Withdrawal Fees Fees vary

Pros

  • Buy and sell more than 100 cryptocurrencies
  • Leverage trading and futures trading available
  • Desktop client available
  • Competitive trading fees
  • Large trading volume
  • Simple and straightforward trading interface
  • Established company

Cons

  • Mobile app still in beta testing phase
  • Futures trading is only for experienced traders and should be avoided by beginners
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is OKEx?

OKEx is a digital asset trading platform with tools and options designed to suit both beginner and experienced traders. As well as spot trading of cryptocurrencies, it also allows fiat-to-crypto transactions and futures trading.

Founded in 2014 and incorporated in Belize, OKEx is operated by OKEX Technology Company Limited. The platform announced in April 2018 that it was planning on opening an office on the cryptocurrency-friendly island nation of Malta, offering its services to millions of users in over 100 countries.

Which cryptocurrencies can I buy/sell?

You can buy and sell more than 100 coins and tokens on OKEx, including:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ether (ETH)
  • Ethereum Classic (ETC)
  • Tether (USDT)
  • Litecoin (LTC)
  • EOS (EOS)
  • Qtum (QTUM)
  • NEO (NEO)
  • FirstBlood (1ST)
  • Ark (ARK)
  • Bitcoin Diamond (BCD)
  • Bitcoin Gold (BTG)
  • Zilliqa (ZIL)
  • DigiByte (DGB)
  • Stellar (XLM)
  • Monero (XMR)
  • DigiByte (DGB)
  • Dash (DASH)
  • Ontology (ONT)
  • Mithril (MITH)
  • Nano (NANO)

Available countries

OKEx offers its crypto trading services to users in more than 100 countries around the world, including Australia. However, if you’re unsure whether you’ll be able to access OKEx from your country of residence, contact the platform’s support team for more information.

Which payment methods are accepted?

You can deposit funds into an OKEx trading account using the following methods:

  • Cryptocurrency transfer
  • Bank transfer
  • Alipay
  • WeChat Pay

However, you’ll need to provide your name, country of residence and proof of ID before you can make a fiat deposit.

How much will it cost me to use OKEx?

The tables below outline the maker and taker fees that apply when trading on OKEx.

Spot trading

Tier30-day trading volumeMaker feeTaker fee24-hour withdrawal limit
Level 1600 BTC or less0.15%0.2%100 BTC
Level 2601 – 1,199 BTC0.14%0.19%150 BTC
Level 31,200 – 2,399 BTC0.13%0.18%200 BTC
Level 42,400 – 11,999 BTC0.12%0.17%250 BTC
Level 512,000 – 23,999 BTC0.11%0.15%300 BTC
Level 624,000 – 59,999 BTC0.08%0.11%400 BTC
Level 760,000 – 119,999 BTC0.05%0.08%500 BTC
Level 8120,000+ BTC0.02%0.05%1,000 BTC

Futures trading

Tier30-day trading volumeMaker feeTaker fee24-hour withdrawal limit
Level 110,000 BTC or less0.03%0.05%100 BTC
Level 210,001 – 19,999 BTC0.025%0.045%150 BTC
Level 320,000 – 29,999 BTC0.02%0.04%200 BTC
Level 430,000 – 59,999 BTC0.015%0.035%250 BTC
Level 560,000 – 99,999 BTC0.01%0.03%300 BTC
Level 6100,000 – 199,999 BTC0.005%0.025%400 BTC
Level 7200,000 – 299,999 BTC0%0.02%500 BTC
Level 8300,000+ BTC-0.01%0.02%1,000 BTC

Are there any transfer limits?

The maximum amount you can withdraw from your OKEx account in each 24-hour period varies according to your trading volume, as outlined in the table below.

Tier 30-day volumeFutures trading 24-hour withdrawal limit
Level 1Less than 600 BTCLess than 10,000 BTC100 BTC
Level 2600 – 1,199 BTC10,001 – 19,999 BTC150 BTC
Level 31,200 – 2,399 BTC20,000 – 29,999 BTC200 BTC
Level 42,400 – 11,999 BTC30,000 – 59,999 BTC250 BTC
Level 512,000 – 23,999 BTC60,000 – 99,999 BTC300 BTC
Level 624,000 – 59,999 BTC100,000 – 199,999 BTC400 BTC
Level 760,000 – 119,999 BTC200,000 – 299,999 BTC500 BTC
Level 8120,000+ BTC300,000+ BTC1,000 BTC

Maximum limits also apply to individual transactions and to the amount you can trade each day. The limits for a selection of popular currencies are shown in the table below.

CurrencyTransaction limitDaily limit
Bitcoin100 BTC500 BTC
Litecoin10,000 LTC10,000 LTC
Ether1,000 ETH1,000 ETH
Ethereum Classic10,000 ETC50,000 ETC
Tether500,000 USDT500,000 USDT

Finally, the transaction limit when placing a fiat-to-crypto trade varies depending on the level of account verification you have completed. After submitting your name, country of residence and ID number, you’ll be able to access a single transaction limit of RMB800 (Chinese renminbi). This limit can be raised as high as RMB1,000,000 per transaction by submitting additional information.

Is it safe to use OKEx?

You can sign up for an account with OKEx simply by providing your email address and creating a password. This allows you to start trading crypto-to-crypto, but if you want to make a fiat deposit or withdraw any funds from your account, you’ll need to provide additional personal details.

OKEx also supports a few key features which users can access for additional security, including:

  • 2-factor authentication
  • Mobile verification codes for withdrawal, changing password and security settings
  • Anti-phishing codes with every email from OKEx

Customer support

If you have any problems with your account or have a query about a transaction, OKEx offers a handy online support centre with answers to a wide range of frequently asked questions. However, if you can’t find the answer you’re looking for, you can submit an online support request, open a live chat window or email support@okex.com.

Pros and cons

Pros

  • Buy and sell more than 100 cryptocurrencies
  • Leverage trading and futures trading available
  • Desktop client available
  • Competitive trading fees
  • Large trading volume
  • Simple and straightforward trading interface
  • Established company

Cons

  • Mobile app still in beta testing phase
  • Futures trading is only for experienced traders and should be avoided by beginners

Disclosure: At the time of writing the author held IOTA and XLM.

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