OKex, based in Belize, was founded in 2014 by Star XU and is a cryptocurrency and digital asset exchange that has divided opinion. The business, which is based in Hong Kong, has substantial financial backing. Originally based in China, the exchange, along with sister OKCoin, relocated to Hong Kong after the Chinese government banned the trading of initial coin offerings (ICOs), and is now concentrated on the international market. VenturesLab, co-founded by Tim Draper, a well-known American venture capitalist and cryptocurrency proponent who has made a series of active early-stage investments in companies like Hotmail, Tesla, and Baidu, is among the exchange’s impressive list of investors.
The OKex exchange arose from the OKCoin brand as a platform for more experienced cryptocurrency traders. OKCoin is the more straightforward exchange, focusing solely on the buying and sale of cryptocurrencies and ICO tokens, while OKex is a more complex platform that resembles conventional financial stock exchanges.
OKex is one of the world’s largest international cryptocurrency exchanges, according to CoinMarketCap.com, with a daily turnover of $1.5 billion from its Bitcoin futures trading product alone. However, concerns have recently been raised, as they have been with other prominent Chinese-owned cryptocurrency exchanges, about whether real turnover figures are as high as recorded, amid allegations of exaggeration and manipulation.
OKex launched their own ‘utility coin’ cryptocurrency in early 2018, following in the footsteps of other big Chinese exchanges such as Binance and Huobi Pro. The token can be used to pay for “special services” such as “dedicated customer support and increased API rate caps” on the exchange platform. Private utility tokens appear to be the latest trend among cryptocurrency exchanges, a trend sparked by Binance’s ICO, which propelled the exchange to the top of the global rankings within a month of its launch.
While no official announcement has been made, OKex is rumoured to be planning to launch its own Ethereum-style public Blockchain network.
The OKex exchange platform is available both in-browser and as a download-able desktop client app. Since trading platforms are relatively large, downloadable software that takes the brunt of the load eliminates the possibility of a browser crashing due to memory and processing issues. Since OKex’s trading platform is more professional than the typical cryptocurrency exchange, it puts a higher demand on hardware.
The exchange platform itself is well-designed and resembles traditional trading platforms for financial markets. Another major feature of a chart package developed by parent company OKCoin and sister exchange, will be appreciated by all traders.
The OKex exchange offers the most common standard cryptocurrency exchange and crypto-currency trading services. Unfortunately, Chinese Yuan is currently supported by the only fiat currency. The Exchange supports well over 100 cryptocurrencies and tokens with new options regularly added.
The maximum available levers is the highest in any shared cryptocurrencies or CFD broker, and margin trading is provided on the platform. Because of its price volatility, margin trade on cryptocurrencies markets is generally limited to 20:1.
In addition, OKex offers future trading with weekly, bi-weekly and monthly contracts for Bitcoin, Ethereum and EOS. Future contracts also have leveraged margin trading available. The addition of algorithmic trading instruments was a recent addition to the exchange suite of additional features.
Rock’s low trade charges are an important strength of OKex and the exchange is one of the lowest in the cryptocurrencies market. Fees are calculated according to average trade volumes for 30 days, but are low even at the top end. 0.15% of buyer fees and 0.2% of buyer fees are the highest trade charge due on low volume accounts. This is as low as 0.02% and 0.05% respectively for manufacturers’ and borrowers’ fees.
Security and Fairness
It is supposed that the cyber security architecture in place at OKex is consistent with the industry’s best standards as one of the biggest exchanges of cryptocurrencies supported by some major capital. The exchange itself lists GSLB, distributed server clusters, and multi-signature cold storage wallets among existing security measures.
A number of account holders of OKex complained in October 2017 that their accounts were hacked and that they had stolen cryptocurrency holdings. This was due to the failure of the account holders to secure their accounts and access passwords and logins. Suggestions concerning insufficient safety standards in the exchange themselves were refuted and new account and wallet security guidelines were issued to customers.
With a phone line, an email based ticketing and several messaging apps and social media channels, OKex provides customer support. Support level feedback is combined with certain online complaints about slow response rates or problems. In general, it seems that the exchange in your systems and approach is quite inflexible, but users who understand this and act are reporting few issues accordingly.
Pros and Cons
- Wide range of pro trading options like future Fiat support for cryptocurrency
- Trading platform of high level
- Trading in leverage
- Low costs were supported by a wide range of over 100 cryptocurrencies
- CNY supported only fiat for now
- Customer service mixed reviews
- But China’s focus on the market should change with international ambitions for growth
OKex is a well-funded and globally important exchange. There are not many cryptocurrency exchanges for more experienced traders which offer the kind of professional trading platform for OKex’s traditional market with functionality and trading formats usual for large financial exchanges. Low trading charges are another big plus for more experienced traders in particular.
Although this may change in the relative short term, the fact that CNY is the only supported fiat currency means that OKEX remains very much focused on the Chinese market.
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