When OKEX Was Started?
OKex, situated in Belize, was founded in 2014 by Star XU and is a cryptocurrency and digital asset exchange that has divided opinion. The company, which is situated in Hong Kong, has substantial financial backing. Originally situated in China, the exchange, along with sister OKCoin, relocated to Hong Kong when the Chinese government banned the trading of initial coin offerings (ICOs), and is now focused on the international market. VenturesLab, co-founded by Tim Draper, a well-known American venture capitalist and cryptocurrency proponent who has made a run of successful early-stage investments in businesses including Hotmail, Tesla, and Baidu, is among the exchange’s remarkable list of investors.
What is Use of OKEX?
The OKex exchange arose from the OKCoin brand as a platform for more skilled cryptocurrency traders. OKCoin is the more straightforward exchange, focusing solely on the buying and selling of cryptocurrencies and ICO tokens, whereas OKex is a more sophisticated platform that resembles typical financial stock exchanges.
OKex is one of the world’s top 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 lately been raised, as they have been with other big Chinese-owned cryptocurrency exchanges, about whether genuine turnover figures are as high as stated, amid charges of exaggeration and manipulation.
OKex released their own ‘utility token’ cryptocurrency in early 2018, following in the footsteps of other prominent Chinese exchanges such as Binance and Huobi Pro. The token can be used to pay for “exclusive services” such as “special customer assistance and increased API rate limitations” on the exchange platform. Private utility tokens appear to be the next trend among cryptocurrency exchanges, a trend inspired by Binance’s ICO, which propelled the exchange to the top of the global rankings within a month of its opening.
Although no official announcement has been made, OKex is said to be planning to build its own Ethereum-style public Blockchain platform.
Best Exchange Platform
The OKex exchange platform is offered both in-browser and as a download-able desktop client software. Because trading platforms are relatively large, downloaded software that handles the brunt of the demand eliminates the chance of a browser crashing due to memory and processing issues. Because OKex’s exchange platform is more professional than the usual bitcoin exchange, it places a higher demand on hardware.
The exchange platform is well-designed and looks similar to high-end typical financial market trading platforms. A charting programme, built by parent business and sister exchange OKCoin, is also a crucial tool that anyone with trading experience would appreciate.
The OKex exchange enables both crypto-to-crypto and fiat-to-crypto trading, which is usual for cryptocurrency exchanges. Unfortunately, the Chinese Yuan is now the sole fiat currency accepted. The exchange currently supports over a hundred cryptocurrencies and tokens, with new ones being added on a regular basis.
The site also offers margin trading, with a maximum leverage of 20:1 – the greatest of any cryptocurrency traded or CFDs broker. Margin trading with cryptocurrencies is often limited to 20:1 due to their price volatility.
OKex also offers Bitcoin, Ethereum, and EOS futures trading, with weekly, biweekly, and monthly contracts available. Futures contracts can also be traded on leveraged margin.
The inclusion of algorithmic trading capabilities to the exchange’s range of additional functions is a recent addition.
Trading costs are one of OKex’s strongest points, and the exchange is one of the cheapest in the cryptocurrency industry. Fees are graded based on typical 30-day trading volumes, but even at the highest level, they are cheap. A 0.15 percent maker charge and 0.2 percent taker fee are the highest trading expenses for low volume accounts. For makers and takers fees, this reduces to 0.02 percent and 0.05 percent, respectively.
Fairness and security
As one of the world’s largest cryptocurrency exchanges with significant financial backing, it’s reasonable to expect that OKex’s cybersecurity architecture meets industry best practises. GSLB, distributed server clusters, and cold storage multi-signature wallets are among the security features listed by the exchange.
A number of OKex account holders complained in October 2017 that their accounts had been hacked and their bitcoin assets had been taken. The failure of account holders to secure their accounts and make passwords and logins available, according to the exchange, is to blame. Suggestions that the exchange’s security measures were inadequate were debunked, and clients were given new account and wallet security standards.
Customer service is provided by OKex via a phone number, an email-based ticketing system, and a variety of chat apps and social media outlets. Some online complaints about poor response rates or failure to handle problems are mixed in with the positive feedback on assistance levels. In general, it appears that the exchange’s processes and approach are rigid, but users who recognise this and act accordingly report few issues.
Advantages and disadvantages
- Futures trading is one of the many professional trading choices available.
- Support for fiat to cryptocurrency conversion.
- Trading platform for high-level traders Leverage trading.
- A large number of cryptocurrencies are supported, with over 100 in total.
- Fees are low.
- For the time being, only the CNY is accepted as a form of payment.
- Customer service has received mixed ratings.
- However, with worldwide expansion goals, China’s market focus should shift.
OKex is a well-funded exchange with big plans for the future. For more experienced traders, there aren’t many cryptocurrency exchanges that provide the kind of professional trading platform that OKex delivers, complete with the functions and trading formats found in large, traditional financial exchanges. Low trading fees are another significant benefit that will appeal to more experienced traders.