Okex Exchange Review: what is it and how does it work?

OKEX is a cryptocurrency exchange founded in 2017, on which you can earn by trading cryptocurrencies. It is a very liquid market and the second largest exchange in the world. The platform allows you to exchange fiat-to-crypto, crypto-to-crypto, has a derivatives market and offers almost 400 trading pair. It also has its own wallet, allows you to earn interest on the cryptocurrencies you own, just like Binance has a native token (OKB) and allows you to buy Bitcoins with a visa / mastercard, bank transfer, Applepay and other payment methods supporting 30 local currencies. If you are new, you can earn $10 Bitcoin welcome bonus with your first cryptocurrencies purchase. If you want to know how to get the bonus, read our tutorial

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REGISTRATION AND VERIFICATION

OKEX is available in over 100 countries. The exchange is not available to citizens of Hong Kong, Cuba, North Korea, Iran, Crimea, Sudan, Malaysia, Syrua, Bangladesh, Ecuador, Bolivia, Kyrgyzstan and unfortunately the United States.

If you are in one of the accepted countries, you can create your account and start to work and trading on Okex. Registration process is very simple: enter your email and password, than confirm your email using the verification code you’ll receive in your email and go on. First thing to do after you login is verify your account. This will enable all major features and you can start to buy, sell, deposit and withdraw. 1st level verification will allow you to withdraw 200 Bitcoin daily. Lv2 and Lv3 enable 500 Bitcoin daily cashout,

 

TRADING ON OKEX

OKEX support around 60 cryptocurrencies and 400 trading pair. Here all the available markets:

  • Fiat to crypto: exchange all the main cryptocurrencies on the list against fiat currency (leverage up to 5x)
  • Crypto to crypto: this is the most rich and popular area. You can trade a large variety of crypto / tokens for BTC, ETH and OKB. (leverage up to 5x)

 

 

Derivative instruments:

  • Futures: this type of contract allows you to trade cryptocurrencies at a future date at a higher or lower price than the current one. Futures transactions are permitted on 9 cryptocurrencies: BTC, LTC, ETH, ETC, XRP, EOS, BCH, BSV and TRX. (lever up to 100x)
  • Options: allows you to buy or sell on a certain future date. The difference with Futures is that in this case the buyer can decide to exercise the option or not.
  • Perpetual Swap: another Okex derivative instrument that allows you to buy or sell without a date of extinction, downwards or upwards (leverage up to 100x).

OKEX offers inside the platform valuable guides for beginners and advanced users, to learn how to get the best from your trading activity. The Trading Guides about Options, Futures and Perpetual Swaps are a must read tutorials, especially if you do not have experience with this assets.

 

 

TRADING FEE

Basic fees are 0.10% for maker and 0.15% for taker. These percentages can be reduced based on your monthly trading volume: more you trade, less you pay.

Like many exchanges on OKEX too there is a VIP program that allows traders with a high volume of monthly exchanges to reduce transaction fees. Check the next pics for details.

 

okex fee
okex fee

 

EARN WITH OKEX WITHOUT TRADING

If trading is not your best skill and you don’t love it, you can take advantage from OKEX in different way: you can get a passive profit by holding your cryptocurrencies on the platform. There are three earning option:

  • staking – flexible deposit without time limits to support some cryptocurrency network (proof-of-stake) 
  • term deposit – 30/60/90 days deposits
  • saving – flexible deposit to receive a daily return. There are different interest rate for any cryptos. You can withdraw your funds at any time.

Another way to earn is the Okex affiliate program, which allow you to earn 30% from your referrals transactions. You know some good trader? Well, invite him to join Okex and get daily rewards from his trades. You will need to invite 10 friends before to start earning trade commissions. Don’t worry: Okex helps you find friends by rewarding new members with $10 Bitcoin bonus.

 

OKEX IS SAFE?

OKEX offers several tools to protect you and your funds. Get maximum safety through the 2FA protection system. Download Google Authenticator and enter the code that you will find on the app every time you login or make withdrawal request. You can also have two passwords: one for login and a second one for placing orders on the platform. Activate SMS verification codes for withdrawals, changing passwords for additional security levels. Protect yourself from phishing email activating Anti-Phishing code to instantly recognize the real Okex emails.

Anyway a good rule for any exchange: keep on the exchange only money you want to trade. Exchange are trading platform, not wallets. If you don’t need money there, withdraw it. 

 

CONCLUSIONS

The Okex platform really offers a significant amount of possibilities for traders. If you start to work with it, you’re choosing one of the largest exchange in the world. Simple and direct interfaces, user-friendly, with many trading options. However, some tools such as derivatives and leverage make the platform suitable for an audience of traders who already have experience. If you don’t have a Okex account, you can in the meantime complete the welcome offer to get $10 free Bitcoin, than you can choose: start your training in the Okex academy  or move the funds to Binance, which offers a more simplified trading experience. Or you can simply withdraw your new Bitcoins in your wallets of course.

 

okex $10 bitcoin

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