Review on OKEx by Benaiah A. Akinlade
OKEx is worth the hype
OKEx is a cryptocurrency exchange based in Malta and founded in 2017. It is a platform for trading various cryptocurrencies. It features spot and derivative trading.
In May 2018, the exchange became the world's largest cryptocurrency exchange by reported turnover
OKEx Trading fees
It charges 0.15% trading fee for takers in comparison to the industry average of 0.25%. It is noteworthy that there are a lot of exchanges lowering the trading fees which means that the industry average is slowly moving towards 0.15% and 0.10%. There is also a 0.10% discount for the makers in the trades.
A discount system has been put in place through which you pay a lower trading fee the more you trade. If you can trade more than 1000 bitcoin and you also hold more than 2,000 OKB tokens (OKB is the exchange’s native token) within 30 days, then you only have to pay 0.09% as a taker and 0.06% as a taker.
OKEx Withdrawal fees
This trading platform charges a below industry average withdrawal fee of 0.0005 BTC when you withdraw BTC. Note that the industry average is 0.000812 BTC per BTC-withdrawal. This withdrawal fee is around 40% lower than industry average.
Methods of deposit
Deposits can be made through:
1. wire transfers
2. credit cards.
OKEx Security
It is highly secure in spite of being one of the world’s largest exchanges. The exchange has never been hacked
One blemish is that the exchange is not available for trading for investors based in USA.
This exchange can be downloaded at both the App Store and Google Play for mobile devices.
It is also downloadable for both Mac and Windows.
In my humble opinion, I believe that OKEx is worth investing in but we should all invest cautiously.
Pros
- Good discount system. The higher you invest to trade, the higher the discount you get
- Trading fee is lower than the industry average
- Withdrawal fee is affordable
- It is highly secure. The exchange has never been hacked
- Deposits can be made through wire transfers and credit cards
- OKEx app is available for both desktop and mobile devices
- The app is downloadable for both Mac and Windows OS
- The app is available for IOS and Android OS
Cons
- Not available for US investors
