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Review on OKEx by Mudashir Yetunde

Revainrating 4 out of 5

Chinese crypto exchange OKCoin created OKEx in 2014 to provide crypto trading…

Chinese crypto exchange OKCoin created OKEx in 2014 to provide crypto trading services outside of China. The firm is officially registered in the Central American nation of Belize, but operates out of Hong Kong.

Much like Binance and other crypto exchanges, OKEx is pushing more of its operations onto the blockchain to become more decentralized. The first step in this process was the development of OKEx’s own utility token, OK Bucks (OKB) on Ethereum’s ERC-20 smart contracts platform. OKB will, according to OKEx’s announcement, become “a vital piece of its architecture & development



Pros
  • OKEx applies a volume-base, maker-taker structure to its fee schedule. Low-volume traders pay 0.15% as makers and 0.2% as takers. The fees decline to 0.02% and 0.05% respectively for the highest-volume traders. A similar structure applies for futures trading with fees starting at 0.03% for makers and 0.05% for takers. The highest-volume takers pay a 0.02% fee while the highest-volume makers receive a 0.01% credit.
Cons
  • in March, cryptocurrency trader Sylvain Ribes posted an analysis of trading volumes on OKEx that led him to believe “most of the volume OKex claims is completely fabricated.” While the internet is rife with bloggers and redditors yelling “scam” at the slightest hint of controversy, CoinTelegraph reported on a tweet (since removed) from Binance CEO Changpeng Zhao complimenting the analysis. 

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