Review on OKEx by Temitope Babatunde
What You Need To Consider Before Choosing Okex Exchange.
Okex is one of the famous name among top crypto exchanges, it was founded in 2014 in China, it boasted of making more than $1 billion trading volume daily. Though Okex is worldwide but citizens of the following countries are restricted from trading on Okex: US, Hong Kong, Cuba, North Korea, Iran , Crimea, Sudan, Kyrgyzstan, Malaysia, Syria, Bangladesh, Ecuador, and Bolivia.
There are various formsoof trading on the platform, it may be spot, futures, perpetual swap and options trading. One can deposit cryptos, as well as fiat, though fiat deposit is only through bank deposits which use to take up to 2-3 days before the deposit will appear in one's account.
To deposit crypto into one's account with okex is free but withdrawal carry fees and depending on the coin you are withdrawing. As per fee for trade transactions, it depends on the volume of one's trade that is the more you trade the lesser you pay okex customers are complaining of high charges.
Regarding the security of customers deposit, it is not totally easy to determine the level of security of okex, because the license of okex can not be proof and in addition to that there was an event in 2018 where okex was accused of using its users money to cover part of the loss it suffered when it frozen the account of some of its customers, it cut the trade of customers that are in profit. More to that it suffered an hack in 2018 where coins that worth $3 millions were stolen. The team behind it are not all that known.
Though there is 2 factors authentication using one mobile number, anti-pishing code, still there are lot of pushing where hackers are constantly trying to imitate the website so that they can easily get the users who are not careful.
Okex tried to establish a good communication channel between it and its users by having good customer support service through telephone call, email or using of social media like Twitter Facebook to reach out to them.
Pros
- There is customer support service via telephone for effective and efficient service.
- There is fiat-to-crypto trading.
Cons
- Okex has been accused of shady dealings which makes its customer have financial suffering unjustly.
New products
Comments (1)
May 11, 2020
Using okex to deposit crypto in one account is free, but withdraw attract fee and also depends on how much token you are withdrawing. The volume of ones trade determine the fee that is going to be deducted for transactions. This simply means the more you trade the lesser you pay okex customer.
