OKEx, a trademark of OKCoin, targets sophisticated bitcoin traders. OKEx, like conventional financial securities exchanges, enables more complex trading of cryptocurrencies and ICO tokens than OKCoin, which is easier.
OKex is one of the major international cryptocurrency exchanges on CoinMarketCap.com, with daily Bitcoin futures trading activity of $1.5 billion. However, charges of exaggeration and manipulation have cast doubt on the turnover estimates of this and other Chinese-owned cryptocurrency exchanges.
OKex created its own ‘utility token’ cryptocurrency in early 2018, following Binance and Huobi Pro. The token may pay exchange fees or “exclusive services including dedicated customer support and enhanced API rate limits”. After Binance's ICO made it the world's largest cryptocurrency exchange in a month, proprietary utility tokens have become the new trend.
OKex may develop an Ethereum-like public Blockchain platform, although no formal announcement has been made.
OKex exchange platform is accessible in-browser and as downloadable desktop client software. Because trading platforms are hefty, downloaded software that absorbs most of the burden prevents browser memory and processing issues and freezes. OKex's more professional exchange platform requires more hardware than the usual bitcoin exchange.
Well-designed exchange platform mirrors high-quality typical financial markets trading systems. An OKCoin-developed charting software is another key feature that traders will like.
OKex supports crypto-to-crypto and fiat-to-crypto trading, like most cryptocurrency exchanges. Unfortunately, Chinese Yuan is the only fiat currency supported. Over 100 coins and tokens are supported by the exchange, with new alternatives added regularly.
The platform offers margin trading and the largest leverage of any cryptocurrency or CFD broker at 20:1. Cryptocurrency margin trading is restricted to 20:1 due of price volatility.
OKex provides weekly, bi-weekly, and monthly Bitcoin, Ethereum, and EOS futures contracts. Futures contracts allow leveraged margin trading.
Algorithmic trading features were added to the exchange recently.
OKex has among the lowest cryptocurrency trading costs. Average 30-day trading volumes determine fees, which are minimal even at the highest level. Highest trading costs for low volume accounts are 0.15% maker and 0.2% taker. Makers and takers pay 0.02% and 0.05%, respectively.
OKex is one of the world's largest cryptocurrency exchanges, backed by substantial finance, thus its cybersecurity architecture should be top-notch. Cold storage multi-signature wallets, GSLB, and distributed server clusters are among the exchange's security features.
In October 2017, some OKex account users reported being hacked and losing bitcoin. The exchange blamed account holders for not securing their accounts and making passwords and logins exposed. Rejecting exchange security concerns, new account and wallet security recommendations were offered to customers.
OKex provides customer service via phone, email, messaging applications, and social media. Support ratings vary, with some online complaints about delayed responses or issue resolution. The exchange's processes and approach seem restrictive, but users who grasp this and behave appropriately report minimal issues.
OKex has worldwide aspirations and strong backing. OKex is one of the few cryptocurrency exchanges that offers a professional trading platform with the functionality and trading formats of large financial exchanges in conventional markets. More experienced traders will also appreciate low trading costs.