In the world full of digital currencies, OKEx provides a variety of options of trading pairs and the enabling trade to and from in ‘fiat currency’ taking away sideways in comparison to exchanges such as Binance and HitBTC, which refrain from transactions in fiat currencies. It is also planning on to developing derivatives of cryptocurrency in the market by offering “futures.” However, the access to the exchange is limited, guarded stringently by its user guidelines.
Okex is the progeny of famous exchange OKcoin. OKEx similarly is to OKCOIN as Coinbase is to GDAX- which serve twin purposes to different groups of investors. These are known for far more experienced and mature professionals in cryptocurrency trades, who are well versed in the rules of the game, and are not amateurs to say precisely.
It was founded in 2014 in China, Okex is the 2nd largest cryptocurrency exchange in the world by volume of trade. Its subsidiary Futures arm alone does a staggering figure of nearly $1.5 billion in volume every day. Following in the footsteps of its adversary Binance, it has too recently relocated to crypto treasure house island of Malta.
Several different verification levels are offered by OKEx, which comes with its box of requirements and privileges.
1. Level one-this verification grants access to most portions of the OKEx site with a transaction limit of $2000, and along with it nationality, username, a number are other requirements.
2. Level two-this verification comes with access to all trading functions and a limit of $200,000.This process demands your photograph and other identification details.
3. Level three- this verification ups the transaction limit to $500,000+ a video verification of your identity.
NOTE-A well detailed and comprehensive FAQ informative data is available for live customer support, for if need any support and especially in cases like stuck somewhere with your account creation.
TRADING ON OKEx
• To visit the virtual trading floor, you need to have the account or have to create an account.
• Looking at the “charts” along the top header, one can get a fair share of the idea of the number of trades offered at its platform. The charts are organized by trading pairs, including USDT, BTC, ETH, and the OKB, OKEX’S coin, similar to BNB in case of Binance. Available futures and a handy index for selected coins are also displayed.
• It is worthwhile to have a quick glance at OKEx’s short introduction to trading to get familiar in the first place.
• Options for trading are highlighted at the top of the site under manifest headers consisting of-
1. Charts- detailed trading charts for the specific cryptocurrency.
2. Fiat to token-allowance to buy some cryptos directly with fiat ones.
3. Token trading- it is the traditional crypto to crypto trading screen.
4. Futures-allows the users to go along the currency whether with long term or short term, accompanied by a mandate to pass a quiz, to make believe you know how it works.
FIAT TO TOKEN
OKEx has a system of over the counter swap which is not so familiar in other platforms. Trades can be set up between individual traders, fixing their prices in a safe and moderated portal. Under the “Fiat To Token” listing, you can find the withdrawal option offered in the marketplace.
Upon opening the FIAT TO TOKEN screen, one can find the list of supported currencies on the Left, and on the Right is placed a price chart and the option to buy or sell at set prices. At the top of the prices section, one can declare to choose between Verified Traders or Individual Traders.
OKEx hosts a list of variety of tokens, when seen in parlance of other crypto exchanges,in three trading pairs exclusively.as the main highlight of any exchange is its token to token marketplace, Token to Token trading remains one of the versatile features of OKEx.there is a “FAVOURITES” for projecting and keep in touch with ‘interesting tokens’.
A buy or sell box displays the option, with respective price and volume data beneath. Following to the right of the trading display is a chart of latest bids and asks. Also to view in a more larger scape, choose “full screen” option for a more detailed layout, under the ‘charts.’
TRADING IN FUTURES AT OKEx
All traders and prospective customers on the platform of futures trading are empathetically asked to read and agree to its exclusive user agreement because of tedious complexities and high amount of risks involved in the cryptocurrency derivatives market. Being in the crypto exchange for a handsome repute for long, OKEx goes out of its way to make sure that its traders understand the fact they are going to a whole new arena from the standard token to token trading floor, which has a potential for significant gains and significant losses in a very short span of time when utilizing leverage. This reflects the volatile nature of trade and adhering to caution is highly recommended and accompanied with it is required informed choice and decision making.
OKEx FEES STRUCTURE
For as diverse a platform as that of OKEx, the service fee structure has to be streamlined amicably for running an exchange and trade offerings.
1. A charge of 0.1% is levied as a ‘Maker and Taker’ fee involving all token to token trades. (note that Fiat trades were allotted an exemption and there is no fee structure for the same as of now.)
2. Future trading fees- These are decided token by token. For example:
• BTC- 0.015% for Maker, Taker, and Settlement fee.
• LTC Futures- 0.05% Maker fee, 0.075% Taker fee and a 0.05% settlement fee.
• ETH, ETC, BCH - These all carry 0.025% Maker fee, 0.075% Taker fee, and a Settlement fee of 0.05%.
3. Also, a tiered volume-based fee discount structure is in place at OKEx. The discounts are calculated on a daily basis from a 30-day trading volume and accompanied with associated withdrawal levels. These levels are described below-
• Less than 600 BTC- maker fee- 0.15%, taker fee- 0.2%.
• Greater than 120,000 BTC-maker fee-0.02%, taker fee-0.05%.
4. A similar tiered discount structure is in place for Futures traders that are calculated separately from spot market transactions.
• These levels range from less than 10,000 BTC equivalent to greater than 300,000 BTC equivalent.
Being a progeny of OKEx, OKB coin facilitates to incentivize trading on the platform, while the work on developing its blockchain is under process. The total liquidity in the market operations includes 1 Billion coins- 70 percent of which is locked up, and 50 percent of its service fees collected are distributed amongst its OKB holders during the week each Friday. The real amount distributed is weighed upon the volume of OKB with the user in holding.
• Provision of privileges such as service fee rebates to the OKB entities.
• The ambitious project of OKB coin seeks to construct a worldwide network of cryptocurrency trading assets.
• To act as a “BASE TOKEN” to allow blockchain teams world over to participate in the construction of global exchange.
OKEx BLOCKCHAIN CAPITAL
It is the investment arm of OKEx platform.it is a sort of business-oriented division, which aims to partner for new blockchain projects and provides auxiliary services, like a consultation, technology, resources, and capital. It also facilitates white paper submission and possibly token registration within the OKEx platform. It boasts of at least $100 million carved out for modern blockchain technology products and services.
HOW SAFE IS OKEx?
• Two-step authentication set up
• The detailed information regarding changing adm. Passwords.
• Concealed security methods and mechanisms, and leaving less scope for inquiry about those internal security mechanisms and operations.
• Constant pop-ups are detailing the list of countries restricted of participation in the exchange.
• There is a provision for possible breaches in the accounts citing reasons of phishing accounts, weak passwords, malware, insecure connections that are to be compounded on individual’s part.
• A short tutorial for essential know-how.
CLOSING NOTE AND ANALYSIS
• An array of a wide range of tools and trading volumes are supported with a qualified venue for an investment of every level.
• A level playing fields for newcomers and professional traders.
• Well curated interface, with lots of trading options to choose from, but a limited offer for complete beginners.
• Rigid rules of country ban and account creation debilitate the gross amount of investments which could have come all along OKEx’s way.
• The dominance of china’s anti cryptocurrency and confused policy about its expansion, which imposes a conservative outlook over the vividly growing wild west influenced drive in the revolution of cryptos as a new benchmark of trade and transactions.
• However, its rules prove to be a cautionary step only in the still infant crypto frenzy world.
• Being second largest cryptocurrency does come easy, but with its costs and risks as it is prominent and engaging vast number of trade volume, thus also can influence the market which makes it stable as well as fragile.
However, seeing all the best and beast of OKEx, we are convinced of its ability to stay strong and support quality trade that we all want, and in any case of misgivings, we are a call away from you.