OKEx Review: Everything Aussie Traders Need to Know Before Signing up in 2021

okex.com screenshot OKEx is one of the earliest global exchange sites that give you access to more than 100 trading pairs. This site is often among the top 10 cryptocurrency trading platforms when it comes to trade volume and has more than 20 million users globally.

As you choose the best exchange site to trade on, you have to consider other factors such as ease of use, fee structure, security, and accepted transaction method. Does OKEx match up to its expectations? Here’s a quick review of the platform.

Ease of Use
This exchange site has an intuitive interface and a clean dashboard that allows you to easily buy and sell bitcoin. The dashboard also enables you to view digital asset prices in real-time and set up price alerts on specific tokens.

You can also compare the prices of various digital coins across several trading platforms and analyze their trade volume.

OKEx also has a mobile app for on-the-move trading.

Security
The cybersecurity protocols at OKEx are top-notch, and they haven’t reported any major breaches. This exchange site stores most of its funds in cold storage, encourages all users to activate 2-factor authentication and uses server clusters that are well distributed to protect user funds.

Users can also use Google Authenticator to add an extra layer of security to their accounts.

Withdrawals require KYC verification.

Fees
OKEx deposits and withdrawals are free, but you incur a network fee when you withdraw in cryptocurrency. For instance, all BTC withdrawals incur a 0.0005BTC charge.

The spot trading fee structure is based on a maker and taker model and ranges between 0.1% – 0.15% if your OKB holding is less than 500.

For perpetual and futures markets, the fee is between 0.02% and 0.05% per trade.

Supported Cryptocurrencies
This exchange platform supports more than 25 fiat currencies, including AUD, USD, EUR, and CAD. It has also listed more than 270 digital coins, which are enough for novice and expert traders to invest in.

OKEx also has a native token dubbed the OKB, and users that trade it are offered massive discounts.

This exchange site, however, started a buy-back program aimed at reducing the supply of the coin.

Deposit & Withdrawals
OKEx supports various deposit and withdrawal methods, including bank transfers, cryptocurrency, credit card, PayPal, and Google Pay.

If you prefer making fiat deposits, you’ll have to verify your identity by providing proof of ID, official names, and country of residence.

Most of these deposit methods are instant, which allows new users to fund their accounts and start trading immediately.

Support
The customer support structures at OKex are fairly comprehensive, and you can interact with them through phone, social media sites, some messaging apps, and email.

This exchange site also has an extensive FAQ section that handles the most common issues.

There have been several complaints of a slow response rate, especially on email, but you can also contact them faster on their live chat feature.

Editors OKEX Review

Wazza My name is Warren, and I have been trading digital currencies for a good few years now. The cryptocurrency industry is constantly evolving, and more exchange sites are being launched. I realized that few of these platforms solved the main issues that Aussie crypto traders are facing, which is why I regulate review exchange platforms.

I have been trading on OKEx for more than half a year now, and here’s my objective review.

Account registration

The sign-up process is very easy, and you only need a valid email address and password. A verification code will be sent to your registered email, and once you key it in, you’ll be allowed to access the trading dashboard. All users are encouraged to set up 2-factor authentication once they log in and also add SMS authentication for maximum account security.

Identity Verification

KYC verification is not necessary on OKEx, which is why it’s preferred by investors who prefer trading anonymously. You, however, have to upload your identity documents if you plan on making large trades of more than 100 bitcoin within 24hours.

Funding Account

This exchange site doesn’t accept fiat deposits and only accepts digital currencies. To fund your account, you can either buy crypto using your credit card and deposit it on the platform or transfer coins from your hardware wallet. These deposit methods are instantaneous, and you can start trading as soon as the funds reflect in your account.

Trading Experience

I enjoyed OKEx’s trading interface because it was neat, simplistic, and highly intuitive. The default trading dashboard was well organized with the order history tab on the right, listed trading pairs on the left, and the trading charts centrally placed on the screen. You can also view your positions & open orders at the bottom of the screen. OKEx allows users to have an undistracted trading experience through their TradingView charts that can be viewed on full screen.

There are various order types on the platform, including Stop Limit, Advanced Limit, Iceberg, and Trail.

What Could OKEx Improve on?

OKEx is a great trading platform that accommodates both entry-level and professional investors. They have a simplistic interface that beginners can easily navigate and advanced trading tools which expert traders would appreciate.

It also has impressive safety protocols and a wide range of digital assets that allow crypto traders to diversify their portfolios. OKEx, however, has slow customer support, especially on emails, and there have been complaints that some queries don’t even get replies. All factors considered this site is reliable.

What Are the Top Features of OKEx?

1. OKEx Leverage

Leverage trading allows traders to take advantage of small price movements in the market, making it an extremely powerful tool. This exchange site allows traders to engage in margin trading for its derivative & spot products as well as cross and fixed margins.

The limits imposed on margin trading are up to 100x for futures and 10x for spot trading.

It's important to note that leverage trading works both ways and can also increase the magnitude of your losses.

2. Mobile Trading App

This exchange site has a mobile app that's compatible with both android and iOS devices. This app has been designed to offer the same experience as the web version to ensure that your user experience on both platforms is streamlined. OKEx's website is, however, mobile-friendly, and the app is only meant to facilitate trading while on the move.

3. Affiliate Program

OKEx has one of the most competitive referrals and affiliate programs. You can earn up to $30 when your referrals deposit funds into their account, buy crypto, and complete the set trading milestones.

This site also offers BTC rewards in their referral program, and to get started, you only have to get the referral link and start sharing it with friends and family.

When you join OKEx’s affiliate program, you get to earn up to 50% of new user's trading fees and more rewards when they start trading on the platform.

4. Spot Trading

OKEx's spot trading feature is based on a tired fee model that's dependent on your 30-day trade volume. There are 8 trading levels, and the lowest level caters to trades of 600 BTC or less.

This is charged a maker fee of 0.15% & a taker fee of 0.2% and has a 24hr withdrawal limit of 100 BTC. The highest tier is level 8 that caters to a 30-day trading volume of 120,000+ BTC. Trades on this level are charged a 0.02% maker fee & a 0.05% taker fee and have a 24hr withdrawal limit of 1,000 BTC.

These fees are very competitive compared to other trading platforms like Binance that charge a standard 0.1% fee.

5. Futures Trading

The futures and perpetual markets are also charged based on a taker and maker model and also have 8 tiers. The lowest level covers trades of 10,000 BTC or less within a 30 day trading period. A maker fee of 0.03% and a taker fee of 0.05% are charged, while a

100 BTC 24hr withdrawal limit is imposed. Trades on level 8 are over 300,000+ BTC and incur a -0.01% maker fee, 0.02% taker fee, and a 24hr withdrawal limit of 1,000 BTC.

6. OKB

OKB is OKEx's utility token that was issued by the OK Blockchain Foundation. It has a total supply of 300 million, but OKEx regularly burns tokens to reduce their supply and hopefully drive up their prices. This exchange site sets aside 30% of all the money they get from spot trading fees and buys back OKB tokens.

These coins are then burned by being sent to a wallet address that's inaccessible.

Some of the benefits of holding this token include;

  • Up to 40% in trading fees discounts.
  • OKB token airdrop.
  • Ability to earn passive income with OKEx Earn.

Other innovative features of this exchange site include;

  • OKEx Bridge that allows you to transfer your cryptocurrency across different blockchains
  • OKEx mining pool
  • OKEx cloud

What Are the Pros and Cons of Trading on OKEx?

Pros

  • A wide range of digital assets.
  • One of the earliest exchange sites and is highly reliable.
  • Allows trading in fiat deposits, including AUDs
  • Offers perpetual swaps and future reading with up to 100x leverage.
  • High levels of security.
  • Simplistic and neat trading interface.
  • Competitive trading fees.
  • Mobile application for convenient trading.
  • High liquidity and low spreads.
  • Extensive range of advanced trading options.
  • KYC regulations are not required to start trading.

Cons

  • Slow customer support.

Does OKEx Have Trading Limits?

The trading limits on spot trades are imposed on withdrawals and are based on your 30-day trading volume. For instance, if your trades within this period are within the 600 - 1,199 BTC, you can only withdraw a maximum of 150 BTC every 24hrs.

Individual transactions are also subject to a transaction and daily limit based on the coin being traded. For example, bitcoin has a daily limit of 500 BTC and a transaction limit of 100 BTC, while Ethereum's trading limit is 1,000 ETH with an equivalent transaction limit.

Has OKEx Ever Been Hacked?

This exchange site has never been breached, but in 2017, there was an incident that caused panic among its users.

Millions of BTC were moved from the platform, and the crypto community found that worrying. OKEx's CEO, however, addressed the issue and highlighted that the transfer was necessitated by scheduled maintenance of the platform.

Is OKExSafe?

Yes.

This exchange platform has been around for more than half a decade, and within that time, they haven't been hacked. Crypto exchange sites are usually a hot target for hackers, and for a platform to be in the market for that long without being breached is very impressive.

OKEx's security protocols are also very strict, and some of the security measures that users can implement to secure their accounts include; 2FA and mobile verification for all withdrawals. OKEx also seeds anti-phishing codes via email and has several articles on how to protect yourself from being scammed.

It's also advisable that you set a strong password for your account to reduce the risk of unauthorized access.

What Are the Best OKEx Alternatives?

OKEx is a reliable crypto exchange platform and was one of the earliest platforms. This exchange site has invested in strict security measures to ensure your funds are safe and has multiple trading pairs for you to choose from. OKEx also accepts the most popular transaction methods, has a simple trading dashboard and advanced trading tools for professional traders.

Their fees are competitive compared to other Australian exchange sites, and they offer leverage trading. The only sector that could use an upgrade is the customer support department, which is slow (especially on email), but for faster responses, you could reach them via call or the live support feature on their site.

If after this OKEx review you still feel that it isn't the best cryptocurrency exchange site for you, our top 6 recommendations are;

Swyftx

Best Overall Exchange

Swyftx

9.7
  • Number of crypto assets: 260+
  • Trading fees: 0.6%
  • Acceptable deposit methods: credit card. PayID, POLI, Bank transfer, Debit card, Cryptocurrency.
  • Allows AUD deposits and withdrawals: Yes

CoinSpot

Most Beginner Friendly

CoinSpot

8.7
  • Number of crypto assets: 290+
  • Trading fees: 0.1% on OTC trades and 1% for the instant buy feature
  • Acceptable deposit methods: credit card. PayID, POLI, BPAY, cash deposit, OSKO
  • Allows AUD deposits and withdrawals: Yes

Binance

Best Crypto Exchange for Advanced Traders

Binance

8.2
  • Number of crypto assets: 250+
  • Trading fees: 0.1%
  • Acceptable deposit methods: PayID, credit card, debit card, bank transfers, Cryptocurrency, OSKO
  • Allows AUD deposits and withdrawals: Yes

Coinjar

Longest Standing Exchange

Coinjar

8
  • Number of crypto assets: 20+
  • Trading fees: 0% – 1%
  • Acceptable deposit methods: PayID, debit/ credit card, cash deposits, bank transfer
  • Allows AUD deposits and withdrawals: Yes

eToro

Best For Traders

eToro

7.6
  • Number of crypto assets: 20+
  • Trading fees: Spread only
  • Acceptable deposit methods: Debit card, Paypal
  • Allows AUD deposits and withdrawals: No

Coinbase

Best For Mobile App

Coinbase

7.2
  • Number of crypto assets: 40+
  • Trading fees: 0.5% – 3.99%
  • Acceptable deposit methods: Bank transfer, Debit/credit card
  • Allows AUD deposits and withdrawals: Yes
  1. Swyftx (FREE $10 worth of bitcoin on sign up)
  2. Coinspot
  3. Binance

This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.