reviewURL: www.okex.com

OKEx is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.

Founded in 2014, we have gained millions of dollars worth of investments from leading enterprises such as VenturesLab (co-founded by Tim Draper), Ceyuan Ventures, Giant Network Group, Longling Capital (founded by the Chairman of Meitu), Qianhe Capital Management, eLong Inc. The solid foundation has drawn experts in technology and business from the worlds top organizations, allowing us to offer safe, stable and reliable trading services through internet and mobile solutions.

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Score - 7.9Score7.9
Score Android - Score Android
Score iPhone - Score iPhone
Location - Hong KongLocationHong Kong
Currencies - Currencies
Languages - EN, CNLanguagesEN, CN
Buy with - BTCBuy withBTC
Fees - Maker 0.15% - Taker 0.2%FeesMaker 0.15% - Taker 0.2%
Altcoins - YesAltcoinsYes
Margin trading - NoMargin tradingNo (Exchange does not support margin trading)
Trust score - CTrust scoreC
Beginner friendly - NoBeginner friendlyNo (Exchange is complex and difficult for beginners)
Stability - 3. MuchStability3. Much (Exchange is stable, but it has a downtime in the high stakes)
Fiat - NoFiatNo (The Exchange does not support Fiat currency like USD, EUR, etc ...)
Support speed - Few weekSupport speedFew week (Technical support is slow to respond within a few weeks)
API - YesAPIYes (API is available for public to use)
Rest API - YesRest APIYes (The Exchange has Rest API support)
Websocket - YesWebsocketYes (The Exchange has Websocket support)
Mobile app - YesMobile appYes (Exchange has a mobile app)
Credit card - NoCredit cardNo (Exchange does not support credit cards)
Referral - NoReferralNo (Exchange does not offer an affiliate program)
Two factor authentification - YesTwo factor authentificationYes (The Exchange supports two factor authentication)
Withdrawal limit
Verification time
Lending - NoLendingNo (Exchange does not support lending)
Stop limit - NoStop limitNo (Exchange does not support stop limit)
US licence - NoUS licenceNo (Exchange don't have US licence for Money transmitter)
PGP support - NoPGP supportNo (Exchange does not have PGP encryption)

OKEX is the more trading-focused version of OKCoin. The company behind both projects is based in China. This can explain the relatively low popularity of this exchange in the west. This is also combined with the concerns about Chinese regulatory actions in the cryptocurrency space, as the country recently banned ICOs.

The most unique things about OKEX are the stand-alone desktop platform (which we will get to later) and the availability of Bitcoin and Litecoin futures contracts.

OKEX hasn’t been the target of major hacks yet. While this brings some assurance, in terms of security, it does not guarantee this will not happen in the future.

There aren’t many user reviews specifically for OKEX, but as the company is part of OKCoin, we can assume they offer the same level of service. Those who were frustrated with the way USD bank transfers support ended are the least happy customers.

Manuals for OKEx

C2C Trading allows users to trade between fiat currency and digital assets and users can place orders at their own prices and trade freely with all other users on the platform. The digital currency bought can be withdrawn to other accounts or wallets.

Index Trading is designed specifically for users who want to arbitrage by buying and selling of digital assets, instead of those who want to own digital assets. Users may buy or sell anytime with designated merchants according to the OKEx indices. The digital asset bought in Index Trading cannot be withdrawn.

Token Trading A list of token pairs is available for trading. Users need to select the pair they desire to trade by scrolling down or simply type the token into the search field. There are currently 4 markets available in OKEx Token Trading: BTC, ETH, USDT and BCH markets.

Futures Trading To enable OKEx futures trading, users must fully read, understand to and agree to the "OKEx Futures Trading User Agreement". Users must agree to and comply with the agreement before using OKEx futures trading and the related services. By logging into, viewing, or releasing information about futures trading, the user agrees to abide by the terms of the agreement. Currently, eight tokens are supported - BTC, LTC, ETH, ETC, BCH, XRP, EOS, BTG.

Security rating of OKEx

The platform supposedly has implemented state of the art measures for its security. As a matter of fact, it has mentioned the steps which are integrated to ensure that the assets which are on the platform are guaranteed and backed.

  • Only a limited amount of bitcoins are stored in the cold wallet addresses as a convenient preventive measure.
  • Offsite backup is setup and it’s under constant monitoring and security as it stores encrypted private key paper documents.
  • Private Key holders and individuals who are able to retrieve encrypted private keys are not the same people.
  • Once there is a private key which is used to transfer BTC out of an address, this particular address is never used for deposits again.
  • State of the art encryption protocols integrated within the contemporary Cold Wallet.
  • Private keys never have and have never had contact with USBs or internet.

However, despite all of these claims and promises, back in October 2017, news spread like wildfire that accounts in the exchange have been attacked.

While the exact amount of the theft was never unveiled, the company did come up with a public announcement and revealed that most of the accounts, even though they weren’t that many, were hacked due to reasons which were out of their control. The first example was password type which is too simple and incredibly insecure.

There is no reason to believe that this is an exchange which isn’t reliable or is a scam. It is operating for a long period of time and it has never put its users in jeopardy.

Review of OKEx

OKEX is a digital asset exchange owned by OKCoin. The company behind both of them is based in China and focuses primarily on the domestic market. OKEX offers extremely low trading fees when compared to the competition. That being the case, only three coins are available for trading. The addition of futures contracts may be nice for miners willing to hedge their “crops”, although we would not recommend trading in them unless you are very experienced. Here is a summary of OKEX.

OKex has been proven cheating in trade volume in their exchange.

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