What is Okex?
Okex is a cryptocurrency exchange offering multiple trading and financial services for blockchain investors and traders. The exchange has hundreds of different tokens and coins available for buying, selling or trading and they have more than 15 payment methods using fiat like debit/credit cards and bank transfers.
Even though Okex is not a very old exchange, being opened recently in 2017, it quickly became one of the top exchanges on the market. Millions of people from all around the globe are using Okex, and it has a current daily trading volume of more than 7 billion dollars.
Services offered by Okex
Okex offers you multiple options to buy cryptocurrencies using fiat payment methods :
- You can buy directly from Okex using more than 30 different currencies from all around the globe
- Using P2P(person to person) platform you can buy cryptocurrency from other users and pay using methods bank wire and Ali Pay
- Using OTC platform you can buy large amounts of cryptocurrencies, and pay using methods like bank transfers and Ali Pay
There are 3 different trading platforms available on Okex :
- Spot trading, used to buy or sell cryptocurrencies that you already own in your wallet
- Margin trading, used to trade using borrowed or leveraged funds
- Derivatives trading, this platform is only recommended for experienced users as there are certain risks when trains derivatives
On Okex Earn you can stake your cryptocurrencies and earn a passive income from them, just like you would deposit money into a bank which offers you an annually interest rate. The principle is the same, the only difference is that you are working with cryptocurrencies here and not with fiat. One of the advantages of using Okex earn is that your funds are not actually locked, like other similar platforms do. You can withdraw your investment at any time you want.
C2C means customer to customer. This is a loan service where you can loan cryptocurrencies to other persons. The person will have to pay you an interest rate depending on the time of the requested loan and the amount of coins he needs to borrow.
Fees on Okex
For normal users the fees for selling cryptocurrencies on normal trading(spot trading) are 0.10% while if you are buying cryptocurrencies the fees are 0.15%. This fees are fixed for users with low trading volume and OKB available in their wallets but if you are holding a certain amount of OKB and you have a high trading volume of BTC the fees can go to ad low as -0.015% meaning not only that you won’t have to pay any fees at all but you will receive 0.015% extra from the exchange for every transaction you make. You can see a detailed list of fees and discounts in the tables listed below.
Is Okex a secure exchange?
Okex exchange stores their funds in multiple cold storage areas spread all around the world. Okex only keeps a small amount of their funds online, in a hot wallet, which are required for daily transactions while the rest of their funds are stored offline. This way Okex ensures their security is at the highest levels possible.
Okex offers multiple features for users in order to make sure their accounts can’t be easily hacked. You’ll receive a verification code on your mobile every time you want to make a withdrawal or change different settings into your user account. You can also activate 2FA and anti phishing codes, so this way you make sure that you won’t fall in the trap of fake phishing emails.
There is no official hack reported on Okex, where multiple customers have been involved. However there was a previous incident in 2017 when one of Okex customers reported that his account was hacked and he lost around 1 million dollars worth of bitcoin. Okex claimed that this occurred because of the poor security of the user and their security system had nothing they could do against it. Given the fact that only one single person was affected it is possible that it wasn’t actually Okex’s fault for it.
Okex Referral Program
Okex referral program is a bit different that other referrals programs you’ve seen.
1)You’ll earn your first 10$ when one of your referrals makes a purchase worth at least 100$.
2)You’ll earn your second 10$ when the same referral verifies his account up to level 2 and makes a 100$ deposit in cryptocurrencies.
3)Your third 10$ will come when your referee reaches different milestones for trading.
You can only apply for becoming an affiliate when you have reached a number of 10 referrals that successfully passed the first task of buying 100$ worth of cryptocurrency. As an affiliate you’ll get multiple advantages like 30-40% commissions from all fees paid by your referrals, special airdrops. As an affiliate you would also be able to participate at specials events as an Okex partner.
How to join Okex?
Visit Okex offial website https://www.okex.com/, click on the Sign Up button and enter your Email Adress or Phone Number and your password. That’s the only information to create an account.
There are multiple levels of verification in order to increase your trading and withdrawals limits. For the beginning you’ll only need to add your personal information and also either your password or Identity Card number. This will already allow you to trade up to 200 BTC every day but if you need to increase your limits you’ll need to verify your identy card or passport by sending a photo. The third and maximum level is verifying your real identity using a video call verification. This will allow you to trade and withdraw more than 1000 BTC every day.
