Okex Review – Is Okex a scam?

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What is Okex?

What services can this digital company offer?

Okex, one of the oldest cryptocurrency exchanging platforms in the market, also offers a wallet (digital currency portfolio); It was established in 2014 and has been a prominent player in the market since then. Because it offers spot trading and margin trading with futures, we are dealing with one of the major players in the Bitcoin/crypto trading market.

Cryptocurrencies can be a highly volatile and unregulated investment product. EU investors are not protected.

It is an international Exchange that has a presence in over 130 countries. The head office is located in Malta, a key hub for the digital economy.

Okex was originally part of OKcoin, the Chinese cryptocurrency market giant. However, Okex decided to “emigrate”, the company to Malta in response to pressure from the Chinese government. Malta is known for its low bureaucracy. It still has ties to Hong Kong’s original office.

Okex’s main features are:

  • Trading in cryptocurrency and derivatives
  • Secure digital wallet
  • A wide range of crypto market assets
  • Large community
  • 24/7 assistance available, 7 days per week
  • Academy provides free information on the blockchain world
  • The latest sector news in the press room
  • Spanish is one of the supported languages on the internet.

Okex is Okex legal?

It is not yet regulated by any of the major financial organizations, such as the NFA or the FCA, but that will change with the new regulations.

We must rely on our personal research of the history and reputation of any cryptocurrency exchanges or wallet-type companies such as this one. They are not regulated by CNMV or FCA. This does not mean they are untrustworthy. It only means that there are no national regulations in place for this new market.

Because Malta is part of the European Union, the headquarters should offer some security. It has a strong financial sector with many well-known companies based there.

Security procedures are consistent with industry standards. We use an authenticator (in this case Google’s) to allow 2FA access to the account, making it more secure and harder to hack. .

Customer service

Okex support is the best in the cryptocurrency industry. There’s a dedicated page for this service where you can ask questions and get answers to any questions you might have. The support pages are well-organized and easy to find.

The emphasis of cryptocurrency exchanges is on self-help. They follow a modern model of services and websites that aims to make it as easy as possible for users to complete their tasks. Okex can help you contact human support if needed.

If you are looking for a solution, the FAQ section is your first choice. It contains simple answers to most questions related to the main features of the platform.

Sending a support request is the most important part of the service. Once you have created your account, you can view the cases we have pending or resolved in your account. You must register on the platform to access this customer support service. This is free and can be done as per the instructions in the account opening.

You can also contact us via the following:

  • Email support@okex.com
  • Telephone: 12267984487

Okex Communities

We can also use the Exchange communities to gain information and not ask questions about our account. These communities are the most significant in the sector of social media. Let’s look at the most important ones.

  • Telegram: OKExOfficial_English
  • Twitter: OKEx_Espanol
  • Facebook: okexofficial /
  • Reddit: reddit.com/r/OKEx/
  • Medium.com/okex.blog

Promotions and Bonuses

Promotions are often available to new users. These promotions are available to new users:

  • Buy $ 100 and More to Get $ 10 Free of Bitcoin
  • You can get a 20-dollar card if you make more than 200 deposits
  • After reviewing the photo and agreeing to a set of trading conditions, you can get $ 50 in Bitcoin

You can also get promotions by visiting the trading services such as spot, futures, or options. The promotions section is located in the menu to the right. You can always win a prize or raffle.

Check out Okex for their latest promotions

Okex – Open an account

To make withdrawals or deposits with Okex, you will first need to open an account. After registering, we will receive the security code via email. Then, we can continue activation

We will also have the opportunity to trade with other exchange houses.There are several levels of verification.

We will only have 3 options to upload security or functionalities in this instance.

Evidently, raising levels will require greater security contributions from both sides.

After registering in it, we need to deposit money. This can only be done using cryptocurrencies. You will also need a QR-type scanner to do this.

Okex doesn’t have a minimum deposit and does not impose any limits. This is in line with other sector norms. You can deposit any amount you already own in cryptocurrency. These deposits can be made in Bitcoin, Ethereum or Litecon.

Okex Platform for Trading

Okex offers several trading platforms to trade with its various products. TradingView is the technology that creates the charts. It is part of a proprietary trading platform of the Exchange.

Spot trading (Spot).

This is traditional trading and will suffice for most users. They will not require more leverage or margin to operate a market already volatile and speculative enough.

The platform provides all market depth for the asset being traded. We can see it free of charge without having to register. This allows us to see the trading spread cost before we open an account and even compare it with other entities.

You can choose between a simpler model for more complex operations or a more advanced version with more functionality.

What are the markets Okex offers?

There are more than 180 cryptocurrency and tokens.

Margin trading

This service has the same interface as spot trading, but we can leverage it to trade with cryptocurrencies. What does this all mean? This is like borrowing money to purchase more assets.

Maximum leverage is 5 to 1, which corresponds to a 20% margin.

This service has a financing cost. It will be more expensive if we use more margin. For Bitcoin, the basic interest rate is 0.098% per day. We would be wise to ensure that the operation runs smoothly as the annual interest is very high. Margin trading is therefore more appropriate for short- and medium-term speculation.

You must carefully consider the trading conditions for each cryptocurrency.

Futures, Swpas, and derivatives

Okex was the leader in Bitcoin futures markets until a few years ago. However, that has changed with the Chicago Stock Exchange’s (CME), which became the first exchange for this type of contract at the end 2020.

TradingView technology allows you to use the advanced or basic model, just like the other platforms.

Okex Options trading chart

Although futures contracts can be renewed at any time, trading options, futures, and swaps are done in the same way as the traditional trade.

This Exchange’s options service is the best in the cryptocurrency market. It also has plenty of liquidity.

MBB does not recommend that you trade these products lightly. They are extremely powerful assets and not recommended for beginners. Most traders should avoid using leverages that are too high.

Commissions and trading fees

Levels Total OKB possession Creator% Taker%
Spot 1 500 0. 0.15
Spot 2 500 0.09 0.1335
Spot 3 1,000 0.08 0.12
Spot 4 1,500 0.07 0.105
Spot 5 2,000 0.06 0.09
Futures 1 500 0.020 0.050
Futures 2 500 0.018 0.045
Futures 3 1,000 0.017 0.040
Futures 4 1,500 0.016 0.035
Futures 5 2,000 0.015 0.030

Visit Okex

Data on statistical trading

The Exchange offers a section that provides information about the trading of cryptocurrencies as well as their latest trading statistics. This section is particularly useful for traders who are serious about short-term trading and can be used as a reference when studying complex trading strategies.

There are many data and ratios that we can use, such as:

  • Ratio of long and short positions
  • Margin loan ratio
  • USDt Premium P2P
  • Base
  • Futures open interest
  • Open to all options
  • Ratio between purchase volume and sales volume
  • Option taking flow
  • Swap financing rate
  • Implied volatility of options
  • Etc

We can see that there are many meters to what is happening on the crypto market.

Finance and loans

Okex, like many other cryptocurrency houses has a deep market for crypto-type loans or credits. We can earn income if we have cryptocurrency to offer the program. In exchange for interest, we can also receive cryptocurrencies to invest temporarily.

A calculator is included in the web application so we can see how much we will earn depending on our crypto capital. We can invest in these loans to get:

  • You can withdraw cryptocurrencies anytime you want, thanks to your savings.
  • A P2P loan is a loan between two users for a specified term and in a more common way. A typical loan lasts for 15 days.

The market exists for all cryptocurrencies on the platform. However, there are some that offer more liquidity and offer more cryptocurrencies.

Pool / Mining

Okex is a complete house. It also provides infrastructure for mining (here called Pool).

The current offering consists of 11 digital assets that can be managed daily in a stable mining environment, with real-time data and coverage service.

Some of the programs currently in use, like RandomX, have more than 1,000 miners. This data can be viewed on the service page. It includes data about the cryptocurrencies in each project, the pool Hashrate, and the total. There is also a tutorial and graphic statistics for each.

One of Okex’s mining assets, with its Hashrate data

Wallet

The wallet is one of the most important services offered by this crypto house. Not all houses offer this service.

It supports many features, such as:

  • You can create multiple wallets simultaneously for different tokens with wallet segregation
  • Institutional security with cold wallet and multiple layers
  • It is simple to use and only three steps are required for a robust and reliable backup.

This wallet is available in Android and iOS. You can verify or download it using the QR code found on the internet.

Okex scam or real?

It continues to be considered one of the most secure exchange houses on market.

Okex has made this a priority.

Other things include:

  • The cold wallet can only hold a small amount of bitcoins, making them more vulnerable than others.
  • External backup should be used with extreme caution.
  • Your system says that your private keys have not been in contact with USBs or internets according to your system
  • Different people can hold dual-value security data.

It does not necessarily mean that the house is perfect, as there are many cryptocurrency houses today that have been heavily hacked.

We are however dealing with an exchange house, which makes every effort possible to make digital currency transactions as secure as humanly possible.

The fact that regulation exists is not something to be concerned about. We should instead think about the reputation of the house or broker in question.

We believe that this sector will continue to grow in regularization over the next few years.

OKex Reviews

We are dealing with one of the most opinionated exchanges on the internet, as you might expect. We should start by looking at mobile apps as the best place to look for data about these crypto brokers. This is because most people use them.

Google Play has more than 30,000 opinions. This is the most popular case in the app.

You can also find a lot of customer reviews on Apple Store, with over 16,000.

Trustpilot was not popular, however, with only 69 reviews and an average score of 2.2 out 5 on the site, which is not very impressive.

Below are comments about withdrawal problems in an episode that appears to have been caused by problems with the revenue and payment system at the Exchange. After restoring service at the end November 2020, the CEO of the company stated that the withdrawals were cancelled for more than one month because of a problem with their systems. We hope this does not happen again. We hope that the situation does not repeat itself.

You can find more comments on the site by visiting the forums, even in English, of the sector such as bitcointalk.org. Information can also be found on large sites like Reddit where many threads are available with questions regarding this Exchange.

Recap and opinion

Okex is a relatively new company that has received a lot of attention. This is normal for one the most prominent players in the cryptocurrency market today.

I must admit, despite the constant complaints from clients about withdrawal issues and other problems, that this exchange house does have some interesting peculiarities.

It allows you to start futures trading with leverage between 10 and 20: 1. This is a rare combination in the world of cryptocurrency.

Futures are perhaps its most famous product. It was, as we saw, the largest type of futures in the cryptocurrency world until 2020 when the CME arrived. There are also options and swaps, in addition to futures. Options are a well-developed product that is very popular among sophisticated speculators.

Trading is not the best, but it’s a good platform for traders. It’s also a PC browser, so it has more stability than other web browsers. We will continue to have TradingView’s charting capabilities.

However, trading fees are acceptable at 0.15%. This is lower than many other houses. You can improve this by increasing your trading level.

A second point of interest is that traders of digital currencies such as LTCBTC receive no commissions. This will encourage many participants to trade in this format.

As I have said in the past with futures and index trading, I advise caution. The fact that we don’t have to pay commissions doesn’t guarantee that our trading conditions will be better than the ones we have in the BTCUSD. Since the spreads can be so large, all the benefits of “free” or without commissions can make us feel like we are ahead.

Before you operate, make sure to take a look at the spread’s behavior.

Concerning the actual account, it is important to note that registration is very fast and faster than other competitors.

This side has a weak point. It accepts digital currencies only as valid income. This is a problem for many investors and traders who have only fiat currencies.

Let’s say that they could attract more clients in terms of regulation if they opened an Office in the United Kingdom or other large European Country. This would allow them to reach more clients on that continent, and also give them a sense of security and prestige.

Okex seems to have a lot of potential. Its second place in the global exchange houses seems like it is already moving. It is a shame that the broker’s image has been tarnished by the frequent withdrawal problems. We hope it doesn’t continue like this.

It is important to carefully study the newer services, such as Index Trading and Futures Trading, before you use them.

Okex benefits and disadvantages

  • Offers over 200 token and cryptocurrency contracts
  • It is one of the most popular wallets available.
  • Trading with leverage
  • One of the best exchanges for withdrawing and deposit options
  • Top-level trading platform
  • Outstanding loan and mining services
  • Not available for US traders
  • Some countries have restrictions
  • Potentially include more cross-market trading products

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