Okex Review – Is Okex a scam?

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What is Okex?

What services does this digital company provide?

Okex is one of the oldest cryptocurrency exchanges in the market and also offers a wallet service (digital currency portfolio); Having been created in 2014, it has been a well-known player in the market for years. We are facing one of the main players in the Bitcoin and cryptocurrency trading market, because in addition to spot trading, it also has margin trading with futures.

Cryptocurrencies are an unregulated and highly volatile investment product. There is no protection for EU investors

It is a very international Exchange with a presence in more than 130 countries, with its head office in Malta, an important hub of the digital economy.

Okex originally belonged to the cryptocurrency market giant OKcoin, based in China, but over the years and under pressure from the Chinese State, it decided to “emigrate” the business to Malta, known for being a country with little or no bureaucracy. Although it actually still maintains its ties to the original Hong Kong office.

In short, the main features of Okex are:

  • Cryptocurrency and derivatives trading
  • Secure digital wallet
  • Wide variety of crypto market assets
  • Wide community
  • Assistance 24 hours a day, 7 days a week
  • Academy with free information about the blockchain world
  • Press room with the latest news from the sector
  • Provides service in Spanish, being one of the support languages on the web

Regulation and safety Is Okex legit?

Like the rest of the exchange houses in the sector, it is not yet a company regulated by the main financial organizations such as the NFA, the FCA or similar, which is likely to change in the coming years with the future new regulations that for they are sure to come.

In the case of cryptocurrency exchanges and wallet-type companies like this one, we have to rely more on personal study of the reputation and history of the company. Not because they are not regulated in a CNMV or FCA type body does it mean that we are dealing with a business that is not trustworthy, it only means that national regulations have not yet been fully established in the face of such a new market as cryptocurrencies.

The headquarters in Malta should provide a certain security as it is a country that belongs to the European Union and has a strong financial industry with many well-known names based in the country.

Security procedures follow industry standards, having to use an authenticator, in this case Google’s, which we have to use to enable 2FA to access the account and thus make it much more secure and difficult to hack. .

Customer service

Okex support is the standard that we can find in the cryptocurrency industry, with a page dedicated to this service and where you can make inquiries for any doubts you may have about the service. This page is well structured and easy to navigate with the corresponding sections on the support possibilities.

Cryptocurrency exchanges place a lot of emphasis on self-help following a modern model of websites and services that seek for the user to do everything in the most automated way possible; that is, if human help. However, sometimes it is necessary to contact human support and that is something that we can also do with Okex.

The first option when trying to find a solution is the FAQ section. In it you can find almost all the answers to simple questions about the main aspects of the platform.

The most important section of the support is to send a contact request, something that we can check in our account once we have created it, where we will see the cases that we have pending and resolved. It must be said that to use this customer contact service you must be registered on the platform, which we can do for free as described in the account opening.

Other ways of contact are:

  • Email: support@okex.com
  • Phone: 12267984487

Okex Communities

Another possibility to get information, not to ask questions about our account, we can also participate in the Exchange communities, among which are most of the most important in the world of the social networks sector. Let’s see the main ones:

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

Promotions and bonuses

New users usually have promotions. The available promotions are:

  • Free $ 10 of Bitcoin for buying $ 100 or more
  • 20 dollar card when you deposit more than 200
  • $ 50 in Bitcoin after checking the photo and completing a series of trading conditions

Another option to get promotions is to go to the different trading services, such as spot, futures or options and see what campaign is in the promotions section that we can see in the menu on the right. There is always a contest or raffle.

Visit Okex to see their promotions

Open account with Okex

In order to make deposits and withdrawals with Okex we will have to first open an account , for which we will have to register and after receiving the security code in our email, proceed to continue with the activation

As with the rest of the exchange houses we will have several levels of verification .

In this case we will have only 3 with which we can upload security and functionalities.

Obviously, raising the levels implies greater requirements and security contribution by both parties.

Once we have registered in it we will have to deposit money which in this case can only be done in the form of cryptocurrencies. To do this, you must also make use of a QR-type scanner.

Regarding the minimum deposit, Okex does not put limits on it, complying with what most of the sector does. We can deposit any amount of cryptocurrency that we already have. The most used currencies for these deposits are Bitcoin, Ethereum, Litecon or Tether.

Platform and trading with Okex

Okex has several platforms for trading with its different products. The technology for the charts is that of TradingView which is integrated in a proprietary trading system of the same Exchange.

Spot trading (Spot)

This is classic trading, and it will be enough for the vast majority of users, who will not need more margin or leverage to operate a market that is already speculative and volatile enough.

As expected, the platform is very complete and gives us all the market depth of the asset to be traded, which we can even see for free without the need to register. This is an advantage because we can see what kind of trading spread cost we can find before opening the account, or even compare with another entity.

The platform is available in a simple model, for less complex operations, and advanced, with more functionalities.

How many markets does Okex offer?

More than 180 cryptocurrencies and tokens, in addition to the variants on the different platforms and products.

Margin trading

The interface of this service is the same as in spot trading but with the difference that we can use leverage to operate with cryptocurrencies. What does this mean? Which is as if we were borrowing money in order to buy a greater amount of assets.

The maximum level of leverage is 5: 1, which equates to a 20% margin.

Of course, such a service comes with a financing cost, which will be higher as we use more margin. The basic interest rate is 0.098% daily for Bitcoin. The annual interest, obviously, is quite large, so we would do well to make sure that the operation is going to go well. The use of margin trading, therefore, is more suitable for short and medium term speculation.

For each cryptocurrency you have to look at the particular trading conditions.

Futures, Swpas and derivatives

Until not long ago, Okex had the leadership in the Bitcoin futures market, but that changed at the end of 2020 with the Chicago Stock Exchange (CME) as the first exchange of this type of contracts.

As in the previous platforms, the basic or advanced model can be used, with TradingView technology.

Options trading chart on Okex.

Trading options, futures and swaps is carried out in a similar way to the traditional one, although the futures contracts are perpetual.

The options service of this Exchange is one of the most complete in the cryptocurrency market and has ample liquidity.

As a particular note, at MBB we do not recommend trading these products lightly, since they are very powerful assets and not suitable for newcomers to trading. The leverages used can be quite large and this is something that should not be used by most traders.

Trading fees and commissions

Levels Total possession of OKB Creator% Taker%
Spot 1 500 < 0.1 0.15
Spot 2 500> 0.09 0.135
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

Statistical trading data

This Exchange has a very interesting section where they show us information on the trading of the various cryptocurrencies and their most recent trading statistics. This is especially useful for those who are serious about short-term trading, and can also be used to keep in mind when doing complex trading studies.

We have different ratios and data such as:

  • Long and short position ratio
  • Margin loan ratio
  • USDt P2P Premium
  • Base
  • Open interest of futures
  • Options open interest
  • Ratio of purchase and sale volume
  • Option taker flow
  • Swap financing rate
  • Implied volatility of options
  • Etc

As we can see, we have to choose between different meters of what is happening in the crypto market.

Loans and Finance

Like many of the other cryptocurrency houses, Okex has a fairly deep market for crypto-type loans and credits. Therefore we can generate income if we have cryptocurrencies to make available to the program, and we can also get cryptocurrencies to invest for a time in exchange for paying an interest that is given in this market.

The web application comes with a calculator so that we can see what we are going to earn more or less depending on our crypto “capital”. As an investor in these loans, we can get:

  • Lend savings, being able to withdraw the cryptocurrencies at any time
  • P2P loan, being a loan between users with a specific term in a more typical way. For example, a typical loan is for 15 days

Basically the market exists for all the cryptocurrencies on the platform, but there are some that have more liquidity and offer than others.

Pool / Mining

Okex is a fairly complete house and another service it provides is the infrastructure for mining, here called Pool.

Its current offer is 11 digital assets, which can be managed on a daily basis in a stable mining environment and with real-time data, as well as coverage service.

In some of the current programs, such as RandomX, there are more than 1,000 miners working. We can see this data on the service page, with data on the cryptocurrencies that are in each project, the number of miners, pool Hashrate and the total, as well as a tutorial and graphical statistics for each one.

one of Okex’s mining assets with its Hashrate data

Wallet

One of the star services of this crypto house is the wallet, something that not all houses in this market offer that either specialize in trading or wallet.

It is a wallet that supports various features such as:

  • Wallet segregation, with the possibility of creating several simultaneous wallets for different tokens
  • Institutional type security with cold type wallet, and several layers of security
  • Easy to use with three steps for a simple and robust backup process

This wallet is available for Android or iOS and can be verified or downloaded using the QR code on the web.

Is Okex a scam?

To this day it seems one of the safest exchange houses on the market.

This is one of the issues that Okex has placed special emphasis on.

Among other things:

  • It only lets a limited amount of Bitcoins be stored in the cold wallet, more vulnerable than the others.
  • There is extreme vigilance of external backup.
  • According to your system, your private keys have not had contact with USBs or the internet
  • Dual-value security data is held by different people.

This does not mean that this house is infallible because no cryptocurrency house is, and less in today’s world, so heavily hacked on the network.

However, we are facing an exchange house that makes every effort to make transactions with digital currencies as secure as possible.

Regarding the fact of regulation, it is not something that should worry us excessively, and we should think more about the reputation of the broker or house in question.

We are sure that in the coming years we will see an increase in the regularization of this sector.

OKex Reviews

As might be expected, we are facing one of the exchanges with the most opinions on the net. To begin with, we should look at the most likely places to find data on these crypto brokes: mobile applications, which is where most people use such services.

In the case of Google Play we have no less than more than 30,000 opinions, being one of the cases with the largest number by far that we have in that app.

It also has a large number of reviews on the Apple store, with more than 16,000.

However, on sites like Trustpilot, we did not find that much popularity, with 69 reviews and a 2.2 out of 5 average scores, not really impressive.

Here are comments complaining of problems with withdrawals, in what appears to be an episode where the Exchange had problems with the payment and revenue system. Apparently, the withdrawals were canceled for more than a month due to a problem related to their systems, or at least something like that, said the CEO of the company after restoring the service at the end of November 2020. We hope that the situation does not repeat itself. .

To see more comments on this site, it is good to go through the specialized forums of the sector, even in English, such as bitcointalk.org. We can also find information on such large sites as Reddit, where there are numerous threads with questions about this Exchange.

Recap and opinion

About Okex we can find quite a few opinions in the market despite being a fairly recent company, which is normal for one of the great players in the cryptocurrency world today.

Of course I have to admit that regardless of the eternal complaints of clients with the typical withdrawal issues and others, this exchange house has some quite interesting peculiarities.

To start the futures trading that it offers, with a leverage of 10 to 20: 1, which is unheard of in this world of cryptocurrencies and which seems excessive to my liking (although there are worse cases), taking into account the spreads that we find and the general trading conditions.

Perhaps its star product is futures, which as we saw was the largest of its kind in the world of cryptocurrencies until the arrival of the CME in 2020. But in addition to futures there are other derivatives such as options or swaps. Options, in particular, are a very well developed product and are very popular with sophisticated speculators.

As for trading itself, the platform is not the best on the market, but being a PC type it offers more robustness than typical web browsers, and we will always have the charting capabilities of TradingView.

On the other hand, the trading fees are fine, at 0.15%, below many other houses, and this can also be improved by increasing the trading level.

Another point of interest is the fact of offering free commissions to those who trade digital currencies among them such as LTCBTC, with which this will surely encourage a large number of participants to trade in this format.

But as in the previous cases of futures and Index Trading, I recommend caution because the fact of not paying commissions does not guarantee that the trading conditions that we are going to have will be better than those that we can have in the typical BTCUSD, since the Differences in the spread can be so great that all the supposed advantages of “free” or “without commissions” take us ahead of us.

As always, before operating, take a good look at how the spread behaves to see if it is true that it is worth operating that way.

As for the issues of the account itself, it should be noted that the registration is quite fast, improving on other competitors.

On that side comes a fairly strong weak point, which is the fact of only accepting digital currencies as valid means of income, which is an obstacle for many traders and investors who currently only have fiat currencies.

Say, that in terms of regulation, again, I think they would greatly improve their ability to attract more clients if they opened an office in the United Kingdom or another large European country, to gain even more clients from that continent and give an extra touch of security and prestige.

Anyway, it seems that Okex has a lot of potential, and its second place in the world’s exchange houses seems to show that it is already underway. We only hope that it does not continue to have episodes of problems for the withdrawal of money, since it erodes the image of the broker.

However, its newer services such as Index Trading or Futures trading should be carefully studied before using them.

Okex advantages and disadvantages

  • Offers almost 200 cryptocurrency and token contracts
  • It has one of the best wallets on the market
  • Offers trading with leverage
  • One of the exchanges with the most deposit and withdrawal options
  • Top-level trading platform
  • Excellent loan and mining services
  • Not available for US traders
  • Restrictions in some countries
  • Could include more variety of cross-market trading products

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