OKEx is a crypto exchange that used to be located in Hong Kong, but it’s apparently moved to Malta, no doubt because—along with Estonia and Gibraltar— that’s one of the few European countries that has clearly defined licensing requirements for crypto exchanges. They are so well-defined in fact, that many crypto exchanges from around the world have gone to Malta too.
OKEx offers many services under one roof, including spot trading (the name for typical trading) and derivatives trading. It’s interesting to note that (as of this writing) OKEx has become the biggest crypto spot and futures exchange on the planet.
You should be aware that investors from the US aren’t allowed to trade on the OKEx exchange, so you’ll have to look elsewhere if you’re a citizen. But that shouldn’t be too much of a burden because there are plenty of other high-quality exchanges to choose from.
Liquidity
As part of this OKEx review need to point out that its trading volume has frequently been high enough to rank it among the top five exchanges, which means we are talking about cryptocurrency orders that regularly hit US$1 billion per day. This kind of volume means that it can offer very high levels of liquidity—a real benefit for traders. In a sign of how popular crypto trading has become, OKEx hit a trading volume of US$2.54 billion in 2020, but this was now only good enough to give it eighth place on the list of top exchanges. It’s interesting to see that OKEx’s overall volume has increased, and that its competitors clearly have as well.
Mobile Support
if you want to be able to access your exchange by firing up a mobile desktop app, then OKEx can accommodate you. There is a downloadable desktop client, and versions exist on the App Store and Google Play too, for Windows and Apple users.
OKEx Trading View
There is no overall best trading view. The best one is the one that works best for you, but as a minimum (because most platforms have this) it should show all part of the orderbook, the price chart of your chosen crypto and your order history. You should also be able to see buy and sell boxes. Since this is quite a personal decision, it’s advisable for you to look at the trading view and hopefully try it out. It’s the best way to tell if it’s going to be to your liking.
OKEx Trading fees
OKEx charges 0.15% trading fees for takers which is a little bit lower than the industry average of 0.25%. This isn’t unusual though because there are plenty of exchanges out there doing it, and it’s a shift that’s pushing fees in general down to somewhere between 0.15% an 0.10%. OKEx gives a discount to trade makers with a fee of 0.10%.
You’ll be pleased to know that there are benefits to be had from achieving higher trading volumes with OKEx. That’s because it operates a discount system which means that the more you trade, the more you save.
For example, as a regular user doing some spot trading, you’ll be subject to a standard 0.15% as a taker and 0.10% as a maker, as we said before. But, if your trading volume rises to more than 1000 BTC for 30 days and you’re also holding more than 2,000 OKB tokens (OKEx’s native token), then those fees drop to 0.09% for takers and 0.06% for makers. These are very generous fees, and doing this would only cost you $5,173USD (as at 11.20.19). VIP users benefit from even better trading fees.
OKEx Withdrawal fees
When you withdraw BTC OKEx charges you a fee of 0.0005 BTC, a much lower fee than the industry charges on average of 0.000812 BTC per BTC-withdrawal. That means OKEx will charge you around 40% less than the industry average for each withdrawal which makes it very competitive and well worth considering for that reason alone.
Conclusion
OKEx lets you make deposits via wire transfer and credit cards, which makes it very convenient for newer crypto investors. This kind of user-friendliness makes a great entry-level proposition for those who aren’t familiar with the deeper intricacies of the crypto world. All in all, the combination of trading volume, discounts, convenience, makes OKEx exchange a very attractive proposition for any crypto investor.
