OKEx is one of the global cryptocurrency exchanges offering a good number of cryptocurrency pairs for trading and direct trading facility to and from fiat money.
It has been derived from its parent exchange named OKCoin.
The interrelationship between OKChain and OKEx is somewhat similar to that between Coinbase and GDAX. Both GDAX and OKEx are designed for the cryptocurrency traders of expert level.
Starting the journey in China in 2014, it has by far become the second-largest cryptocurrency exchange platform in the world based on its trading volume; It has constructed a base in the crypto-friendly island nation of Malta recently.
OKEx account Signup
To use the trading platform, a user needs to open an account first.
The primary sign-in screen is pretty simple and straightforward. After notifying about the countries in which the platform does not work, it asks for a valid email address or a phone number. At the same time, a password is to be set for the account.
A verification code is then sent to the associated email which is to be put into the signup form within 1 minute to move ahead.
The platform provides various verification levels which possess their own requirements and facilities.
Level-one verification allows access to any part of the platform with a transaction limit of $2,000 and only a username, ID number and nationality is required. When a trading limit of $200,000 is reached and a user needs to access all kind of trading functions of the platform, then it is required to pass a level-two verification.
If the transaction limit exceeds $500,000, the user has to go through a level three verification is a must along with a video verification of that user’s identity.
Trading procedure on OKEx
No one is able to visit the virtual trading floor of OKEx without a user account, although one can accumulate information about trades by simply choosing the “charts” option. The charts contain the list of available trading pairs including BTC, USDT, ETH, and OKB which is the coin of the exchange’s own. Following options are presented at the top of the website:
- Fiat to token exchange: It allows the traders to directly purchase cryptocurrencies in exchange for fiat currencies.
- Token trading: It is the conventional option of a crypto-crypto exchange. OKEx provides a list of the available pairings and coins such as BTC, BCH, ETH, USDT etc. It also shortlists the popular coins which are being frequently exchanged recently.
- Future trading: OKEx suggests the tender trader’s study and agree to the proprietary user agreement. It is because they want its users to be conscious about the fact that use of leverage may bring both huge benefit or huge loss within a short period as the platform of OKEx is totally different from traditional token-to-token trading platforms.
Fees in OKEx
OKEx charges a trader-convenient amount as exchange and trading fee. Traders have to count only 0.1 percent of the total volume as maker and taker fee for all token-to-token trades. The charges of future trading vary from token to token ranging from 0.015 percent to 0.075 percent.
OKEx has earned the trust of the experienced traders and is attracting new investors. Only by increasing the range of trading pair, it may progress a lot further.