What is OKEx? Instructions to create an account, deposit and withdraw coins on OKEx

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You probably already know the cryptocurrency exchange Binance.com . The exchange with just 6 months has become one of the largest cryptocurrency trading volumes in the world. What about OKEx floor? Yes, this floor is the brother of the current Binance platform . OKEx is a branch derived from OKcoin , the largest exchange of cash to Chinese cryptocurrencies . In this article, you will learn what is OKEx, Bitcoin Vietnam News will guide you to create an account, deposit and withdraw money on OKEx.

What is OKEx?

OKEx is a digital asset trading platform that provides financial services to global traders using Blockchain technology.

OKEx was founded in 2014 and is investing millions of dollars from venture capital funds such as Giant Network Group, Longling Capital, Ceyuan Ventures, Qianhe Capital Management, eLong Inc and VenturesLab (co-founded by Tim Draper).

OKEx was originally traded under OKCoin and changed its name to OKEx in May 2017. The exchange announced it would offer “hundreds of tokens and future trading pairs to help traders optimize their strategies. they “ and ” earn millions of dollars worth of investments from top businesses. “

Founded in 2014 in China, OKEx is the world’s largest cryptocurrency exchange based on trading volume, according to CoinMarketCap. The Bitcoin futute alone of the platform accounts for nearly $ 1.5 billion per day. Like its Binance competitor, OKEx recently relocated its headquarters to the Malta archipelago.

The founding team of OKEx cryptocurrency exchange

The OKex exchange is considered as a brainchild of Star Xu investor. OKEx belongs to OKCoin as well as Coinbase owns GDAX, both exchanges cater to different groups of investors. Both OKEx and GDAX are geared towards more professional cryptocurrency traders.

Countries can trade on OKex

OKex has a relatively high standard of crypto exchange services for eligible customers to participate. OKex is currently not available to citizens in Hong Kong, Cuba, North Korea, Iran, Crimea, Sudan, Malaysia, Syria, United States and territories in Bangladesh, Ecuador, Bolivia and Kyrgyzstan.

These are countries on the UN Security Council Sanctions List or citizens who are restricted or banned from trading on exchanges.

In the United States, the rules for cryptocurrencies are still unclear and specific. The issue is based on whether cryptocurrencies can be classified as securities and most cryptocurrencies have been decided on a case by case basis.

The exchange offers a lot of coins, which also means that all coins are at risk of scrutiny from the U.S. Securities and Exchange Commission if they don’t take steps to prevent U.S. citizens from operating. on the exchange.

This echoes the decision of some token developers to exclude U.S. citizens from ICO services, lest their token be later considered a security. Since then the sale of illegal securities has been formed.

OKex’s decision is to completely exclude the United States and countries with suspicious legal frameworks before the United Nations is conservative with decisions from other exchanges.

What types of coins does OKEx support?

Currently, the exchange OKEx is supporting a lot of different coins and tokens such as: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), EOS (EOS) , Decentraland (MANA), Qtum (QTUM), Hshare (HSR), Kyber Network (KNC), IOTA, Centra (CTR), NEO, SONM (SNM), etc. and lots of other coins.

OKEX supports major cryptocurrency trading pairs with BTC, USDT and ETH. In particular, the pairs BTC / USDT, BCC / BTC, ETH / BTC, LTC / USDT, … have the largest 24-hour trading volume and obviously these large coins will have higher liquidity than other tokens.

So if you’re wondering whether or not to play Bitcoin and which exchange to trade on, maybe OKEx will be the right choice for you.

Transaction fees on OKEx

Most people will not trade with the equivalent of 600 Bitcoin for 30 days. This means that the majority of cryptocurrency investors will only trade at level 1.

Transaction fee for level 1 is:

  • Market transactions: 0.15% of order placement fee and 0.2% of matching fee.
  • Forward trading: 0.03% for order fee and 0.05% for order matching fee.
  • 24-hour withdrawal limit: 100 Bitcoin

If you think you are going to make large volumes of transactions on the exchange, you can see the descending fees in the table below:

Transaction fees on OKEx

Margin trading (Trade Margin): Services & Loan Fees

First, we must make it clear that we do not recommend margin trading, with exceptionally high risks and potential losses that can be enormous.

However, OKEx still offers this service and you can borrow up to twice your account balance for a specific trading pair.

For example: Customer A has a balance of 10,000 USDT in his BTC / USDT account. Double the balance to 20,000 USDT. This means the maximum loan amount is 20,000 USDT.

Interest rates for these loans are different. Interest is calculated every 24 hours and unpaid interests are aggregated every 15 days. Interest rates can be seen in the table below:

Margin trading (Trade Margin): Services & Loan Fees

Token UN

Just as well as Binance, Huobi, OKEx also has its own floor coin.

OKB is the official OKEx token and, as mentioned, the OKEx exchange supports pairs dealing with their OKB. Tokens are built on the standard ERC-20 protocol, which can be easily traded via exchanges.

Of the 1 billion OKB tokens, only 600 million are distributed to OKEx customers for community building and marketing. The remaining tokens are locked for a period of about one to three years.

The account level or level of verification of personal information on OKEx

You will need to provide personal information for verification on the floor including your ID or Passport . But rest assured, you can trade without verifying this information on the floor, and this can make it difficult for you to have a dispute.

You need to confirm on the account registration email before trading on the floor.

Is OKEx broker really safe and reputable?

OKEx floor applies a lot of security methods to create maximum safety for users. Those methods include:

  • Your cryptocurrency will be stored in cold wallets , which makes it difficult for hackers to get your money.
  • The floor is always updated with external backups to allow ongoing security checks to ensure that the encryption keys will always be kept safe.
  • Once the security key is used, it will not be used again .
  • The latest encryption protocols are always integrated into the cold wallets of the exchange.
  • The account’s private encryption keys will never be connected to USB or other peripherals, and even to the Internet .

However, the exchange still had a Hacker problem in October 2017 . However, the data on this attack was not published, and investors still feel safe on the floor.

Advantages and disadvantages of OKEx

OKEx floor is really a strong floor with a lot of ambition. With experience and what has been gained, this cryptocurrency exchange has always been a solid platform with the ability to trade many different cryptocurrencies but still ensure safety and confidentiality for users. There are no restrictions or constraints on the floor. You are free to trade on the floor without having to verify any personal information.

Advantages

  • Secure trading platform with lots of market experience .
  • A large number of cryptocurrencies and cryptocurrencies can be traded on the exchange.
  • The broker has an easy-to-use interface and appropriate features for users.
  • Trading fees on the floor are quite low

Defect

  • Having so many cryptocurrencies makes beginners feel dizzy.
  • New features can make newcomers hard to understand and use.

Instruction to register an account on OKex

If you are living in an OKex-approved Country, the first step you will need to take before making transactions will be Sign Up . Creating an account is very simple, and OKEx always reminds users about the list of banned countries.

Step 1 – Sign up (Sign up)

After accessing the website https://www.okex.com/, select the Sign Up section . Now there will be 2 options provided for users to create accounts.

You can register by Email or Phone number . Should set a strong security password, then the floor will send the Code to Email (phone number) to verify the account .

Step 2 – Verify account

Verify account

If registering by Email, OKex will send the 6-digit Code to Email to verify the account. You only need to enter the code, so complete the registration. This is similar to registering by phone number.

In addition, OKex offers a number of different verification levels, and each level has its own requirements and privileges.

Level 1 verification (level 1)

Access to most OKEx operations will be limited to $ 2,000 trading and only requires verification of nationality, username and ID number.

Level 2 verification (level 2)

Comes with access to all trading functions, with a trading limit of $ 200,000. At this level, OKex requires users to provide portrait photos and identification documents.

Level 3 verification (level 3)

With a trading limit of USD 500,000, the exchange will require verification of video identity.

Trade guide on OKex

OKex will provide charts established by trading pairs, including USDT, BTC, ETH and OKB tokens. OKEx also displays the available future of coins and handy items for selected coins.

Users can start Margin Trading with 3 simple steps:

  • Margin Account – Transfer money from Spot Accounts to Margin Accounts;
  • Borrow Token – Borrow Token;
  • Start trading.

After logging in, select the Token Trading section.

Trade guide on OKex

Step 1 – Transfer money to Escrow account

In margin accounts, money will be segregated into different trading pairs. Select the Transfer From section of the trading pair you want to trade to transfer funds to your account. Note that only supported trading pairs are displayed in the tab.

Trade guide on OKex

For example, to transfer BTC to your BTC / USDT deposit account. Select the Coin pair and click on the Transfer tab .

Trade guide on OKex

Step 2 – Borrow Token

In Token Trading, select 3X Leverage on the right to switch to leverage mode.

Trading pairs with the “3X” card are leveraged tokens. Above, the gray box shows a brief summary of the contents of the Coin pair.

Loan Token

The loan limit will be 0.5 – 2x the total amount of money on the trading account of the margin account. You can trade with up to 3x of your capital.

Loan Token

Step 3 – Start trading

Start trading

Don’t forget to pay attention to the account when you are holding any position. You can close your positions whenever you want such as stop loss or take profit. But once your account equity has dropped to a certain level, it may trigger the liquidation mandatory feature. This is to ensure you will not lose more than the amount of capital that you have spent.

Instructions for depositing and withdrawing Coin at OKex

First to Deposit (Withdraw ) or Withdraw (Withdraw) on OKex, go to Account -> Waller (Wallet) -> Select Deposit / Withdraw.

Deposit cash at OKex

On the Deposit page , you can change the type of Token you want to deposit into your list.

Deposit cash at OKex

Note: Only send a specific type of Token to the corresponding deposit address. For example, the BTC deposit address only accepts BTC deposits. Sending any other types of tokens will result in the loss of your deposit.

Deposit cash at OKex

You will receive a deposit address for each type of Token.

Withdraw money at OKex

For your safety, before making any withdrawals, you are required to associate your email address with your account on OKex. You can select Settings -> Security -> Email Verification – Show more to complete the installation.

Withdraw money at OKex

Before withdrawing funds, you need to check carefully because the address for each type of token is unique. Withdrawing a money to an incorrect address cannot reverse the transaction and result in total loss of money.

Withdraw money at OKex

Okex trading platform

OKex is one of the few exchanges that provides an independent desktop platform. While users can use the browser to trade, there are a few advantages to having a separate piece of exchange software.

Notably, if you are running on hardware and want to open multiple tabs, you will probably encounter memory problems. In addition, the platform provided by OKex allows to support multiple monitors. With one click of a button, you can copy the entire layout multiple times and move to another screen.

Okex trading platform

Charts are provided by OKCoin’s proprietary system, and they are far better than many other solutions. Orders are usually on the right, while small numbers may appear as an option to increase the font.

Fiat To Token

OKex provides an uncommon C2C trading system that works like an over the counter (OTC) exchange. Transactions can be conducted between individual OKEx users, setting their own prices in a secure and moderated portal. Withdrawals are also offered in the C2C market, which can be found in the Fiat to Token list.

If you open the Fiat To Token page, you’ll see a list of supported currencies on the left, a price chart and the Buy or Sell option at the price set on the right.

At the top of the price list, you will see the option to choose between Verified Traders ( Individual Traders ) or Individual Traders .

Epilogue

The OKex trading platform is the right platform for all levels of investment needs. Newcomers in the field of cryptocurrencies and professional traders can use the OKex easily.

The interface of the platform is quite well designed and offers many different trading options. At the same time, this is the interface that experienced traders appreciate, which may cause a surprise for beginner investors.

The restriction is that most investors are currently unable to participate in the exchange due to OKEx’s rules on citizenship and account creation. OKEx began to be built in China, which is not very “friendly” to cryptocurrencies and other decentralized assets.

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