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Okex Review 2021

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okex fees

OKEx does not use an ordinary Transmission Control Protocol/Internet Protocol (TCP/IP), which is the typical method that allows digital computers to communicate over long distances. Instead, this communication is conducted via a special network communication protocol that is a proprietary, partially offline service that prevents an online attack. To use the advanced functions, you have to apply and be approved.

okex fees

Stop- A trader uses a stop order to place a market or limit order when a specified price level crosses. Conditional stop orders have one trigger, while OCO orders have two triggers that cancel each other out.

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The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. All user-asset deposits and withdrawals require layered risk-management mechanisms before being posted to the blockchain for confirmation. OKEx’s complicated fee schedule is divided into two tiers, with multiple levels within each tier. Below are the tiers only for spot trading, to provide an example of the fee scheduling complexity. OKEx is not currently available in the U.S., but its sister platform, OKCoin, is.

Is Kucoin better than Binance?

If you think you are going to be a small trader and remain at the low tiers, Binance’s fee structure is better than Kucoin’s. If you are going to use the futures market, Binance is a clear winner. It has a better taker fee than Kucoin.

However, the app is a bit complex and advisable only for intermediate and advanced traders. Regardless, you can use it at any time and location at the discretion of the user.

Okex Vs Binance: Features

The competitive fee structure at OKEx serves as a plus point for the exchange. The minimum amount required to fund a trader’s account and begin trading is 10 USDT or any other crypto assets of an equivalent amount. Users should create a strong password because these are the credentials that they will need every time they log into their accounts on OKEx. Offers a huge selection of trading assets – more than140 digital tokens and over 400 BTC and USDT pairs.

okex fees

OKEx now operates in over 200 countries around the world but is not available in the U.S. Our editors independently research and recommend the best products and services. You can learn more about our independent review process and partners in our advertiser disclosure. We may receive commissions on purchases made from our chosen links. Listings that appear on this page and/or on this website are of products / companies / services from which this website may receive compensation. This may impact how, where and which products / companies / services we review and write about. This page may not include all available products, all companies or all services.

Okex Coin Okb Token

Cryptocurrency exchange OKEx has launched a new platform for minting and trading non-fungible tokens . You need manually go to okex.com website – my assets – funding account – push 3 dots on right side of Kishu – and select claim. By this point, it is common knowledge that many cryptocurrencies have their very own blockchains which they are exclusive to.

okex fees

Lastly, OKExChain has announced compatibility for the Ethereum Virtual Machine, meaning that developers can leverage the tools and know-how they already hold to build next-gen dApps on this blockchain. OKEx, like all other exchanges, has its own advantages and disadvantages. After creating the account, you will have to complete KYC level 1 verification and then link your mobile number so the system can verify your identity. This process includes uploading your passport and recording a verification video according to the instructions provided by OKEx. Trading leveraged products may not be suitable for all investors.

Binance Earn is a one-stop hub on Binance where you can see all your earning possibilities open for you and the crypto funds you hold. In addition, you can find alternative crypto earning options if you are a Holder.

Is It Safe To Use Okex?

But if the platform’s mission is to ‘eliminate financial barriers’ and ‘evolve the global economy’ then their design is simple, neat, and gets the job done. The design is not the most aesthetic but it does not need to be. To ensure you have the most up to date information, you should verify relevant information with the product or service provider and understand the information they provide. If you are unsure, you should get independent advice before you apply for any product or commit to any plan. However, you’ll need to provide your name, country of residence and proof of ID before you can make a fiat deposit.

Moreover, it has a technically sound trading platform, making it one of the best in the market with low fees and high liquidity, making it a perfect destination for advanced traders. OKEx is a Malta based world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology. OKEx is also one of the top digital asset exchanges in the world by trading volume, serving over 20 million customers in over 100 countries. Its BTC futures trade also has nearly $1.5B of volume daily, and is widely recognized as the gold standard for the industry. However, in the case of fiat-to-crypto trading, users need to click on the “Quick Trade” option that allows them to buy cryptocurrencies with fiat.

Security And Fairness

Tokens can be seamlessly listed and integrated on the chain without seeking approval in a centralised fashion. The OKExChain also supports smart contract integrations, thereby creating yet another ecosystem suited for the deployment of decentralized applications .

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The fee rate is 0.03% for all coins and tokens, and is applied to both normal and VIP users. Normal users can become VIP users if they have a minimum monthly trading volume of $5 million. There are seven tiers for VIP users, and the monthly trading volume threshold ranges from $5 million to $1 billion, while their daily withdrawal limit ranges from 600 to 2,000 BTC. All trading pairs with these base currencies have the corresponding trading fees.

Trading Fee Calculations

Though OKEx supports trading with both fiat currencies and cryptocurrencies, it allows only cryptocurrencies to deposit funds into a trader’s account; there is no OKEx fiat deposit allowed on the platform. Traders either purchase cryptocurrencies on the website with a credit card or can transfer cryptocurrencies from other exchanges or any hardware wallet. Once their accounts are funded, they can directly start trading on the OKEx platform. Offers a wide range of crypto trading solutions like spot trading, margin trading, DEX trading, futures, options, perpetual swap, quick trade (one-stop marketplace). OKEx charges trading fees based on a maker-taker fee model, as well as user volume and the total native OKB coin holdings in a user’s account. Pricing is based on a sliding scale, with discounts available as users execute more transactions and hold more OKB coins. The OKex exchange was born out of OKCoin as a brand targeted at more advanced cryptocurrency traders.

CoinMarketCap ranks and scores exchanges based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported. The desktop version represents a sophisticated professional set of tools. It’s capable of handling more demand on hardware than the average cryptocurrency exchange. If you’re still relatively new to the crypto game, however, it could represent overkill. It’s one of the largest international cryptocurrency exchanges on the planet.

Okex Supported Stablecoins

It also offers lending and borrowing of certain crypto, as well as the ability to join proof-of-work mining pools to earn crypto as a miner. Over 100 cryptocurrencies are currently offered on OKEx, including over 400 crypto trading pairs (such as BTC-ETH). OKEx is a great option for advanced crypto traders who want access to margin, futures, and options trading, with very low trading fees. OKEx offers multiple ways to deposit funds, supporting over 30 fiat currencies around the globe.

  • For example, this tactic launched Binance ‘s ICO, skyrocketing the platform to the largest in the world in a month.
  • The return from liquidity mining can be much higher than that of staking.
  • In October 2017, a number of OKex account holders complained that their accounts had been hacked and cryptocurrency holdings were stolen.
  • Regardless, you can use it at any time and location at the discretion of the user.
  • Security is one of the most important factors when it comes to trading.
  • The platform launched several international exchanges in 2017, and 2018, including ones in Japan and Singapore.

Last but not least, there is Coinbase , the largest exchange by trading volume in the United States, and probably the most prominent name out there. Brian Armstrong and Fred Ehrsam founded Coinbase in 2012, and today it has customers in more than one hundred and ninety countries globally. The exchange processes large trading volumes, reaching a total of more than USD 2 billion at the beginning of 2021. Coinbase makes crypto transactions a breeze through one easy interface. To gain access to this function, you must transact with family, friends, or even merchants using online wallets. The exchange advertises itself as a “one-stop-shop” for all your cryptocurrency needs, and it offers a wide variety of features and functionality that help it live up to this claim. The largest digital currency wallet worldwide, Coinbase is based in San Francisco.

Fiat deposit options via WeChat and bank transfers along with a variety of trading options have made OKEx a popular choice for Chinese users. ● We offer diverse asset classes for millions of crypto traders in over 200 countries. We provide spot and derivatives trading services with hundreds of cryptocurrencies available, including Bitcoin , Ethereum , Litecoin , Ripple XRP, Tron , Bitcoin Cash , EOS and OKB. OKex was founded in 2014 by Star Xu and represents one of the largest crypto exchanges in the world. Originally linked to its sister company OKCoin, the exchange offers crypto-to-crypto and fiat-to-crypto trading on more than 100 different coins. High transaction fees on the main Ethereum network discourages crypto adoption for passive users.

The liquidation fee is based on the level 1 taker fee for normal and VIP users, while the partial liquidation fee varies according to user tier and the corresponding maker and taker fees. During partial liquidation, however, a separate penalty fee is applied to short positions only, fixed at 0.2%, and is applicable to both normal and VIP users. This penalty fee, when charged, is injected into the OKEx insurance fund at the time of settlement. Both the partial liquidation fee and the liquidation fee can also not exceed 12.5% of the option contract’s premium.

Funds must then be transferred from spot wallets to margin wallets. OKEx charges the following fees from traders registered on the platform. The price and value of any investment in digital asset products can fluctuate. 74% of retail investor accounts lose money when trading CFDs with this provider. Next, copy the wallet address into the digital wallet you own and transfer the cryptocurrencies.

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High net worth traders with a huge trading volume during a 30-day period can also avail of further rebates and trading fee discounts. Allows an extensive range of pro-trading options like spot, futures, and derivatives trading. On July 30, 2018 a trader reportedly bought bitcoin futures with a $416 million notional value on margin, before being forced by the exchange to liquidate his position at a large loss. The exchange injected 2,500 Bitcoins – worth about $18 million at current prices okex exchange – into an insurance fund to help minimize the impact on clients. However, to cover for the outstanding amount, traders who had made an unrealized profit during the previous week still had to pay a clawback rate of 17 percent, so-called “socialized clawback”. Then, select one of the OKEx-supported fiat currencies and set the amount of which you wish to buy a specified crypto coin. If you are considering opening an account with OKEx exchange, be sure this read this guide first.

Author: Jacob Passy