OKEx Experience 2021: The Crypto Exchange Test

OKEx has been available since 2017. The crypto exchange is registered in the Seychelles and is somewhat reminiscent of Coinbase in its design. We took a look at what you can expect from the OKEx exchange and which cryptocurrencies are available.

Thus, we deal with various questions around the crypto provider. Read on to find out if Iota is available at OKEx and how to register. In addition, we naturally clarify whether the offer is at all reputable and what alternatives there are.

The OKEx test and analyses the most important features of the broker in the following review. The OKEx test is about shedding light on the offer and the trading platform.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

OKEx: Advantages and disadvantages at a glance

The OKEx offering covers all kinds of areas of the crypto and blockchain world. Tokens themselves can be easily bought or actively traded on the OKEx Exchange. Particularly experienced traders can benefit from professional margin trading and leverage.

However, such options are not suitable for the ordinary investor. Beginners would do well to take a look at the in-house academy, which can answer many questions about crypto trading and blockchain.

The range of additional tools and functions is remarkable anyway. This should open up completely new possibilities in crypto for all kinds of users.

Pros:

  • Buy or trade cryptocurrencies
  • Large crypto academy
  • Many additional functions

Cons:

  • Better conditions only for wealthy investors
  • Licence only from Seychelles
  • Cryptocurrencies limited for purchase

Let's move on to the disadvantages. In addition, trading is cheaper for wealthy investors. This does not necessarily correspond to what the ordinary investor could use.

The website also only offers trading in cryptocurrencies in the OKEx experiences and thus does not offer shares or commodities. A licence is given, but only as regulation of the Seychelles. This has little to do with EU guidelines, which would undoubtedly be preferable.

What is OKEx?

The OKEx Exchange is a provider for buying and selling cryptocurrencies. It also has its own integrated wallet so that you can manage various digital tokens.

The provider itself says the following about its platform:

"OKEx makes it easy for you to buy, sell, and store Bitcoin and other cryptocurrencies.".
Mission Statement OKEx
This means that you are dealing with a trading platform that has specialised entirely in the crypto sector. You get access to different areas. You can dedicate yourself to crypto trading, but also earn coins in the so-called Earn Programme.

OKEX-Erfahrungen

In addition, there is a separate academy for learning various technical terms and trading strategies and a separate cryptocurrency called OKEx Coin.

All in all, OKEx experiences offer access to a relatively large repertoire of possibilities. Not all crypto exchanges can make such a claim.

The provider is making an effort to add more and more functions. In the meantime, it is even possible to use one's own crypto credits or to act as a lender. The latest adaptations are, for example, a separate pool and a separate cross-chain gateway called OKEx Bridge.

These are used to exchange cryptocurrencies from different blockchains. In this respect, OKEx Exchange also targets intensive blockchain users.

OKEx Review - The offer

A few functions have already been touched upon. In the following paragraph, we want to look at the specific trading offering and OKEx trading experience. Here we will see that the platform gives special importance to the so-called margin trading.

Margin Trading & Basic Trading
Margin trading is easily found via the main menu. One click is enough to land in a professional-looking trading window. As a user, you are first asked to select a trading pair.

The offers here are diverse and by no means only revolve around the famous bitcoin. Margin trading is designed for advanced traders. As a skilful day trader, you can profit from the smallest price changes.

OKEX-Exchange

Furthermore, you can also find perpetuals, futures and options here. If these terms do not ring a bell, you should first visit the in-house academy. This type of trading is not for beginners.

There is a simpler form of trading for beginners. For this, one simply opens Basic Trading, which is presented as the counterpart to Margin Trading. Here, simple spot orders and simple options are possible.

Special Features

The OKEx Exchange is rich in additional features. We would like to list a handful of these features below.

Algo Order

OKEx experiences also include the possibility of an Algo Order. This involves the use of algorithms, hence the name.

You can specify certain prices and trading volumes. However, before getting involved in this, one should study the available documents and instructions intensively.

Such an algo order can save the trader time, as he can assign positions to certain scenarios in advance. The order is then filled when the set conditions occur.

Some savvy traders also use such tools to remind themselves of their original trading strategy in order to gain discipline, which can become important for returns.

OKEx Pools

We have already mentioned OKEx Pools as well. It is a form of crypto mining. Eleven different assets are currently available. Such a pool aims to mine certain tokens in cooperation with many other users.

As a sole miner, you no longer stand a chance against the large institutional farms that combine thousands of servers to mine virtual currencies.

Thus, a pool offers the possibility to also participate in bitcoin mining and to achieve returns through this. In the OKEx test, there were instructions for all available cryptocurrencies, which makes for a positive experience.

Ethereum mining is also possible, as is the mining of Litecoin, Dash and some other coins.

OKEX-Mining-Pool
Trading options

Margin trading
Spot trading
Options
Perpetuals
Futures
Algo order

Additional functions

OKEx Pools
OKEX Loan
OKEX Earn

OKEx Exchange: The functions

Let's take a look at the many other functions of OKEx. Basically, we see that the core of the offer is still the buying and selling of cryptocurrencies. If you navigate to the start page, you are confronted with exactly this function.

In addition, you also get an overview of the most diverse markets. This means prices of cryptocurrencies, but also data and facts about DeFi and even NFTs. It is worth clicking through the available figures.

Advanced trading or has already been mentioned and should therefore be skipped at this point. More information on this can be found in the previous paragraph.

OKEx Exchange: The functions Let's take a look at the many other functions of OKEx. Basically, we see that the core of the offer is still the buying and selling of cryptocurrencies. If you navigate to the start page, you are confronted with exactly this function.  In addition, you also get an overview of the most diverse markets. This means prices of cryptocurrencies, but also data and facts about DeFi and even NFTs. It is worth clicking through the available figures.  Advanced trading or has already been mentioned and should therefore be skipped at this point. More information on this can be found in the previous paragraph.

The Earn function can be used to HODL certain cryptos. This means that you invest them virtually. In fact, a whole range of different cryptocurrencies are available in this way. In the OKEx test, the tokens are clearly presented with the possible return.

With an OKEx account, you also get access to the loan offer. These are crypto loans. These are made possible by the integration of DeFi. Finally, there is a function called Jumpstart.

OKEx allows new cryptocurrencies an Initial Coin Offering (ICO) with special conditions for early adopters.

Under the menu item "Learn", you will find numerous tutorials and learning programmes that can help you get started in the world of cryptocurrencies.

This list of different functions is not yet complete; there is also the OKEx Coin, the mining pools mentioned above, a crypto wallet and also blockchain functions and clouds. If you are curious, then just read on.

The OKEx cryptocurrencies

The offer of OKEx basically includes a variety of cryptocurrencies. At this point, we want to refer to the coins that can be bought for euros.

OKEX-Kryptowaehrungen

You might notice that you cannot buy IOTA on OKEx, for example. However, the MIOTA token can be traded in a currency pair with USDT on the OKEx exchange. Incidentally, this applies to many crypto coins that are not listed below.

  • USDT
  • BTC
  • ETH
  • XRP
  • LTC
  • OKB

The number of fiat currencies is even greater. From the euro to the US dollar, Argentine peso and Japanese yen, there are various currencies from all over the world that can be used to buy cryptocurrencies.

If you use the trading offer, the selection becomes even larger.

Open an account with OKEx

It is not difficult at all to create your own account with the OKEx Exchange. However, we must point out at this point that you should already be proficient in English.

After all, there are several languages. We hope that this will change in the future. To complete the registration, we first click on the "Sign Up" button.

Step 1: Registration

At this point there are different ways of proceeding. You can register with your telephone number or with your usual e-mail address.

Interestingly, you can register yourself using a Telegram account or use your Google data for the login. If you have an invitation code, you can enter it.

To get to the next step, you have to solve a small security check and enter a six-digit code in the following window, which you have received either to your telephone number or to your e-mail address.

OKEX-Anmeldung

Step 2: Select an amount and decide on a currency

Once the account has been set up, the next step is to make a deposit. However, it is also possible to carry out this only when you buy the respective cryptocurrency directly.

On the start page, you can select the corresponding virtual currency and then pay. You can choose from credit cards as transaction methods, but you can also use Apple Pay. Alternatively, you can use the SEPA transfer or the normal bank transfer.

As a special feature, the Advcash Wallet can also be connected.

OKEX-Krypto-Kaufen

Step 3: Verifying the data and completing the purchase

The rest is just a piece of cake. The desired cryptocurrency is selected and the amount is set.

Then, payment details are provided and the correct wallet address. Special attention is required here, as one is not entitled to a refund in the event of incorrect entries.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

OKEx payment methods

We have already gone into some payment methods. Since this area is of particular interest to many users, we would like to list the available payment methods at OKEx once again in clear terms.

  • Visa
  • Mastercard
  • Bank transfer
  • SEPA bank transfer
  • Advcash Wallet
  • Apple Pay

All in all, all users should be able to find a suitable payment method. However, it should also be emphasised that neither Bitcoin nor Iota can be bought here with PayPal. Other payment methods such as Sofortüberweisung or Trustly are also not available.

In this respect, there is a relatively large difference to our test winner eToro, which offers a much wider range of payment methods. In addition to the above-mentioned transaction methods, there are also Skrill and Neteller. In this comparison, the OKEx Exchange gets the short end of the stick.

OKEx deposits and withdrawals

Credit card iconWe also want to go into more detail about the OKEx deposit and withdrawal experience. In order to complete the purchase of a virtual token, you first define the currency pair.

Now you have the option of either entering the initial amount to decide for how many euros you would like to receive your Bitcoin or other cryptos, or you can directly enter the amount to be received in the virtual currencies.

The whole layout is reminiscent of a Bitcoin calculator, which directly shows you how many coins you either have to pay or will receive.

Once all the amounts have been set and checked once again, you click on the button to buy. At the latest now we have to log in to enter the payment data.

It is therefore very easy to make a deposit. It's not much different with the payout. Here we call up our account in the profile and enter the withdrawal details such as linked bank accounts or wallets.

OKEx Fees & Costs

Admittedly, the OKEx fees and costs can seem a little complex. After all, the provider has created a fee model that is based on the trading volume of the respective trader.

Thus, there are different levels that come with different costs. In addition, the provider distinguishes between a maker and a taker fee.

animal

Total OKB holding

30-day trading volume (USD)

Maker fee

Taker fee

24h withdrawal limit (BTC)

Lv 1

<500

<5,000,000

0.08%

0.10%

500

Lv 2

≥ 500

<5,000,000

0.08%

0.10%

500

Lv 3

≥ 1,000

<5,000,000

0.07%

0.09%

500

Lv 4

≥ 1,500

<5,000,000

0.07%

0.09%

500

Lv 5

≥ 2,000

<5,000,000

0.06%

0.08%

500

Market makers are users who throw new prices onto the market, while takers accept existing deals. Normally, makers are rewarded with lower costs because they increase the liquidity of the platform.

Ordinary traders are all users who transfer less than $5 million in trading volume within 30 days. The levels are then based on the number of OKEx Coins held.

OKex-Coin

In this way, the platform promotes its own cryptocurrency. For all these traders, there is a withdrawal limit of 500 BTC within 24 hours. This should be absolutely sufficient for most people anyway.

animal

30-day trading volume (USD)

Maker fee

Taker fee

24h withdrawal limit (BTC)

VIP 1

≥ 5,000,000

0.06%

0.08%

600

VIP 2

≥ 10,000,000

0.04%

0.08%

800

VIP 3

≥ 50,000,000

0.02%

0.07%

1,000

VIP 4

≥ 100,000,000

0.00%

0.06%

1,200

VIP 5

≥ 200,000,000

0.00%

0.05%

1,500

VIP 6

≥ 500,000,000

-0.01%

0.04%

1,800

VIP 7

≥ 1,000,000,000

-0.01%

0.03%

2,000

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Those who have and manage even more funds pass as VIP customers. VIP users can benefit from even better conditions.

VIP levels six and seven can even earn returns if they become market makers themselves. However, to do so, they would have to move at least $500 million within 30 days.

Security at OKEx

Got Credit

We don't want to forget about security in the OKEx experience & test. First of all, it should be noted that it is, after all, a regulated provider.

However, we would be even happier if it was an EU licence. However, OKEx is registered in the Seychelles. We prefer the offer of the EU broker eToro.

If there were any doubt about the legal situation in Seychelles, an expert would have to be hired to resolve the conflict. An unrealistic scenario.

OKEX-Loan
Nevertheless, OKEx is fundamentally regarded as a serious offer in the market. However, we do not want to go too far out on a limb, as other crypto exchanges have filed for insolvency after some time and customers have had to wait in vain for their funds.

To protect users' deposits, OKEx relies on a mixture of hot wallets, which are supposed to guarantee the liquidity of the offer, and cold wallets, which are considered a particularly secure way of storing assets because they are not connected to the network.

OKEx also guarantees basic security in the storage of keys and in the processing of all data.

The OKEx App

OKEx has also thought of a mobile trading experience. The OKEx app is now available in the Google Playstore, for example. The users are enthusiastic. Almost 70,000 reviews have already been received, resulting in an overall rating of 4.5 out of five possible stars.

According to the provider, you get an all-in-one trading platform for on the go. All functions of the browser version can be accessed quickly and easily on a smartphone or tablet.

This gives access to crypto future trading, but also to trading with levers, charts or simply current prices.

Deposits and withdrawals are also possible via the OKEX app. Although the offer is advertised with multi-language support.

Incidentally, this is also a clear criticism of the mobile application. Those who do not speak English will hardly find their joy here. This is another reason why we recommend the trading app from eToro as an alternative.

Here you not only have all kinds of assets to trade, some of which can be traded without commissions.

OKEX-App

Is OKEx fraud?

So far, it can be stated that OKEx is not a scam. There are no known cases of inconsistencies in the marketplace. Moreover, an official licence is supposed to provide security.

However, it should also be noted that the licence only comes from the Seychelles. This is not a European territory and thus not an EU regulation, which is actually very important especially in online trading.

We do not want to accuse the provider of this, but a European provider is always the better choice. For example, eToro is equipped with exactly such an EU licence from Cyprus.

OKEX-Jumpstart

Here, the CySEC takes over control and ensures that all regulations of the European Union are applied. The EU is also internationally recognised as a community of states that particularly values the interests of end customers.

This can only be said of the Seychelles to a limited extent. Nevertheless, OKEx does not appear to be a scam. The security mechanisms and the use of different types of wallet also serve to create a secure offer.

However, it should be clear to every investor that trading is also associated with risks. Some of the functions are complex and especially the use of levers is not suitable for beginners.

However, anyone who is only interested in buying cryptocurrencies should have found a successful partner in OKEx.

OKEx experience and customer service

Altcoin.io Customer Service

OKEx customer service can be reached in several ways. In most cases you will already find solutions in the FAQs. These are contained in the so-called Support Centre.

However, it has to be criticised again that the information only in English. The same applies to the available live chat.

To use this chat, you enter your name, e-mail address and a message in the window that pops up. If you confirm the entry, you are taken directly to the conversation and find out how many other users are currently waiting for advice.

OKEx experiences are positive in this respect, as one does not have to wait long for an answer. However, if you want, you can also contact the support via e-mail.

This is not a bad idea, especially for longer enquiries. The e-mail address is [email protected]

OKEX-Kundendienst

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

OKEx Experience - The Conclusion

OKEx crypto exchangeOKEx is an exchange floating on the DeFi wave. Many features and tools are aimed at decentralised finance. This includes, for example, the crypto-credit option.

In fact, the provider is targeting a wide range of crypto areas. One wants to become an all-rounder for cryptocurrencies. The focus is on the simple buying and selling of various coins.

Liquid-App
OKEx_Logo

In addition, one can also use one of the mining pools or participate in ICOs. In fact, the functions of the offer are so versatile that a separate crypto wallet and a separate OKEx cryptocurrency have also been integrated.

This OKEx Coin is otherwise worthwhile for active traders, who receive better conditions for trading depending on the number of coins held.

The whole thing seems quite attractive and is also available as an OKEx app. Nevertheless, one major disadvantage remains to be noted: even if the provider is licensed, this licence only comes from the Seychelles.

EU-regulated brokers offer significantly more security. That is why we recommend eToro as the significantly better alternative.

Here you can not only trade crypto coins in various ways, but also use a mobile wallet and trade real shares yourself or participate in CFD trading.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

FAQ

What is OKEx?

The provider is a crypto exchange where cryptocurrencies can be bought and sold. In addition, there are many possibilities to use other tools or to become active via mining pools.

Is it worth opening an account with OKEx?

In principle, the offer is attractive, but the clearly better alternative is eToro. This is primarily due to the EU licence, which OKEx cannot offer. Should the case of insolvency arise, one would undoubtedly prefer an EU guarantee.

Is IOTA available at OKEx?

IOTA cannot be bought at OKEx. However, you can find the MIOTA token in the exchange in the currency pair with USDT. This way you can participate in trading, but you cannot buy real IOTA coins.

How long does a payout take at OKEx?

The payout is processed immediately. Everything else depends on the selected payment method. This can take a few business days.

What are the requirements for me to trade successfully at OKEx?

If you really want to try trading, you should have experience in the field. Especially with OKEx, the functions are partly very complex and not really suitable for beginners. There are hardly any other requirements - apart from an account with the provider.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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