OKEx is one of the cryptocurrency exchanges originating from China. OKEx's orientation is to target customers who are professional traders in the cryptocurrency market.
Every day OKEx processes more than 900 million USD transactions, always in the top 10 floors according to the adjusted volume Coinmarketcap.
Today, let's take a closer look at OKEx, to see if this floor is any different from other exchanges!
- 1 What is OKEx?
- 2 Review the OKEx floor
- 3 Instructions for using the OKEx floor
- 4 Experience using other features on OKEx
- 5 Frequently asked questions when trading coin on OKEx
- 5.1 Should I trade on OKEx?
- 5.2 Is OKEx floor safe and reliable? Has OKEx been hacked yet?
- 5.3 What are the trading fees on OKEx?
- 5.4 What is the fee for depositing / withdrawing coins on OKEx?
- 5.5 Does OKEx floor often have maintenance errors?
- 5.6 Is OKEx a scam?
- 5.7 Which country is OKEx?
- 5.8 What is OKEx Coin?
- 5.9 Do KYC need to withdraw money from OKEx?
- 5.10 Does OKEx support Vietnam?
- 5.11 What is the limit for depositing and withdrawing money on OKEx?
- 5.12 Does OKEx have an app on Android, iOS?
- 5.13 Which markets does OKEx support?
- 6 Summary
- 7 Le Thanh
What is OKEx?
OKex is a cryptocurrency exchange established in January 01 in China, by Star Xu.
However, in the same fate as other exchanges in China as the government strengthened its cryptocurrency regulation in 2018, OKEx moved its headquarters to the island nation of Malta.
OKEx is a subsidiary under the OKCoin exchange. You can understand that the relationship between OKCoin and OKEx is similar to that between Coinbase and GDAX (renamed Coinbase Pro).
As far as I know, OKEx has been investing millions of dollars from venture capital funds.
OKEx is currently ranked in the top 2 markets with adjusted trading volume up to US $ 980 million per day (according to data from Coinmarketcap).
Review the OKEx floor
OKEx platform supports many trading markets
Besides Spot Trading, you can Trade Margin, OTC and futures contracts on the floor.
Most recently, OKEx has launched an IEO open-selling platform - OK Jumpstart.
Useful articles for you: OKEx launches IEO platform OK Jumpstart
OKEx Margin Trade provides leverage x5
This is a relatively high level of leverage, helping you to increase assets quickly.
However, it is inevitable that if you have an account fire, you also have to pay very expensive prices.
Vietnamese is 1 of 10 languages supported by OKEx
Vietnamese interface on the floor is relatively easy to understand. Therefore, this is a great plus point for the floor to reach the Vietnamese trader community.
And, conversely, the brothers also have easy access to OKEx's services.
OKEx trading floor has high volume and stable liquidity
This makes it easy for you to buy and sell assets without fearing that the orders will not match as well as in other exchanges.
OKEx has many new products such as OK Pool, OK PiggyBank
This is a disadvantage when the floor does not focus on product strengths or does not spread all the products to the user. This is confusing for newbie brothers.
The mobile app of the platform is still in beta
Some features are still missing on the application. Therefore, this will be quite inconvenient because you have to use a laptop to trade on the floor.
In my opinion, the interface of the floor is not so intuitive, not user friendly.
OKEx has a floor coin of OKB
However, according to my observations, the feature of OCD is still under development and does not have many advantages compared to other floor coins.
OKB is not as popular with brothers as BNB is HT.
OKEx's products are diverse but also large
As a result, OKEx is less competitive with emerging markets and has more novel services.
The account of user OKEx has been hacked
Although the floor's announcement of the platform is still safe, many brothers are quite suspicious about the security of OKEx.
Instructions for using the OKEx floor
Step 1: Register a trading account on OKEx
First, the brothers visit https://coin98.net/go/okex.
The default interface of the floor is English. However, you can convert to Vietnamese as shown below to make it easier to use.
Then, you fill in the information as shown below.
- E-mail: You enter your email.
- Email code: Click on "Get code".
You just registered email, received the code OKex sent and entered the Email code.
- Password: Brothers enter the password.
- Confirm password: You enter the password just registered above.
Then, you choose "I have read ..." and click "Sign up".
OKEx will send an email notifying you that you have successfully registered your account. Please check your mailbox carefully, including the Spam section!
Step 2: Verify your identity KYC
Next, you need to verify your KYC identity for the account. Without KYC at least level 1, you can hardly perform operations on the floor.
You choose your account, select "Verify" and fill in the information as shown below.
- Nationality: You choose "Vietnam".
- Surname: You enter your last name.
- Name (first and middle name): You enter your name.
- Identification: You can choose Passport or ID card. Here, I choose the ID card to model for you.
- ID / Passport Number: Please enter your ID number.
Then, you choose "Submit".
So you have conducted KYC level 1. When OKEx confirms that you have successfully KYC level 1, your account can withdraw up to 0.5 BTC / day.
However, this limit is quite small if you trade a lot. Therefore, you should conduct KYC level 2 verification to raise the limit to 300 BTC / day.
To continue with KYC level 2, please remain at the Authentication page, and select the level 2 tab as shown below.
You choose your date of birth and upload 2 photos of the front and back of your ID card or Passport.
Then, you choose "Submit".
So you have completed the authentication steps on the floor OKEx.
After OKEx confirms that you have successfully KYC level 2, your account will be rated KYC lv2 and allowed to withdraw up to 300 BTC / day.
See more articles: How to make KYC successful
Step 3: Activate 2-step 2FA security
Like other exchanges, OKEx allows you to be as secure as possible SMS or security equal Google Authenticator.
And as always, I will always advise you to choose security with Google Authenticator to make it easier to get the authentication code.
From your account, you choose "Privacy". Next, you choose "Settings" of the "Google security mechanism".
If you do not know how to use Google Authenticator, you can review the article What is Google Authenticator? Complete guide to Google Authenticator of Coin98 .
Then, you open the Google Authenticator app on your phone, and scan the QR code displayed by OKEx.
I note you should save Key 16 digits to backup in case of loss of phone or exchange of phones!
Finally, you enter the code from Google Authenticator and the code that OKEx has sent to your email.
Then, click "Confirm".
Complete the above steps, you have enabled 2FA security for the OKEx account successfully!
Step 4: Transfer money to OKEx
From your account, you choose "Deposit". To load any coin, you enter its token code into the search box.
OKEx will display the wallet address of each coin you choose. You just need to transfer the money to the address of that wallet.
Please note that the wallet address of the coin is only transferred. The case of transferring the wrong wallet will be complicated and the risk for you is very high.
Step 5: Buy and sell Bitcoin & Altcoin on OKEx
To enter the spot trading interface of OKEx, you choose "Token transaction" and "transaction" as shown below.
The left pane is the trading pair. To buy and sell any coin, enter that code into the search box.
The middle frame is the price chart of that trading pair.
Next to the price chart is a framework for you to place buy and sell orders. You just need to enter the price and number of coins you want to buy or sell, then select "Buy coin" or "Sell coin" and you're done.
Step 6: Withdraw money from the floor OKEx
From "Account", you choose "Withdraw" as shown below. Then, enter the token you want to withdraw into the search box.
Next, brothers enter wallet address , and amount coin wants to withdraw. Finished this step, you click "Submit" to create a withdrawal order.
Experience using other features on OKEx
How to trade margin on OKEx
Before trading margin, you need to transfer money from the capital account to the Margin account.
You go to "Transfer money" as shown below, choose to switch from "Capital Account" to "Margin Account".
Brothers enter amount coin to transfer to Margin and click "Confirm".
Then, you choose "Trading" and "margin trading" as shown below to enter the trade margin interface.
OKEx provide for you leverage x5. That is, if you have 2 BTC, then you can borrow up to 8 BTC to trade.
You click "Re-borrow" to borrow more coins.
OKEx will show the daily interest you have to pay. You click "Send" to confirm.
After borrowing more coins, you go back to the trade margin interface and proceed to place orders.
Brothers enter price , and amount coin needs to buy and sell, select "Buy (Long) coin" or "Sell (Short) coin" to place orders.
How to use API key on OKEx
From your account, you choose "My API" as shown below. Then, you create a new API Key by selecting "Create API".
Then, you enter the information as below.
- Display name: You enter a name for this API to distinguish it from other APIs.
- Licensing: You allow API Key to create withdrawals or transactions on the account.
- Google Code: You enter the Google Authenticator code.
Then, you press "Confirm" to have created a new API.
With the OKEx information displayed, remember to save it API Key , and Secret key to back it up when needed.
These Key brothers should not let others know!
Another note is that you should only choose applications with high reputation to link to the trading account.
There have been a lot of hacking attacks that caused the API port to connect to the poor security application.
To get your ref link, you visit https://www.okex.com/pages/products/partnerBonus.html
OKEx will display the ref link of the brothers as shown below.
You can share the link with the invitee. From that link, the invited brother will register a new account.
Commission will only be charged when the new account is registered and KYC is successful. You will receive 30% of the invitee's transaction fee.
From this bonus policy, you will have a pretty good passive income if you invite many people and those people often trade on the floor.
How to troubleshoot when losing 2FA on the OKEx
First, you check that you have saved Key 16 digits when 2FA security is enabled. If yes, you just need to open the Google Authenticator app, re-enter the Key and you will be recreated 2FA.
If you do not save or lose the 16-digit Key, you send support requests to recreate 2FA to OKEx here: https://www.okex.com/account/users/support.
For OKEx to handle quickly, you classify your problem as shown below.
Be sure to describe your problem in detail and download the attached image for faster processing.
How to contact OKEx support
You request support at: https://www.okex.com/account/users/support.
Or, you can email back [Email protected]
In particular, OKEx allows you to chat directly with the support team of the floor right on the web as shown below.
However, this feature is only available in the English interface. And you must exchange in English with the support person.
In addition, you can contact OKEx's communication channels such as:
Frequently asked questions when trading coin on OKEx
Should I trade on OKEx?
If you are a newbie looking for the first exchange, I think it should not be.
Because OKEx has many strange products such as OK Pool, OK PiggyBank will cause confusion for newbies.
And if you have been using some exchanges and are looking for a new exchange to allocate assets, the OKEx floor is worth your attention.
OKEx is always ranked in the top 10 in terms of trading volume on Coinmarketcap. Every day the number of assets traded on the floor is more than 930 million.
And according to my observation of the orders placed, you can easily buy and sell from 7-10 BTC on the floor, the smallest purchase of about 0.5 BTC.
Is OKEx floor safe and reliable? Has OKEx been hacked yet?
As far as I know, in October 10, an account of an OKEx user was hacked by a hacker. The hacker then dispersed all the Bitcoin he collected, causing up to 2017 BTC damage.
In a row, several other users reported more about similar attacks. All victims lost a total of 600 BTC.
OKEx has announced that the attacks are from hackers and have nothing to do with the platform.
OKEx also began strengthening KYC requirements, forcing users to set fund passwords as well as encouraging 2FA security. Since then, OKEx has not been hacked again.
In addition, OKEx has a Bounty program to reward users with warnings for floor errors. If you discover any errors of OKEx, you can report here: https://www.okex.com/securityCenter
Depending on the severity of the error, OKEx will reward you.
What are the trading fees on OKEx?
The transaction fee on the OKEx trading floor is calculated according to each level. If you trade less than 500 BTC within 30 days, your account will be ranked level 1. OKEx will charge 0.1% on every transaction.
If within 30 days, you trade over 500 BTC, your account is ranked level 2. OKEx will charge 0.08% on every transaction.
You can refer to the fee schedule of transactions on OKEx on this link: https://www.okex.com/pages/products/fees.html.
What is the fee for depositing / withdrawing coins on OKEx?
Like many other exchanges, OKEx does not charge coins. Withdrawal fees on the floor will depend on the type of coin.
You can view the OKEx withdrawal fee displayed each time you create a withdrawal order from your account.
Does OKEx floor often have maintenance errors?
Maintenance is the required operation of the trading platform. However, the OKEx floor does not regularly maintain. If so, the floor will notify in advance in the media.
You can monitor the channels of the floor to take the initiative before each maintenance offline!
- Twitter: https://twitter.com/OKEx
- Telegram Vietnamese: https://t.me/OKExPromotionGroup
- Website notice: https://support.okex.com/hc/en-us/categories/115000275131-Announcement
Is OKEx a scam?
As I introduced, OKEx was established in January 01, and is a long-standing member of cryptocurrency exchanges.
So far, OKEx has not been charged with appropriating property or defrauding users.
Therefore, you can trust the reputation of such a floor with such age and popularity.
Which country is OKEx?
On its first establishment, OKEx was based in China. However, when the Beijing government tightened its regulation on cryptocurrencies, OKEx moved its office to Malta.
Currently, the OKEx website shows the company's contact address in Kuala Lumpur, Malaysia. Besides, OKEx has branches in Hong Kong and Canada.
What is OKEx Coin?
OKEx's coin floor is OKB coin. Currently 1 OKB costs about $ 1.54 according to the statistics from CoinGecko. In addition to OKEx, OKB is also traded on CoinAll floor.
OKB holders can get a discount on the trading floor. Besides, OKB is used to buy IEO tokens on OK Jumpstart.
Or you can use OKB to vote for which coin will be listed on the exchange.
If you want to know more about OKB, you can refer to the article: What is OKEx Token (OKB)? All about OKB virtual currency
OKEx is also developing its own Blockchain, OKChain and the decentralized trading platform OKDex. Therefore, the use of OKB will certainly be expanded in the future.
Do KYC need to withdraw money from OKEx?
You must KYC to withdraw money from the floor.
As I said above, the account you just finished registering is ranked lv0 and can hardly be operated on OKEx.
Does OKEx support Vietnam?
Vietnamese is one of the 1 languages OKEx currently supports. Vietnamese interface of the floor is quite complete for you to use.
In addition, OKEx has Vietnamese Telegram channel with a large community. You can join this community group to exchange, discuss and luckily, you will be able to solve the problem easily.
What is the limit for depositing and withdrawing money on OKEx?
After the initial KYC, brother accounts are ranked level 1 and maximum withdrawals 0.5 BTC / day. However, this limit is quite small and not enough if you trade a lot.
Therefore, I recommend you conduct KYC lv2 as I have instructed above. After OKEx confirmed successfully, you can withdraw up to 300 BTC / day.
Does OKEx have an app on Android, iOS?
OKEx has only developed a trial version for mobile apps. You can go to the floor's website, scroll down to the bottom to download the app.
This is just a test version, so some features are still under development.
Therefore, to make transactions, you should only access the web version of the floor only.
Which markets does OKEx support?
OKEx has Spot Trading, Margin Trading, futures and OTC transactions.
Most recently, you can buy IEO tokens on the platform's OK Jumpstart.
These products are quite complete with an exchange. However, it is also too mass. OKEx has not focused on developing its outstanding products.
As a long-standing and popular floor, OKEx has many good policies and products for you to experience.
Thanks to the large trading volume and stable liquidity, OKEx is one of the brokers who can choose to allocate assets.
However, financial transactions always come with risks. Therefore, you should only store enough coins to trade on the exchange, the rest is withdrawn to the wallet!
Besides, OKEx's products are diverse but also large. You can easily Trade Margin, OTC or IEO on many other exchanges.
Therefore, in my opinion, OKEx has not yet exploited its strengths to focus on development.
Hopefully the advantages, features and disadvantages that I have mentioned above have helped you understand more about the OKEx trading floor.
If you have any questions about the article, leave a comment at the end of the article. Me and the team Coin98 and I will answer to you as soon as possible.
Hello and see you in the next article!