A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of OKEx consists of four parts: general info, fees, deposit methods and security.
OKEx is a crypto exchange that was previously based in Hong Kong. According to info provided directly from the exchange to us, it is now based in Malta. Malta is together with Estonia and Gibraltar one of the few countries in Europe that has clear license requirements for crypto exchanges. When Malta issued license requirements for crypto exchanges, a lot of exchanges from other parts of the world actually relocated to Malta. Changelly, RDAX Exchange, ZBX, Coindeal, Bleutrade, Graviex, Coinall, HBTC, BBX, Blockonix and The Rock Trading are today all based in Malta.
OKEx “claim to fame” so to say is that it is a one-stop-shop. Here, you can do both spot trading (i.e., regular trading) and derivatives trading. OKEx is also the largest crypto spot & futures exchange in the world.
US-investors may not trade on this exchange. So if you are a US-investor and want to trade at OKEx, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
This exchange is regularly one of the top 5 exchanges in terms of trading volume, meaning that the cryptocurrency orders executed here are worth a significiant amount of money (rarely below 1 billion USD per day). This exchange thus offers extreme liquidity which is very advantageous for all investors trading here. On the date of first writing this review, 18 July 2019, this trading platform even had the highest 24 hour trading volume in the world: USD 2.47 billion.
On the date of last updating this review (23 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume according to Coinmarketcap was roughly the same (USD 2.54 billion), but on this date it only gave OKEx place no. 8 on the list, showing an overall relative market improvement.
If you require that your exchange is also available as an app or a downloadable client for your desktop, then you have come to the right place. This exchange is available for download at both the App Store and Google Play. It is also available as a download client for both Mac and Windows.
OKEx Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at OKEx:
OKEx Trading fees
The trading fees for takers charged by this exchange are 0.15%. This fee is slightly below the industry average. The industry average is arguably around 0.25%, but we are currently seeing a lot of exchanges lowering the trading fees. The industry averages are therefore slowly moving towards 0.15% and 0.10%.
OKEx also offers a discount for the makers in the trades, setting the fee for them at 0.10%.
Last but not least, any trader should be aware of the advantages with achieving higher trading volumes at OKEx. OKEx has a discount system through which you pay lower and lower trading fees the more you trade. For instance, if you are a regular user doing spot trading, the standard trading fees are 0.15% for takers and 0.10% for makers, as mentioned above. But, if you manage to achieve a 30 day trading volume of more than 1,000 BTC and you also hold more than 2,000 OKB tokens (the exchange’s native token), then you only have to pay 0.09% as a taker and 0.06% as a taker. These fees are nothing but extraordinary. And also, it will only set you back USD 5,173 (calculated on the date of last updating this review, 20 November 2019).
VIP-users enjoy even more competitive trading fees.
OKEx Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is substantially below the industry average, as the industry average is 0.000812 BTC per BTC-withdrawal. This exchange’s withdrawal fees are thus roughly 40% lower than industry average.
All in all, the fees at OKEx are competitive.
Here, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors and also makes this platform a so called “entry-level exchange”, through which new crypto investors can take their first steps into the ever so exciting crypo world.
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and a lot of the exchanges receive F as scores. OKEx, however, received a D-score, which is decent. The majority of exchanges in our Exchange List actually receive an F in this test, so relatively speaking, a D is perfectly fine.
Also, we feel that it is worth mentioning here that OKEx has never been hacked or breached, in spite of being one of the world’s largest exchanges. This speaks volumes about the focus on security that OKEx has.
Liquidity is something very important for all exchanges, crypto exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following exchanges are also regularly among the crypto exchanges with the best liquidity in the world: