OKEx Review UK 2021 – Features, Fees, Pros & Cons Revealed
OKEx is one of the most popular cryptocurrency exchanges and derivatives trading platforms in the crypto industry. The platform has become famous for its low fees and ease of use, especially for investors who might not have excess capital to conduct their trades. If you’re a UK trader looking to learn how to invest in Bitcoin and begin your journey, you might have a lot to gain from this OKEx review UK.
This OKEx exchange review dives into how OKEx works, the benefits you stand to gain and if there is a better alternative.
OKEx Review Summary
- OKEx is a good and simple to use cryptocurrency exchange
- It offers various trading options
- After considerable review we are happy to recommend OKEx.
What is OKEx?
OKEx is a global digital asset exchange that provides access to digital financial services. The platform offers exchange and trading services to cryptocurrencies and crypto-based derivatives, allowing traders to make money and capitalize on their holdings.
Launched in 2014, OKEx is based in Seychelles. The company initially operated out of China, but it moved to Hong Kong in 2017 after the Chinese government instituted a ban on trading Initial Coin Offering (ICO) tokens.
At the time, the exchange broke out of OKCoin, its sister company, to target advanced crypto traders. While OKCoin focuses on purely buying and selling digital assets and ICO tokens, OKEx provides a more sophisticated offering for advanced traders.
It boasts over 20 million active users and has a global presence in more than 200 countries worldwide. It offers traders over 400 trading pairs and has one of the most user-friendly trading platforms in the industry.
OKEx is one of the top twenty crypto exchanges in the world where you can trade cryptocurrencies, according to Coinmarketcap. It claims to process a daily turnover of $1.5 billion only from its Bitcoin futures trading product. However, critics say this number may be exaggerated.
OKEx, like fellow Chinese crypto exchange Binance and Bithumb, launched its own “utility token” OKB in 2018 for users to offset their trading fees. The OKB token is also utilized to pay for “exclusive services including dedicated customer support and enhanced API rate limits.”
OKEx also has a mining pool with 11 crypto assets. It is a proof-of-work (PoW) mining protocol that supports popular digital assets like BTC, BCH, BSV (SHA256), ETH (Ethash), LTC (Scrypt), DASH (X11), and many others.
It also boasts a learning platform (OKEx Academy) where you can learn more about cryptocurrencies and how to trade crypto on the OKEx trading platform. OKEx is also expected to launch its own rival DeFi platform much like Ethereum’s, although no official announcement has been made.
In general, OKEx provides the following services;
Digital Asset Transactions
OKEx allows buying and selling of Bitcoin and six other digital assets. The service enables transactions in over 40 fiat currencies, with support for 25 payment methods.
The exchange also allows for peer-to-peer transactions, although those are only available for Rupees, the Vietnamese Dong, and the Chinese Yuan.
OKEx allows users to trade via different options. The available trading routes on the exchange include:
- Spot Trading: OKEx offers spot trading for over 150 different digital assets across 450 trading pairs. Markets are formed for trading pairs primarily with dollar-based stablecoins, Bitcoin, Ether, and the exchange’s OKB token.
- Margin Trading: Margin trading is available for Bitcoin and several other large-cap cryptos. The exchange offers up to 10x leverage for spot cryptocurrency trading and 100x leverage for contracts. However, both are only available for professional traders.
- Futures Contracts: Futures are basically an agreement to purchase or sell units of a digital asset at a specific price and a particular time. OKEx offers futures contracts based on assets like Bitcoin, Ether, and XRP. The exchange also offers Perpetual Swap Contracts, which differ from the traditional futures contracts in that they don’t have any expiry date.
- Options Trading: An option is a contract that gives an owner the right to purchase an asset at a given price and at a particular time. Trading these derivatives requires an in-depth understanding of math skills, and OKEx only offers them to advanced traders.
OKEx offers spot trading for over 150 different digital assets across 450 trading pairs. Markets are formed for trading pairs primarily with dollar-based stablecoins, Bitcoin, Ether, and the exchange’s OKB token.
Margin trading is available for Bitcoin and several other large-cap cryptos. The exchange offers up to 10x leverage for spot cryptocurrency trading and 100x leverage for contracts.
However, both are only available for professional traders.
Futures are basically an agreement to purchase or sell units of a digital asset at a specific price and a particular time. OKEx offers futures contracts based on assets like Bitcoin, Ether, and XRP. The exchange also offers Perpetual Swap Contracts, which differ from the traditional futures contracts in that they don’t have any expiry date.
An option is a contract that gives an owner the right to purchase an asset at a given price and at a particular time. Trading these derivatives requires an in-depth understanding of math skills, and OKEx only offers them to advanced traders.
Asset Lending and Borrowing
OKEx also provides asset lending and borrowing. Lending allows users to deposit their assets and earn interest. The assets themselves are lent to margin traders for their trading activities. Users can also stake proof-of-stake coins via OKEx’s platform.
OKEx has a dedicated service that helps users make gains from new crypto projects with their Jumpstart platform. Much like Binance Launchpool, Jumpstart allows crypto projects to raise much-needed funds and awareness to showcase their offering to OKEx customers.
Investors have to use the OKB token to stake a claim in the project. The staked funds will be locked up for a particular period (let’s say 14 days) before they are released in the spot wallet of the user with the newly minted token of the crypto project. Expected returns vary depending on the crypto project’s offering.
Before users can stake with their OKB tokens, OKEx requires that they must have verified their account with the needed details.
One of OKEx’s many benefits is that the platform supports different coins and currencies – whether for payments, transactions, or trading activities.
The exchange currently offers trading in over 240 different cryptocurrencies, which can be traded against Bitcoin, Ether, XRP, Tether, EOS, Litecoin, and Bitcoin Cash. Its depth of altcoins is quite impressive, allowing you to enjoy optimal liquidity.
You can check the exchange’s complete list of supported coins on the exchange’s Markets page.
OKEx uses a buy-back scheme to slowly burn the 300 million circulating supply of OKB tokens every 3 months. This is done to drive up the token price by reducing the quantity of the tokens available publicly.
Another significant benefit for the exchange is its provision of low fees across the board. Compared to other top exchanges like Bithumb, Coinbase, and Binance, OKEx is relatively cheaper. Here’s a breakdown of the exchange’s fees:
OKEx’s spot fees are based on the maker-taker model. If you palace an order into the order book, you’re a “maker” and will pay a lower fee. The reverse is the case for “takers,” who take the trades of others.
The exchange’s maker-taker model starts at 0.1 percent and 0.15 percent for users holding less than 500 OKB tokens. You could reduce the fees for spot trading to between 0.06 percent and 0.09 percent if you hold 2,000 OKB tokens or more.
|Tier||OKB Holding||Maker Fee||Taker Fee|
|Level 1||Less than 500 tokens||0.1%||0.15%|
|Level 2||Over 500 tokens||0.09%||0.135%|
|Level 3||Over 1,000 tokens||0.08%||0.12%|
|Level 4||Over 1,500 tokens||0.07%||0.105%|
|Level 5||Over 2,000 tokens||0.06%||0.09%|
OKEx also employs a dual-tiered fee structure. High-volume traders with volumes over 1,000 BTC in monthly volumes receive discounts. In fact, traders with over 15,000 BTC in volumes get negative fees – OKEx pays them to provide liquidity.
Futures and Perpetual Fees
Fees on non-spot trading stand at 0.02 percent for makers and 0.05 percent for takers. As expected, these fees can be reduced based on your OKB token holdings according to this table:
|Tier||OKB Holding||Maker Fee||Taker Fee|
|Level 1||Less than 500 tokens||0.02%||0.05%|
|Level 2||Over 500 tokens||0.018%||0.045%|
|Level 3||Over 1,000 tokens||0.017%||0.04%|
|Level 4||Over 1,500 tokens||0.016%||0.035%|
|Level 5||Over 2,000 tokens||0.015%||0.03%|
Deposit and Withdrawal Fees
OKEx offers zero fees on withdrawals and deposits. However, note that you will need to pay a minimum Bitcoin network fee on all BTC withdrawals. Each asset’s blockchain load determines this fee. So, the prices primarily vary.
OKEx Buying Limits
There is no need for any identity verification process unless you plan on withdrawing over 10 BTC within 24 hours. The identification levels include:
- Level 1: Enter your name and proof of nationality.
- Level 2: Perform photo identification and facial verification.
- Level 3: You will need to complete a video verification process.
The transaction withdrawal limits for users based on verification via OKEx include:
|ID verification level||Daily withdrawal limit|
|No verification||10 BTC|
|Level 1||200 BTC|
|Level 2||500 BTC|
|Level 3||> 500 BTC|
There are also cumulative peer-to-peer transaction limits on the platform based on verification levels. These limits include:
|ID verification level||P2P transaction limits|
OKEx offers the OKEx Wallet – a multi-currency digital wallet that allows you to store assets and ERC20 tokens. It is available on both the desktop platform and the mobile app.
You get access to the OKEx Wallet once you register and verify your identity on the OKEx platform. You get a wallet address for every token you’re looking to deposit, and you can make your deposits directly whenever you want.
Note that the OKEx Wallet differs from your funding account. The wallet allows you to control your assets by providing a seed phrase setup and proper backup procedures.
- To create a wallet, follow these steps:
- Go to the Wallet section on the OKEx home page.
- Tap “Create”
- Name the safe box
- Set a password and perform a backup to safeguard your assets
- Create a backup seed phrase and validate it
OKEx Mobile App
Like all wallets, OKEx has a mobile app available for all users. You can get it from the Apple Store and Google Play Store in all supported countries.
In general, the OKEx mobile stock trading app is an encompassing trading platform that supports cryptocurrencies. It allows you to buy and sell your digital assets in various forms (spot and derivatives), view prices in real-time, store your digital assets and make transactions.
The app is easy to use, with a simple interface that attracts both beginner and professional investors.
OKEx User Experience
OKEx maintains a stable user experience across all platforms. The mobile app has a simple, fresh layout that allows you to see everything and navigate your way seamlessly. The app also doesn’t freeze up on you mid-use – a problem that many bitcoin exchanges have encountered with their mobile apps.
We tested the mobile app for various functions, including purchases and transactions. With support for bank transfers, Mastercard, and VISA, you can top your account up and purchase digital assets in little to no time.
The trading platform is also quick, providing access to real-time rates and allowing you to place orders in a split second.
OKEx Tools & Features
As one of the most popular cryptocurrencies, OKEx provides access to some impressive market tools. These include:
- A seamless interface that works for beginner and advanced traders.
- Quick options to purchase digital assets in different local currencies
- Support for bank transfers and payment in credit/debit cards
- Spot trading with high liquidity and low spreads
- SA secure wallet with offline cold storage
- A functional, user-friendly mobile app
- A referral and affiliate marketing program that pays rewards for marketing the exchange
- Round-the-clock customer support
OKEx also offers an earning platform where users can earn interest on their crypto portfolio. You get extra money in your crypto wallet when you lend out your cryptocurrencies or stake them in projects to secure a blockchain network. There are several great projects you can put your crypto on to make some extra income.
Featuring is MakerDAO, USDC, USDT, TUSD, ETH, BTC, and others. You will also see the crypto market that will pay you for staking your cryptocurrencies.
As explained earlier, OKEx allows trading in different coins. The most popular options are:
- Bitcoin Cash
Note, however, that you won’t be able to buy or sell most small altcoins directly. You will need to trade them with popular coin-based markets like Bitcoin and Ether. Simultaneously, most of the other trading markets (like lending, derivatives, and margin trading) are majorly limited to the top cryptocurrencies.
When it comes to fiat withdrawals and deposits, you have different options. These include:
- EUR and others.
Digital payment options available include:
- Bank transfers
- Apple Pay and others
OKEx Minimum Deposit
The minimum deposit amount on OKEx is 10 USDT (£7.25) or equivalent to other currencies. Once your account has been verified and you’ve deposited the funds, they will be automatically added to your account.
OKEx Regulation & Licensing
OKEx is not regulated to operate in the UK. This could be due to the current backlogs of application the FCA has to sift through. However, it has an operational license from the Hong Kong Securities and Futures Commission. The firm was granted a preliminary license approval to provide securities and automated trading services in the country. OKEx was also granted approval from the Maltese regulators to operate on the island.
OKEx Contact and Customer Service
OKEx maintains a thorough customer service channel. You can contact them via phone, email, and different social media platforms.
How to Buy on OKEx
OKEx provides a platform where you can purchase digital assets directly. As explained earlier, you can use different payment methods.
Now that you are well-versed in what services and features OKEx offers, we will show you how you can get started in a few trading steps on the platform.
Step 1: Sign up
This can be done in either of two ways; you can download the OKEx app and create an account, or if you are more comfortable with a desktop, head down to their official website. Click on the “sign up” icon on the top right corner to get started. You will be asked to provide your email address and password. OKEx also gives the offer of signing up with just your mobile phone.
You will need to fill in your phone number and choose a strong, unique password.
OKEx will forward you some login details to your account.
Step 2: Verify your account
If you chose to go through the email path as we did, you will have to head down to your mail and click on the “verify” button for your account to be verified by OKEx. You might also need to provide other personal details like your name, address, driver’s license, official passport, and any other documentation they may ask of you.
But for the sake of this writing, once you verify your email, you can head straight down to depositing funds.
It is also recommended that you set up SMS and two-factor authentication for additional security. To do that, just go to the “Security Settings” section in your “Profile” page and fill in the prompt.
Step 3: Depositing Funds
OKEx allows you to fund your account with 30 different fiats and several digital currencies. You can fund your account using bank transfers or credit cards. Of course, you can also send cryptocurrencies from other cryptocurrency exchanges or wallet platforms.
With OKEx, you can start with a minimum deposit of just £7.25, making it easy for you to gain exposure to cryptocurrencies with little capital. And you don’t necessarily need to supply all your details before you can get started. But OKEx will reduce your deposit and withdrawal amounts until you complete your KYC process.
To deposit, click on the “Assets” tab on the top right corner and select “deposit.” Then, choose the fiat you want to make your deposit with and the payment network and proceed. When you are done with the currency, you will need to select the account you want the funds to head to.
The available options are spot, funding, perpetual swaps, and options. Choose any and complete the deposit. You will need to make the payment on a wallet address that the OKEx platform generates.
Step 4: Buying Your First Cryptocurrency
To buy your first cryptocurrency, you have to click on the “Buy/Sell” icon on the top left corner, where you will be directed to the page below. Select the cryptocurrency you wish to buy, the fiat you want to pay with, and how much you want to invest. It takes about 1-15 minutes for your funds to be credited to your account.
Another option is to use peer-to-peer (P2P) trade. This option will let you select the best deals for that cryptocurrency from a list of sellers. Note that there is a timeline for you to make the transfer if you select a particular seller you want to buy from. Once you make the transfer, select the “I have made the transfer” button to have your funds credited to your account.
Once the funds arrive, you can begin trading.
Step 5: Trading Cryptocurrencies
Like stock trading apps, OKEx does its best to simplify the crypto trading process for you. It has a clear and intuitive interface, complete with charting tools and different order types. The OKEx dashboard is also pretty easy to use.
On the mobile app, you can find different markets and asset pairs easily. Simply click on one, and you will be navigated to a trading screen where you can fill out all the crucial details.
OKEx allows you to select different order types. These include:
- Limit order
- Advanced limit order
- Trigger order
- Market order
- Stop order
- Iceberg order
You can easily select the type of order you want to implement. Once done, input your details and parameters and complete your trade.
OKEx – High Quality Broker to Buy Cryptocurrency in the UK
OKEx is undoubtedly an incredible platform to trade with. It is simple to use and affordable, and its variety of trading options means you have different avenues to make money.
With all of this, OKEx can hold its own against any other top exchange available. It allows for a wide array of fiat currencies to open an account and offers hundreds of trading pairs as well as a quick response customer care team.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection.