The basics of crypto trading
|Founders||Tim Byun, Andy Cheung, Jason Lau, Lennix Lay|
OKex is believed to be one of the most reliable exchanges in the word. It is one of the 3 globally largest services by cryptocurrency traded volume. A futures daily traded volume amounts to 1.5 billion dollars.
It’s with good reason that OKex Exchange is known as one of the globally largest platforms for trading tokens and futures. Traders are offered several hundreds of various cryptocurrencies; fiat currency is supported as well. The company headquarters are located in Hong Kong.
OKex was introduced in 2014 in Hong Kong. The company is headed by true professionals, such as Tim Byun, Andy Cheung, Jason Lau and Lennix Lay. The site can be called a “secondary platform” to the Chinese cryptocurrency exchange OKCoin. After the futures trading was banned in 2017, a new service was introduced.
The cryptocurrency exchange has started operating not long ago – since 2017. Before that, another platform was used for trading. In such a short period of time, the service managed to attract numerous traders and to be included in the top-3 of the globally largest cryptocurrency exchanges.
In early 2018, its own token utility OKB on the basis of Ethereum blockchain was introduced. 1 billion coins came into circulation, with the half of them being received by the exchange users.
As early as in February 2018, the platform managed to become the largest by traded volume. Currently, it is included in the top-3 largest cryptocurrency exchanges with a daily turnover exceeding 800 million dollars.
A foundation of a Maltese subsidiary opens great prospects for OKex. Analysts draw attention to numerous advantages of the exchange (you can find more details in the review). Availability of a desktop version, efficient support service and high-security level keep attracting new investors. Introduction of its own token will have a positive influence on the exchange development as well.
Currently, operations carried out on the exchange are highly liquid and increase the trading speed. However, the management takes its time to introduce fiat currencies. It’s one of the constraining factors. But the number of professional traders will keep growing. A convenient interface, a variety of currency pairs and additional options will stir up even the sceptics’ interest to the platform.
The official website of the exchange is available from many countries of the globe. Citizens from all over the world can use it for trading. Besides English and Russian versions, the platform can be operated in 5 more languages including Chinese, Spanish and French.
New users are to undergo an abiding sign up procedure. Beforehand, it is necessary to select the most convenient language. A user should click the “Sign up” button in the top right corner.
The system will redirect the user to the page for filling in the personal information. A new account can be created by binding it to your mobile phone or email address.
In case a trader is not sure yet that he is going to use the platform, it is recommended to sign up using email and bind a mobile phone later. There is little data to fill in: an email address and a password. To confirm, you should click the “Get code” button, copy if from a letter and insert in the form. Then, all you need to do is only to agree with all the terms of service.
At this point, the sign-up procedure is complete. The system will suggest that you should select a trading status: a beginner or an experienced trader. By clicking the left button, a user will get a step-by-step explanation on how to work with the exchange.
Verification is not required to start trading. Even an unverified user can credit account, withdraw funds, purchase or sell currencies. The only unavailable option is an exchange of fiat money into cryptocurrency, which means that he will have to credit and withdraw tokens for trading (however, the only fiat currency available is Chinese yuan).
If a user wants to increase a daily limit or authenticate the identity to secure his funds, he will be offered 3 levels of verification:
To trade in fiat currencies, a phone number will be required in case a user signed up using his email.
There are three separate tabs in the user’s personal account: my wallet, token deposit and token withdraw. Depositing funds is extremely easy: all a user needs to do is to select a required currency and on the screen, he will see an address for transferring money.
To withdraw money from the OKex exchange, a mobile phone number is an essential requirement (to confirm operations), as well as binding an email address and introduction of an additional complicated password for transaction confirmation.
The account statement can be seen in the “My Wallet” tab. Deposit and withdrawal is also available there.
Fiat currency can be traded on the exchange without any fees; however, token and futures trading requires a fee deduction. Its amount depends on a user’s level that is determined by the volume of operations for the last 30 days.
The final fee amount depends on a transaction type as well. It is a bit higher for sellers. In case of futures trading (purchase), fees are involved for the operation volume amounting to 5,000 BTC for the last 30 days.
The OKex Exchange includes several types of trade. Besides exchanging fiat money to cryptocurrency, the following trade types are offered:
Each of them has its own special tab for carrying out operations. The most common question for beginners is how to use the platform for trading cryptocurrency. The rest tabs are professional ones (aimed at experienced traders).
The trading platform has a pleasant interface. In the single window mode, a user can monitor changes and dynamics of currency exchange rates (including a visual graphical representation), and the history of the opened and closed orders. Here, orders are available for buying and selling. A convenient calculator helps to calculate the operation amounts. All a user has to do is to select an operation and order type (6 varieties including limit and market ones), stipulate an amount and complete the transaction.
Users' reviews about the exchange are mostly positive. The platform has its specific advantages and disadvantages. The advantages include:
The platform is more suitable for experienced traders than for beginners. Among disadvantages, unavailability of such fiat currencies as dollar and euro, as well as frequent hang ups and long loading of the site can be mentioned.
A world-leading crypto exchange, OKEx has made a donation of $4.5 million to the insurance fund of the perpetual swap market to cheer its customers’ confidence in trading crypto units. In 2018, OKEx introduced perpetual swap trading together with the risk management system for their clients. Since the time of the new risk management solution, the company has recorded that there has been no clawback for the futures and perpetual swap markets, even in case of extreme volatility. The funds donated to the perpetual swap insurance fund are expected to provide an additional layer of customer protection, ensuring the absolute safety of all customers and their interests.
That’s an important step for OKEx since the world-leading crypto platform serves millions of users around the globe. Providing hedging and arbitrage instruments, such as futures and perpetual swaps, OKEx helps traders optimize their work. Thanks to an all-covering security system, any major issues, downtimes, hacks, and asset losses have not taken place on OKEx.
OKEx Cryptocurrency Exchange has named the next company, which will deploy its tokens using its infrastructure. It will be theWirex crypto-payment service, known as the operator of debit cards and currency conversion solutions. According to the info provided on the company’s website, the release of the WXT token on the OK Jumpstart platform is going to be held on the 26th of June 2019. In total, the company expects to raise $1 million, putting up for sale 1% of its tokens. It is known that the distribution will be carried out in a live queue.
On June 13, Wirex has held a presale of 2 million tokens or 2% of the total emission. Access to presale was available only to verified service users. The WXT digital asset, released on the Stellar blockchain, will allow the company's customers to take advantage of reduced commissions, up to 100%, and other services. Wirex explains its decision to create a token with a plan to launch new premium features in the current year.
Earlier in June, OKEx has conducted the IEO of an En-Tan-Mo project on its OK Jumpstart platform. The cost of one ETM token was $0.1. The minimum amount for one account is $500, the maximum is $4000. Representatives of the site advised users to transfer their OKB to the Asset Account in order to participate in the sale.