EST 200'000 BTC
Okex is a relatively new exchange platform for digital assets. The company was launched in China in 2017 and grew exponentially to become one of the biggest operators in the country before the government harmer hit the Chinese cryptocurrency sector. Okex was launched as a branch of OKCoin in a massive manner with a really talented and experienced team to run proceedings. The company allowed trading in a number of different digital currencies. Originally, the entire website was in Chinese and it focused on Chinese users. With the government interference in the sector, there has been push for global appeal and the entire website is professionally translated to English. It also accept traders from every part of the world now.
Earlier last month, Okex announced that it will move to Malta. The CEO, Chris Lee stated that the move was necessary and that the choice of Malta was made after positive discussion with officials of the country as well as for security reasons. The company claims to be majorly interested in protecting the public and traders, sustaining growth, and advancing the blockchain ecosystem.
Okex is a simple platform for trading. You will have to register with the platform to be able to transact. After imputing your email address at the registration prompt, you will receive a mail from where you can verify the account. At the stage, you can start trading immediately but there will be a limit of 1,000 BTC per day. To lift the limit and start trading as much as you want, you will have to verify your account. The verification doesn’t take too much. You just need to provide ID information.
Different altcoins are supported in Okex. The platform allows deposit in BCH, BTC, ETH, LTC, XEM, and XRP. Withdrawals can be made in BTC, ETH, and LTC.
To buy, you just need to navigate to the exchange and select the pair you want to trade in. The order will be opened and you have to select from the most attractive based on current prices, enter your amount of purchase and confirm the deal.
To sell, you can follow the same step to select the pair you are interested in, enter the amount of currency and wait until someone finds your offer and accept to buy.
Depending on your activities and the volume of your trading, there are different tiers of account you can operate. The fees you pay will also depend on the tier. They range between 0.15% and 0.02%. For market ‘takers’, the fee can range from 0.02% to 0.05%, depending on the tier too.
In October 2017, there was a widespread news of attack on accounts in Okex. The amount of theft recorded in the attack is not known, but it really affected the confidence of traders. There has also been complaints from traders with many describing the platform as a scam. While these might be exaggerated, there are certainly some things to improve in the platform.