What is OKEx?
OKEx is a cryptocurrency exchange, founded back in 2017 with its headquarter in Malta. The place to be if you want to start your blockchain or digital assets exchange businesses, due to their friendly regulatory policies.
OKEx is run by a team of financial advisors, industry trading experts and IT professionals with their CEO Mr. Jay Hao, who was a game developer in the past.
OKEx has listed all major cryptocurrencies and other digital assets at their platform, providing a wide range and ease of trading to their users to buy and sell cryptocurrencies and pay using different payment options. The exchange also provides facilities of spot, margin and derivatives trading, as well as users can earn through savings, mining and staking as long as they want.
Why should you choose OKEx?
OKEx is a crypto exchange offering secure and reliable services, characteristics which every trader is looking for in a trading platform. Key features that OKEx offers to its user base are:
- Buying and selling of all listed cryptocurrencies using Bank Transfer, Mastercard, VISA, ApplePay, iDEAL and SOFORT.
- 30 fiat currencies supported, including USD, EUR, GBP and more.
- Over 400 trading pairs and more than 200 assets.
- Trade in Bitcoin, altcoins, stablecoins and DeFi tokens.
- Multiple account security options to protect your investments.
- Futures and options trading possible.
- Earn through holdings, savings or staking.
- OKEx Academy to learn what you want to know.
- Trading platform is available for Windows, Mac, iOS and Android.
How does OKB work?
OKB is a utility token that is mainly used on the OKEx platform. The company plans on expanding the token’s use by having it available on other exchanges in future. Historically it was an Ethereum token, but in 2020, it’s due to move over to its own blockchain.
.Is OKEx safe?
OKEx has its headquarter in Malta and it is compliant for the Virtual Financial Asset Act (VFAA), regulated by the Malta Financial Services Authority. The platforms has millions of active users in over 100 countries. Currently the trading platform has with all their services over a daily trading volume over 1,5 billion dollars.
It is a secure platform available for traders, with no record of ever being hacked. OKEx Security Protocols are well defined to ensure security and protection of assets. A combination of cold wallets, addresses and backup codes are being used. The customer support is 24/7 available to all traders of the platform.
The OKEx management is available at Craft and they rated their cyber security with an A (91/100).
OKEx has an interesting reputation to say the least. It is currently ranked as the number two cryptocurrency exchange by trade volume – second only to Binance.
Yet, it faced several accusations of shady practices in 2018. One is that 90% of the trade volume is fake – boosted by actions like wash trading. OKEx certainly wasn’t the only one mentioned in the article by writer and investor Sylvain Ribes, but it seemed the most guilty.
OKEx was also accused of market manipulation and fraud for the way it forced early settlement of Bitcoin Cash futures. The settlement happened the day before Bitcoin Cash split into two different currencies, and some traders claim they lost thousands as a result. OKEx denies any wrongdoing.
This year things look a bit brighter for the business. It’s due to launch its own decentralized exchange (DEX) built on top of its own blockchain, called OKChain, which will use the OKB token as fuel for transactions.