|OKEx is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology. It is also one of the top leading digital asset exchanges in trading volume, serving more than 20 million customers...
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|Wednesday, January 19, 2022 12:01:02AM UTC
OKEx facts, technical details and OKEx information
OKEx is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology. It is also one of the top leading digital asset exchanges in trading volume, serving more than 20 million customers in over 100 countries. OKEx cryptocurrency exchange managed to become a highly popular option for a lot of traders from around the world. In fact, it became the second-largest exchange in terms of trading volume, bested only by Binance itself.
Now, in the world of cryptocurrencies, which is marked by regulatory uncertainty, high risk, scams, hacking attacks, controversies, and alike — becoming the second best is not an easy thing to achieve. Still, OKEx did it almost effortlessly.
The exchange was originally from Hong Kong, although it decided to move to a more crypto-friendly area, which is why it followed Binance in moving a large portion of its business to Malta. The country is generally seen as a better fit for blockchain entrepreneurs, businesses, and it is even tax-friendlier than most other regions. OKEx can offer crypto-to-crypto, as well as fiat-to-crypto trading, which makes it a great entry-level exchange, too. It is not an old exchange, and it was founded back in 2017. Still, it rose through the ranks rather quickly, and while it suffered in 2018's bear market just as any other exchange, OKEx managed to remain near the top and survive the crypto winter. As 2018 was coming to a close, the exchange decided to try its luck with a new crypto derivative product, thus introducing speculating on Bitcoin's future value to its users.
The industry leader in cryptocurrency trading instruments and pairs for traders around the world. With over 20 million traders in more than 200 countries, we are the most trusted cryptocurrency marketplace in the world to buy BTC, ETH, USDT, XRP and many more digital assets.
Apart from that, OKEx claims that it is one of the world's most trusted exchanges, which is a bold statement, considering how many crypto exchanges already fell to hacking attacks. Still, they claim to maintain market stability, and avoid any malicious price manipulations.
The OKex exchange was born out of OKCoin as a brand targeted at more advanced cryptocurrency traders. OKCoin is the simpler exchange and focuses on pure buying and selling of cryptocurrencies and ICO tokens, while OKex offers a more sophisticated offering that has more in common with traditional financial securities exchanges.
OKex is listed on CoinMarketCap as one of the largest international cryptocurrencies exchanges in the world and it claims daily turnover of $1.5 billion only from its Bitcoin futures trading product. However, along with other prominent Chinese-owned cryptocurrency exchanges, doubt has recently been raised as to whether real turnover figures are as high as reported amid claims of exaggeration and manipulation.
In a move that mirrors that of other major Chinese exchanges such as Binance and Huobi Pro, OKex also launched their own ‘utility token’ cryptocurrency in early 2018. The token can be used to settle trading fees on the exchange platform or to pay for “exclusive services including dedicated customer support and enhanced API rate limits”. Proprietary utility tokens appear to be the latest trend for cryptocurrency exchanges, a pattern sparked by Binance’s ICO rocketing the exchange into the biggest internationally within a month of its launch.
OKex is rumored to have ambitions to launch its own Ethereum-esque public Blockchain platform though no official announcement.
The OKex exchange platform is available both in-browser and in the form of desktop client software which is downloaded. Because trading platforms are relatively heavy, downloadable software that takes most of the strain means avoiding the risk of a browser running into memory and processing difficulties and potentially freezing. The more professional nature of OKex’s exchange platform also means that it places more demand on hardware than the average cryptocurrency exchange.
The exchange platform itself is well designed and resembles high quality traditional financial markets trading platforms. A charting package, developed by parent company and sister exchange OKCoin, is also a major feature and will be appreciated by anyone with trading experience.
Then, back in February of this year, they teamed up with Malta Stock Exchange Holdings' Digital and Fintech arm, MSX. The goal of the partnership is to launch a brand new exchange and support the 'Blockchain island initiative.' It appears that OKEx firmly believes that Malta is becoming a leader when it comes to blockchain and cryptocurrency regulation, and that any help along that way will be greatly beneficial to Malta, as well as to those operating there.
OKEx has a user-friendly interface, and it features several types of fees. This is nothing out of the ordinary, and it has taker and maker fees, as well as fees accompanying deposits and withdrawals. Its trading fees are volume-based.
Its list of supported coins is quite large, and growing all the time. You will find all the major popular coins, as well as others, lesser-known options that the exchange has deemed worthy of adding to the list. As for its security, the exchange is good at keeping customers' details and private keys confidential, and it features 2FA. The exchange is also restricted in quite a few areas, including Hong Kong and the US.
In the end, it is not difficult to understand why OKEx is so popular among traders. It is considered safe, it did not have any major incidents, and it is successful enough that it is keeping Binance on its toes. Best of all, it has moved to a regulation-friendly region, so there is no danger of being randomly shut down by the government.
Based on its features and other aspects, OKEx does inspire trust, and being silver to Binance's gold is a pretty good place to be in today's crypto world.
* Crypto Rating accepts no liability for any errors in the OKEx information and OKEx trade volume. For the most up-to-date prices please visit the OKEx's official website.
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