Functional and convenient exchange offering cryptocurrency trading with leverage, hedging, order selection, etc.
OKX Crypto Exchange (formerly OKEx) is one of today’s most popular and most functional resources for full-fledged work with digital assets. The site offers an impressive set of coins, including rare ones,
interesting options (leverage, hedging, etc.), fast withdrawal of funds and high level of system security. All this increases the trust of digital market players to it, makes it a stable and reliable resource on the market.
Still, is OKH a scam, a scam or a safe platform that allows you to make decent money on cryptocurrency trading, conduct transactions with a large number of coins and pay a modest commission? The answersto these and other questions can be found in detailed review of exchange below.
Why OKH?
The OKEx cryptocurrency exchange is a subsidiary of the large Chinese marketplace OKCoin. OKX began its operation in 2014 under its strict control, and in 2017, having separated from it, it became an independent service. It is a convenient platform with a desktop version downloadable to the trader’s computer. It is also possible to perform all trading operations in the mobile application. There is no Russian version of the resource.
has support for English, Chinese, as well as one of its dialects – Cantonese. The mobile app works only in Chinese. On the official site okx.com all the information is presented as simple as possible so that even a minimal knowledge of English is sufficient to understand it. If necessary, you can run a browser translation of the material.
The platform offers a change of terminal color scheme, adding indicators, security settings and much more. C2C trading (customer to customer) between traders is available, which is designed to facilitate of intermediation between two parties involved in the transaction. Here we are not talking about selling products, but only about facilitating a transaction between a buyer and a seller. For the purchase of electronic coins, it is possible to use a single fiat currency – the Chinese yuan. Professional traders, who operate with large sums, do not often work with the exchange now, which is explained by the low volume of transactions. It could be higher, if transactions at the site would be available to residents of the U.S., Sudan, North Korea, Bolivia, etc.
The beginning of work at the site is the registration process. It does not require any special skills or special knowledge: the user specifies the country of the user and his phone number, which must be valid, because the phone number must be valid, because an SMS code is sent to it. There is a second option of registration, when instead of the phone number you specify the e-mail address, which must be checked after clicking “Send SMS”. Keep in mind that system’s email can end up in the spam folder. Completing the registration, the user agrees with the rules of okx.com, after which he goes to his personal cabinet.
Verification in the system is also simple – just enter the surname, first name and serial data of any identity document. For Russian residents this part is mandatory. Besides, you should upload photos of your documents, including the unfolded passport in your hands. The face must be clearly visible, as well as passport data. Here you can easily do without verification, in which case there will be free access to all services of the site, except one – “purchase of tokens for fiat currencies”. Also, the client will be able to increase their account with cryptocurrencies only, will be able to sell and buy tokens, work with leverage, which will allow to attract more funds to trading than available in the deposit.
OKX offers a convenient and fast exchange of cryptocurrencies and fiat money into electronic coins (how to make decent money on cryptocurrency? read here). The site has several built-in cryptocurrency wallets. The lists of currencies paired with Bitcoin are extensive and even include exclusive tokens (Yoyow, Waltonchain, Viuly, Tron). There are three options for conducting transactions. To proceed to the simplest one, you need to go to the “Token Trading” window. The top part specifies the main cryptocurrency with which other cryptocurrencies are acquired. In the left column there are digital pairs, from them you need to choose one to work with.
To buy a coin, the button “Buy” is pressed, to sell it – “Sell”.
Another option is “Fiat to Token”. With its help it is available to buy altcoins through fiat money, but first you have to translate them into yuan. You can also use futures, which will allow you can use futures, which will allow you to create contracts to hedge risks. By hedging, we mean executing transactions on one market, covering risks on the other market. Many traders use this way, and on OKH they are waited in this case, a low commission and margin trading.
Cryptoexchange offers trading with market and pending orders. To make a purchase, the appropriate type of order is selected and the required amount is entered. The volume of redeemed electronic coins is automatically recalculated.
Electronic coins. If the customer intends to buy a token at a certain price, its value is additionally indicated. If, for example, the user believes that the current Bitcoin price of 12,000 USD will in the near future will drop to 11,000 USD before rising again, a pending bid should be selected. As soon as the value actually drops to that point, an automatic transaction. The platform also offers the use of margin trading, in which case the trader specifies the percentage of credit at once. The maximum allowable leverage difference is 20 to 1.
The commission fee at the exchange is one of the most modest. For futures trading it varies from -0.01% to 0.05%. When calculating the fee, the client’s rank is taken into account, which varies depending on the trading performance over the last month. The Exchange offers the API, which allows you to quickly obtain data on market updates, examine information on the depth of sales, control requests and the volume of frozen sums, check active orders, quickly and easily buy and sell currencies. To work with API you need to press “Apply API” button, thus apiKey, which is an access key provided by exchange to customers. There is also secretKey – this is the private key, needed to sign the parameters of the request. It is strictly forbidden to disclose these two keys to anyone, because they determine the safety of the account. Details on working with API can be found on the official website of the exchanger. The resource support team works around the clock. Residents of Hong Kong, Singapore, Ireland, Canada and Russia can contact managers at phone number, which is listed separately for each of these countries.
Deposit and withdrawal
Depositing your cryptocurrency wallet at the OKH exchange is not difficult. First, you need to click on the button “Account”, and then select the section “Deposit”. In the window that appears, all data is placed on a personal wallet. For each currencies you need to start your own crypto-purse, which is used for further exchange. To do this, go to the “Currency” section, the deposit is made by selecting a digital currency and copying the address to which funds should be received. If the wallet you use does not provide opportunities for transactions with multicurrency accumulators of funds, you will have to run an additional address for transactions. You can find out about the incoming capital in the “Spot trading account” tab.
Withdrawal of funds is carried out through the option “Withdraw”. Before you run it, you will have to verify. Also we need the password of administrator, it is created in the section “AdminPassword”. Confirmation of any passwords will require authentication. The password must be complex, so that it protects the personal account from being hacked by fraudsters. You can complete its creation by pressing the “Submit Password” button. Email, too must be verified. Using the “Transfer” button, you can deposit funds to your trading accounts from My Wallet. You can use bank transfers (VISA, MasterCard). Deposit and withdrawal options for now a little, but the exchange has not been working for a long time, and, perhaps, the developers will expand this list in the near future. Currency transactions are available to users in 24 hours after authentication and verification. Withdrawal of funds will take from a few minutes to a week.
Complaints about OKEx
The OKEx exchange has established itself as a comfortable platform for digital coin transactions, as it has many merits. Market competitors offer higher transaction fees than OKX, where these market competitors offer higher transaction fees than OKX, where these figures are among the lowest, if not the most modest. The site has been repeatedly tried to be hacked by fraudsters, but always triggered strong protection, which can not be weak, because the site is a subsidiary of the well-known service OKCoin. The platform has versions for both stationary devices and mobile gadgets. The terminal can be installed on your computer, which allows you to exchange digital coins without going to the browser. Traders have comfortable leverage, and one can earn good money even exchanging modest amounts, if trading on margin is proficient.
Clients of the exchange note a few moments, complicating the work with it. Sometimes the site “hangs”, so it is impossible to get to a personal cabinet. In such cases, it helps to reload the page of the resource. When withdrawal funds do not always come immediately to the wallet, then users contact support. Deposit also sometimes encounter delays. If you work on the exchange for several hours in a row, then every 120 minutes you will have to re-enter the password. Unfortunately, the site does not have a Russian-language version, but the information in English is simple and accessible. You can only replenish the account Chinese yuan, which already on the site will be automatically converted to another currency, which is also very convenient.
Regulation of the exchange
Chinese crypto exchange OKX is registered as Okex Technology Company Limited and was created after the authorities of the country banned the trading of futures on cryptocurrencies. Belize was chosen for registration, but all correspondence is sent to its headquarters in China. Initially OKX was supposed to be a trading platform for cryptocurrency assets, later its functionality was expanded. The activities of the cryptocurrency exchange fully complies with the laws of Belize.
The administration of the exchange expects from users decency, any fraudulent transactions here are considered unacceptable, withdrawals by third parties are prohibited. The security service monitors all suspicious transactions to prevent the financing of terrorism, the user’s account is blocked for trying to violate the rules of the resource. All of the rules of the service are available on okx.com.
The exchange allows you to set your own security settings by going to the “Settings” tab, where there is a section called “Security”. For example, here the client can choose two-factor authentication when logging into the account. All personal data are encrypted, because of this it is a little complicated to work with the account (the system hangs up). Those who already have an account on OKCoin, can do without registration on OKX.
OKX is a scam?
OKX Crypto Exchange appeared quite recently, but has already managed to prove itself as a resource that deserves the attention of traders. The site is quite stable and reliable, which does not leave experienced market players. Another advantage is the leverage trading and the ability to hedge risks. In addition, a modest fee is charged for transactions. The toolkit of the exchange is one of the most diverse, as well as the list of cryptocurrencies offered for investment.
Protection of the site is provided at a high level. Each user undergoes mandatory registration and verification. The password is requested separately for the withdrawal of funds, and if you work for a long time it will have to enter it every 120 minutes. It is worth bearing in mind that the site okx.com is adapted, first of all, for Chinese users, although there is also an English version, but in the mobile application it is missing. There are a number of restrictions on cooperation with the resource for the residents of different countries, but Russia is not on the list. Users praise the exchange for stability, fast transactions, the ability to work with fiat money, the availability of leverage option, etc. From time to time they complain about the slow response of support service, the failures of the resource.
Still, can OKX be considered a scam, a scam and a scam? Real feedback from traders, most of which is in English, says that OKX has a lot of advantages. There is no reason to call OKX a scam or fraud. The service has managed to prove itself as a safe and profitable platform for investing in cryptocurrencies.
Conclusion
OKX cryptocurrency exchange has a number of advantages that make it attractive for the work of traders. The developers of the site have taken care of the reliability of the service, offered the user excellent functionality and a fairly good selection of digital coins. Despite the fact that the service is focused mainly on Chinese users (there is no Russian version of the site, there are restrictions for traders of different countries, which does not), but it is simple and convenient, so there are a lot of Russian-speaking traders.
The editorial team of Eto-divorce™ will not consider OKX to be a scam. But the emergence of new reviews about the site will affect its rating in our project and warn users about the problems of service.