If you are new to the crypto space then you are likely to come across OKEx. This exchange has a large trader-base that brings in millions in trading volume every day. It was established in 2017 and since then it has grown to be in competition with some of the largest crypto exchanges including the Binance exchange.
The OKEx exchange also offers some of the most outstanding features and services to the users, which is one of several reasons why it is a prominent exchange in the market.
However, if you intend on using the platform for trading crypto then you should first have an idea about the different features it has to offer to the users. Having an idea about the features that you can avail as a user can make it easier for you to determine if the exchange is what you are looking for or not.
Here is what makes this exchange stand out among the rest.
OKEx Accepts PayPal
PayPal is the world’s largest online payment system. And is used by a vast audience to transfer money and make online payments. This is one of the reasons why many crypto enthusiasts look for a platform that supports PayPal.
Different crypto exchanges offer support for different kinds of payment methods and some of them only rely on a single payment method. Such a platform often loses the interest of the interested parties as everyone looks for their convenience.
On the other hand, an exchange such as the OKEx exchange, that offers support to different kinds of payment methods gets more attention. One of the popular payment methods it supports is PayPal, which is preferred by a large audience. Therefore, if you also prefer using PayPal or other payment methods then this can be a suitable exchange for you to use.
No Need for KYC Verification
KYC stands for know your customer, which is a detailed verification process supported by many cryptocurrency exchanges. OKEx is one of the platforms that requires the users to complete the KYC verification, however, it is only required for certain financial products.
KYC verification has its pros and cons, the benefit being that it verifies the identity of the crypto traders in detail. This makes the platform secure from fraudsters and people who may compromise the security of the exchange and accounts of the users.
On the other hand, the drawback of KYC is that it limits the access of the exchange for some people who want to open anonymous accounts. Regardless, KYC is an additional layer of security that adds to the trustworthiness of the crypto exchange. As a result, while selecting a platform, it is critical to select one that provides excellent customer assistance, and OKEx is one such platform.
Fee Structure of the Exchange
The fee charged by an exchange should always be your first and foremost concern as it can help you determine. If the platform is suitable for you to use or not. Similarly, knowing about the OKEx fees is equally important for you.
As a beginner, you should choose an exchange such as OKEx that has a fair fee structure without any hidden or additional charges. This exchange is also known to charge a low fee as compared to several other crypto exchanges in the market.
The fee structure mentioned in this brief OKEx exchange review is based on the ‘tier system’, according to which you will be required to pay the following fee:
- Market taker fee (for futures contracts): 0.09% to 0.15%
- Market taker fee (for spot trading): 0.15%
- Trading fee for VIP users: 0.030% to 0.080%
- Fee for Withdrawal Bitcoin: 0.0005 BTC
- Withdrawal fee for ETH: 0.01
- Fee for Ripple: 0.15
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Leverage Trading on the Exchange
OKEx is one of the crypto trading platforms that supports leverage trading. However, that is not the only highlighting aspect of it. This exchange also offers one of the highest leverages in the market, which is up to 100x leverage.
Leverage trading means borrowing funds from the broker to open bigger trading positions. That may or may not result in any kind of financial profit.
This exchange is known for offering one of the widest variety of options. Which makes it stand out from other cryptocurrency exchanges in the market.
Here are the available options you can avail as a user of the OKEx exchange:
- Decentralized Exchange trading
- Futures
- Margin trading
- Options
- Perpetual swap
- Quick trade (One-stop Marketplace)
- Spot trading
This platform also offers support to other remarkable features such as:
- Crypto mining pool
- Crypto-to-crypto loans
- Staking
Final Takeaways!
One of the crypto exchanges that you are likely to come across when you step into the crypto space is OKEx. This platform offers a variety of impressive features to the users, some of which are mentioned above in detail.
