Everything to Know About Okex (OKB)
Okex is one of the most popular cryptocurrency exchanges where anyone can trade and stake cryptocurrencies with a very low trading fee. Okex is an innovative cryptocurrency exchange designed for experienced traders who like to trade multiple cryptocurrency assets daily.
The company claims that its Bitcoin futures contract has a daily turnover of $1.5 billion.
Cryptocurrencies listed on Okex
Okex exchange has more than 100 cryptocurrencies listed on its network. The traders can choose between a huge list of trading pairs. Bitcoin, Dogecoin, Ethereum, Ripple, Cardano, and Shiba Inu are some of the most popular cryptocurrencies traded on this platform.
The team is continuously adding new cryptocurrencies to facilitate as many traders as possible.
Trading on Okex
Okex offers a simple and user-friendly interface for mobile and desktop users to buy cryptocurrencies. The users can easily buy cryptocurrencies using their credit card, debit card, and even their local bank account. Okex even supports several online payment methods including Apple Pay and Google Pay.
Okex accepts more than 30 fiat currencies. The beginners are recommended to use the basic trading option because crypto is a highly volatile market. However, advanced traders can take advantage of leveraged trading and margin trading to generate more profit.
The users can access the advanced charting tools and an array of advanced order types even with the basic trading option. The traders can use up 125x leverage with options contracts, margin trading, and derivatives trading. However, they’re required to sign a user agreement before accessing these options.
Okex has a complex fee structure compared to other crypto exchanges. Okex evaluates the type of cryptocurrency, the type of trade, and the volume of the user’s account to determine the trading fee. On average, Okex charges around 0.10% of the total trading amount.
The users can get more discounts if they have OKB tokens in their wallets. Similarly, the exchange offers significant discounts for users who have a 30-day trading volume of $10 million or more.
Security is one of the major concerns of most users because Okex is a centralized exchange. Okex uses a range of advanced safety tools to protect users’ data and their valuable crypto assets.
Multi-signature Hot Wallet
Okex has stored the hot wallet private keys in different offline computers that are installed in different geographical locations. These systems are managed by different private key managers who ensure the complete security of the data.
The users can activate the anti-phishing code to avoid phishing scams. The exchange sends a confirmation email to the users’ email addresses whenever they’re trying to withdraw funds or transfer money to someone.
The users can protect their accounts by activating the two-factor verification through Google Authenticator. The system will ask them to submit the code at the time of logging into the account or withdrawing money from the account.
This password helps secure the user’s funds. The exchange asks for an additional password whenever a withdrawal request is made from the account. So, even if a hacker managed to access the user’s account, he/she won’t be able to withdraw funds easily.
Okex has arranged cold storage vaults for storing crypto assets. Interestingly, these vaults aren’t connected to the internet. Thus, the hackers won’t be able to steal funds from the network.
Account Opening Process
The users can create an Okex account using an email address or a phone number. Similarly, the users can directly connect their Google account to the Okex account. The users need to verify their accounts before accessing certain features of Okex.
It’s recommended to activate the two-factor authentication as soon as the account is created. There are four different verification steps the users need to complete to access their desired features.
These account holders can’t buy cryptos through fiat currencies. Furthermore, they can only withdraw 10 BTC per day from their Okex wallet.
The users can activate level one by submitting details and documents of their nationality. These users are eligible for purchasing crypto through fiat currencies. However, they can only purchase $500 worth of cryptos through P2P. Moreover, Level One users are allowed to withdraw 200 BTC per day. A level one account is usually enough for an average trader.
The Level Two users have a daily withdrawal limit of 500 BTC. Similarly, they can purchase $10,000 worth of cryptos through P2P. The users are required to complete the facial verification to upgrade their accounts. Moreover, they need to submit a photo to verify their identity.
Level Three has a daily withdrawal limit of 500BTC. But it allows users to buy $100,000 worth of cryptos through P2P. The users can upgrade to Level three by simply agreeing to the Okex disclaimer. But users must carefully read the terms of the agreement before signing it because it may cause them trouble in the future.
OKB is the native token of the Okex exchange that can be used as a trading pair. The users can get a discount on trading fees if they have OKB tokens in their wallets. With a circulating supply of 6 million tokens, OKB has a market cap of $772 million. It ranks among the 60 best cryptocurrencies in terms of market cap.
Okex is one of the most popular cryptocurrency exchanges where users can trade different cryptocurrencies with a very low trading fee. It’s the sister exchange of Okcoin designed for non-US residents. It offers a number of advanced trading features for beginner and professional traders.
If you need more information about how Okex works, feel free to get in touch with us.