OKex, founded in 2014 by Star XU, is a controversial cryptocurrency and digital asset exchange. The business, whose activities are centered in Hong Kong, has substantial financial support. After the Chinese government outlawed trading in ICO tokens, the exchange and its sibling OKCoin, which had been headquartered in China, relocated to Hong Kong and are now more globally oriented. The South Korean division of the cryptocurrency exchange OKEx is called OKEx Korea. It was established in 2017.
Exchange system
Both the desktop client software that is downloaded and the in-browser version of the OKex exchange platform are accessible. Due to the weight of trading platforms, downloading software that handles the majority of the load eliminates the possibility of a browser encountering memory and processing issues and maybe freezing. The trading platform for OKex has a higher requirement for hardware than the ordinary bitcoin exchange due to its more professional nature. The exchange platform itself is attractively made and mimics top-notch trading systems used in conventional financial markets. Anyone with trading expertise will value the charting tool, which was built by the parent business and sister exchange, OKCoin.
Trading markets
The OKex exchange provides both fiat-to-cryptocurrency trading and the typical crypto-to-crypto trading seen on cryptocurrency exchanges. Unfortunately, at this time, only the Chinese Yuan is accepted. With the continual addition of new alternatives, the exchange offers well over a hundred coins and tokens.
Trading margins
The site also offers margin trading, which has the biggest possible leverage of any cryptocurrency exchange or CFDs broker at a maximum of 20:1. Margin trading in cryptocurrency markets is often capped at 20:1 due to their price volatility.
Futures trading
OKex also provides weekly, biweekly, and monthly contracts for futures trading in Bitcoin, Ethereum, and EOS. Futures contracts may also be traded on leveraged margin. Algorithmic trading capabilities have recently been added to the exchange’s collection of extra functions.
Fees
One of OKex’s key advantages is its very cheap trading costs, which are among the lowest in the cryptocurrency industry. Fees are tier-based depending on typical 30-day trading volumes, although even at their top end, they are still affordable. The highest trading costs for low-volume accounts are a maker charge of 0.15 percent and a taker fee of 0.2 percent. For makers’ and takers’ fees, this falls to 0.02% and 0.05%, respectively.
Security and Equity
It would be reasonable to believe that OKex’s cybersecurity architecture complies with the highest requirements in the sector as one of the biggest cryptocurrency exchanges in the world and one that is supported by significant financial resources. GSLB, distributed server clusters, and multi-signature cold storage wallets are some of the security mechanisms mentioned by the exchange itself.
Customer support
In addition to an email-based ticketing system, Service OKex provides customer support across many messaging applications and social media platforms. Online reviews of customer service are divided into some concerns about sluggish response times or unresolved issues. The exchange seems to be extremely rigid in its approach and structure, but consumers who recognize this and take appropriate action report minimal issues.
OKEx Korea’s shutdown
The South Korean branch of cryptocurrency exchange OKEx decided to shut down rather than try to get over updated legislative barriers that became effective in South Korea in 2021. The deadline for customers to withdraw their digital assets and fiat money has been established by the exchange for April 7, 2021. According to the exchange’s management, new anti-money laundering (AML) protections for cryptocurrency firms would make it too impossible to operate in the local currency market. Virtual asset service providers (VASPs) are required to go through compliance checks and verify customers’ identities under the amended Financial Transaction Reports Act, which the exchange said it is hesitant to do in this instance.
