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Okex Cryptocurrency Exchange Review : Step By Step Guide

About Okex

OKEx (Okay IX) is one of the three largest virtual currency exchanges in China, which is in line with Binance, Huobi, is the world’s largest exchange.OKEx (Okay IX) was originally a Chinese exchanger,but under the regulation of the exchanges by the Chinese government, it is based in Hong Kong as well as other exchanges. Now it is the world’s largest virtual currency exchange based in Hong Kong.

Operating company

Exchange nameOKEx (okayex)
Operating companyOkex Fintech LLC.
Number of currencies handledOver 170 types
Futures tradingPresent
Transaction fee0.2% (Variable)
Japanese correspondenceNone
Official sitehttps://www.okex.com/

Handling currency

OKEx (okay x) deals with the following currencies, 90 kinds of virtual currencies, 271 pairs.

  • Bitcoin (bit coin)
  • Etereum (Ethicalam)
  • Ripple (ripple)
  • Litecoin (light coin)
  • NEM (Nem)
  • Bitcoin Cash (bit coin cache)

Features of OKEx

OKEx (Okay IX) is the world’s three major exchanges alongside Binance and Huobi.

As of May 2018 transaction volume has surpassed the bin, making it the world’s largest exchange.

We handle more than 170 kinds of handling currencies and many virtual currencies.

It is also an exchanges that intermediate users and advanced users are also using because they can also conduct leverage transactions with Alto Coin.

Even among the currencies handled by OKEx, attention was paid to the exchange currency OKB and the price rose by more than 6 times in a short period of about one month.

Although it is not compatible with Japanese, it is also a big point that anyone can easily buy and sell currencies because it is possible to trade without confirming the identity confirmation (KYC) or submitting a badge card. (※ withdrawal limit)

In addition, the currency of OKEx is cold wallet correspondence, and in addition to 2-step certification, since fund password can be set at the time of withdrawal it can be dealings with confidence because it is managed with strong security.

Original token OKB

OKEx (Okay IX) has issued OKB which is a unique token .

Like Binance’s BNB coin, it is considered to function primarily as a transaction fee payment and as a basic currency within the exchange.

  • Total issue number: 1 billion pieces
  • Base: Ethernet base (ERC-20)

Currently it is ERC – 20 and is an Ethernet – based token, but we are planning to move to our own block chain in the future.

In addition, the allocation of OKB is as follows.

  • 60% = Distribute to OKEx users
  • 10% = operation cost of establishment (3 years lockup)
  • 10% = initial investor
  • 20% = Development Team (1 year lockup, 20 million copies per year unlocked)

OKEx account registration method

  • First, click “Sign Up” in the upper right corner from the OKEx top page
  • Then set up your email address and password.
  • After setting the mail address and password, click “Get code” 
  • Since an e-mail code is sent to the registered e-mail address.
  • If you click “Get code”, there is a time limit of 60 seconds, so let’s input within 60 seconds.
  • Finally, check the agreement of the terms of service and check “Sign Up” and register your account with OKEx.

How to setup 2-step authentication of OKEx

When registration of account is completed with OKEx, let’s set up two-step authentication first for security strengthening.The application “Google Authenticator” necessary for two-step verification.

  • In 2-step verification, click the “Security” button from the Account button on the upper right of OKEx’s home screen.
  • From the Security screen click “Setting” at the right end of “Google Authenticator”.
  • Load QR code in Google Authenticator of the application. Save the secret (backup) key described next to the QR code.

    When you click Get code of ①, an e-mail code is sent to the registered e-mail address, so enter this code into ②. (* With a time limit of 60 seconds)

    Next, entering the code displayed in Google Authenticator in ③ will make it possible to press the ④ button, so pressing this button completes 2-step authentication setting.

  • As for 2-step verification and Google Authenticator, we summarize in the following article so please refer to it together.

How to set OKEx’s Fund Password

OKEx allows you to set a password called Fund Password separately from 2-step verification when withdrawing or trading.

Let’s set it because it is necessary for money withdrawal.

 It is recommended that you always make it strong one that is different from the login password.

Click the “Security” button from the Account button on the upper right of OKEx’s home screen just like setting up two-step authentication.

  • From the Security screen, click Setting at the far right of “Fund Password”.
  • Setting of Fund Password (Fund Password) is now complete.
  • Let’s save it so as not to forget, because you will need Fund Password at the time of withdrawing money.

OKEx Identity Registration (KYC)

With OKEx you can trade currencies without doing personal identification (KYC) registration.

However, if you do not raise your account level you will have to withdraw money, so let’s raise your account level to 2.

You can withdraw money to 2 BTC at level 1 and 100 BTC at level 2 .

The account level ranges from level 0 to level 3, but since it is possible to raise it without difficulty until the submission of the level 2 identity confirmation document, here is how to raise the account level to 2.

How to raise to account level 1

  1. To set the identity confirmation (KYC), click the “Settings” button from the Account button on the upper right of the OKEx home screen.
  2. Click “Verification” from the Account on the left menu.
  3. To make it account level 1, it is OK with only the above input.

How to raise to account level 2

Subsequently, to raise to account level 2, it is necessary to enter personal information and submit identification documents.

  • You need to enter the address in Roman characters, but if you use JuDress address translation website below it will convert your address to romaji.
  • Finally you need to upload your passport and address confirmation documents as identity confirmation documents.
  • In self taking with ② passport, there is a note that “both arms are reflected” and “letters are clearly shown”, so be careful when taking pictures.
  • In addition to your driver’s license, you can use the address description section of your passport, the statement of public utility fee issued within 3 months, etc. for the address confirmation document of ③.
  • It will take 1 to 3 days for the review. Also, since I do not have a passport, I am going to substitute for a driver’s license or I am currently contacting OKEx.
  • I will summarize the method of depositing and withdrawing currency to OKEx and the transaction method separately in the article, so I will post the article as soon as it is complete.

OKEx fee

The cash spot transaction fee for OKEx is 0.2% to 0.02% as shown in the table below.

Although the fee changes according to the volume of BTC transactions, it is not a condition that can be cleared from general investors as it requires transaction volumes of 600 BTC or more.

levelTrading volume (BTC) on 30thMaker feeTaker fee
Lv1600 or less0.15%0.2%
Lv2600 or more0.14%0.19%
Lv 3Over 1,2000.13%0.18%
Lv 4Over 2,4000.12%0.17%
Lv 5Over 12,0000.11%0.15%
Lv 624,000 or more0.08%0.11%
Lv 7Over 60,0000.05%0.08%
Lv 8Over 120,0000.02%0.05%

Futures trading

In futures trading, since it is a maximum of -0.01% commission, it is a mechanism that you can get a commission when you buy and sell it, but this is also the case for large investors and institutional investors because transactions of 300,000 BTC or more are subject to conditions .

levelTrading volume (BTC) on 30thMaker feeTaker fee
Lv110,000 or less0.03%0.05%
Lv2Over 10,0000.025%0.045%
Lv 3Over 20,0000.02%0.04%
Lv 4Over 30,0000.015%0.035%
Lv 5Over 6,00000.01%0.03%
Lv 6100,000 or more0.005%0.025%
Lv 7Over 200,0000%0.02%
Lv 8Over 300,000-0.01%0.02%
This article is writing on 04 August 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258
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