OKEx Cryptocurrency Exchange Review: Spot Trading, Derivatives, DEX, Earn, and more

Cryptocurrency exchanges have come a long way from the early days where there was only a small handful of exchanges, mainly just for Bitcoin, to now with there being many exchanges on the market that facilitate crypto trades for all kinds of different coins and tokens.

Today we review OKEx.com, which is a cryptocurrency exchange which has been around for a while now.

What is OKEx

OKEx is a cryptocurrency exchange that was founded in 2017, with headquarters currently being in Malta, but originally starting in China. In 2018 they moved to Malta to expand and embrace the friendly crypto environment there.

According to OKEx, they have $1.5 billion of daily volume, and currently serve millions of users in over 100 countries. There are some countries that are excluded, mainly due to sanctions (think Iran, Cuba, North Korea, etc).

OKEx is more than just an exchange, as they offer many different options that appeal to not only to beginning users, but also advanced users and have tools and resources for every kind crypto person out there.

OKEx Exchange Features

Some of the main components are of course buying and selling of crypto. OKEx offers a “quick trade” option where users can buy and sell Bitcoin, Ethereum, XRP, LTC, BCH, EOS, OKB, USDT, and many other coins. Quick trade is an easy way to go in and out of crypto for beginners.

In addition to the quick trade, there is also a P2P trade marketplace, which offers peer-to-peer trading similar to Local Bitcoins where they match up users based on trade types (location, coins, etc). Then you can trade with your peers locally with many different types of buy and sell payment types, such as bank transfer, Alipay, IMPS, UPI, and WeChat Pay.

They also have Block trades, which is a way for users to buy in bulk, where you can literally buy large sums of coins typically originating from miner blocks where they are sold at scale.

Spot trading, Margin, Perpetual swaps, Futures, Options

Here is the meat and potatoes for the exchange and is one of the components that sets OKEx apart from other top exchanges. Their nearly unlimited features of spot and derivative markets give them an edge of many other exchanges, and is one of the reasons why they are one of the biggest and top exchanges in the world.

Spot trading is pretty simple and friendly for beginners, where it shows you the open order books for all the coins that they support. Which by the way, they support pretty much every coin in existence. You can see them all on the coin market list found in the top menu.

You can easily toggle to advanced spot trading, which gives you even better insight into the market and order books. It also gives you all the tools any advanced trader would use for charting.

The exchange also has margin trading, where you can trade by borrowing funds through leverage. Margin trading involves leverage that amplifies profits, as well as losses. Traders should be aware of the risk of liquidation when the leveraged positions fall short of the required margin ratio. It is critical to understand fully about the risks before any investor starts on margin trading.

There are also perpetual swaps, which are derivatives that let you buy or sell the value of an underlying asset with several advantages like not having an expiry date on your position, the underlying asset is not actually traded, and the swap price is usually around the same price of the underlying asset. Perpetual swaps with no expiry also allow you to hold a long position, for as long as you want.

Similar to perpetual swaps, OKEx offers futures trading, which unlike perpetuals, do have an expiry, being the future date that is agreed upon with both parties (buyer and seller) and the price of the contract. Here the buyer must purchase or the seller must sell the underlying asset at the set price, regardless of the current market price at the expiration date. Futures are used a lot in crypto to help set the market price in advance of an upcoming coin, token, fork, event, etc.

Lastly, they also have options trading, which is another kind of contract, where the traders have arranged to buy or sell an asset on an arranged date, but there is no obligation for either trader to go through with the trade. It provides the trader with the “option” to go through with the trade or not.

Decentralized Exchange (DEX)

Something new that is still in beta testing is the OKEx decentralized exchange (DEX). This is a newer concept to the cryptocurrency space, where most exchanges are typically “centralized” meaning, that the exchange holds custody of the funds and is the centralizing factor in the trading environment.

With DEX’s, the exchange is no longer a counter-party risk as they no longer take custody of the funds. They continue to act as the middleman in the trade to match buyers and sellers together using order books, but the trades are decentralized with no exchange risk.

OKEx isn’t alone, as other exchanges have also ventured into the DEX space but again it’s fairly new to crypto with not many exchanges which have gone fully decentralized or even having a DEX option. The DEX is still being rolled out, where users can test it now to get the idea of how to do DEX trading.

Earning and Passive Income

Not only is there beginner and advanced trading options, OKEx offers different ways to earn free crypto and create passive income for users. They have two options: Earn and Jumpstart.

With Earn, as the name implies, you can earn funds through various means like staking your coins, also called sometimes yield farming with new DeFi tokens. Some popular ones you may of heard of before are Uniswap, YFI, Curve, and Compound. You can stake coins with other coins besides like DAI, ETH, and USDT.  Staking allows you to earn while you sleep sort of speak, making your coin work for you when it’s not being used.

There is also Jumpstart, which is similar to Earn except it’s targeted as newer high quality crypto projects using liquidity mining. What Jumpstart does is allows users to farm (mine) DeFi tokens by adding (staking) your token to the liquidity pool.

Educational Academy and Other Products

OKex has their own academy, which is a vast knowledge base of educational articles including trader information, tutorials for beginners, and industry analysis and reports. It’s a plethora of information that is sure to satisfy anyone looking for information on the cryptocurrency space.

Additionally, there are many more products making them a top exchange in the space. They have a mining pool where you can do mine with others, they have a crypto wallet, and of course a referral program.

Overall Sentiment and Review

In conclusion, OKEx offers many different options to people in the crypto space. For beginners, there is a lot of options that make it easy to get started and start buying and selling, while also earning. Although, it’s a lot to take in, and for some new users it could seem daunting.

For advanced users, it’s the perfect blend of exchange trading options, tools, and information.

Overall, the pros are that the site is easy to use, it has free registration, has high liquidity, it’s a trusted well-known exchange, has low fees and incentives, and many different payment methods. The UX is great and they even have customer support.

The cons though are that OKEx isn’t available in every country and the many features including all the advanced trading options could very easily intimidate new users.

We highly recommend OKEx and feel it’s worth giving them a try if you have never used them before and are looking for a new exchange or want to switch from the current one you use.