OKEx is a major cryptocurrency exchange that provides financial services to global traders using Blockchain and is based in Hong Kong, the mecca of exchanges and many crypto projects. OKEx was founded in 2014 and is investing millions of dollars from venture capital funds such as Giant Network Group, Longling Capital, Ceyuan Ventures, Qianhe Capital Management, eLong Inc and VenturesLab (co-founded by Tim Draper).
What is OKEx?
OKEx was officially launched by the giant bitcoin company OKCoin.com (just like GDAX is owned by Coinbase). OKCoin has stopped buying and selling futures contracts since May 30, 2017 and the transaction was transferred to OKEx name. Almost the interface and technologies of OKCoin are transferred via OKEx.
OKEx was created due to concerns over ICO bans and regulation of Chinese exchanges in the cryptocurrency sector. The API was first introduced to users on June 7, 2017. OKEx initially focused on serving the Asian market, and later expanded to serve customers in more than 100 different countries.
OKCoin will focus primarily trading cryptocurrencies with fiat money and customers who want to buy and sell futures contracts (of Bitcoin and Litecoin) will be transferred to OKEx. The purpose of OKCoin when launching OKEX is a place for users to buy and sell futures contracts, while OKCoin will focus mainly on trading cryptocurrencies with fiat money.
This trading platform offers users 3 forms of trading:
- Fiat to Token (Transactions between fiat money and cryptocurrency).
- Token Trading (trading between cryptocurrencies).
- Future Trading (futures contract transactions).
Advantages of OKEx
- As a subsidiary of OKCoin.com, it has much experience in operating the exchange.
- Support on web platforms (Windows, MacOS), and mobile devices running Android, IOS
- This gives users a lot more flexibility when making transactions anytime, anywhere.
- Low transaction fee, only from 0.1%
- Features Vote like Binance, KuCoin, CoinEx.
- Support multiple languages.
- Support live chat on website via live chat.
- High liquidity.
- Has native token OKB, reduce fees.
Disadvantages of OKEx
- Customers’ reviews are mixed about their customer service.
- Trading platform is much beneficial for professionals only and not for the beginner.
- Supporting only two fiat currencies.
What is special about OKEx coin of OKB?
What is OKB?
Just as well as Binance, Huobi, OKEx also has its own natve coin.
OKB is the official token of OKEx, and as AZCoinNews mentioned, the OKEx exchange supports pairs dealing with their OKB. Tokens are built on the standard ERC-20 protocol, which can be easily traded via exchanges.
OKB allocation rate
Of the 1 billion OKB tokens, only 600 million of which is distributed to OKEx customers to build the community. The remaining tokens are locked for a period of about one to three years. Up to now, 300 million OKBs have been issued in the market.
Specifically, the division rate is as follows:
- 600 million OKB (60%) will be devoted to community development and marketing over a three-year period.
- 100 million OKB (10%) will be used to operate OK Blockchain Foundation. The token period is locked for two years.
- 100 million OKB (10%) for Early Employ. The token period is locked for two years.
- 200 million OKB (accounting for 20%) for the development team. The token will be locked for the first year, starting from the 2nd year it will issue 20 million OKB per year.
OKB coin used for?
OKEx Token (OKB) is used in the following operations:
Happy Friday
On the Friday of each week, OKB holders will receive a 50% share of the OKEx service fee collected during that week. The amount of prize money will depend on the number of OKB users hold, calculated by the following formula:
Reward of each user can receive in the week = (Number of OKB bought: OKEx trading fee of the week * 50% * 30%) * The distribution rate of users during the week.
To learn more about this program, you can see more details here.
Reduced transaction fees on OKB Trading Market and OKEx
OKB holders get free transaction and service fees, when buying and selling on OKB trading market.
In addition, OKB holders will be reduced transaction fees when trading on OKEx.
Vote for the project listed on OKEx
Users can use OKB to vote for their favorite projects listed on OKEx.
OK Jumpstart
OK Jumpstart is an OKO selling platform of OKEx. The more OKB users hold, the better the opportunity to invest in potential projects, released through OKEx.
How to Register on OKEx?
Click here to visit OKEx’s homepage. You should save this link to make sure not to be confused with other fake sites.
Doing so will open up a ‘Sign Up’ window on your screen. Move your mouse to the ‘Email’ field select it, and enter your email address.
If you register in this link, you buy $100 or more crypto on your first order, you’ll get $10 in free Bitcoin!
Note: You can use login with Phone Number or Email Address. However, AZCoin News recommends that you sign up by email so that the verification process can take place faster.
At this time, you will be asked to fill out the information as shown. On the second line you will see the “Get Code” button, here I uses the login form by Email. So, when clicking “Get Code”, you go to your email, get the code sent from OKEx and enter the “Email code” as shown.
Click this and you will automatically be sent a six-digit number to the email address you entered earlier.
The system will give you 60 seconds to retrieve the number and enter it into the ‘Input Verification Code’ field.
Now, it’s time to navigate to your email inbox.
You should very shortly see an automated message from OKEx servers appear in your unread messages.
This message contains your six-digit verification code.
Make a note of the verification code, or alternatively you can copy it by highlighting the number, right clicking and selecting ‘copy’ with your mouse, or highlighting the number and pressing ‘Ctrl-C’ on your computer keyboard.
Navigate back to the window containing the OKEx ‘Sign Up’ screen and input the six-digit verification code in the ‘Input Verification Code’ field.
You can also paste it in by selecting the field, right clicking your mouse and choosing paste, or by pressing ‘Ctrl-V’ on your keyboard.
Once you have inputted the code you will be asked to provide a secure and safe password for your account.
Please enter your password in the ‘Password’ field.
Remember to use a combination of numbers, letters, symbols and lower and upper case text for your password, and choose a phrase you find easy to remember.
Remember, keep your password safe and never share it with anyone, including people claiming to work for OKEx.
Once you have chosen and entered your password you will be prompted to confirm it by entering it a second time in the ‘Confirm Password’ field.
Once you have done this and the system recognizes that both passwords are the same you can move on to the final stage.
Navigate your mouse pointer to the small check box to the bottom left of the ‘Confirm Password’ field.
Click it and a tick will be placed in the box, confirming that you have read and understood OKEx’s Terms of Service.
Once the box is checked, the large blue ‘Sign Up’ button below will be highlighted in blue, indicating that you can now select it.
Click the large blue ‘Sign Up’ button to complete the process. You have now successfully registered an account with OKEx.
To confirm your registration you will be sent an automated email to your inbox confirming the process was successfully completed.
Upon your first visit to the OKEx platform as a newly registered user, you will have the option to choose whether you are new or are experienced in cryptocurrency trading.
Select the blue highlighted button that applies to you.
You are now ready to begin your experience of trading and using the OKEx trading platform, one of the biggest and best digital asset exchanges globally.
Verify account (KYC) on OKEx
OKEx does not require you to verify all three levels. However, the withdrawal limit of users on the exchange will be calculated according to the account verification level. Specifically:
- Withdrawal limit for non-verified KYC users: 0 BTC / day. This means, if you do not verify your account, you will not be able to withdraw money from the exchange.
- Withdrawal limit for first-rate KYC users: 0.5 BTC / day.
- Withdrawal limit for KYC users of level 2 and 3: 100 BTC / day. This quota may increase depending on your trading volume.
- If you own multiple sub-accounts, note that only one of them will be KYC verified.
If there is no need to withdraw 100 BTC / day, you only need to verify level 1 – Basic Verification. However, we recommend spending a little more time to verify KYC level 2 to ensure account security. At the same time, also raise the withdrawal limit higher, in case you have high transaction needs.
How to do KYC on OKEX
Level-1 verification
1、Go to the main page, click KYC Verification under Profile icon.
2. Choose Nationality, ID type, Input ID number, Given name and Surname. After that, KYC 1 is completed.
- For advanced verification (Level 2), please provide the following information:
- Company introduction (A brief description of the company’s business operations)
- Customer type (It can be selected in the system)
- Sources of funds (It can be selected in the system)
- Estimated monthly trading volume (It can be selected in the system)
- Total assets managing (It can be selected in the system)
As well as the relevant company documents, including:
- Certificate of Incorporation & Business Registration
- Shareholder structure chart
- Company Memorandum & Articles of Association (M&AA)
- Certificate of Incumbency / Annual Return (Please list the documents of the company’s directors and beneficiary shareholders in the previous fiscal year in detail; or similar documents confirming the company’s shareholder structure, ownership and management)
- Account opening authorization letter (There’s an example on the Level 2 verification page.)
- Actual controller/ Ultimate Beneficial Owner/ authorized account operator proof (identity and address proof document)
- AML Policy (If applicable)
NOTE: The materials must be ≤ 5MB uploaded in JPG, JPEG, PNG, or PDF format.
Done. You have to wait for confirmation from Okex.
KYC 3
- KYC 3 is video verification, and customers are required to read as stated on the page. It can only be done on the mobile APP.
- Click “Start” to record video and upload it afterwards.
Note: Your KYC 2 & 3 application need some time to be reviewed. Please wait patiently for one hour, your understanding and cooperation are highly appreciated. And please feel free to contact customer support if time is over but you never got feedback from us.
In the Deposit page, you can change the type of token you wish to deposit in the drop-down list.
IMPORTANT: Send only the specific type of token to the corresponding deposit address. For example, BTC deposit address only accepts BTC deposits. Sending any other types of token will result in loss of your deposit.
You will be given a deposit address for each type of token.
Referral
Know someone curious about crypto? Refer your friend and both receive $10 in free Bitcoin when your friend buys $100 or more of crypto on first order in OKEx!
Visit HERE, share your referral link or invite your friends with their email address.
Conclusion
Okex is a well-developed cryptocurrency exchange with its significant features. The trading platform provides more facilities to professional users as compared to the other exchanges. Low trading fees also attracts users.
Crypto exchange offers users with Bitcoin and Litecoin futures and also high trade volumes. There is no danger of scams and hacking activities due to its high-quality security system.
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