In this OKEx Review, we will be looking into all of OKEx's features and assess whether or not OKEx is a good choice.
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners, and institutional investors come to manage crypto assets, enhance investment opportunities, and hedge risks. OKEx provides spot and derivatives trading — including futures, perpetual swap, and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
Trusted by millions of users globally, OKEx believes that cryptocurrency will reshape our money and society in general, enabling financial freedom and access globally. With its extensive range of crypto trading and finance products and services, and its unwavering commitment to innovation, OKEx's mission is to promote and advance cryptocurrency globally.
Founded in 2017, OKEx was first registered in Belize. OKEx then moved to Malta and had a Seychelles entity as well. As of 2021, the company is officially headquartered only in Seychelles, with remote offices all over the world.
OKEx was recognized as Crypto Exchange of the Year at the inaugural Malta Blockchain Awards, beating fellow finalists Binance and BitBay. Presented at the Malta Blockchain Summit 2018, the Malta Blockchain Awards’ elite judging panel consisted of 32 industry leaders and executives with extensive experience in the blockchain industry.
Serving over 100 countries with millions of users, OKEx upholds a strong belief in finance for all. The team believes that DeFi will help achieve this goal and enable the provision of financial services and wealth creation to every individual on the planet. This is not something that is going to happen overnight, just like the internet took several decades to be developed. Considered a pioneer in supporting the DeFi space, OKEx is steadfast in its commitment to continuously develop the crypto community, expand its reach to more traditional investors, and meet its goal to be the gateway to financial freedom for the massive global population without access to safe and reliable financial security.
If you would like to sign up for OKEx, you can do so by using our OKEx Invite Code!
OKEx Review: Security
OKEx uses secure online and offline storage systems with multisig protection and multiple backups.
Secure online storage design
Offline asset storage — cold wallets — are the safest vaults for cryptocurrency. But crypto exchanges require ready access to some funds to deposit and withdraw funds for users. It’s possible thanks to online storage known as hot wallets.
Since hot wallet systems are connected to the internet, operating them safely is a bigger challenge. OKEx has created its own semi-offline multi-signature mechanism. It supports quick, secure, and convenient deposits and withdrawals.
OKEx's hot wallets use multiple technical solutions for greater convenience and security. OKEx has semi-offline multi-signature mechanisms, online and semi-offline risk management systems based on big data. Multiple risk management methods verify deposits and withdrawals before sending them to the blockchain.
It’s impossible to compromise OKEx's semi-offline servers even via a physical attack. Private keys are stored in RAM instead of permanent memory.
OKEX doesn’t use the typical TCP/IP protocol for network communication. Instead, the exchange uses a semi-offline signature service that makes online attacks virtually impossible.
The multi-signature system requires several confirmations from authorized employees who are geographically separate and have backups in place.
OKEx is prepared for various emergency scenarios with multiple backups and extensive redundancy plans.
Core features of the security protocol
- The private key management system integrates decentralized storage
- Each private key has a backup.
- OKEx has many emergency scenarios that allows them to enable backups.
- It keeps private keys in its semi-offline signature devices’ RAM, preventing both online and offline attacks.
- It has multiple risk detection and management mechanisms to prevent suspicious assets flows.
Benefits of the security protocol
- OKEx's security systems are designed to keep private keys safe against both online and offline attacks.
- OKEx's extensive backup and contingency plans aim to minimize withdrawal downtime due to emergencies and unforeseeable circumstances.
- OKEx's risk management systems flag and prevent suspicious deposits and withdrawals.
Secure offline storage design
Cryptocurrencies are innovative digital assets. They’re a great way to participate in trustless financial ecosystems. However, asset security that’s based on cryptographic functions and data protection is one of the major challenges for the industry.
Cryptography leverages extensively tested and widely accepted encryption standards (SHA-256 hash and ECDSA encryption). But data security, including private keys and passwords, remains the weakest link. Offline asset storage, also known as cold wallet systems, (not connected to the internet at all) are designed to counter these concerns.
How does OKEx's cold wallet system work?
The security program encompasses all aspects: platform, assets, data, and access security. OKEx is transparent and public with its protocols that guarantee the complete protection of funds on OKEx. Multiple backups, bank vaults, and storage limits are only some of the measures taken.
Anything connected to the internet is inherently vulnerable. That’s why OKEx keeps 95% of all funds on its offline, cold wallet system.
Even offline USB drives aren’t entirely safe from viruses and malware. That’s the reason why OKEx's cold wallet system doesn’t interact with USBs and external memory devices.
A single point of failure is a critical threat. Access to OKEx's cold wallet system requires confirmation from at least two authorized personnel.
Unexpected and unforeseeable events may happen. OKEx's architecture offers protection by incorporating contingency plans, including the use of multiple backups.
Security threats to authorized employees can alter any system. As a countermeasure, OKEx stores sensitive data in secure bank vaults requiring in-person access.
Core features of the security protocol
- Each cold wallet address can store no more than 1,000 BTC.
- OKEx's private keys never interact with the internet or USBs.
- OKEx's private key backups are stored in secure bank vaults.
- Access to decryption passwords and key backups is divided among four authorized employees.
- Any cold wallet is no longer used for deposits after the first withdrawal occurs.
- Employees who have access to passwords and backups live in different locations.
- Private keys are moved online only once and never used again after.
Benefits of the security protocol
- All assets in cold storage are spread across multiple addresses, with no single point of failure.
- Access to cold wallets requires at least two authorized employees, preventing hacks and malware attacks.
- Backups are stored in geographically different locations, providing additional security for potential unforeseeable scenarios.
- Key retrieval from bank vaults requires in-person access, bypassing scenarios where authorized employees may be compromised.
- Only one withdrawal per cold wallet address is possible, which reduces unauthorized access risks.
OKEx Review: Fees
OKEx's trading fees are different for regular and VIP users. Regular users are divided into tiers by total OKB holding. VIP users are divided by 30-day trading volume. Tiers update daily.
You always get trading fees of the highest tier among all markets. Let’s say, your 30-day trading volume for spot is 10,000,000 USD (tier VIP 2), volume for futures is 200,000,000 USD (VIP 3), and volume for options is 5,000,000 USD (VIP 1). Hence, your tier would be VIP 3 for spot, futures, options, and perpetual swaps. It means that you’d get trading fees of this tier for all markets.
You can learn more about OKEx's trading fees, and check the latest rates, by following the link below.
OKEx Review: Wallet
As of writing, the OKEx Wallet supports 36 assets, multiple vaults, and direct integration with the trading app.
A single app for storing and trading
Use the OKEx mobile application to keep and manage your crypto, trade, and invest in DeFi — all the OKEx features under one roof.
All your wallets in one
Create multiple vaults to store up to 36 cryptocurrencies, including BTC with SegWit, ETH, USDK, and ERC-20 tokens. Add and remove assets at your will.
Full control over your assets
Stay in charge of your private keys and use a three-step mnemonic phrase as a backup. The wallet is protected by multiple layers of app security.
OKEx Review: OKExChain
OKExChain is a set of open-source public chain projects developed by OKEx, which achieved both high performance and decentralization. It aims to promote the development of trading services based on blockchain technology.
As an open-source public chain ecosystem, OKExChain allows users to launch a variety of decentralized applications, issue their digital assets, create their own digital asset trading pairs, and trade freely. Any user can campaign for a network validator, participating in the community development. Meanwhile, it introduced Ethereum Virtual Machine and OKEx cross-chain gateway, and will also be compatible with IBC cross-chain solution of Cosmos.
Users can convert their tokens, and interact with others in various decentralized apps on OKExChain to make joint efforts to build a value-added ecosystem.
While OKExChain supports all types of DApps, it is specially designed for high-performance scenarios and high-volume transactions typical of trading activities and financial services.
Any user can apply to become or to campaign for a network validator, participating in the community development.
OKT holders define the direction of OKExChain development by initiating and voting for proposals.
Users can create their own digital assets, trading pairs, and liquidity pools on OKExChain without approval or permission from any centralized entity.
OKExChain will support the Ethereum Virtual Machine, including Ethereum developer tools. Once OKExChain supports EVM, developers can use the development tools and languages of Ethereum to develop smart contracts on OKExChain.
OKEx DEX's desktop application is supported by all major operating systems and provides easy access to on-chain trading with its user-friendly design.
OKEx has already launched its OKExChain-based Cross-chain Gateway for easily transferring assets across various major public chains. OKEx also plans to introduce support for Cosmos's IBC cross-chain solution soon.
Spot and derivatives
OKEx DEX on OKExChain not only supports spot trading, but it will also integrate blockchain oracles and consequently support derivatives trading and other related products.
OKEx Review: Bridge
OKEx Review: Pool
With OKEx you can earn more with stable mining, real-time data, and hedging.
Safe and stable
Thanks to the unique architecture and advanced technologies, OKEx's mining pool effectively prevents various attacks and maintains stable operations.
Open and flexible
The pool relies on PPS+, FPPS, and other settlement models, so you automatically get revenue daily and can check real-time revenue data.
Global and reliable
OKEx guarantees reliable 24/7 mining service thanks to the multi-node deployment around the world and professional technical team.
OKEx Review: OKB Token
OKB is the global utility token issued by OK Blockchain Foundation.
Here’s what you get with OKB:
- Trading fee discounts
- Passive income
- Token sales
- OKExChain ecosystem
How OKB value is kept high:
OKEx burns OKB tokens regularly to reduce supply. This boosts the value and encourages you to hold tokens. OKEx uses 30% of the income from OKEx spot trading fees to buy back OKB from the 300 million in circulating supply. Every 3 months, OKEx burns tokens by sending them to a burning address that nobody can access. You can check reports after each burning.
OKEx: Pros & Cons
- Intuitive platform
- Many features
- Lots of security features
- Low trading fees
- No deposit fees
- Large trading volumes
- Great mobile app
- Accepts PayPal
- Doesn’t accept U.S. citizens
- Some limitations when withdrawing
OKEx Review: Verdict
OKEx is a well-established cryptocurrency exchange offering lots of features to its users.
OKEx's security features are some of the best in the industry and they take lots of care into keeping users' assets safe.
Both desktop and app versions of the exchange are very intuitive and easy to use, there are no deposit fees and trading fees are very low.
One of OKEx's biggest advantage is the fact that accepts PayPal deposits, making it one of the only exchanges accepting this method of deposit.
The biggest drawback to OKEx is the fact that it does not accept U.S. citizens, there are also some limitations when withdrawing funds, hopefully, both these flaws will be corrected in the near future.
If you would like to sign up for OKEx and get a $10 bonus, follow the link below!