Understanding OKEx Exchange Key Features and Functions
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Understanding OKEx Exchange Key Features and Functions

OKEx is currently ranked fourth-largest exchange with a daily trading volume of $1, 256, 118, 449 USD/ 131, 932 BTC. According to the Exchange Review March 2020 report, OKEx topped the derivatives market in March with a monthly derivative volume of $161 Bn. 

Since its launch, OKEx has undergone an enormous transformation. The exchange packs impressive features to facilitate seamless and secure crypto-to-crypto and crypto-to-fiat trading. 

The mega exchange is among the few that support a wide range of trading options, including spot trading, perpetual swap, options, and futures trading. 

Here’s a more in-depth look at OKEx exchange key features and functions. 

OKEx Key Features 

OKEx Trading Platforms- PC Client & Mobile App  

Beginning with the trading platform, OKEx offers both in-browser and standalone desktop platforms in the form of desktop client software. Therefore, users can choose to either access the browser-based version or the desktop client software. The standalone desktop platform is a bit faster and more efficient, with no inconveniences, such as processing difficulties and freezing, which is usually experienced on web-based exchange versions.

The platform integrates high-end trading charting software from TradingView. The trading charts are well laid-out with live quotes and quite useful for technical analysis.

OKEx also has an app (iOS & Android), allowing users to trade from the palm of their hands seamlessly. The app features real-time quotes, futures trading with up to 20x, token trading with up to 3x leverage support, interactive and Spot charts, and ability to view trading records. The app is safe, transparent, and comprehensive.

Tradable Instruments 

OKEx trading supports over 150 tokens with over 400 trading pairs in the bitcoin Market, USDT market, and Ethereum market. Token traders are offered 3x leverage. The exchange also supports fiat-crypto trading listing over 30 fiat currencies, including USD, EUR, GPW, KRW, JPY, etc. and stablecoin, including Tether, Paxos Standard, TrueUSD, USD Coin and Gemini Dollar

In addition to crypto coins, fiat currencies, and stablecoins, OKEx also supports derivative instruments that can be leveraged. They include Futures, Perpetual Swap, and Options. 

  • Futures– OKEx supports futures instruments involving nine assets: Bitcoin Futures, Litecoin Futures, Ethereum Futures, Ripple Futures, EOS Futures, Ethereum Classic Futures, Bitcoin Cash Futures, and TRX Futures. These futures instruments have leverage of up to 20x and have expiries, which are weekly, bi-weekly, Quarterly, and Bi-quarterly. These contracts are settled daily at 8 am UTC with an option of margining your positions with crypto or a stablecoin 
  • Perpetual Swap– OKEx supports perpetual swap, also referred to as perpetual futures. This instrument allows you to hold a position without any time limit and withdraw the accrued profits anytime.  
  • Options– Options enable traders to buy or sell some assets in futures at a predetermined price. However, holders are not obliged to buy or sell the asset when the agreed time elapses. OKEx currently supports Options on only one asset-Bitcoin. There are also four option expiry times.   

Trading Options 

OKEx users have access to several trading options, including C2C, index, future, and token trading. The trading funds are placed into four different accounts to minimize investment risks and enhance funds management. 

  • C2C Trading– Customer-to-Customer(C2C) trading involves the safe and efficient exchange of cryptocurrencies and fiat currencies. The platform allows users to place orders and trade freely amongst themselves. 
  • Token Trading– OKEx supports over 150 tokens with over 400 token pairs. Users can trade or exchange the pair they desire by scrolling down to select or simply search using the search token field.
  • Futures Trading– As mentioned earlier, the exchange supports futures across nine exchanges. To trade futures, users simply need to select the asset future, order type, leverage, amount, and the delivery period. 
  • Index Trading-OKEx provides users with several options under the fiat-token trading option, including index trading. This trading option involves trading indices in the crypto market. Supported tokens in index trading include BTC, ETH, ETC, USDT, LTC, and BCH. 

OKEx Order Forms 

OKEx features six different order types-not seen in any exchange. The different order types give users plenty of options to trade. Below are the order forms on OKEx. 

  • Limit Order– Limit order allows users to set their own prices and also input additional advanced order execution options. 
  • Advanced Limit: It’s a standard limit order that offers users more option on how they would like the order to be executed 
  • Stop Limit– It allows traders to specify the price level at which the order should be executed. Once the price level is reached, a standard limit order is executed. 
  • Trail Order– It’s also referred to as the “Callback Rate”. Trail order is executed once the price is retracted after breaking a particular level. 
  • IceBerg Order– It allows traders to place a large order without experiencing too much slippage. It does this by breaking up a trader’s large order into multiple smaller orders.  
  • Time-weighted average price (TWAP)- This order type is the average price of the order over a specified time. TWAP is more of a trading strategy to execute an order in small bits depending on the market conditions

OKEx Security Features 

OKEx employs several security features both on the exchange and on the user’s side to enhance overall security. Here are the security features 

  • Exchange Security 

OKEx leverages both hot and cold wallet security procedures. A great deal of users’ funds is stored offline on cold wallets to prevent hacking attacks. Only a limited amount of coins is stored on the hot wallets to meet the demand for withdrawals/deposits. 

  • User Security 

On the side of the user, OKEx employs KYC verification to the first level. This means that users provide the ID number, name, surname, and residence place during the sign-up process. There’s also an option to upload ID copies and Selfies to enhance trading and withdrawal limits. KYC verification is done via Net Verify- a third party KYC service. 

Still, on user security, the exchange uses two-factor authentication via the phone’s use either through SMS authentication or Google authenticator. Other user security tools include mobile verification code for changing security settings and withdrawals, email verification codes, and anti-phishing codes in every OKEx email. 

  • Communication Security 

OKEx encrypts its communication with users; thus, all personal documentation and passwords are encrypted. Users are notified if they access a phishing site to prevent unauthorized access to crucial documents and passwords. 

  • Risk Management 

As a derivative trading platform, OKEx has insured funds to reduce the risk posed by market volatility. The OKEx insurance fund makes sure all trades that cannot be liquidated above the bankruptcy price. 

Customer Support 

OKEx has a robust and dedicated support team operating 24/7. The live chat function means that the platform can attend to customers’ queries in real-time. They also have a support number plus a support center. You can also reach them through WhatsApp.

Other Features 

  • OKEx Pool- OKEx offers a mining pool where several traders can combine their computational resources to better mine digital assets. The pool currently mines nine major cryptocurrencies that use PoW consensus. 
  • OKEx Academy- OKEx provides educational resources to traders for free. Traders get access to a variety of resources, including guides, industry analysis, trading ideas, and trading tutorials. 
  • Payment Options- OKEx supports a wide range of payment options, including fiat currencies. Some of the supported payment options include bank transfers, Payeer, ApplePay, credit/debit card, PayPal, Western Union, etc.   

Closing Words 

OKEx boasts of advanced features intended to make crypto trading convenient, secure, and profitable. Since its launch, the exchange has undergone a remarkable transformation to support different trading options and order types. OKEx is available on both PC (web-based and standalone) and mobile phone apps (iOS and Android). While it’s not available for US users, OKEx has a wide customer base all across the globe. All in all, it’s a reliable, well-designed crypto exchange platform with a plethora of features for the everyday crypto trader.     

Featured image courtesy of Blockonomi

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Born in Bucharest, Marius is the founder of Crypto Adventure and Co-founder of Crypto Press. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.