You can of course just buy cryptos such as BTC, hold it for a long time and wait for a price increase. But OKEx mainly focuses on advanced traders who would like to use all kinds of derivatives. To trade on OKEx, first select the appropriate trading option from the main menu. You can choose between buying / selling with fiat, spot trading, margin trading, perpetual trading and ultimately options and futures.
C2C trading makes it possible to trade between fiat currency and digital currencies in a practical and safe way. Users of the platform can trade freely with each other and set their own prices. It is also possible to request a refund of your fiat money in this way.
To be able to trade in futures you will first have to read the information about this. After that you will get access to this function. Futures trading is risky, but OKEx has built in a number of features to minimize the risk of loss.
Here it is possible to trade on an index based on many different trading pairs. To make a profit, trading is often done quickly and this feature is certainly not for beginners.
You can of course always exchange your tokens for other tokens. OKEx really offers endless possibilities. For example, to buy BCH, go to BCH / BTC and click on “buy BCH” to exchange your Bitcoins.
The cost structure on OKEx
The transaction costs on OKEx are among the lowest in the cryptocurrency world. 0.03% is charged to open a new trading position. The average transaction cost is between 0.2% and 0.25%. OKEx makes a distinction between maker and taker fees.
Makers are traders who place a limit order that is not filled immediately and is therefore available to others. In this way, additional liquidity is added to the pool.
Takers are traders who “take away” this liquidity by executing orders die were placed by the makers.
On the OKEx platform, the maker and taker fees depend on 3 factors: the user “class” (tiers), the market type and the asset class. Full details and most up-to-date figures can be found on the OKEx website. Here we only explain the user class:
The user class
All users with a monthly trading volume below $ 5 million are considered normal users. Based on the amount of OKB these customers have, they are further divided into 5 classes.
Customers with a minimum monthly trading volume of $ 5 million may call themselves VIP. Within the VIP class there are 7 more segments depending on the trading volume. From a level 4 VIP you are even entitled to “negative” maker fees.
The OKEx trading platform
OKEx is one of the few cryptocurrency platforms in the world with its own separate desktop platform. This has a number of advantages over only having a browser version:
Greater processing capacity, so you have less chance that a program can crash.
You can use multiple monitors at the same time. Ideal for the active traders who aim for a deeper market analysis.
Users can copy an entire layout several times.
What are the benefits of the OKEx exchange?
OKEx is one of the largest platforms in the world and has numerous security measures in place to protect your assets.
Some of the cryptos are stored on cold wallets.
Private keys are stored on paper documents and not on the internet. These are of course strictly secured.
The platform is accessible to beginners and has all the features for experts.
You can buy cryptos with fiat money. This is not possible on every exchange.
The size of the exchange ensures high liquidity.
There is a huge range of trading pairs.
Access to futures with 100x leverage.
Interactive charts for in-depth market analysis.
Extensive payment options.
A C2C loan system where you can borrow quickly and safely between peers.
Possibility of passive income via Ethereum 2.0 strike, among others.
A user-friendly app for both iOS and Android.
What are the disadvantages of the OKEx exchange?
No demo account is available.
The customer service does not score high in the reviews.
The platform mainly focuses on advanced traders