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How to Choose an Exchange You Can Trust — Here Is My Way

Easy to Buy, Sell, and Trade

When it comes to getting started with cryptocurrency and trading you want to make sure you’re using one of the best possible options. You want to make sure that you have a great service that will help you trade, buy and sell all of the top cryptocurrencies. But how do you know which platform is the best way to go?

Well, you’re going to want to take a look at plenty of different options. And one of those options you should look at is the OKEx Exchange.

DYOR or Do Your Own Research

First of all, you have to DYOR about the exchange background. OKEx Exchange is actually one of the top-ten cryptocurrency exchanges in the world according to daily volume. They do approximately $1.68 million in exchanges throughout the course of a single day. Plus, they have everything you need all in one, including crypto-to-fiat trading, wallet options and futures trading. Those are all things you would normally need to reach out to different services to combine, but you can get all of it and more with this one exchange. That makes things a whole lot easier for you to get started and to carry out all of your processes.

OKEx was actually founded in 2017, which means it’s not that old overall, but it’s definitely been around long enough when it comes to cryptocurrency (which is itself not that old). This platform started in China, but it was ultimately moved to Malta to provide an even better regulatory framework. From there it went on to join with OK Group, a blockchain technology company. Now, the company is a whole lot larger, with over 800 employees working in the exchange itself. That means there’s a whole lot going on and you can definitely trust that they’re going to be around for a while.

Security, Volume, Trading Options

So, what are the top features of this trading platform? Well, one of them is that they have a great track record when it comes to their security. They haven’t had any major incidents and that means your money should be plenty safe here. Another aspect is their high trade volume. Since there’s a whole lot going on that’s going to give you a lot more options when it comes to your own trading. You’ll definitely enjoy the fact that there’s plenty of potential and that you can actually get a whole lot of different options each time you make a trade.

You’ll find a customer-to-customer trading platform as well, which is another reason to be happy about such high trading volume and so many active users because it means there’s always someone available for you to trade with. There’s also perpetual swaps, options, futures contracts, spot and margin trading and a whole lot of other features as well. You will get the best of just about everything that you would normally find with trading exchanges and a few extras as well, which is what makes this service so good.

The OKEx Exchange bills themselves as the most trusted cryptocurrency exchange. There are a number of reasons that they claim to be one of the best all around options and part of that is their secure wallet technology and their large product offerings. Not to mention everything they offer is available to users from over 130 different countries all around the world. It’s essentially an all-in-one service that lets you take care of plenty of different features.

Trading Pairs and Payment Options

On OKEx you are able to buy crypto, including converting over 30 different types of local currencies into crypto. And it only takes a few minutes to do it. There are even options to use your favorite payment method or credit card, including Visa and Mastercard. Or there are certified merchants that will take care of the transaction process for you. If you want to get the best price you can take a look at the comparison chart to figure out what your best options are.

Next, there’s trading, which you can do quickly and easily with OKEx Exchange. That’s because they have plenty of different crypto pairs and they have derivative trading instruments. On top of that, there are several different order types to choose from. You can select an iceberg order, market order, shop order or limit order. And that’s all going to help you have more control over what you want to do and what kind of outcome you’re going to have from all that trading.

If you’re looking to trade from your computer it’s easy to do. In fact, every trading platform is going to offer you options for trading from a computer. And with OKEx you’ll get that too. Whether you’re using a PC or a Mac you can easily conduct all of your trading. On top of that, you’ll also have access to an app that’s fully compatible with both Android and iOS devices, so you can trade even when you’re not at home or at any other computer. You never have to worry about missing out on a great trade.

Training, Tools and Support

For those who are just getting started and those who are better acquainted with crypto-trading as well, there are also plenty of resources available to help you improve your skills. In fact, there’s training and tools that will help you understand bitcoin, crypto mining, crypto holdings and wallet management. Whether you’re looking for wallet information, pool information or earnings information, you’re going to have no problem finding all of it directly through OKEx Exchange.

Finally, for those who want even more support and assistance with getting the hang of cryptocurrency, there’s the academy. They offer expert tips and video walkthroughs that will help anyone get the information that they need. Whether you have a lot of time to devote or only a little at a time, you’ll be able to learn a whole lot more and get started with crypto-trading in no time at all. That way you can learn how to get started and what it takes to really improve your options.

If you still need help with anything there’s also a vibrant community of people who will help you along your way. You just need to get in there and ask them questions or see what questions have already been asked and where you could get a little more help and support. Or, you can send a message to the support team to make sure that you’re on the right track. If you need answers or assistance with anything at all there are always plenty of people out there to help you along.

What to Know About Fees

Every trading platform has some type of fees and this one is no different. You get a maker-taker fee schedule here, which is designed to encourage people to place even more orders and keep their accounts even more liquid. What’s really great is that the maker fee is lower than the taker fee. For OKEx it starts at 0.10% for the maker and 0.15% for the taker. This is going to make it a whole lot more profitable for those who want to get started in the trading process.

Maker fees are payable if a trade order and an existing order in the order book don’t immediately match. On the other hand taker fees are payable if a trade order and an existing order in the order book do immediately match. This is something you should be watching out for when you’re making trades and will allow users to make the best possible choices regarding their cryptocurrencies and anything else that they’re getting involved with in the exchange. Knowing what the fees will be before you get started on a trade makes it easier for everyone involved.

For those who are VIP or get involved with more trades or those who have more tokens, there are plenty of discounts available as well. These individuals can get lower fees for both maker and taker fees. And if someone is considered an even higher level VIP they can even get rebates on some of their maker fees. On top of that, there’s a Market Maker program that allows people to get rebates on maker fees and discounts on their taker fees. You just have to sign up and apply for the program. And it depends on which version of the program you decide to opt in for.

Safety Services

The safety features of the exchange seem to be quite secure. They have 2FA verification, which means you need two different methods to log into an account. They also offer mobile verification codes for those who want to change their settings or make a withdrawal from an account. Plus there are anti-phishing codes in the emails. Not only that but if there is a bug and anyone finds it there’s a bounty program so you can get rewarded by the company for reporting the vulnerability. This is especially important with potential security problems.

On top of all of this, there are cold storage locations throughout the world that keep the assets for the company and for all of its users separated in different areas. There are also private keys offline for hot wallet exchange. There’s only a small amount of currency left in the hot wallet at any given time, which helps decrease the chances of the exchange suffering from any hacks. All of this has definitely led to a good rating for their overall security. They don’t seem to have had any major situations, though they have had at least one hacking situation.

Be Aware

OKEx did suffer a hack in 2017, which affected a single user. The user lost approximately 200 Bitcoins, which were valued at the time around $750,000. According to OKEx this was a result of hacking but not the result of a problem with the exchange. It never did expand to any other users and there was no subsequent hacking of the same users account. There was also a rumor of another hacking in 2019, however, there was never any further report and no users actually came forward to say that they had suffered from the possible hacking.

Also, the company has a large insurance fund to cover losses if there are social clawbacks in volatile conditions. But most importantly, they have a very advanced matching engine and deep liquidity which prevents these types of abrupt price swings and losses.

Overall, What You Need to Know

Overall, there are a lot of benefits to this exchange. First, it seems to have a really good record and some pretty good security. There’s only been the one potential incident at this point. There are also plenty of different trading options including fiat-to-crypto trading that makes it easy for users to get into the platform. On top of that there’s a wallet built right in, and an app, which all make it easy for any users to access their account from anywhere and keep up with their trades. It’s also a fairly broad system that allows for a number of different features and options across the board.

On the downside, there was a hacking incident that could be concerning for some. There are also many countries that aren’t able to participate with this exchange, which actually includes users who are in the United States as well. This severely limits the options for trading.

When it comes down to it there are plenty of different features and benefits to OKEx Exchange. That means there are plenty of reasons that you should take a closer look and definitely consider getting started with this cryptocurrency exchange for yourself.

Keep in mind the potential negatives or things that you should at least look into, but definitely give this one a shot and see where you can go with all of the different options that are available.

Happy trading!

Images credit: Shutterstock

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Most writers waste tremendous words to say nothing. I’m not one of them.

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