OKEX

Overview of OKEX

OKEX is a virtual currency exchange platform that was founded in 2014. However, OKEX was affected by South Korea's new encryption regulations and has ceased operations since April 15, 2021. The exchange is regulated by FSA, NMLS, and CEZA. It offers a wide range of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and more.

It is a versatile trading platform offering up to 100x leverage, allowing traders to potentially maximize profits. It is accessible through multiple platforms including web and mobile, expanding its accessibility. OKEX supports multiple deposit and withdrawal options in both fiat and digital currencies.

Pros and Cons

Regulatory Authority

OKEX is regulated by multiple regulatory agencies in different jurisdictions. In Japan, it is regulated by the Financial Services Agency (FSA) under the regulation number of “関東財務局長 第00020号”.

OKEX is also regulated by the Cagayan Economic Zone Authority (CEZA) in the Philippines under a digital currency license issued to Okcoin Philippines Technology Co. Ltd. However, the specific regulation number for CEZA is not available.

In the United States, OKEX is regulated by the Nationwide Multistate Licensing System (NMLS) with license number 1767779. The license type is a MTL License issued to OKCoin USA Inc.

These regulatory measures and licenses demonstrate OKEX's commitment to complying with regulatory requirements in the jurisdictions it operates in.

Security

OKEX places a strong emphasis on security to protect users' assets. The platform implements various security measures, including cold storage and multi-signature technology, to safeguard user funds. Cold storage keeps the majority of assets offline, reducing the risk of hacking. Multi-signature technology requires multiple key holders to authorize transactions, adding an extra layer of security.

Furthermore, OKEX has implemented measures to prevent unauthorized access to user accounts, such as two-factor authentication (2FA) and email notifications for login attempts. These features aim to enhance the security of user accounts and protect them from unauthorized access.

Fees

OKEX has a tiered fee structure for trading fees. The fees are based on the user's trading volume within the last 30 days, with higher trading volumes resulting in lower fees. The fees start at 0.10% for both maker and taker orders for the lowest trading volume tier and can go as low as 0.02% for maker orders and 0.05% for taker orders for the highest trading volume tier.