Ontario Regulator Takes Action Against Crypto Exchange Okex

● See your portfolio’s profit and loss performance trend over a daily, monthly or a self-selected period with our new asset analysis feature. We also provide financial, data analytics, pool mining, and wallet tools to allow you to manage your assets and investment portfolios. ● Buy top cryptocurrencies, including BTC, ETH and USDT, with a debit or credit card within minutes. Tor Constantino is a former journalist and consultant and a current corporate communications executive and business writer.

OKEx offers 24/7 online customer support to its registered users to help them solve any technical or trading issues. The customer support team can be contacted via phone, email-based ticketing, WhatsApp, or live chat available on both the versions- desktop and mobile app. After okex exchange the account verification is done with the 6-digit pin code now, the users will have to fund their respective accounts. OKEx allows multiple crypto coins to make the deposits, and therefore users can choose from their preferred cryptocurrencies to fund their accounts.

Is Your Cryptocurrency Safe With Okex?

Based on the exchange’s posted fee schedule, it’s difficult to tell if the charges are high or low. It would be nice to have a table comparing its fees to those of similar exchanges. Under the “Learn” section of OKEx’s website, you can access dozens of beginner tutorials and videos to help you get started. OKEx also provides timely articles, industry analysis, and the opportunity to become an OKEx broker. Users can enjoy many benefits including trading fee discounts, OKEx Jumpstart subscription and 35 everyday use cases. We also provide up to 10x leverage for margin trading, so that you can maximize your potential returns. Where 20 million users across 200 countries and regions trade over $100 billion of cryptos every year.

A list of top cryptocurrencies on OKEx exchange based on the highest number of markets available for trading. Generally speaking, the “maker fee” is paid by the person who initiates the order to buy or sell, while the other party that completes the complementary transaction pays the “taker fee.” In October 2017, a number of OKex account holders complained that their accounts had been hacked and cryptocurrency holdings were stolen. The exchange attributed this to the failure of the account holders themselves to secure their accounts and having made passwords and logins accessible. Suggestions that security levels of the exchange itself were insufficient were refuted and new guidelines on account and wallet security issued to clients. Listings that appear on this page and/or on this website are of products / companies / services from which this website may receive compensation. This may impact how, where and which products / companies / services we review and write about.

Okex Advanced Financial Services

OKEx does not use an ordinary Transmission Control Protocol/Internet Protocol (TCP/IP), which is the typical method that allows digital computers to communicate over long distances. Instead, this communication is conducted via a special network communication protocol that is a proprietary, partially offline service that prevents an online attack. According to OKEx, its semi-offline servers cannot be compromised — even if physically attacked.

• But, as always, don’t forget to check the crypto search engine to ensure you are choosing the cheapest exchange.
• Online safety, privacy, and security are critical features of any cryptocurrency exchange.
• We provide hundreds of tokens and futures trading pairs to help traders optimize their strategy.
• “With DeFi Hub, we’ve created an NFT Marketplace that will accelerate NFT adoption by making it easier than ever for anyone to create, exchange, and sell NFTs,” he said.
• It is their user who will be using the bank to transfer funds to their OKEx account.
• Don’t miss the best crypto exchange promotions currently available for you.

The token security at OKEx is based on the core ‘private key encryption, algorithm, with the hot and cold wallet technology developed on the basis of advanced privacy encryption technology. At the beginning of 2019, OKEx offered hundreds of token and futures trading pairs, serving millions of users in over 100 countries. During the same period, its BTC futures trading had a daily volume of nearly $1.5B.

Okex Lists Efinity’s Efi, Furthering Support For Nfts Following

The platform currently supports a number of projects, which are due to be minted in the coming weeks before being listed on the secondary marketplace. The platform will also allow users to mint their own NFTs “of any kind” using both blockchains and enable users to set their own royalty fees. Hong Kong-based crypto sources said that Xu may be being held to help an investigation into the backdoor listing of OK Group in Hong Kong in 2019 and is not related to the exchange’s withdrawal issue. In March 2019 OKEx revealed in a blog post that it had developed its own blockchain which it will make available for testing in June of that year.

The news from Caixin came shortly after OKEx issued an “Announcement on Suspension of Withdrawals” of crypto assets on its platform, meaning no one could get their money out. Statistics showing an overview of OKEx exchange, such as its 24h trading volume, market share and cryptocurrency listings. OKEx is one of the largest global cryptocurrency platforms that serves all your needs for Bitcoin and crypto, including high-yield rewards with staking and DeFi offers. Whether you’re an experienced trader or brand new to bitcoin and cryptocurrency, our Customer Support team is here to help. For answers and feedback, email us at 24/7 support is available in multiple languages. OKEx supports hundreds of tokens and coin pairs on its trading site to buy, sell, or trade using leverage or your own on-chain portfolio.

Crypto Exchange Okex Launches Challenger Nft Marketplace

Every day, five new “learning missions” are posted to the app, which require watching a video or reading an article. The completion of each task rewards the user with 50 Satoshis; each Satoshi is equal to roughly 100 millionth of a full Bitcoin. When the user earns 10,000 Satoshis, the rewards can be converted into an equal amount of Bitcoin, which can be held, staked, or traded on OKEx.

Money can be withdrawn by the traders any time they wish to, by filling a withdrawal form and paying the required withdrawal fees. In the world that caters to the needs of both beginners as well as professional traders. The competitive fee structure at OKEx serves as a plus point for the exchange. OKEx’s orientation towards the Chinese market is evident from the fact that it supports CNY , encryption which helps OKEx to evolve stronger in the international markets, thereby catering to wider audiences. Offers a huge selection of trading assets – more than140 digital tokens and over 400 BTC and USDT pairs. Finally, regarding deposit fees, OKEx is a no-fiat exchange and does not charge anything for funding the account with cryptos as well.

Products

High net worth traders with a huge trading volume during a 30-day period can also avail of further rebates and trading fee discounts. Allows an extensive range of pro-trading options like spot, futures, and derivatives trading. With a shared group of crypto miners who combine their computational resources over a specific network to mine cryptocurrencies. The OKEx pool supports Proof-of-work mining of 9 major crypto assets, which allows users to offer their computer hash rate required to mine cryptocurrencies, and in return, they will earn an additional income. Regarding OKEx’s withdrawal fees, they are among the cheapest exchanges as well. For example, at the time of performing this analysis, BTC’s withdrawal fees in OKEx are 0.0005, which is almost the cheapest withdrawal fee you will find for Bitcoin. Latin America fintech Mercado Pago has partnered with Paxos to allow its Brazil-based users to buy, hold and sell cryptocurrencies directly in the app they use to make payments and send money.

In October 2020, an unidentified OKEx staffer went “out of touch” with the exchange while cooperating with a Chinese police investigation. The staffer was reportedly responsible for the private keys of OKEx customers’ wallets. Chinese police later took OKEx Co-Founder Mingxing “Star” Xu into custody. In response, OKEx halted customer withdrawals of digital assets, though hours before the news large amounts of bitcoin, ether, and TRX were moved from OKEx-affiliated accounts, according to Whale Alert. It is also revealed by an OKEx exchange review that they offer futures trading in the form of futures contracts that can be traded in terms of EOS, ETH, BTC and other digital assets. This can be used to hedge a crypto portfolio against risks relating to extreme price fluctuations. They provide ample leverage (10x / 20x) and offer contracts with a choice of multiple delivery dates, including weekly, bi-weekly and monthly.

Despite the March 2018 turbulence, trading volumes did not fall off appreciably, and OKEx maintained its position as one of the top cryptocurrency exchanges. One exchange review reveals that the exchange is registered under OKCoin, where OKEx focuses more on providing a trading-focused version of it. Though the exchange boasts high trading volumes due to its wide market access, one exchange review reveals that it is not as popular in the West due to its Chinese roots. China has certain regulations concerning cryptocurrency exchanges, which led to the banning of ICOs in the country. This causes certain users to proceed with caution when investing on this exchange. There have not been any reports of significant hacker activity on the platform, which is a reassuring fact. Though as the exchange was established in 2017, it is too early to make a definite assessment of the strength of its security system.

OKEx is a Malta-based cryptocurrency exchange founded in 2014 that has been serving millions of users in over 100 countries in the world, ranking 4th in terms of trading volume. Apart from cryptocurrencies, OKEx also offers spot trading, futures trading, and derivatives trading, and as such, it is considered the largest spot and derivatives exchange in the world .

Okex Regulation And Security

“OKEx is pleased to announce that BTC Lightning Network is now live on OKEx website, enabling much faster and cheaper BTC transfers. OKEx users are now able to use the Lightning Network for both BTC deposits and withdrawals,” a press release reads. The new legislation provides a six-month grace period to firms engaging in services related to cryptocurrency. The South Korean arm of the cryptocurrency exchange OKEx has decided to shut up shop rather than attempt to navigate revised regulatory hurdles that come into effect on Thursday. VASPs will have to set up real-name verification for deposits and withdrawals with an approved South Korean bank. In order to report, each local VASP must apply for certification with the Information Security Management System.

We provide hundreds of tokens and futures trading pairs to help traders optimize their strategy. OKEX allows both crypto-to-crypto trading as well as fiat-to-crypto trading. In the case of crypto-to-crypto trading, traders can directly start doing that once they have funded their trading accounts on the OKEx exchange. OKEx allows multiple types of trading options like spot trading, margin trading, futures trading pairs, options, DEXs, or perpetual swaps. OKEx is a digital asset futures trading exchange aimed specifically at institutional traders.

However, the maker/taker fee can be reduced to 0.06% and 0.09%, respectively, if the traders hold over 2,000 OKB tokens within the OKEx wallet. Offers a wide range of crypto trading solutions like spot trading, margin trading, DEX trading, futures, options, perpetual swap, quick trade (one-stop marketplace). The token can be either used to settle trading fees on the OKEx platform or to pay for “exclusive services including customer support services and enhanced API rates.

This page may not include all available products, all companies or all services. On July 30, 2018 a trader reportedly bought bitcoin futures with a $416 million notional value on margin, before being forced by the exchange to liquidate his position at a large loss. The exchange injected 2,500 Bitcoins – worth about $18 million at current prices – into an insurance fund to help minimize the impact on clients. However, to cover for the outstanding amount, traders who had made an unrealized profit during the previous week still had to pay a clawback rate of 17 percent, so-called “socialized clawback”. In November 2019, new digital asset exchange rules were announced by the Hong Kong Securities & Futures Commission . According to Reuters, OKEx said that they don’t expect to see a large number of exchanges opting into the new regulations but said the new rules are positive for the industry.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. The South Korean branch of the world’s largest crypto exchange, Binance, also shut operations in the country in early 2021. The company attributed the move to declining liquidity and low trading volumes of its major trading pairs. OKEx is one of the most trusted cryptocurrency exchange apps in the world to buy Bitcoin , Ethereum , USDT, Ripple XRP and many more digital assets. OKEx also allows different forms of decentralized financing spanning 29 digital assets.

• Use this link to sign up to Poloniex and get a 10% trading fee rebate on your trades.
• OKEx is one of the most trusted cryptocurrency exchange apps in the world to buy Bitcoin , Ethereum , USDT, Ripple XRP and many more digital assets.
• Once their accounts are funded, they can directly start trading on the OKEx platform.
• Users should create a strong password because these are the credentials that they will need every time they log into their accounts on OKEx.
• OKEx is a professional trading platform that is well-backed and has international goals.

Author: William Watts