Best Cryptocurrency Exchange Fees

OKEx Review: Pros, Cons, and More

OKEx Review: Pros, Cons, and More
Written by publisher team

OKEx is an innovative cryptocurrency exchange with advanced financial services built on blockchain technology to provide trading, investing and learning resources.

It is one of the largest cryptocurrency exchanges in the world based on trading volume. It serves millions of users in more than 100 countries, and provides access to hundreds of tokens and trading pairs. In addition to futures trading, it provides a range of services. This includes:

  • spot trading
  • Margin Trading
  • Options
  • permanent swaps
  • Decentralized Finance (DeFi)
  • Lending
  • Cryptocurrency mining services

Trading OKEx

From the main page, you can select “Basic Trading”, which allows instant and simple options trading.

You can also select “Margin Trading”. This will allow you to use leverage to try to maximize returns when trading futures, forward options and perpetual swaps. The advanced service allows professional traders to engage in complex transactions involving multiple currencies to maximize profits.

To use advanced functionality, you must apply and be approved. So beginners don’t have to worry about making a costly mistake. There is also a “demo trading” feature that allows beginners to practice trading without risk.

Stack your crypto on OKEx

OKEx provides interest-bearing staking accounts for over 100 different tokens and projects. Each has its own annual rate of return (APY) based on whether you choose a fixed or flexible holding period. It is worth noting that some coins have a minimum staking requirement, such as Ethereum, which will not allow you to contribute less than 0.02 ETH.

OKEx wallet

The exchange platform has a native wallet feature which can be accessed by downloading the wallet app separately. The wallet supports 36 digital assets, multiple vaults, and seamlessly integrates with the main trading application OKEx.

Cryptocurrency mining pools

OKEx also allows users to try their hand at cryptocurrency mining by joining a group of miners.

A miner pool connects individual miners from all over the world and collects their hash rate (a series of mathematical steps) together. In this way, they are all mining at a higher level, which gives them meaningful possibilities for solving the Proof of Work block. Clustering is necessary because the odds of a single miner solving a block on their own are slim to zero.

In OKEx, once the block is resolved, the rewards will be divided among the members of the mining pool according to the amount of computing power each contributes. OKEx offers 11 Proof of Work mining suites to choose from, including Bitcoin, Ethereum, and Litecoin, along with lessons on how to join each one.

Flexible Lending Options

OKEx also allows different forms of decentralized finance covering 29 digital assets. It offers traditional DeFi options using Aave, dYdX, Compound, DDEX, and Maker. These have varying interest rates determined by the platform and the type of token you wish to borrow. OKEx also enables peer-to-peer lending services on flexible terms.

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