OKEx Exchange trying to compete with Binance.

  • OKEx is considered as One of the biggest exchange platforms
  • Jay Hao, OKEx´s CEO asserts that safety is one of the highest priorities.
  • Flexible operating fees and multiple loan options (DeFi and CeFi)

OKEx is an exchange cryptocurrency platform. It was created in 2014 by Mingxing Xu, with the aim of providing investors with a global platform using blockchain technology. The key feature of this token is that it offers more than 500 pairs of cryptocurrencies. However, Binance (BNB) exchange platform features more than 1000 cryptocurrency exchanges.

OKEx´s CEO Jay Hao assured that blockchain technology helps remove barriers and obstacles to cryptocurrency transactions. This increases efficiency, which in the long-term will have a global impact. In addition to this,  Jay Hao assured that safety is one of your highest priorities. The goal is to create a safe, reliable, stable and simple environment for investors, regardless of whether they are using a tablet phone or computer. Also, many security updates have been suggested by some big investors.

What is OKEx doing in relation to operating fees and loans?

The operating commissions that OKEx offers is really interesting. The commission is around 0.15%, well below the market average. However, OKEx offers many discounts, even reaching 0.002%. The more trades per day an investor performs, the trading commission price will decrease. VIP users have much lower commissions. Furthermore, OKEx does not charge a commission for either deposits or bank withdrawals.

In relation to the loans that OKEx presents, these can be divided into two categories: DeFi (Decentralized) and CeFi (Centralized). DeFi loans are offered on external DeFi portals like Compound (COMP) or Maker (MKR). The advantage of using DeFi portals is that it can be managed from a OKEx account. However, CeFi loans are categorised as internal. CeFi can be managed from the earn option or from the P2P loan option in the platform,

OKEx going beyond the borders, It reached the highest trading volume in 2021. 

According to OKEx´s CEO, during this current year, the trading volume of OKEx reached its highest level in history. He also asserts that whenever a new cryptocurrency is listed in the platform the prices show a positive jump after a while. At the time that the article is written,  OKEx / USD prices are at 15.65, being 2.30% less than the previous day. The volume presented during the last 24 hours is 29,784K.

Pros of OKEx Exchange

  • OKEx has approximately 500 exchange pairs.
  • Highly competitive trading commissions compared to the market average.
  • It offers facilities for new investors and academic courses of different levels.
  • It has different platforms, a trading app for Android or iOS. OKEx also has  desktop software.
  • The platform has a very simple and friendly interface.
  • DeFi with internal management and allows to generate passive assets.

Cons of OKEx Exchange

  • OKEx doesn’t have their own cryptocurrency.
  • It is not settled in South America. The US market is persisting to use this platform.
  • Few information on DeFi and CeFi.
  • The academy and tutorials are only available in English.

OKEx offers a variety of trading options and services on its platform. Every type of trader will find a solution on this platform. Although OKEx has included other cryptocurrency services such as P2P, granting, CeFI and Defi loans. Furthermore,  OKEx is one of the best exchanges in terms of liquidity, tradable assets and functionalities and investor support provided by the company. Additionally, trading commissions fee are really competitive with the rest of the cryptocurrency industry,

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