OKEx Crypto Exchange Review
OKEx is a digital currency exchange developed by Star Xu, who also created the OKCoin exchange. It was founded in 2014 in China, and is currently the second largest cryptocurrency exchange market in the world. OKEx differs from most cryptocurrency exchanges because it is built for seasoned and professional cryptocurrency traders.
Currently, OKEx is not available in the United States. Securities regulations put coins in a legal grey area in the United States, because the American government has not declared whether a digital currency is a security, and currently evaluates cryptocurrencies legal definition on a case-by-case basis.
OKEx decided to deny services to Americans because of the unclear legal status of exchanges that offer multiple coins, in fear that if the SEC declares coins securities, that they will be guilty of an illegal security sale.
The other countries banned from using OKEx are Cuba, Iran, Bangladesh, Crimea, Sudan, Malaysia, Syria, Bolivia, Ecuador, and Kyrgyzstan.
Opening an Account
If you live in a country that OPEx services, you can quickly and easily open an account online by entering your email address, and a verification code that is sent to your email. You will also be prompted to create a secure password.
OPEx offers three verification levels. Level one allows you to sign up with a username, ID number, and nationality, access to most sections of OPEx, and limits your transactions to $2,000.00. Level two grants you access to all aspects of the OPEx exchange and a $200,000.00 transaction limit. You must provide more personal information, including a current photo and a copy of your identification.
Level three affords you a $500,000.00 transaction limit, and mandates that you provide video verification to confirm your identity.
OPEx supplies charts of the current coin valuations and the most popular exchange pairs. You can also trade futures, which gives you the ability to short sell or go long on an individual currency. To trade on futures, OPEx mandates that you pass a quiz.
You can exchange one cryptocurrency for another, and use Fiat to purchase certain coins.
Fiat to Token
One of the unique features of OPEx is that you can buy, sell, and exchange coins with individual OPEx users. Users can set their own prices in a moderated portal. You can also withdraw coins.
OPEx created a coin, OKB, for which it is developing its own blockchain. OPEx currently distributes 50% of its service fees to OKB token owners, and traders who own OKB tokens receive service fee rebates and additional benefits.
OPEx is taking a conservative approach in restricting traders from certain countries. Until the United States makes a final decision on how to classify cryptocurrency exchanges, OPEx is wisely avoiding a potential legal backlash.
They offer the first futures market for digital coins and has grown to be the second largest exchange in the world, meaning that if it lifts restrictions imposed on the United States and Hong Kong, it could quickly become the largest digital currency exchange worldwide.