OKEX Review 2023 – Is This Exchange Safe to Use?

In this OKEx review, we’ll go over the various features that this exchange provides for users and traders. These features range from in-depth trading tools to crypto banking services.

Although OKEx is a legitimate platform, several OKex account holders reported that their accounts had been compromised and their cryptocurrency holdings had been taken in October 2017.

Pros and Cons of OKEX Platform

Pros

• Extensive range of pro trading options such as futures
• Fiat to cryptocurrency support
• High-level trading platform
• Leverage trading
• Extensive range of over 100 cryptocurrencies supported
• Low Fees

Cons

• CNY only fiat supported for now
• Mixed reviews on customer service
• Chinese market focus though should change with international expansion ambitions

Is OKEx Safe?

Cryptocurrency exchanges have faced security issues all over the world ever since they first appeared. However, with traditional banking platforms in your nation, you won’t have to worry about these security issues.

The security protocols used by cryptocurrency exchanges resemble those used by conventional banks in some ways. For every app and website, you’ll need strong, secure passwords that are all different from one another. The user’s financial accounts are additionally shielded from hackers by a multifactor authentication feature.

In addition to these features, OKEx uses strong, industry-standard security measures to safeguard your funds. As a result, it is relatively safer than other crypto exchanges and includes cold storage and distributed server clusters for its customers’ assets. The exchange also claims to have secure bank-level SSL encryption.

Users can set their own withdrawal passwords and anti-phishing passcodes on OKEx as additional safety precautions. Additionally, it makes use of KYC (know your customer), which necessitates that users pass at least level 1 of verification before they can withdraw their tokens from exchanges.

How is OKEx Regulated by Governments?

The Malta-based business OKEx observes all applicable laws in the nation. Under certain conditions, the Maltese government approved the purchase, sale, and exchange of cryptocurrencies. OKEx makes sure to adhere to each one.

The virtual currency exchange complies with the Virtual Financial Asset Act (VFAA) and offers trading services and conditions. It is registered in both of its parent nations, Malta and Hong Kong. Under Malta Financial Services, the VFAA is a regulated organization.

The OKEx reviews reveal that some users have a number of problems with the platform even though it is completely safe to use.

Has OKEx Had Any Security Compromises?

OKEx, one of the biggest cryptocurrency exchanges in the world, has the backing and support of powerful investors. People naturally assume that OKEx must possess a strong cybersecurity architecture that adheres to the highest industry standards in light of this.

The exchange itself answers people’s “is OKEx legit?” question by offering For security, they use distributed server clutters, GSLB, and cold storage wallets. However, is OKEx secure? Has there ever been a security breach with OKEx? Well, yes, it had.

Numerous OKEx account holders reported having their accounts compromised and having their cryptocurrency holdings stolen in 2017. Account holders were blamed by the exchange for the failure because they disregarded the password and login requirements.

The exchange’s security measures, however, were criticized as being insufficient and lax. In order to avoid further mishaps, OKEx then sent the account holders revised instructions and wallet security.

Can I Use OKEx in the US?

Presently, more than 20 million traders using OKEx are spread across more than 100 nations. These nations include Australia, Cameroon, Canada, Denmark, France, Greece, Sri Lanka, Mexico, Yemen, Colombia, Algeria, Kuwait, etc.

The US and its territories, North Korea, Malaysia, Sudan, Ecuador, Syria, Bolivia, Bangladesh, and Kyrgyzstan are a few other unexpected exceptions.

Due to compliance and regulatory requirements, OKEx will not do business with US traders.

OKEx Security Rules

As of right now, OKEx security regulations are very good. Additionally, the fact that the government controls the exchange lends it extra credibility.

The primary private key encryption algorithm is the foundation of OKEx’s token security system.’ Similarly, the exchange’s hot and cold wallet technology to store customers’ assets is based on ‘advanced privacy encryption technology.’

To secure users’ accounts from unauthorized access, OKEx uses 2-factor authentication, email verification codes, withdrawal passwords, and mobile verification code that enables easy transfer and withdrawal of funds.

Security is where the exchange places the most emphasis. The exchange uses a KYC (know-your-customer) feature that imposes strict rules for token withdrawal in order to give users a secure, stable, and reliable trading environment. In order to move forward, users must complete at least KYC verification level 1.

Additionally, account holders using OKEx for trading must adhere to the exchange’s security policies, which use bank-level SSL encryption.

Is OKEx Good for Beginners?

One of the cryptocurrency exchanges that serves both amateur and experienced traders is OKEx. There are about 300 cryptocurrencies listed there, 400 trading pairs, and a number of fiat currencies supported, including USD, VND, INR, RUB, CNY, etc.

When considering entering the market, beginners are mostly concerned about the exchange fees. Fortunately, OKEx has negligible transaction fees and no deposit or withdrawal fees. Moreover, the exchange doesn’t allow fiat deposits, so traders can easily trade using cryptocurrencies.

All of the most popular digital coins by volume are supported by the exchange, including Bitcoin, OKB, Terra, Ethereum, TRON, Solana, Polygon, Dogecoin, Polkadot, Shiba Inu, etc.

Additionally, OKEx provides a straightforward and user-friendly trading platform that well-suits the requirements of beginners. Additionally, it has a live trading platform for advanced and intermediate traders.

Moreover, the basic forms of cryptocurrency are also intuitive and straightforward. This makes the exchange suitable for beginners.

OKX allows traders to buy cryptocurrencies with a bank account, card, or simply a digital wallet. There is no complicated procedure for buying and selling currencies, so people with no prior experience can easily start trading with the platform.

Additionally, the platform offers a simple way to exchange currencies, including stablecoins. Amateur traders can use OKEx’s conversion tool, which functions almost like a straightforward market trade but on a live cryptocurrency trading platform. You don’t need to hesitate because the interface is simpler to understand.

Understanding the price trends of cryptocurrencies can be very difficult for beginners. Therefore, OKEx also offers training courses to such individuals to help them upskill and learn all the technicalities and trading terms quickly.

In addition, registered traders can access 24/7 online customer support from the exchange. Beginners can get in touch with their support staff by phone, email, WhatsApp, and live chat (available on desktop and mobile apps). So, OKEx is undoubtedly one of the best cryptocurrency exchange platforms for newcomers.

Summary: OKEx Review

A well-funded exchange with sizable international goals is OKex. Millions of users worldwide rely on and use the well-known cryptocurrency exchange OKEx (OKX). With exceptional trading conditions, trading pairs, and about 200 cryptocurrencies, it supports both novice and experienced traders.

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