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OKEX Review - is it scam or safe?

OKEx Review - Is okex.com scam or good cryptocurrency exchange?

RATING: 4 / 22 REVIEWS OKEX

RECOMMENDED BITCOIN BROKERS


Trading Accounts

Account type Minimum deposit Leverage Fee
Standard Undisclosed 1:20 0.03%


OKEX is a digital asset exchange, under the umbrella of OKCoin. The situation with the two is similar to how GDAX is owned by Coinbase – one brand is targeting retail consumers, while the other one is dedicated towards serious traders.


 
The company, security of funds

Company Country Regulation
OKCoin.cn Inc China N/A

 

OKEX is the more trading-focused version of OKCoin. The company behind both projects is based in China. This can explain the relatively low popularity of this exchange in the west. This is also combined with the concerns about Chinese regulatory actions in the cryptocurrency space, as the country recently banned ICOs.



The most unique things about OKEX are the stand-alone desktop platform (which we will get to later) and the availability of Bitcoin and Litecoin futures contracts.



OKEX hasn’t been the target of major hacks yet. While this brings some assurance, in terms of security, it does not guarantee this will not happen in the future.



There aren’t many user reviews specifically for OKEX, but as the company is part of OKCoin, we can assume they offer the same level of service. Those who were frustrated with the way USD bank transfers support ended are the least happy customers.



Trading conditions


 
Trading instruments (cryptocurrencies)

The available assets at OKEX are BTC, ETH and LTC. They are being traded against the USD and CNY. That being said, BTC and LTC futures contracts are also available on this exchange. While they are presented as a way for miners to hedge their risk (which was the original idea behind futures contracts), we would not recommend beginners to delve into them as the liquidity may be substantially lower.



Minimum initial deposit
No information on the minimum initial deposit is available at OKEX. We are used to forex brokers providing a minimum level, which is usually around the $100 mark (as is the case with easyMarkets, for instance). However, in the cryptoverse, not demanding a minimum deposit isn’t anything special.


 
Leverage
The maximum leverage at OKEX is 1:20. While this may seem like nothing, when compared to the ratios which some forex brokers offer (like the 1:888, provided by XM), it is high. The main reason for that is that cryptocurrencies tend to be a lot more volatile than the traditional forex pairs, which rarely experience daily moves of more than 1-2%.


 
Fees
The fees at OKEX are probably the lowest in the industry, at the time of writing of this review. There is a 0.03% fee for opening a new position and nothing is charged for the closing transaction. This is a lot better than the average of around 0.20-0.25%, offered by most other exchanges. On the other hand, the forex brokers, who provide Bitcoin trading include their costs only in the spread. While it is a bit hard to compare spreads and commissions based on size, you can check out this post to get a better picture.



Trading platform


 
OKEX is one of the few crypto-exghanges which offers a stand-alone desktop platform. While you may be used to browser-based trading, there are a few advantages to having a separate piece of software. Most notably, if you are running on low to middle end hardware and like to open multiple tabs, you have probably already ran into memory issues. Having to run a trading platform alongside them doesn’t help in that regard. Additionally, the platform offered by OKEX allows multiple-monitor support. With a click of a button you can duplicate the entire layout multiple times and move it to another monitor. Here is a preview of how a single window in the platform looks:

 


 


Charting is provided by the OKCoin proprietary system, which is a lot better than many other solutions. The order book and tape are located on the right and while the numbers may appear to be rather small there probably is an option to increase the font. That being said, we come to the biggest weakness of the platform – it is only in Chinese (or at least we didn’t find the way to switch to English).



Methods of payment


 
OKEX is directly linked to OKCoin, so you can make a CNY transfer to the latter and trade on the more sophisticated exchange. Additionally cryptocurrencty transfers in BTC, ETH and LTC are accepted.


 
Conclusion


 
OKEX is a digital asset exchange owned by OKCoin. The company behind both of them is based in China and focuses primarily on the domestic market. OKEX offers extremely low trading fees when compared to the competition. That being the case, only three coins are available for trading. The addition of futures contracts may be nice for miners willing to hedge their “crops”, although we would not recommend trading in them unless you are very experienced. Here is a summary of OKEX:


 

Pros Cons
Very Competitive trading fees Few coins available
No major hacks yet Trading platform only in Chinese
Owned by OKCoin  
Desktop trading platform  
High liquidity  
BTC and LTC futures available  

 

Latest news about OKEX
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Traders` reviews for OKEX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

They steal 4.318 Bitcoins from me. Hong Kong police investigating.

They never send me the bitcoins, although on their website it was shown that the bitcoins were sent. They didnt respond to.
1. Phone support
2. Chat support
3. Mail support

BTC 2018-03-05 00:54:31 withdrawal -3.68650000 0.00042000 0.00000000
BTC 2018-03-05 12:06:20 withdrawal -0.63150000 0.00068300 0.00000000

I didnt hear anything from them until juny this year. So my bitcoins are gone. Before they were always telling me that their tech team is investigating, but I have never seen my bticoins back.

Meiqin Yu 10/30/2018

I love okex

Super great site to use -you just have to get used to how the site works make sure you fill in everything exactly as they tell you-the communication can be a bit confusing

Jim 06/11/2018

Delayed deposits/withdrawals

I placed several deposits/withdrawals with OKEX.
All of them were drastically delayed so ERC20 transactions that usually take 5 minutes took even days.
Support sucks, they do not even know own platform.

Correction - not a scam

Further to an earlier review I managed to get my tokens out so this is not a scam
I've since purchased some more tokens aswell without any problems

I think the reason so many people have had issues is because until recently the site has only been translated into English and also the Chinese do things very different to the uk-but this is a safe as houses exchange although it can be/will be sometimes difficult with the communication.

Tone 04/12/2018

Evil filth

Don't send your money to these thieves you will never see it again
they are on telegram and will give you a load of crap

You can't withdraw anything avoid at all costs

SCAMMERS!!!!

Tone 04/06/2018

complain

Since I have a aassets on my I can not login my account. I can not receive the SMS code. there is no possibility to ask for help, since I can no more login into my account. Im in despair!!!!

Rosmarie 03/10/2018

Insider scam

I had 100BTC in OKex Their staff went into my account, and changed my (english) name to a Chinese name and Chinese address. The only proof I had that I owned the account was my Google AUTH and phone number. They locked my account for weeks, before I could finally withdraw. BEWARE insider staff are able to change user accounts into other names, probably their own, and hope you will be forever locked out, so they can scoop your funds up later. Stay Away at all costs their staff have access to your data and can change it from their side in order to take over your account

Bob Anderson 02/13/2018

Lost funds? Try this!

Hey guys, I thought I lost my login as well. It wouldn't send anything to my mail, not even with password lost function. I mailed OKEx multiple times, no reply.

BUT,

When I filled in my phone number WITHOUT country code AND WITHOUT the initial '0' we use in the Netherlands, it actually worked.

So keep trying!

Arie 02/08/2018

OKEX is liar, cheater, thief , scammer

I paid my BTC and have the same problem like others guys . SCAM, SCAM, SCAM.
I wish you to be worst in your life . Everything comeback to you x 10 .
!

Greg 01/30/2018

Don't give up!

Hi, I just wanted you all to know that I was worried about not being able to withdraw my OKEx funds too.
A few tips:

- Know that you won't be able to withdraw your funds within 24h after you have set your Admin Password and after your e-mail address has been verified! Make sure this is taken care of, before making any deposits!
- Nor the 'Send SMS' nor the 'Call me' option worked for me for a long time. I had to try and try again and again, but finally I received SMS messages! So don't give up! I think the SMS server is just overloaded.
- In my case, e-mails from OKEx ended up in my Spam box, so don't forget to check your SPAM mail!
- If you can't login, try using your NATIONAL (instead of international) mobile phone number as a username. For me it worked WITH the leading zero.
- Any number I tried to call, be it the Hong Kong number, the Irish or Canadian number... not a single one was answered.
- Customer Support was worthless. Support tickets weren't read, the Chat function started a queue countdown, but it never reached 0 before being shut down.

Despite ALL the red flags I encountered, I did manage to withdraw my funds from OKEx. Maybe the steps above can help you not to give up on your funds, because I don't think that OKEx is a scam, they're just very poorly organised. Keep trying!

ChronicalCrypto 01/28/2018

Thieves!!

Do not use!! It is a scam site!!

Try to withdraw my assets and they have changed my email!! They put a dot after the .com ????? Worse, you can not change your email ?!?!? Thieves wont answer any contact I make. Evil thieves!!!

aa 01/24/2018

Stay away! Don't Get robbed of your money!

I transferred some of my XRP(Ripple) to the account that never came! Support is terrible, not answering at all, got all ticked unassigned after several days of waiting. Please for the love of GOD and your money, never, never, never trade trough them!

Nick 01/22/2018

No customer support help

OKEX has to have the worst customer support of any of the TRADING EXCHANGES i have joined and this is 12+. They do not respond to any of the help desk questions submitted at all even after being read. Their chat ques are so long that by time you make any progress after 2 hours you are dropped out. They never answer any of their phone numbers. The HK number list is a fucking waste of time to call.

Aaron Cassar 01/20/2018

Terrible support. It is probably a scam. Stay away from OKex

I am not able to access my account. No feedback at all from the support. OKex seems to be a scam. Stay away from it!!!

Giorgio Pista 01/20/2018

Impossible to withdraw - No costumer support

They wont let you withdraw without binding your e-mail. But when u click "connect e-mail". Nothing happends.

ZERO costumer support.


STAY AWAY

Coinman 01/20/2018

they dont respond me

I pay to my email but how will get back to my account. 5 days past they dont respond me.All my coins are gone

Yunus 01/15/2018

Terrible Customer Support - Stay away

I'm losing faith in OKEX. Six days and I still can't access my funds. Worse, I keep getting kicked out of the chat room and my inquiries are being answered! STAY AWAY!

Michael 01/11/2018

Fake - stay away

This is a fake website. Never invest here or you will loose all your money. I have invested 540 Dollar and after that I can't enter my account. Even after doing forgot password and changing my password. Overtime it says your password is not correct. They just robbed my money. I have sent multiple emails to support team but they never replied. They just robbed my money.

Other people had the same experience as me.

Alex 01/10/2018

OKEX - how to withdraw my funds?

I can log in with my mobile, but it is unlike any other exchange I have used and I can't work out how to withdraw my funds. Please can you explain how?

seanjm 01/07/2018

Not a scam but not user friendly, poor support, high potential to lose your funds

To the commenters below who were locked out of your accounts,

After a long and difficult and seemingly troll level back and forth with OKCoin's support, it appears that you will be able to recover your funds. Loging in to OKEx is difficult (and may even be designed to rob people of their funds). The email address that you signed up with is not immediately linked to your account, so password resets will be sent nowhere. You are required to login using the phone number you used to sign up WITHOUT THE COUNTRY CODE.

Sound straight forward? It is not, but at least I was able to log in and get my funds out of there. I hope this message finds the below commenters.

teedubs 12/22/2017

Probably scam exchange

I registered on OKEX with the intention of buying some AMM tokens.
When i tried to login 2 days later, my account was non existent. Even the password reset option did not recognize my email adress.
Luckily i still hadn't sent any funds to my OKEX wallets or else my money would have been gone.

Choco 12/21/2017

okex.com is just a fake website, they just robbed my money.

This is a fake website. I have invested 350 Euro and after that I can't enter my account. Even after doing forgot password and changing my password. Overtime it says your password is not correct. They just robbed my money. I have sent multiple emails to support team but they never replied.

Subhra Sundar Goswami 12/09/2017
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