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OKEX

OKEX Review
Trader's rating 1
Editor's rating 4

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  

 

CoinSpot

CoinSpot Review
Trader's rating 1
Editor's rating 3.8

Trading Accounts

Account type Daily Limit Leverage Bitcoin Fee Altcoin fee
Standard $2,000/$10,000 None 2%  3% 

 

CoinSpot is one of the leading Australian cryptocurrency "gateway" companies i.e. a service which allows the purchase of crypto with fiat money. They put a lot of emphasis on domestic clients.

 

The company, security of funds

Company

Country Regulation
Casey Block Services Pty Ltd  Australia N/A

 

CoinSpot was founded in Melbourne in 2013. At the time of writing of this review they are not registered with a relevant Australian body, simply because the legislative process in the country is still in progress. You can read a brief summary of the current situation, as well as find reviews on the other major players in the space in the link below. 

 

>>Australian cryptocurrency exchanges<<

 

That being said, CoinSpot is a member of ADCA - the Australian Digital Commerce Association. This may not be a regulatory body, but it shows a long term commitment to the adoption of blockchain technology and it is viewed as a major player by its peers.

 

The company offers traders multiple wallet support, which is not the case with one of their direct counterparts CointTree. On top of that there is a mobile app which allows you to send crypto-payments on the go.

 

There aren't any reports of a massive hack, like the one experienced at Bitfinex, for CoinSpot. This is no guarantee of future security, but is still a nice sign.

 

The user reviews for CoinSpot are very mixed. Some people enjoy their service, while others are dissatisfied with the verification process, the speed of bank transfers (when selling coins) and the fees. Their service is definitely not cheaper than trading coins on some of the other exchanges, but at least they are very transparent when it comes to fees.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Over 30 coins are provided by CoinSpot. This is a very wide array, especially for a company which specializes in accepting fiat currencies. As a comparison, Coinbase offers only Bitcoin, Ethereum and Litecoin. 

 

Maximum daily volume

The initial maximum daily purchase volume at CoinSpot is $2,000. This can be increased to $10,000 a week after you have hit the first cap. While the company does not exclusively mention it, these levels are probably in Australian dollars.

 

Leverage

Leveraged trading is not supported at CoinSpot, which is quite understandable, given their targeted customers. This is simply a place from which one buys cryptocurrencies with Australian dollars. 

 

>>Forex brokers providing Bitcoin trading<<

 

It is worth mentioning, that if you are only looking to speculatively trade Bitcoin, instead of use it four transfers, another type of service may be better for you. We are talking about forever brokers, who offer cryptocurrency trading, like the industry leaders at IG. We must mention there are a few specifics to this kind of service and you should read our guide.

 

 

Fees

The fee structure at CoinSpot Is very clear, which is not the case with all companies who offer direct purchases of coins with fiat currencies. For instance the similar Dutch company Bitonic provides little information about its markups, which many users dislike.

 

CoinSpot charges between 2% (for Bitcoin) and 3% (for altcoins), when trading against the AUD and 1% for crypto to crypto trading. While the direct trading commission may be considered reasonable, 1% is high for digital asset trading. Other exchanges typically charge 0.20-0.25% for this activity.

 

>>List of all cryptocurrency exchanges we have reviewed<<

 

Additionally, the company charges fees on some AUD deposits. This varies by payment method and we will cover the details below.

 

 

Trading platform

 

CoinSpot does not provide what one would typically call a trading platform. The service has a convenient dashboard, which allows you to monitor your different wallets. It looks like this:

 

 

When buying a cryptocurrency one is greeted by a simple order-entry form, which gives you an estimate of the AUD you would have to pay for the given amount of coins. Here is a preview:

 

 

If you want to convert one coin for another, you would have to go through the sell menu. This felt very counter-intuitive, but then again you can find much better exchanges to do this (check the fees section for more information).

 

Additionally, a very simple form of charting is provided, as seen here:

 

 

The overall summary of this “platform” is that it does the job. Experienced traders will not enjoy this, but newbies will enjoy the simplicity.

 

Methods of payment

 

When depositing fiat currencies to CoinSpot, one can choose between POLi Payments, Bpay and a “cash” option, which features going to a newsagent and using Blueshyft. The fees for making a deposit are as follows:

 

POLi payments – free. 

BPAY payments – 2% fee. 

Cash payments – 3% fee. 

 

If you were to sell coins at CoinSpot, you would be funded via Bank Transfer. The company will not charge you anything for that, but the bank may. The actual cost and speed of the transfer will depend on the bank you use.

 

Conclusion

 

CoinSpot is an Australian cryptocurrency exchange, which allows trading against the AUD. They are a well known company, which is respected in the local Bitcoin community. The entire service is very beginner-friendly, but this comes at a cost. While the fees for fiat to crypto trading are acceptable, trading one coin for another comes at much higher rate than with other exchanges. This feels like a solid Australian entry level company, but active traders will prefer dealing with another exchange. Here is a summary: 

 

Pros   Cons
No major hacks yet Slow bank withdrawal times
Multiple payment methods (for AU clients) High crypto to crypto fees
A lot of altcoins supported Focused on Australia (only a con if you are non-AU)
Easy to use interface  

 

Forex
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