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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  

 

EXNESS

EXNESS Review
Trader's rating 3.8
Editor's rating 4

Account types

 

Trading account Min. deposit Max. leverage Spread
Mini  $1  1:30  0.2-1.1 pips
Classic  $2 000 1:30  0.1-0.9 pips
ECN  $300 1:30  0.1-0.4 pips + $ 2.5 per standard lot


This broker offers a choice of three basic account types: Mini, Classic and ECN accounts. The Mini account is targeted at inexperienced traders, as well as such who do not wish to trade in large volumes. The Classic account is targeted at regular and professional traders and offers full range of tools and trading facilities. As its name suggests, the ECN account is designed for clients who wish to trade in Electronic Communication Network environment, which involves a commission fee.

 

Another important thing worth mentioning is that the Mini and Classic account offer market and instant execution option. Most traders prefer instant execution, since it allows greater control on slippage and traders are offered requotes, instead of executing the order at the next best price.

 

Keep in mind that Exness does not provide it services to residents and citizens of the USA and Japan.


The Company. Security of Funds

 

Company

Country

Regulation

Exness (Cy) Limited 

Cyprus

CySEC

Exness (UK) Limited 

UK

FCA

 

The EXNESS group is a global ECN broker, consisting of companies regulated by reputable authorities such as UK's FCA and Cyprus' CySEC a. The broker offers trading in more than 120 forex currency pairs under fairly good conditions through the popular MetaTrader 4 and MetaTrader 5 platforms.

 

EXNESS is the trading name of the EXNESS group, set up in 2008 and consisting several companies: Cyprus-based EXNESS (CY) Ltd., (which operates the website www.exness.eu), and EXNESS LTD., (which operates the website www.exness.com) - an International business company in Saint Vincent and the Grenadines. It also has set up a UK unit, which is licensed by the Financial Conduct Authority.

 

CySEC applies certain rules and procedures to brokerage firms, one of them being the requirement for a minimum capital. Cypriot financial watchdog requires forex brokers to hold at least €730 000 in order to operate legitimately. The same minimum capital requirement applies to brokers licensed in UK.

 

Furthermore, all CySEC-regulated companies are members of the Investor Compensation Fund, which serves to protect and secure the claims of covered clients and provide them with compensation of up to 20,000 EUR per person, where broker is at default. Similar compensation schemes apply in UK: FCA-regulated brokers fall under the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person. Such compensation schemes serve as additional guarantee to clients’ funds.
     

Trading Conditions


Minimum initial deposit
Most brokers require a certain amount of money to be deposited in order the client to start trading. Exness, however, requires none (for the Mini account). Cyprus-based XM, for instance, requires a minimum initial deposit, amounting to $5, while FxPro, also CySEC-regulated, demands $ 500 from its clients.


Average Spreads & Commissions
EXNESS offers trading with variable spreads, which are attractively low. Average spreads on the commission-free accounts amount to 0.9 pips on EUR/USD, while ECN account holders are offered average spreads of 0.4 pips on EUR/USD, however a commission amounting to $2.5 per standard lot is charged.

 
You may look up real-time spreads of 15 leading brokers here.

 

Leverage
Leverage levels offered by EXNESS are in line with current ESMA guidelines, up to a maximum of 1:30.

 

 

Leverage may both multiply their profits and lead to heavy losses. Due to investor protection concerns, limitations on leverage rates are set in many jurisdictions: 1:50 in the USA, 1:25 in Japan, and 1:30 throughout the EU and the EEA.


Trading Platform


EXNESS offers its services on two of the most popular platforms among traders - MetaTrader 4 and MetaTrader 5. The industry standard MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called MT4 Web terminal. More brokers using the MT4 can be viewed here.

The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and what is more, MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform.


More brokers offering the MT5 can be viewed here.

 

Promotions

EXNESS has partnered with forex rebate web site PayBackFX, and now offers its clients an option to receive cash back for each trade they make in the amount of 30% of the spread if they use Mini or Classic trading accounts, or $0.75 for each round-turn lot.

 

Methods of Payment


The broker accepts customer deposits and allows withdrawals via Wire Transfer, Neteller, Credit card and Internal transfer (available for withdrawals).


Skrill and PayPal are the only major e-payment systems missing.


Conclusion


EXNESS is a reliable broker with solid regulation, offering its clients a variety of tradeable instruments on two platforms under attractive trading conditions. To sum up the above, here are the advantages and drawbacks in relation to this broker:
 

Pros Cons
Solid regulation No proprietary platform
MT5 and MT4 both available Leverage capped at 1:30 (as required by law)
Attractive spreads  
No initial deposit required  
   

 

Headquarters: 46, Ayiou Athanasiou Avenue, Interlink Hermes Plaza, Office: 301 A, 3rd Floor, 4102, Limassol

Country: Cyprus

Regulated by: Cyprus Securities and Exchange Commission (Cyprus); Center for regulating OTC financial instruments and technologies (Russia). 

The EXNESS brand covers three companies:

 - EXNESS LIMITED (VC), registered in St. Vincent and the Grenadines

 - EXNESS LLC – a member of Russia's self-regulatory organization CRFIN

 - EXNESS (CY) LIMITED,  Cyprus-regulated, started operations in August 2013.  

The clients of the broker may count on 24/7 support in 23 languages.

 
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