OKEX – Crypto broker: reviews
OKEX is a Maltese crypto exchange and one of the most popular of its kind in the world, not to mention Europe. It has a wide toolbox available for the users. For instance, a large portion of similar platforms mostly allow their customers to perform spot trading, a crypto-crypto exchange. OKEX, on another hand, allows also the leveraged margin trading.
And they aren’t the only two things OKEX has to offer, obviously. The platform is full of various types of content for traders. Let’s examine them all before jumping to ranking and the reviews.
What is OKEX?
OKEX positions itself as the ‘most trusted cryptocurrency exchange’, the statement which they justify by high-level security, a large variety of currencies (both crypto and real) to trade and the presence in a large number of countries. The last bit can be interpreted as a wide global server coverage that would improve your performance on the platform wherever in the world you might be.
You should be vigilant, however, because ‘high-level security tech’ can mean Draconian limitations and frequent incidents with the owners.
In the meantime, there are 4 more aspects that OKEX bosses pride themselves with:
- Support. It’s a crucial element of any successful broker, and OKEX claims to have it covered
- Community. You can communicate with other OKEX users from all over the world using a large variety of social media: from Twitter to Telegram to Youtube
- Academy. Another critical part of any broker – learning. OKEX has a modest tutorials library which they call ‘academy’
- Press Room. The latest news, never the bad thing to be informed
From technical point of view, the platform is massive. They allow users to trade in over 100 cryptocurrencies at any time. Given that the company has a worldwide coverage, the experience must be smooth, but you’ll never know unless you set up an account.
On another note, OKEX lets you trade in 9 various world currencies:
- US dollar
- Chinese yuan
- Russian ruble
- Japanese yen
- Korean won
- Vietnamese dong
- Indonesian rupiah
- Philippine peso
- Indian rupee
It’s a nice touch, considering that most such platforms only let you trade in USD, sometimes also EUR.
The ranking
On different review aggregators and websites, OKEX’ rating sits just below 4/5. On trustpilot.com the number is averaged out to 3.5/5 as of September 2020. It’s not a good result, and there must be an explanation to this. Hopefully, the reviews will clear it out.
The advantages
There are several benefits of working with OKEX that would probably catch your eye, according to the many reviews.
The support is great. When the support team wants to have you on their platform, they help you. And they try to do their best doing that. It’s unknown what was so great in the reported instanced, but it must’ve been an effective work, because the majority of good reviews on this platform are about service.
Yes, the reviewers claim that the support staff is benevolent and extends good service. It’s not uncommon for the broker to have good service, don’t get the wrong message. But the support can also be terrible if the team doesn’t want you around anymore.
The education isn’t bad. Reportedly, OKEX has a lot of really good courses and articles. They seem to genuinely help people get better at trading, and they’re especially effective for new traders.
Additional learning is definitely a perk, but it must not be regarded as a compensation for some flaws or other. All self-respecting brands provide similar educative courses and articles. It’s certainly a perk, but its absence would be an even bigger flaw.
The disadvantages
Seeing how different websites rarely give OKEX rating higher than 4, the platform must have some fundamental flaws. And it does.
Your funds here are at risk. As many other security-oriented platforms, OKEX bosses seem to take the safety of their users too seriously. That’s one explanation. Another, and far more popular, is that the entire platform is a scam. For a scam, however, OKEX is too transparent – they diligently answer the reviews and seem to have a functioning support. So, let’s assume they’re simply security-obsessed.
One issue around which the most security-oriented issues revolve is verification. Depositing and withdrawing works fine, the mechanisms allow you to withdraw the profit to the private account in a matter of hours.
However, in the meantime these profits can be apprehended by the company on the ground of suspicious activity. You’ll basically have to verify your persona in some way. It’s not that hard in theory, but do you remember the bit about support from above?
Most of the time, if they arrested your funds, they aren’t giving them back. Message and call them all you want, you won’t get it. The general scheme is to delay the task long enough to drive you into utter frustration and eventually out of the platform, leaving your funds secure in their hands. Or they might just forget about you, that’s all.
All in all, if you’ll ever decide to work with OKEX for technical reason or any other, try not to withdraw the large sums of money. These reports might not be true, but don’t risk being suspended.
In conclusion
There are many reviews claiming they caught OKEX on a lie and therefore they are scam. There are also many reviews that praise the company for its user-friendliness and great performance. At the very least, it makes the platform look dubious. If you don’t like even the thought of risking your money, then avoid this platform.