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What to Know Before Buying Crypto on OKEx?

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What to Know Before Buying Crypto on OKEx?

OKEx is one of the well-known cryptocurrency exchanges in the world. It is based in Malta and was founded in 2017. Since it has been launched, the exchange has caught the attention of a large audience. And has one of the biggest trader-bases with millions in trading volumes on a daily basis.

This exchange has the favor of such a large customer base, due to the outstanding features it offers to the users. From supporting leverage trading to offering a wide array of crypto assets, this exchange stands out among some of its competitors, making it a suitable platform for many.

If you are also looking to use the OKEx exchange to invest in cryptocurrencies, you should know about the features it offers. If the available features and aspects check all the right boxes for you, you can use and start buying digital currencies.

Here is what you should know about the platform.

OKEx Has a User-friendly Interface

The interface of an exchange is one of the first things every interested party looks for. This is because even though there are numerous crypto platforms in the world, they don’t all offer a user-friendly interface.

Some of the exchanges are specifically designed for experts while others cater to the needs of both beginners. And experienced investors and traders.

However, this OKEx exchange review focuses on the fact that the platform is suitable for all interested parties, whether they have any prior experience or not. The interface of the platform is not only simple but also easy-to-navigate, drawing in a large audience.

Multitude of Digital Assets

The OKEx exchange is one of the most versatile crypto platforms in the market. Thanks to the availability of a wide array of assets that can be traded. As a potential user of the platform you need to know the assets this exchange supports so you can choose accordingly and start crypto investing and trading.

OKEx is known to support both derivatives and spots trading. Keeping this in mind, you should also know that it offers support to more than 140 digital tokens and 400 USDT and BTC trading pairs.

This is an impressive collection of tradeable assets and also includes OKB, which is the native token of the exchange.

Support for Leverage Trading

Leverage trading is quite the buzz as it is one of the most popular forms of crypto trading. When it comes to the financial products, this exchange is one of the most productive and prolific ones out there.

Trading with leverage means borrowing funds from the broker, which is called leverage. And using the funds to place bigger trades without investing a huge amount from your own pockets. While this form of trading does offer the opportunity to make big benefits, the possibility of experiencing huge financial losses is also close behind.

This is why, you must be careful while trading with leverage and only do so if you have any relevant information and choose a secure platform. OKEx offers one of the highest leverages in the market, which is up to 100x.

No Need for KYC

This brief OKEx review focuses on several essential aspects of the platform that can help people in determining whether the platform is suitable for them to use or not. One of the factors you should know is that it does not require KYC verification process to be completed by the users.

KYC stands for know your customer, which requires the users to provide their identification documents. This makes it fairly difficult for fraudsters to access the exchange and compromise its security in any way.

However, KYC also limits the audience who can access the platform. Therefore, the OKEx exchange does not require the users to complete any KYC verification. Instead, it uses other security systems to strengthen the security of the platform.

Fee Charged by the Exchange

The fee charged by any exchange should be a matter of focus for you to make sure that the exchange you choose has a fair and transparent fee structure. If you are a beginner in the crypto space, you should know that there are some platforms that charge a high fee and include hidden and additional charges that the users are unaware of beforehand.

However, if you want to use this exchange then you should know that the BitMEX fees is low and transparent and is based on the market maker and taker model.

  • 0.0005 BTC withdrawal fee for Bitcoin
  • 0.01 withdrawal fee for Ethereum
  • 0.15 withdrawal fee for Ripple
  • Fee for VIP users: 0.030% to 0.080%
  • For futures contract: 0.09% to 0.15% takers fee
  • For spot trading: 0.15%
  • No deposit fee

Conclusion!

OKEx is an impressive crypto platform that offers several remarkable features. However, if you are new to the crypto space you should know if the available features match your criteria and the essential details mentioned above.

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