One of the leading crypto exchanges in the world, OKEx (OKX) is valued by many investors and traders for its wide choice of crypto trading pairs and attractive trading conditions. There’s an opinion, however, that the exchange is not to be trusted with your tokens, and many people seem to share it. In this article, we’re going to find out whether OKEx is a scam or not.
Overview
Founded in Hong Kong, the exchange had to move its headquarters to Malta in 2018 because of the introduction of harsh limitations on crypto circulation by the Chinese government. OKX is considered one of the largest crypto exchanges in the world in terms of trading volume. Users are allowed to choose between more than 300 different cryptocurrencies, and there are passive income options that allow you to invest your tokens without actively monitoring the market.
When it comes to trading conditions, OKEx is favored by many. There is no limit on deposits: you can literally start with just $1. However, there are limits on withdrawals depending on the trading level. But even if you’ve just registered, you can withdraw 500 BTC a day right away, so that’s not a problem for the majority of beginners. The exchange supports spot and margin trading, but you can’t deposit fiat. Dealing with fiat is overall pretty expensive in commissions.
What makes OKX an exceptional choice for beginners is that the exchange provides a variety of courses and interactive guides for novices. Even if you don’t know much about crypto, you can still learn bit by bit right on the platform. The support is ready to help 24/7, so make sure to ask them any questions about the exchange. But are your funds protected well enough? That means: is OKEx legit? Let’s find out.
Reliability
Crypto is still a mystery to many traders, so you may have all kinds of doubts and fears when you trust some Maltese company with your money. However, OKEx has a reputation of stable and well-protected crypto exchange. The basic measures are similar to what traditional banks have: you have to memorize a strong password, and there are two-factor authentication options. And while the exchange had already been hacked a couple of times, that’s just how crypto works.
So the bottom line is: the exchange is reliable enough. But make sure to follow the guidelines for keeping your crypto safe: spread your tokens across different wallets, and so on.
What is the reason to choose OKex?
OKex, a well-backed exchange with significant global ambitions, is highly beneficial. For experienced traders, there isn’t the availability of the cryptocurrency exchanges offering the kind of professional trading platform with the functionalities and trading formats that comply with the big financial exchanges in traditional markets.
Easy interface together with a separate mobile application is what makes it a favorable platform.
Final words
OKEx, one of the best cryptocurrency exchanges in the world, caters to the needs of traders regardless of their experience level. The competitive fee structure also is supportive of the exchange. OKEx’s orientation and encryption have made it one of the most favorable platforms in the international markets, catering to wider audiences.
