Bitcoin Forum

Guys, I switched from trading on Bitmex to Okex.
I know that most of you use bitmex as the only crypto exchange for margin trading, but I prefer Okex. To be honest I've been trading futures on Okex even before I got registered on Bitmex.

Advantages:
-there aren't overloads,
-there are more trading pairs,
-smaller fees (on Bitmex fees are incredible, especially on withdrawal and if you have small balance , withdrawal fee is getting major part of your deposit)
-on Okex you can withdraw funds immediately unlike bitmex (once a day)
-UI and number of chart analysis instruments on Okex is more attractive for me
-price tick is smaller on Okex 0.1$ vs 0.5$ for bitcoin. Sometimes I think that price on bitmex isn't moving.
- mobile application. I have access to trading terminal 24/7 with mobile app on Okex
- sms notifications when you margin maintenance is in the risk zone. It prevents liquidation, they take care about your risks.

I NEVER experienced freeze at the moment of fast movement. This is the most important thing. What is more I think that Bitmex is hunting on stop losses of huge whales, so Okex is a diversification for you and the way to avoid being a victim of liquidation wave (spikes are stronger on bitmex)

Disadvantages:
Regarding their product.
They have introduced perpetual swaps recently, product is a bit raw, because there aren't stop losses, but I had a talk with support and they promised to deliver this feature asap. So I think after adding stop losses they can compete with bitmex. Personally I don't care about it, because I use futures due to absence of  funding rate and I don't want to pay extra fee daily for borrowing assets.

If you have any questions about derivatives or Okex features, I am ready to help.

So what do you think?

[mod note: removed referral link spam]

Not having a stop loss feature sounds a bit odd because every platform offering a similar product that I know of allows you to set a stop loss. It's an important enough basic feature that a lot people happily use.

Then there are the fake spot volumes OKEx has been generating for quite a while now. For such a large exchange it's quite embarrassing to see a report expose them as the 4th most fake volume generating exchange.

BitMEX itself doesn't charge a fee for withdrawals. The only fee you have to pay is a dynamic network fee, which means that during low network congestion the fee is low and during high network congestion the fee is higher.

I have been using Okex for a long time, and i can say Okex is the best exchange platform after Binance. Deposit, withdrawal it's realy fast and the fee very cheap.

I think at this point it all summarize to this:

OKEx:

OKEx Skips Warren Buffett Lunch, doa US $ 4,5 milhões para o Insurance Fund (https://cointelegraph.com/news/okex-skips-warren-buffett-lunch-donates-45m-to-insurance-fund)

BitMEX:

BitMEX Traders Withdraw $125M As CFTC Looms Closer (https://cryptobriefing.com/bitmex-traders-cftc-probe/)

Exchanges Like BitMEX Are a Recipe For Disaster (https://wccftech.com/exchanges-like-bitmex-are-a-recipe-for-disaster/)

and today:

How traders flouted BitMEX’s US trading ban (https://finance.yahoo.com/news/traders-flouted-bitmex-us-trading-142817763.html)

things are not good for bitmex

I trade on both exchanges and from my point of view Bitmex has more liquidity, but regards other advantages Okex is good competitor.
I don't know why major part of traders choose Bitmex, probably there is better marketing

Bitmex has very few coins for people to trade because most of the coins listed at Bitmex are top pennies and have a huge trading volume. I think Okex is still better because this is a exchange with lots of other coins for you to choose and the liquidity at this exchange is very good so I will choose Okex instead of Bitmex exchange because I like to invest to hold keep long term

I started a small trade at ok because it still has its advantages, the withdrawal fee is cheaper and the customer service is fast responsive 24 hours, so don't hesitate to try it

I havent tried OKEX honestly so i cant make a comparison based on experience but i already used up Bitmex. Here i do found some good article between these two;
https://coinidol.com/okex-vs-bitmex-comparing-largest-crypto-derivatives-exchanges/

Im not affiliated by CI but i do love the comparison among the two.

Both exchanges are top exchanges and each exchange has its own advantages so it is not necessary to choose which exchange to participate in as both have very good liquidity. I personally use Bitmex and Okex because it's much better than other exchanges. If trading I will choose Okex because there are so many altcoin for me to make a profit, and Bitmex I will join the margin because I can earn double profit in a short time

I am not sure that bitmex is still the only cryptoexchange that are into margin trade, Binance too has also started its margin trade too, although I have never used it, but you already know that Binance has been successful in many projects that it has established and I believe that this particular one too is not going to be exceptional.

I have head of OKEX mentioned several times, but I felt that they were just being shilled, but now that I have started seeing it mentioned several times, I think they might be ok too, those features that you mentioned here about them are really nice, and if it is through of everything you said here, I will really encourage new users to try them out, but for my trade, I think I am still kind of cool with Binance for now, I have been enjoying most of the features you mentioned here in them too.

Good article, although it was published almost a year ago, but I agree with most of points. Since that time Okex level up with margin trading and implemented swap trading.
Do you trade with margin?

Never trade yet with Bitmex but I'm fine with Okex trading there with a small amount because most of the coins that I have is always HODL.
Let me ask if you still trading in BitMex without a trading/exchange fee?

There are other sites that are often mentioned for leveraged crypto trading like Deribit and Bybit as well, though the latter is essentially a copy of Bitmex with a slightly different UI but otherwise the same thing. Deribit's been around for a while and though there's less volume and liquidity and the UI's pretty different from Bitmex's, the site should be legit and it doesn't overload as well. Been using Deribit with very little problems recently.

As for OKEX, I might check it out when and if they implement stoplosses, as they're an important component of my trading strategy. Otherwise I'll just stick to what I'm using now.

I am going to test deribit as well, but speaking about deribit I am more interested in options than futures.
As far as I know deribit is the only exchange where you can trade options and I will try just for experience.

What about Bybit? is it worth seeing?

I didn't know BitMax until now. While, I use coinable and Huobi, although heard about okex, while not used yet.

Both are popular and trusted exchanges, it's hard to find a comparison between the two.
although some cases attack both.
So far I have never tried both, I am more comfortable with binance.

Eh, Bybit's basically the same thing as Bitmex but with a slightly different UI (worse than Bitmex's IMO and no trollbox if that's your thing) as I mentioned, haven't seen an overload on the site yet in the few months that I've been trading on it though, and the books are pretty decent at all times. They also don't seem to block US IPs from trading (on one right now), but if what you're looking for is a Bitmex clone with the same fees and nearly same other features, then this is it.

Bybit also doesn't have futures. Only perps from what I can see now.

You guys might want to consider more alternatives for your margin trading. Arthur is rumored to be AWOL amidst CFTC probe.[1]
Who knows what will happen, hopefully, it won't turn into another Quadriga saga. I don't believe in OKEX either.

[1] https://bitcoinist.com/bitmex-ceo-arthur-hayes-goes-awol-amidst-cftc-probe/

There aren't so much opportunities for margin trading from what I know besides Okex, Bitmex, Deribit and Bybit . Binance has launched margin trading, but that isn't product which I desire to use.
They have small leverage, no futures, no perpetual swaps, higher fees.

Most of these exchange run in virtually the same way and I think if one is to judge which one is better is either fee or their customer care response to their users, most platform they have for trading are same, and you also trade the same way, that is why it is easy for anyone to easily migrate from one exchange to another and use the platform interface easily, it is just like an android phone, no matter the name of the phone, provided they run on android, they still have similar features in terms of software’s, which is why it becomes easy for anyone to quickly switch phones, so there is absolutely no point having to compare exchanges that are good. The only thing we can do from time to time is to make list for people that will contain total numbers of genuine exchanges, and the fake ones.

I might try that as well and other alternatives after i have studied them a bit. Due to the recent circumstances, i am too afraid to keep anything on Bitmex right now. And that's too bad because i really loved that place. Hopefully the situation resolves quickly.

Edit: Blockchain Transparency Institute is claiming that OKEX is over 90% wash trading, (not sure if this applies to bitcoin or just other assets). I think i go and find some other platforms to trade on.

Yes, bitmex was a lovely place for most of traders, but these rumors around CEO, slumped trading volume and CFTC investigations towards BitMEX are dangerous.
I heard about that experience regarding volumes on Okex. On derivatives market everything is better, they also donated 4.5 million to insurance fund. It decreases trader's risks at the moment of liquidation.
So you decide anyway and DYOR

I have never used Bitmex or OKex,
a little suggestion select an exchanger that uses a cold wallet, like KuCoin which provides a cold wallet, because when we deposit our funds it can't be traded, it must be transferred first from the cold wallet to the hot wallet, it's a bit complicated but it's safe for me,
if bitmex or Okex has these features, I think that is a good value to choose from.

I never used OKex before, and I only use Bitmex. I think it depends on what we feel on each exchange because so far, I don't have any problem for trading in Bitmex. Besides that, I don't have any experience of getting a freeze on the trading, maybe its because your internet connection gets lack or get a problem. Maybe later I will take a look at OKex, and if I can see that exchange is better than Bitmex, maybe I will use it.

Apparently you never had trading experience on Bitmex in other case you would understand me.
It is not about internet connection, point is that big liquidations overload system and it freezes new orders in order to cover liquidation wave and decrease impact of new opening orders on this movement

I will use OKEX than BITMEX not because of popularity or anything else but I guaranteed already in OKEX. I used it olenty times and all I can say that they have a good trading platform. Another thing, I have many friends using OKEX and they are winning the trading prizes as well. I like both of them but I always use OKEX when I am buying alts.

to me, i still prefer bitmex, okex is just trying to use you to create hype for them because they are still quite new to the system, by the time they get use to the syste, they will act like others too.

Okex is best exchange for now according to the coinmarketcap. I'm surprised why many people use Okex because earlier I consider Binance will be the best but if we really look at the total market of Okex it was the highest, so we can't deny that this is best of the best exchanges.

If overload is really your concern, a smaller exchange whose trading turnover haven't overwhelmed its server yet would be worth considering. Such as Deribit and BaseFEX. But then you will face other issues for example Deribit's frequent downtimes & BaseFEX's much smaller liquidity.

There isn't a perfect exchange. Just what you are looking for.

Okex has never had a security problem and this exchange always has great stability when trading. I personally like to invest in Okex because of the low cost and huge liquidity, so many big projects are concentrated here and it makes many investors earn big profits. Compared to other exchanges, I think Okex deserves to be in the No. 1 position because this exchange has never disappointed any investor.

The fact that no one has hacked the exchange before is not a guarantee for protection from future robberies. We used to think the same about Cryptopia also, and everyone knows what happened to that exchange. Another exchange that never got hacked was BTC-e. But in the end the feds got them. With such high wash volume, I am sure the feds will get interested with OKEX sooner or later.

For over overloading, I really don’t like using that to compare exchanges because you cannot compare the time okex was established to when bitmex was established, and look at their user database, bitmex own is much more larger, and with time, okex the way its gaining recognition now will also be over overloaded and face the same issue also, you know that people like to use trust worthy exchanges, and okex is also one of the best exchanges that I have seen so far which they almost have the same similar features that binance has, and also their decentralized exchange platform has really be a great one with high volume. Both of the exchanges are still doing very great and I would not advise bitmex users to leave for okex, but any new user can consider okex.

First I don't think that any exchanges is safe for any breach or hacks, perhaps hackers are not putting their attention on Okex not because they have good security, but rather hackers are targeting exchanges like Binance which because of the huge money they can get. Second, why are they still no 2? Because other exchanges offer better services, again like Binance that's why is hasn't get the recognition as the best platform right now. There are even reports that Huobi is also doing good, but I haven't heard the community talk about it. It's all about Binance at this point.

Hackers target all exchanges, not just the largest ones. OKEx holds over 100k BTC on behalf of its users and a large percentage of the circulating Ethereum supply. This is more than enough incentive for hackers to attack it.

At this point I find it hard to believe that an exchange (doesn't matter which one) hasn't been hacked at least once. Just because we don't read about it doesn't mean it doesn't happen.

If it only concerns like a few hundred or maybe few thousand coins, an exchange as OKEx can just continue working as if nothing happened because there won't be a situation where people simultaneously withdraw all their coins.

I would not so categorically make a choice in favor of a particular exchanger. There are no universal solutions and for each situation you need to choose the most profitable exchange at the moment. I prefer to use bitmex and okex. It all depends on my goals at the moment. If you still want to choose one of them, then I recommend reading reviews about them: https://revain.org/exchanges/bitmex and https://revain.org/exchanges/okex

Each exchange has its own function and we can not compare because it is not really detailed. If you really like altcoin investment and want to trade cheaply then Okex may be the perfect choice for you but if you just want to join margin with great liquidity, Bitmex is the number one choice because this is exchange can help you to Margin the easiest way without many problems. I personally prefer to use both for trading as these are the only two exchanges that make me feel most satisfied

I agree to you dude! Every trader have their own choices which exchange site is the best for them most margin trader like bitmex because of its leverage but like what you said theirs a trader like Okex, as a margin trader I prefered bitmex but like other exchange site bitmex have a issue like system overload.

I am used to trading at Bitmex and I don't really like exchanges that do not have stoploss feature. You know, our market is very volatile and the market may drop more than 15% in one night.
If I trade without a stoploss, I really can't sleep. For me, Okex is good but Bitmex will be safer. I encourage you to use Bitmex and constantly urge Okex's team to implement the stoploss function as soon as possible.

I am also using OKex, it is a more versatile platform than Bitmex. You can trade Altcoin, Margin, Futures, Perpetual Swaps, OTC. What I especially like about OKex is that it has an extremely flexible savings system, You can deposit and withdraw savings whenever and interest will be added to your account from the second day.

Okex supports a lot of altcoins and this is an exchange that can help me to make the easiest profit because Okex has a mobile app for investors and I can easily trade anywhere. In fact, I like trading at this exchange because everything here is very good and I do not have any problems when withdrawing money here. There may be other exchanges that work like Okex but this is one of the best liquidity exchanges in this market.

Haven't try margin trading to be honest, I'm still consider myself as I newbie trader so I don't want to take that big risk. But as far as my experience with OKex, they are all good, trade several altcoins during early 2018 wherein we are still in the tail end of bull market and everything is seamless so my experience is good.

In any case, the trader chooses the cryptocurrency trading resource that is the best and most popular, but this is the case with the highest rated cryptocurrencies that are available for trading on almost all trading exchanges.  And in relation to these two resources, I choose the second phase of Bitmex, because I am interested in the Ferrum project, which has the highest trading volume on Bitmex.  It is by these criteria that I make a choice.  If in the near future I will be interested in projects that will list on Okex, then I will choose this exchange as well.  Basically, these two examples do not have negative feedback from users, so there is no need to worry.

I use to trade on bitmex before and their service has actually been great but I later switched to Binance because of the great things that I have heard about it, and because they have more trading volume and coupled with the fact that they have very low trading and withdrawal fees, I was actually considering trying okex exchange also because of the hype that I have also heard about them and I was just about trying them out when I heard of the news of how they have delisted all the privacy coin that they have on their platform which there is no point in me using them since I cannot have all the coins that I want to trade on them.

It was because of this that I think they will lose a lot of Customers no matter the other benefit that they have, privacy coins are very important to some of us and I really don’t know why they chose to delist it.

Margin trading is still a good choice if you have a good knowledge of trading and great support from previous ones. In my spare time I often do this to make more profit as this is the riskiest investment but the profit can be huge if you choose the right buy and sell price. Now almost all major exchanges use this type of trading for all investors and I think in the future all investors will tend to be more involved.

none of the choices LOL. I rather go to kucoin and binance! Just my opinion

If anyone is looking for alternatives, we have compiled a full list for everyone's reference:
https://www.basefex.com/docs/crypto-futures-exchanges-comparison

Good look with your margin trading, be it spot or perpetual contract!

I don’t think either of these are bad but you still have to be careful with how you go and do your own research. I think there are so many Crypto Exchanges (https://cryptolinks.com/cryptocurrency-news) that we can really be 100% sure of which one we really intent to go with. I am always very careful because I know this is kind of stuff where chances are not to taken due to our own hard earn money on the line. So I always would be careful with how I approach all this.

It is given that we always very cautious  when it comes to exchanges especially if are newbies. I go with popular and legit exchanges rather than not known exchanges. Even legit ones succumb to closing and gone bankrupt how much more those unheard exchanges.

Between OKEX and Bitmex, I used them and are fine. Okex is becoming popular too.

With the new feature of Binance, i have stopped using both okex and bitmex because Binance provides altcoin and margin trading.

Both exchanges are good enough but to me, Okex is better than Bitmex. Though Bitmex has more liquidity than oKex and their all listed coins are high valued, that's why with a few coins Bitmex has huge trading volume! OKex seems better for new margin traders, experts will choose Bitmex over Binance and OKex. Binance is new in margin trades, now there will have a competition between Bitmex and Binance.

Nope, we cant say that Binance wont able to compete with Bitmex on near future yet it do always have the possibilities that it can tied up with Bitmex liquidity or volume.
We know the current standing of Binance in the market and it might able to dragged up its Margin trading together with its current platform.Who knows?
But if i were to choose between both then i would always go wit Bitmex but Okex is also a good choice too depending on users preference or likes.

OKEX is great but I don't trust it because I feel it's a small player btw maybe it's just me and I just need to give it a try, I know Bitmex it's not the best platform to trade but it's the leader in this industry of derivates.

there are many guys out there trying to get some of the pie of the business of BTC derivates like bybit, coinflex, binance, btse even bakkt but it's a rough business and not anyone is willing to put money on risk in a new platform that's why my go decision is bitmex even with all the problems they have.

I personally still prefer trading at Okex as this is the safest exchange at the moment and I am free to invest in any coin I like. If you compare these two exchanges, each one will have different comparisons but for me this exchange provides all investors with great liquidity and you can join Margin at any time if you want. I usually think very carefully about investing so Okex is probably exchange that makes me most satisfied at the moment

Maybe many people will suggest me a lot of other exchanges, but if you have joined Okex then you will not want to leave because sometimes they have many campaigns to give USDT to customers and support teams are always enthusiastic in all questions from investors

Is everything you said here in this thread your opinion or speculation based on your own experience using bitmex towards your move to Okex, what you said is quite informative, except as Bitmex because I have not tried to use. And besides, I agree that it is better to use okex compared to bitmex. And I think it's nice to analyze the moves on the graph chart of a platform exchange thing I want to learn that well, so I'll keep track of what you do about it.

I have been using Okex and Bitmex for a year and here is my take about Okex and Bitmex.

- Bitmex is good for them who wanted to play big, it is not convenient for normal users because of its complexity and truth to be told. Their UI is pretty ugly.

- Okex is a good and fast exchange, their withdrawal is processed pretty quick and their customer service is very superb. But despite that good thing, I have one bad experience and have yet to be resolved by them until now. They have a child-exchange called Lxg, 2 months ago I sent a token to that exchange. But for no reason it did not go through to my personal account, not long after that they decided to delist it because their private reason and they claimed they will re-list it again in the future. 2 months have passed and every week I kept sending them a ticket asking about my situation and they kept telling me to wait.

From that, you need to know, even if it is a reputable exchange. Do not trust them 100%, and if you want to make a deposit always separate it into 2 or 3 parts if it is possible. To reduce unnecessary risk.

Just because you don't seem to experience any problems with OKEx doesn't mean they are equally as good of an exchange to other users. OKEx has been exposed to fake 90% of their total volumes not that long ago.

If I look at their current volumes, which have gone down a bit, but they still seem to wash trade their way into the top 5 exchanges on CMC in terms of volume. No way they're just under Binance's volumes without cheating.

Are you referring to promotions where they "give" people x amount worth of coins? I don't see what's so special about that now pretty much every major altcoin exchange has jumped on the promotion bandwagon to please noobs.

I can't disagree with you. I agree that Binance can compete with the Bitmex, but in margin trading, the majority of people will pick Bitmex over Binance and Okex! Bitmex is not a new exchange, but it got hype recently only because of the margin trading! I am Binancian, but I am not liking their too much sub-features.

If you are a margin trader, Bitmex is probably the best exchange for you in this market because this is exchange with big trading volumes and each transaction costs more than millions of dollars. Until now, Bitmex still has great confidence from investors because this exchange has never had a problem of withdrawing money and everything is happening very fast, so it always attracts a lot of investors. I personally have used this exchange in the past and made a lot of profit here.

Currently, centralized exchanges such as Okex, Binance, Bitmax, Huobi all imitate Bitmex so Bitmex will be the best exchange in this market.

I never used it but I think that it was my mistake. It seems to be a too serious exchange - the other day OKEx announced the creation of a new self-regulatory organization which task will be to develop standards to ensure legal compliance in the industry. The exchange says it is already collaborating with other market participants on the creation of an analog of the World Federation of Exchanges for the cryptocurrency industry.