Thoughts on OKEX?

[OmegaStarScream]

I recently started using OKEX due to Binance's recent new KYC policy and so far, I like it. LN is supported for withdrawals, supports multiple blockchains (to workaround ethereum's high fees), ability to withdraw up to 10 BTC per 24h, and the phone app is pretty good as well.

But I would still like to know how was your experience? Preferably from someone who has been using the platform for quite some time now. 

[1715198533]

1715198533

[dkbit98]

Okex exchange has a good rating in Coingecko website and I like it more than Kucoin but problem is that both of this exchanges are coming from China, even if Okex is registerd in Belize I think.
In last few days China banned Coingecko, CMC and Tradingview website, and looks like they are going to stop with selling of mining equipment, so I am not sure how long this exchanges will survive.
What I like about Okex exchange is that you can generate new receiving address each time that is good for privacy, and fees are similar like in Binance.
One suggestion, don't use your phone number during registration, there is other alternative option to enable withdrawals.

[BitMaxz]

I'm using Okex without KYC and able to withdraw 10BTC limit but I'm trading there I just buy or sell few coins and tokens from them that is not listed on Binance.
I haven't had experienced yet on their exchange and never receive any update or email about the KYC. So you can use their service without KYC.

The only service that I can't use from them is P2P which is only allowed on verified level 1 to level 3 accounts.

[Bitcoin_Arena]

I have been using them for almost three years now, and I haven't faced any major challenges with deposits, withdrawals and trading experience. My account is level 1 verified, though verification is not necessary with them right now.

With Level 1 verification, you just fill in your
- Nationality
- ID type
- ID number
- Legal first, middle, and last name

...and boom, your account gets level 1 verified minus having to upload your Id and face photos and videos. Level 1 verification allow you to withdraw 200 BTC daily.
https://www.okex.com/support/hc/en-us/articles/4402551261837-How-do-I-complete-identity-verification-level-1-

[noorman0]

It caught my attention after knowing this:

LN is supported for withdrawals,

Just checked old email, and it turns out I'm signed up with Okex and verified level 2. I dunno, I don't feel like I've done KYC before because I haven't deposited anything so far. Maybe Okex was one of the exchanges to test its KYC features in the past (I like to do that) and I sent a random ID. lol


Unfortunately like some of the other top exchanges, depositing and withdrawing of listed altcoins does not support the BSC network (probably because it is a competitor's product). In fact, this is a good opportunity to add that network option considering that many users want to switch to the alternative exchange of Binance which is starting to have regulatory problems.

[cabron]

Okex exchange has a good rating in Coingecko website and I like it more than Kucoin but problem is that both of this exchanges are coming from China, even if Okex is registerd in Belize I think.
In last few days China banned Coingecko, CMC and Tradingview website, and looks like they are going to stop with selling of mining equipment, so I am not sure how long this exchanges will survive.
What I like about Okex exchange is that you can generate new receiving address each time that is good for privacy, and fees are similar like in Binance.
One suggestion, don't use your phone number during registration, there is other alternative option to enable withdrawals.

I was reluctant to use other exchanges because of the new KYC submission again, so the reason why I'm still using Binance. Generate new receiving addresses is good, do they allow this to all tokens like ERC20 tokens?

It caught my attention after knowing this:

LN is supported for withdrawals,

Just checked old email, and it turns out I'm signed up with Okex and verified level 2. I dunno, I don't feel like I've done KYC before because I haven't deposited anything so far. Maybe Okex was one of the exchanges to test its KYC features in the past (I like to do that) and I sent a random ID. lol


Unfortunately like some of the other top exchanges, depositing and withdrawing of listed altcoins does not support the BSC network (probably because it is a competitor's product). In fact, this is a good opportunity to add that network option considering that many users want to switch to the alternative exchange of Binance which is starting to have regulatory problems.

I do believe  I have an account as well, I just didn't use the exchange, it's not the most popular afaik this is a Korean exchange which there's was news about SK crackdown of exchanges too. SO it may not be long too that OKex will also have regulatory problems soon.

[Potato Chips]

Just checked old email, and it turns out I'm signed up with Okex and verified level 2. I dunno, I don't feel like I've done KYC before because I haven't deposited anything so far. Maybe Okex was one of the exchanges to test its KYC features in the past (I like to do that) and I sent a random ID. lol

Huh? that's very concerning. Does okex not have a profile page or some sort where it shows the user's full name? I don't think you would enter your real name for a test where you would be uploading a fake ID. Try checking.

afaik this is a Korean exchange which there's was news about SK crackdown of exchanges too. SO it may not be long too that OKex will also have regulatory problems soon.

That's probably their korean branch which has already shut down

OKEx Korea
서비스 종료 안내

2021년 4월 15일 자로 OKEx Korea의 모든 서비스가 종료되었음을 알려 드립니다.

OKEx Korea를 이용해 주신 모든 고객 분들께 감사드리며,

문의 사항은 help@okex.co.kr 메일로 연락 주십시오.

감사합니다.

Google Translate:

OKEx Korea
Service termination notice

As of April 15, 2021, all services of OKEx Korea have ended.

Thank you to all customers who have used OKEx Korea,

For inquiries, please contact us at help@okex.co.kr.

thank you.

[noorman0]

Huh? that's very concerning. Does okex not have a profile page or some sort where it shows the user's full name? I don't think you would enter your real name for a test where you would be uploading a fake ID. Try checking.

There is no such page, unfortunately.
After I double checked my email, I realized that I was actually listed on the CoinAll.com exchange (Okex's past strategic partner which has now closed) and sent random KYC there (I can confirm that). When I signed up for CoinAll and submitted KYC, an email confirmation exactly came from Okex side.
     

I logged into the Coinall site with OKex login information and it worked. In conclusion, CoinAll users have been redirected to OKex along with their verification level status.

[Potato Chips]

I logged into the Coinall site with OKex login information and it worked. In conclusion, CoinAll users have been redirected to OKex along with their verification level status.

Found some users talking about this, looks like it's true and most likely has been there by default.

Is there a misunderstanding here? Coinall is an exchange associated with Okex exchange, you can even use Okex's account to log in to Coinall. If coinall is really scam I would be very worried about my Okex account, I hope not because Okex is a big exchange.

You are right, we can use Coinall account to login to OKex. But what confused me was that OP sent an email to OKex, and Okex answered that they had nothing to do with Coinall. There is something shady here that makes us worry about this exchange

But God, I would be pissed if I found out I automatically have an account for Exchange DEF when I only signed up and verified for ABC... I suppose this was probably hidden in each of their TOS if you don't remember consenting.

[OmegaStarScream]

Okex exchange has a good rating in Coingecko website and I like it more than Kucoin but problem is that both of this exchanges are coming from China, even if Okex is registerd in Belize I think.
In last few days China banned Coingecko, CMC and Tradingview website, and looks like they are going to stop with selling of mining equipment, so I am not sure how long this exchanges will survive.
-snip-

Is it? I know that the CEO is from China but according to their Wikipedia page, they're based in Seychelles (or Malta?): https://en.wikipedia.org/wiki/OKEx

While OKCoin (which is their fiat exchange) is based in the U.S so I doubt they would be having any problems with the Chinese government.

-snip-

...and boom, your account gets level 1 verified minus having to upload your Id and face photos and videos. Level 1 verification allow you to withdraw 200 BTC daily.
https://www.okex.com/support/hc/en-us/articles/4402551261837-How-do-I-complete-identity-verification-level-1-

Do they verify this information against public records like Bittrex? Or you just automatically verified as long as your country is supported?

-snip-
The only service that I can't use from them is P2P which is only allowed on verified level 1 to level 3 accounts.

It's not that bad and still better compared to Binance's P2P, LBC and Paxful, since you still can get to level 1 without even submitting your ID or selfie.

[dkbit98]

While OKCoin (which is their fiat exchange) is based in the U.S so I doubt they would be having any problems with the Chinese government.

I meant to say that Okex is from South Korea not from China, they are not so far away, but it was to late to edit and correct what I wrote.
South Korea also banned all their exchanges and I think that only Upbit have the license to operate now, and this is where I found that information about Belize and Incorporation Country Code:

OKEx is a centralized cryptocurrency exchange located in Belize.

https://www.coingecko.com/en/exchanges/okex#about

They shut down their Korean office and website earlier this year:
https://okex.co.kr/

[condoras]

While OKCoin (which is their fiat exchange) is based in the U.S so I doubt they would be having any problems with the Chinese government.

I meant to say that Okex is from South Korea not from China, they are not so far away, but it was to late to edit and correct what I wrote.
South Korea also banned all their exchanges and I think that only Upbit have the license to operate now, and this is where I found that information about Belize and Incorporation Country Code:

OKEx is a centralized cryptocurrency exchange located in Belize.

https://www.coingecko.com/en/exchanges/okex#about

They shut down their Korean office and website earlier this year:
https://okex.co.kr/

Perhaps their business / company licence to be in Belize (since Belize considers tax heaven) and their main offices to be in some other country (it's common). As for their Korean office, IMO they close it because there is no need to keep it.
Indeed, at least until now, the only exchange that gets a permit from South Korea is Upbit and since Upbit has the biggest volume of all I guess that things won't change much.

[hugeblack]

I started using OKEX a couple of months ago and had no problems with it.
Personally, I don't see any profitable platform going to enforce KYC, even Binance did it only after several regulators harassed them.

So if you are afraid of identity verification, the following factors increase the likelihood of it being imposed:

 - The amount of traditional financial services provided by the platform, such as margin, futures contracts, cash withdrawals, deposits and withdrawals from banks, and others, the more the platform’s relationship with traditional financial services increases, the more likely it will verify identity.

 - Did the platform encounter any legal problems in any country? If this happens, things will accelerate and severely.