OKEx is an innovative cryptocurrency exchange with advanced financial services built on blockchain technology to provide trading, investment, and learning resources.
It’s one of the largest crypto exchanges in the world based on trading volume. Serving millions of users in more than 100 countries, it offers access to hundreds of tokens and trading pairs. In addition to futures trading, it provides a range of services. This includes:
- Spot trading
- Margin trading
- Perpetual swaps
- Decentralized finance (DeFi)
- Crypto mining services
From the home page, you can select “Basic Trading,” which allows for spot and simple option trading.
You can also select “Margin Trading.” This will allow you to use leverage to try to amplify returns when trading in futures, advanced options, and perpetual swaps. The advanced service allows professional traders to engage in sophisticated transactions involving multi-currencies to maximize profits.
To use the advanced functions, you have to apply and be approved. So beginners don’t have to worry about making a costly mistake. There’s also a “demo trading” feature that allows novices to practice trading with no risk.
Staking your crypto on OKEx
OKEx provides interest-bearing staking accounts for more than 100 different tokens and projects. Each has its own annual percentage yield (APY) based on whether you choose a fixed or flexible holding period. It’s worth noting that some of the coins have minimum staking requirements, such as Ethereum, which won’t allow you to stake less than 0.02 ETH.
The exchange platform has a native wallet feature that’s accessible by downloading the wallet app separately. The wallet supports 36 digital assets and multiple vaults and integrates seamlessly with the main OKEx trading app.
Crypto mining pools
OKEx also lets users try their hand at crypto mining by joining a miner pool.
A miner pool connects individual miners from around the world and pools their hash rate (a series of mathematical steps) together. This way, they’re all mining at a higher level, giving them meaningful odds of solving a proof-of-work block. Pooling is necessary because the odds of an individual miner solving a block on their own are slim to none.
On OKEx, once a block has been solved, the rewards will be split up among mining pool members according to how much computing power each contributed. OKEx offers 11 proof-of-work mining pools to choose from, including Bitcoin, Ethereum, and Litecoin, along with tutorials on how to join each.
Flexible lending options
OKEx also allows different forms of decentralized financing spanning 29 digital assets. It offers traditional DeFi options using Aave, dYdX, Compound, DDEX, and Maker. These have varying interest rates determined by the platform and the token type you’d like to borrow. OKEx also enables peer-to-peer lending services with flexible terms.
View more information: https://www.fool.com/the-ascent/cryptocurrency/okex-review/