|Overall Rating:||80 / 100|
|Trade Volume Ranking:||5|
|Type:||Futures, Spot, Margin, OTC|
|Official Site:||Visit OKX Exchange|
|Proof of Reserve:||View OKX PoR|
|Founder:||Mingxing Xu (Profile)|
|Investors:||Tim Draper, Giant Network, PreAngel, VenturesLab|
|Advantages:||♦ No.1 crypto futures exchange in the world (ranked by trading volume)
♦ Although OKEx was founded in 2017, the whole team and technology can trace back to 2013 when OKCoin was founded
♦ No crypto asset stolen since 2013
♦ Cover all clients (webs, iOS/Android apps, Windows / Mac client) and allow API trading
♦ 100X leverage for futures trading
♦ Allow users to get loans thru BTC, ETH, OKB collaterals
♦ Launched OKB tokens which can reduce transaction fee and let holders grow with the platform
♦ Support 11 languages
– History –
In 2017, OKEx was founded by OKCoin, one of the oldest and biggest crypto exchanges in China. The headquarters were located in Hong Kong to protect crypto traders from the regulations imposed by the Chinese government.
On March 10, 2018, OKEx was accused by Sylvain Ribes, a trader and investor, of misreporting its trading volumes.
In April 2018, OKEx relocated to Malta following stringent restrictions on digital assets trading by the Chinese authorities.
In May 2018, Chris Lee left the company for Huobi, its closest competitors. He had served as the CEO for the longest time since the company was founded, and he joined Huobi as the CFO and board secretary.
In November 2018, OKEx made a controversial business decision where it settled Bitcoin Cash Futures that were yet to mature. In its explanation, the company said it did so to shield its customers from an imminent drop in Bitcoin price.
In November 2018, Blockchain Transparency Institute reported that OKEx was truthfully the second-highest ranked cryptocurrency exchange platform. This cleared the earlier allegations by the same company the OKEx was falsifying figures in its trading volumes reports.
On December 19, 2018, OKEx started offering perpetual-Bitcoin swaps with a nominal value worth of Bitcoin initially set at $100.
In March 2019, OKEx announced that it had developing its blockchain (OKChain) which was being tested at the time for launching in June the same year.
In November 2019, OKEx announced that it was partnering with Aliniex, Cryptomall, Bvnex, and Ledger who were to list OKEx token (OKB) on their hardware wallets. OKB is a deflationary token and a certain amount of OKB tokens will be repurchased and burned by the OKEx from the secondary market every quarter.
In November 2019, the company listed Tether (USDT) for trading with futures on the platform.
In December 2019, OKEx signed a partnership with XanPool, a Singapore based Fiat money gateway to enable its customers in Singapore to trade their digital currencies for fiat.
On December 27, 2019, OKEx launched put and call options for selected customers. The company hoped to roll out the options to all the customers if the initial testing was successful.
On January 9, 2020, the put and call options were made accessible for all the customers on the platform.
In February 2020, OKEx launched its DEX trading platform.
On February 28, 2020, OKEx was hacked and its operations disrupted as customers were denied access to their accounts for about 24 hours.
January 2020: OKEx launches a new cryptocurrency derivative trading platform called OKEx Options, which offers trading in Bitcoin and Ethereum options contracts.
March 2020: OKEx announces that it has launched a new cryptocurrency exchange in India, in partnership with a local company.
April 2020: OKEx announces that it has launched a new decentralized exchange (DEX) called OKEx DEX, which is based on the Ethereum blockchain.
May 2020: OKEx announces that it has launched a new cryptocurrency staking platform, called OKEx Jumpstart Staking, which allows users to earn rewards for holding certain cryptocurrencies.
June 2020: OKEx announces that it has launched a new cryptocurrency custody service, called OKEx Custody, which is designed to provide secure storage for institutional clients.
July 2020: OKEx is investigated by the Commodity Futures Trading Commission (CFTC) in the United States over allegations that it allowed US residents to trade on its platform without proper registration.
September 2020: the company partnered with Good Crypto to give customers using both platforms credit of at least $100 to revamp their trading. New customers were to get a bonus of $10 in USDT.
September 2020: OKEx suspends all cryptocurrency withdrawals from its platform, citing concerns over a private key holder’s cooperation with a public security bureau.
November 2020: OKEx resumes cryptocurrency withdrawals from its platform after a month-long suspension, following the resolution of the private key holder’s situation.
January 2021: OKEx announces that it has launched a new cryptocurrency lending platform, called OKEx Lend, which allows users to lend out their digital assets for interest.
February 2021: OKEx launches a new platform called OKExChain, which is designed to support the development of decentralized applications (dApps) and the issuance of digital assets.
March 2021: OKEx announces that it has launched a new cryptocurrency options trading platform, called OKEx Options 2.0, which offers new features and improved performance.
April 2021: OKEx partners with a digital asset platform to launch a new staking service, called OKEx Earn, which allows users to earn rewards for holding certain cryptocurrencies.
May 2021: OKEx launches a new platform called OKEx Jumpstart, which is designed to provide users with early access to new blockchain projects.
June 2021: OKEx announces that it has expanded its cryptocurrency staking service, with support for more digital assets and increased rewards for users.
September 2021: OKEx announces that it has launched a new decentralized exchange (DEX) called OKExChainSwap, which allows users to trade digital assets in a decentralized environment.
January 2022, OKEx rebranded to OKX.
In March 2022, OKX rejected calls to ban Russian crypto trading.