Is OKEx (OKX) Safe? An Honest Review

Is OKEx Safe? How is OKEx Protecting Your Money?

OKX Review

Open an account

Your capital is at risk.

Since their existence, cryptocurrency exchanges have been facing security concerns worldwide. But, of course, you won’t be facing these safety issues with traditional banking platforms in your country.

The security systems of crypto exchanges are somehow similar to the traditional banking systems. You’ll need secure, strong passwords that are unique for every app and website. In addition, a multifactor authentication feature also protects the user’s financial accounts away from hackers.

Along with these features, OKEx also uses effective industry-standard security measures to protect your money. As a result, it is relatively safer than other crypto exchanges and includes cold storage and distributed server clusters for its customers’ assets. The exchange also claims to have secure bank-level SSL encryption.

OKEx also allows the users to set their unique withdrawal password and anti-phishing passcodes as additional safety practices. It also uses KYC (know-your-customer), which requires users to complete at least level 1 of verification to withdraw their tokens from the exchanges.

How is OKEx Regulated by Governments?

OKEx is a Malta-based company that stays compliant with all the relevant laws in the country. The Maltese government legalized the buying, selling, and exchanging of cryptocurrencies with some rules and regulations. OKEx ensures to follow them all.

The crypto exchange is registered in both of its parent countries, Hong Kong and Malta, and provides trading services and conditions in accordance with the Virtual Financial Asset Act (VFAA). VFAA is a regulated institution that comes under Malta Financial Services.

Although OKEx is entirely safe to use, the OKEx reviews show that some customers face several issues with the platform.

Has OKEx had Any Security Compromises?

Working as one of the largest cryptocurrency exchanges all over the globe, OKEx is also backed up and supported by major capitalists. So naturally, this makes people think that OKEx must have a robust cybersecurity architecture that follows the industry’s best standards.

The exchange itself answers people’s “is OKEx legit?” question by offering GSLB, cold storage wallets, and distributed server clutters for their security. But is OKEx safe, or has there been any security compromise before? Well, yes, it had.

In 2017, multiple OKEx account holders complained about their accounts getting hacked and cryptocurrency holdings being stolen. The exchange put the reason for this failure on account holders that they didn’t follow the passwords and login criteria.

However, people said that the security levels of the exchange were inadequate and weak. OKEx then issued revised guidelines and wallet security to the account holders to prevent future mishaps.

OKEx Security Rules

OKEx security rules are, so far, quite satisfactory. Moreover, the governmental authority regulates the exchange, which adds a bonus point to its credibility.

The main idea of token security at OKEx relies on the core ‘private key encryption algorithm.’ Similarly, the exchange’s hot and cold wallet technology to store customers’ assets is based on ‘advanced privacy encryption technology.’

To secure users’ accounts from unauthorized access, OKEx uses 2-factor authentication, email verification codes, withdrawal passwords, and mobile verification code that enables easy transfer and withdrawal of funds.

The exchange focuses on its security the most. To provide users with a safe, stable, and reliable environment for trading, the exchange uses a KYC (know-your-customer) feature that applies strict rules for token withdrawal. The users have to complete at least KYC verification level 1 to proceed further.

Apart from that, the exchange is also secure with bank-level SSL encryption that account holders must comply with when using OKEx for trading.

Is OKEx Good For Beginners?

OKEx is one of those cryptocurrency exchanges that cater to beginners and professional traders alike. It has around 300 listed cryptocurrencies, 400 trading pairs, and several fiat-supported currencies like USD, VND, INR, RUB, CNY, etc.

Beginners are mainly concerned about the fees of crypto exchanges when planning to step into the field. Luckily, OKEx doesn’t have any deposit and withdrawal fees and low transaction fees. Moreover, the exchange doesn’t allow fiat deposits, so traders can easily trade using cryptocurrencies.

The exchange supports all the top currencies by volume, such as Bitcoin, OKB, Terra, Ethereum, TRON, Solana, Polygon, Dogecoin, Polkadot, Shiba Inu, etc.

In addition, OKEx offers a simple and easy-to-use trading platform that suits the needs of beginners quite well. It also has an active trading platform for expert and intermediate traders.

Moreover, the basic forms of cryptocurrency are also intuitive and straightforward. This makes the exchange suitable for beginners.

OKX allows traders to buy cryptocurrencies with a bank account, card, or simply a digital wallet. There is no complicated procedure for buying and selling currencies, so people with no prior experience can easily start trading with the platform.

Not only that, but the platform also has an easy method to exchange currencies, which includes stablecoins too. Amateur traders can use OKEx’s conversion form that works almost like a simple market trade but on an active crypto trading platform. The interface is also easier-to-understand, so you don’t have to hesitate.

Beginners usually face lots of hurdles in understanding the price trends of cryptocurrencies. Therefore, OKEx also offers training courses to such individuals to help them upskill and learn all the technicalities and trading terms quickly.

Apart from that, the exchange also offers 24/7 online customer support to registered traders. Beginners can contact their support team via emails, WhatsApp, phone, and live chat (available for desktop and mobile apps). So, yes, OKEx is one of the best crypto exchange platforms for beginners.