Cryptocurrencies are not only ruling the mind of the investors but have also covered a large share of the marketplace with its marvellous performance. Watching out for the success of the crypto assets and the interests of the investor several exchanges to encourage trade and investment activities of digital assets emerged.
One such trade platform that made its place in the crypto realm is the OKEX exchange. We all hold enough knowledge, that to engage with any of the trade and investment activities, some amount is to be paid out in the form of fees. So, the aim behind crafting this read is to unpack before you several fees involved while working with this platform.
So, with a drop of a hat, let’s have a quick peep into it.
A glance at OKEX Exchange fees
There are a lot of functions that we perform with a particular exchange. Investor trade, deposit, withdraw and undergoes several other actions on a particular platform, and all these services ask for a certain amount or somewhere lighten your pocket.
Here, in this section of the read, we will be looking at the major fees involved while working on this platform, and they are as follows:
- Trading Fees: As the name says, this fee is related to the trading activities taking place on the exchange. Needless to mention, there are two parties involved in trading and they are the “Taker” and “Maker”. The maker is the one who creates an order and on the other hand, a taker is the one who picks up the order. The makers are rewarded with low charges as compared to the takers for bringing liquidity to the market.
This exchange charges different fees from both parties:
- For Takers it is 0.10%, and
- For a Maker, it is 0.08%
- Average spot trading taker fee is 0.2181%
- Average spot trading maker fee is 0.178%
- Withdrawal Fees: As per the empirical study conducted on the crypto exchange fee, it has been found that this platform charges a fee 40% lower than the average industry’s standards. For withdrawing a BTC, the platform charges withdrawal fees of 0.0005 BTC. Looking at the industry’s practice, it charges a fee of 0.000812. This gives high competition to the other platforms of the crypto exchange.
Taking into consideration, both the fees of the OKEX exchange, it has been concluded that they are much lower than the average industry’s standards.
- Deposit Fees: Moving next to the deposit fee charged by the OKEX. This platform is a no-fiat exchange, which do not charge anything for funding your account with cryptos. You can fund your account without worrying of the cost involved in depositing the funds.
Winding up!!
OKEX exchange is giving tough competition to other participant bodies in the crypto realm. Its low trading and withdrawal fees are its two most important weapon that are giving cutting-edge competition to other crypto
