This time we will be talking about fees on OKEx. But first what are Exchange fees?
Fees are the payment you make towards an exchange for being behind the different types of trading. Most exchanges offer this but here at OkEx we try to make it the cheapest and easiest for our users to understand.
There are normally two types of fees. Maker and Taker. A maker fee is taken when you add to OkEx’s order book.
A taker fee is when you take from the order book, for another order or when buying a cryptocurrency, as you are taking other trader’s orders from the order book.
Now I will show you how to work out your fee on OkEx.
First go to the profile drop down menu. Go down the menu to the third option and press on the Fee Schedule Tier Link.
You will be redirected to the fee tier page. Here you will see tier description. For less experienced traders with less funds, you will choose normal user. For more advanced, with bigger amounts traded, choose VIP user.
For normal users click on the normal user title and you will see a list of the different fees for different amounts traded. Each amount will put you into a tier, the higher the tier the more you hold and trade.
As you can see from the table, the more you hold and trade on OkEx, the less your fee will be. The type of trading is also important. For spot trading the fee is a little higher, than the future and derivative options. Maker fees and taker fees are also fairly different with regards to the various trading types.
As you can see from the VIP section the amounts in terms of fees are a little different but this requires a lot more action than a normal user.
This brings me on to the rules with regards to fees.
As previously mentioned each amount traded puts you into a tier. This tier will be checked each month by OkEx on the 15th and 30th day during your trial period, to see if you have met the criteria. If you have, you can continue to get a discount, if not a different fee will apply.
So, if you are just starting out stick to the normal version. If you do not qualify for the VIP user during your initial trial period, you can be prohibited from applying again for three months.
However, if you do want to apply for higher fees, click on the blue Apply for higher tier fees link in the top right hand side. This will also give you a detailed rundown of your current status for Transaction fee tier level, KYC level and account valuation.
For more information about the rules and requirements at OkEx, click on the Check Rules link. This page will give you a full breakdown of the requirements for normal and VIP users and the rules for each. Make sure to read this to gain a fuller understanding.
So there it is, your guide to spot trading and fees. For more information visit OkEx’s website and if you have any questions feel free to ask our dedicated support team.
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