What is OKX Exchange?
In this In this OKEx/OKX review, we will detail the different features that this exchange provides for traders and users., encompassing a wide range of offerings from advanced trading capabilities to cryptocurrency banking services.
OKEX (now rebranded to OKX is one of the top cryptocurrency exchanges, serving as a broker to allow users to trade hundreds of different crypto tokens and futures trading pairs. Established in 2017 Based in the Republic of Seychelles, this exchange has built a substantial user base and sees millions in daily trading volumes, putting it in competition with other leading platforms like Binance. Take a look at our list of biggest crypto exchanges .
Before entering the crypto industry, OKX CEO Jay Hao had experience in game development and the semiconductor sector. 2018 The exchange broadened its activities by moving into Malta, a country known for its favorable stance towards cryptocurrencies.
An all-inclusive cryptocurrency exchange
OKX provides a wide array of trading assets, allowing users to engage in both spot and derivatives trading. The platform offers a vast array of digital tokens, featuring over 557 trading pairs. Among these is the platform’s utility token, OKB, created by the Blockchain Foundation. OKB provides a range of trading bonuses and advantages for users of the platform.
Does OKX support leveraged trading?
Despite some questionable conduct in 2020 , OKX is among the most active exchanges in the market for financial products. It distinguishes itself from other competitors in the industry by offering a diverse range of options, which include:
- Rapid Exchange (All-in-One Marketplace)
- Spot trading
- Margin trading
- DEX (Decentralized Exchange) trading
- Perpetual swap
- Futures
- Options
- Copy Trading
- Trading Bots
- Loan
Additionally, OKX provides a crypto mining pool, Crypto-to-Crypto loans, and staking services.
OKX Fees
As with other exchanges, The fee structure on the OKX exchange platform varies based on whether the investor is acting as a market maker or a market taker.Since the size of capital is important, the majority of traders act as market takers and, as a result, encounter a fee structure that is similar to other competitors like OKX.
OKX Trading Fees
Trading fees for market takers differ based on a ‘tier’ system, with the highest fees capped at a certain level. 0.10% For spot trading, this fee is lower than the industry standard of 0.25%. The tiered system is determined by a trader’s spot trading activity. For example, if a bitcoin trader reaches a spot trading volume exceeding 500 BTC, the market taker fee reduces to 0.095% VIP users can benefit from significantly lower trading fees. 0.020% – 0.080% . Check our list of lowest-fee crypto exchanges.
OKX Futures trading fees
For futures contracts, the taker fees span from 0.03% to 0.05% following the same tier system.
Deposit and withdrawal fees
On the OKX platform, traders are exempt from deposit fees but must pay a fee for withdrawals. 0.0004 BTC for bitcoin, 0.003 ETH for Ethereum, and 0.1 XRP for Ripple. Overall, the withdrawal fee at OKX is somewhat lower compared to other exchanges.OKX withdrawal fees are updated frequently and may differ depending on the time you are trading.
Deposit and withdrawal methods
After creating and verifying your OKX account, you’re only a few straightforward steps away from starting your trading journey. A notable advantage is that utilizing the ‘one-stop marketplace’ allows you to deposit, trade, and withdraw without undergoing the KYC (know your customer) procedures.
This convenient feature allows you to get exposure to six popular cryptocurrencies, including Bitcoin, Ethereum, USD, XRP, Litecoin, and OKB. 30+ fiat currencies .
If that doesn’t work, simply go to the ‘Assets’ section, click on ‘deposit,’ and a screen displaying the cryptocurrency details will appear.
At this point, you have several options for funding your account through different deposit methods. As shown in the screenshot, the platform’s deposit interface lets you select a cryptocurrency to add to your account. As noted earlier, OKX enables users to add funds using different assets and cryptocurrencies, with the understanding that each type of crypto token must be used with a wallet address specific to that token.
Review of Buying and Selling on OKX Exchange
Like many other exchanges, OKX provides a wide range of order types for both investors and traders. Among these, algorithmic orders are highly sought after. OKX meets industry standards. As a trader, you have options including a market order, limit market order, advanced limit order, stop-limit order, trailing stop order, iceberg order, and a time-weighted average price (TWAP) order.
Cryptocurrency traders are usually familiar with different order types like limit and market orders. However, beyond traditional industry practices, OKX offers two additional order types that traders may not be aware of.
An Iceberg order is a type of algorithmic trading order designed to minimize slippage when placing a substantial order. It achieves this by dividing the large order into several smaller orders, which are then executed based on the best bid and ask prices that you establish.
Conversely, a TWAP order operates as a sequence of market orders spaced out by a few seconds. For instance, if the total duration is set to 60 seconds and there are 10 orders to be placed, each order will be submitted with a 6-second interval in between.
These extra choices provide a minor but notable edge in variety compared to other exchanges in this field, and they are highly appreciated.
OKX Review on User Experience
OKX offers a user experience similar to many other leading exchanges. The main interface includes a trading view chart, market order depth, recent trades, a trading panel displaying open orders and trade history, transactions, and a buy/sell panel. While the desktop browser version utilizes significant computer resources, this is common among browser-based exchanges.
Overall, the exchange’s user interface is intuitive, engaging, and easy to navigate. The instrument page is quite minimalistic, and placing an order is incredibly simple, just as you would anticipate.
On the other hand, the platform is missing certain features, like user exchange metrics (which are available on other exchanges such as Phemex ) and a news feed, which would be ideal. However, since most traders utilize a direct trading view portal, this isn’t a significant drawback. Fortunately, traders can switch between the native chart and the trading view chart, which is a notable advantage.
Mobile Trading Support Review
For traders seeking flexibility and the convenience of trading on the move, the mobile app may be a more comfortable option compared to the desktop version.
OKX also offers a mobile app available for download from the Apple Store and Google Play. Like the web version, the app is user-friendly and ensures you won’t regret your decisions or exchanges.
The application enables you to handle your transactions and capital all within a single platform – making it possible to trade and manage your investments on the move, including both spot and derivatives. You can perform everything from accessing real-time data to trading, as well as depositing and withdrawing funds, all effortlessly with just a few taps.
Overall, the app’s user interface is suitable for both novice and advanced investors.
OKX Review on Banking services
OKX additionally provides a range of banking services and acts as a comprehensive platform for users to easily convert between fiat and cryptocurrency using the various payment methods mentioned below:
- Cryptocurrency transfer
- Credit or debit card – Visa, MasterCard
- Bank transfer
- UPI
- PayPal
- Payoneer
- Skrill
- SEPA
- ApplePay
- Poli
- BPay
- Qiwi
- KaKao Pay
- Payid
- Blueshift
- iDeal
- Western Union
- Gift Cards – iTunes, Google, Amazon
To open an account, you need to make a minimum deposit of 10 USDT or an equivalent amount in another cryptocurrency. After your account is verified, you can begin trading!
A Review of Financial Management Tools on the OKEX Exchange
Earn with OKX
Another additional feature with OKX One of the features is called ‘earn’. Basically, it is a convenient way for users to accumulate passive income simply by keeping their cryptocurrency on the exchange.
Users can earn interest on their trading portfolios by utilizing decentralized finance options like staking, thereby increasing their potential annual profits.
The calculation of revenue relies on different DeFi products that work together to support the expansion of the decentralized financial economy.
A comprehensive explanation of the ‘earn’ financial products available on OKX is available here.
OKX Review on Mining Pool
It’s fascinating that OKX offers a mining pool feature for traders wanting to leverage their computer’s processing power. In essence, crypto miners pool their computational resources together via a network to mine digital assets. These assets include support for bitcoin Proof-of-Work (PoW) mining of several prominent coins in the industry, along with others that are less popular now.
It’s a pleasant way to earn some extra money, but in the end, it’s not absolutely essential for a trader’s toolkit.
OKX Copy Trading
OKX copy trading enables ordinary traders to mimic the strategies of successful traders and achieve similar results. This system benefits both sides since novice traders can utilize effective trading techniques, while seasoned traders earn additional profit by receiving a small portion from those who replicate their trades.
OKX ranks among the globe’s leading digital cryptocurrency exchanges, providing its traders with deep market liquidity, minimal slippage, and tight spreads. With an easy subscription, traders can follow top-performing traders in real-time and access precise trading data, ensuring an excellent copy trading experience.
Top traders who allow others to replicate their strategies can earn a profit-sharing ratio of up to 10% .
Is OKX Excahnge safe?
OKX is registered in Malta and Hong Kong …and complies with the Virtual Financial Asset Act (“VFAA”), which is regulated by the Malta Financial Services Authority. In addition, a license for virtual assets was obtained from… Dubai In 2022, this will assist them in broadening their services within the UAE.
Although speculations about a potential hack have been circulating online, the exchange asserts that it has never lost investor funds. The security of the platform’s tokens is grounded in a core private key encryption algorithm and employs industry-standard cold and hot wallet technology.
The team prides itself on having the leading privacy encryption technology in the industry, featuring support for the following capabilities:
- 2-factor authentication
- Verification code sent to your mobile for security settings and fund withdrawals.
- Email verification codes
OKX Review on Customer Support
OKX provides round-the-clock online user assistance to address any technical and trading concerns.The exchange offers a robust customer service team with comprehensive support options. You can reach out to OKX through various channels including phone, email, a ticket submission form, WhatsApp, and live chat, accessible on both desktop and mobile app. Furthermore, OKX features a detailed FAQ section and a ‘join the community’ area, where you can find answers to your questions and interact with other platform users. Bybit’s live chat.
OKX Supported Countries & Regions
OKX is accessible in more than 100 countries globally.However, individuals residing in the following countries are prohibited from engaging in trading activities with OKX.
Here is a list of countries that are not supported by OKX:
- Hong Kong
- United States
- Cuba
- North Korea
- Iran
- Crimea
- Sudan
- Malaysia
- Syria
- the USA and its territories
- Bangladesh
- Ecuador
- Ecuador
- Kyrgyzstan
OKX United States
Unfortunately, Due to regulations in the United States, traders from the USA are prohibited from using OKX. While there are several workarounds U.S. citizens have access to a range of services provided by various major exchanges within the United States. Check our list of best crypto exchanges in the USA.
OKX Proof of Reserves
OKX maintains a 1:1 reserve of all users’ funds on its platform and periodically performs proof of reserves reports to generate greater transparency in the assets held on its exchange. The proof of reserves report aims to show that the exchange holds sufficient funds to cover all users’ assets and deposit liabilities while remaining solvent. The proof of reserves report is an important tool for building trust and transparency in the cryptocurrency industry.
By demonstrating that it holds sufficient funds to cover all users’ assets and deposit liabilities, OKX Exchange is setting a high standard for the crypto industry and showing its commitment to preventing insolvency and ensuring the accuracy of customer funds and net balances. You can learn more about proof of reserves here.
OKX Review Conclusion
In summary, this review highlights that OKX stands out as a prominent exchange, boasting substantial liquidity, a wide range of supported assets, and robust banking features. Nonetheless, it’s important to acknowledge the platform’s past conduct, especially in how it handled its users, and to anticipate improved behavior going forward.
In addition, OKX provides a comprehensive platform for cryptocurrency trading and investing. Its fees are competitive with industry norms, and the exchange claims it has never experienced a hack, despite occasional rumors suggesting otherwise.
Ultimately, OKX ranks among the top 30 exchanges, offering substantial liquidity. Clearly, they’re doing something right to have achieved such a position.
Frequently Asked Questions – FAQs
Is OKEx a good exchange?
OKEx (OKX) is a leading exchange platform that has earned the trust of millions of users.
Is OKX available in the USA?
OKX is not authorized to conduct business in the United States. However, users can utilize a VPN to access and use the exchange services.
Where Is OKX Headquartered?
OKX has several regional offices across the globe but their main office is in Seychelles.
Does OKX Require KYC?
OKX can be used without KYC, but it imposes a daily withdrawal limit of just 10 BTC.
Is OKX Legit?
OKX is regarded as a dependable cryptocurrency exchange and is currently serving millions of users.
Is OKEx real or fake?
OKEx, also known as OKX, is a reputable cryptocurrency exchange.
