Are you looking for a reliable cryptocurrency exchange? Look no further because in this blog post, we will be providing an in-depth review of OKX, a leading digital asset trading platform.
With over 355 crypto assets available for trading and a user-friendly interface, OKX is the go-to platform for both beginners and professional traders. Stick around to discover the features, fees, and benefits that OKX has to offer. You don’t want to miss out on this insightful review!
Key Takeaways
- OKX is a global cryptocurrency trading app that supports over 350 tokens and more than 100 local currencies.
- The platform is available in over 200 countries, but it is not accessible in the United States, Hong Kong, North Korea, Sudan, Malaysia, Cuba, Iran, Crimea, Bangladesh, Bolivia, and Malta.
- OKX offers various payment methods like Apple Pay or Google Pay for buying fiat currency and accepts debit/credit cards and bank transfers as well.
General Info
OKX is a global crypto trading app. It helps pro traders buy, sell and trade over 350 tokens. Users can deal with more than 100 local monies. As a fast and reliable app, it ranks top in the world for crypto trades.
OKX’s reach is wide as well. Its services touch the lives of over 50 million people all around the globe.
History and Founding
Star Xu started OKX in 2017. At first, the home of OKX was in Beijing. But in 2018, it moved to a new place called Valletta in Malta. Now, there is also an office for OKX in Seychelles.
Star Xu still runs OKX as its CEO today. He put $100 million into starting a part of the company named OKX Ventures.
Supported Coins & Countries
OKX supports a vast range of 343 currencies, including both popular and lesser-known cryptocurrencies.
This is more than double what’s supported by many competing exchanges such as Coinbase, which supports 160 cryptocurrencies. Furthermore, OKX is available in over 200 countries, extending its services to a global audience with a few exceptions.
| Currencies Supported | Total Number |
|---|---|
| OKX Supported Currencies | 343 |
| Coinbase Supported Currencies | 160 |
| Supported Countries | Total Number |
|---|---|
| OKX Supported Countries | Over 200 |
Unfortunately, there are a few countries where OKX is not available, including the United States, Hong Kong, North Korea, Sudan, Malaysia, Cuba, Iran, Crimea, Bangladesh, Bolivia, and Malta.
| Restricted Countries |
|---|
| United States |
| Hong Kong |
| North Korea |
| Sudan |
| Malaysia |
| Cuba |
| Iran |
| Crimea |
| Bangladesh |
| Bolivia |
| Malta |
These exclusions are due to regulatory restrictions and other legal considerations in those markets. Despite these restrictions, OKX remains a reputable and user-friendly crypto exchange with a broad reach.
OKX Payment Methods
OKX offers a range of payment methods for buying fiat.
- You can use Apple Pay or Google Pay which OKX supports.
- Use of debit or credit card is the quickest way to buy crypto on OKX.
- OKX also takes bank transfers as a method to pay.
- iDEAL is another payment option that OKX accepts.
- It’s good to note, the platform does not control the trade amount, price, and how you pay for P2P deals.
- Fees for putting money in your OKX account depend on the way you choose to deposit.
OKX Fee Structures
OKX has transparent fee structures for trading, margin usage, and deposits/withdrawals.
Trading Fees
OKX has a distinctive trading fee structure compared to other cryptocurrency exchanges. Its fee schedule is tier-based, dependent on the user’s total OKB holdings, with separate rates for regular and VIP users. For example, for most trades on OKX, the fees are 0.10% or less.
Here’s a brief look at the trading fees on OKX:
| User Type | Maker Fee | Taker Fee |
|---|---|---|
| Regular Users (Tier 1) | 0.10% | 0.15% |
| Regular Users (Tier 2) | 0.09% | 0.14% |
| VIP Users (Tier 1) | 0.08% | 0.10% |
| VIP Users (Tier 2) | 0.07% | 0.09% |
The maker and taker fees for spot trading, for instance, are pegged at 0.08% and 0.10%, respectively. Given these competitive rates, traders on OKX can engage in high-frequency trading with minimal cost.
Margin Fees
OKX has an established fee structure for margin trading, which enables traders to borrow funds from the exchange and open positions with more capital. This margin fee is a reflection of the cost incurred by traders when they trade on margin.
| Customer Type | Trading Volume (30d in BTC) | Maker Fee | Taker Fee |
|---|---|---|---|
| Normal | <1000 | 0.100% | 0.150% |
| Normal | ≥1000 & <2000 | 0.090% | 0.140% |
| Normal | ≥2000 & <3000 | 0.080% | 0.130% |
| Normal | ≥3000 & <4000 | 0.070% | 0.120% |
| VIP | ≥4000 & <6000 | 0.060% | 0.100% |
| VIP | ≥6000 & <8000 | 0.050% | 0.080% |
| VIP | ≥8000 | 0.040% | 0.060% |
This table represents the margin fees depending on the customer types and their 30-day trading volume in BTC.
The maker fee is the cost to place a limit order, while the taker fee is the cost to take an order from the order book. It’s clear from this structure that OKX offers tiered margining, allowing for lower rates according to trading volume and customer types.
Deposit & Withdrawal Fees
OKX does not charge any fees for deposits or currency conversions, making it convenient for users to fund their accounts without incurring additional costs.
When it comes to withdrawals, OKX only applies fees for on-chain transactions, with internal transfers and deposits being fee-free. The withdrawal fees for each digital asset on OKX are typically based on the blockchain load, ensuring that users are charged fairly based on network conditions.
For example, the withdrawal fee for Bitcoin is 0.0005 BTC and the fee for Ethereum is 0.01 ETH. This transparent fee structure allows traders to easily calculate their costs when moving funds in and out of their OKX accounts while keeping them competitive within the market.
Trading Experience
The trading experience on OKX is suitable for both beginner and experienced traders. The platform offers a wide range of trade options, including spot trading, derivatives, futures contracts, and more.
With over 355 different crypto assets available to trade, users have plenty of choices.
For professional traders, OKX is considered a great exchange due to its fast and reliable trading features. The platform provides advanced tools and options that cater to the needs of experienced traders.
However, it’s worth noting that the fee structure on OKX can be complex and may be more suited for those with trading experience.
Whether you’re a beginner or an expert trader, OKX has something to offer. It provides a user-friendly interface that makes it easy to buy and sell cryptocurrencies. Additionally, the platform offers various educational resources through its OKX Academy to help users improve their trading skills.
The trading experience on OKX is robust and caters to traders at all levels of expertise. With a wide variety of trade options and user-friendly features, OKX is a popular choice among cryptocurrency enthusiasts.
OKX Trading Products
OKX offers a variety of trading products including spot trading, margin trading, and perpetual swap contracts.
Spot trading
OKX offers spot trading services, which means you can buy and sell cryptocurrencies without using leverage or other complicated financial tools. Spot trading is a straightforward way to trade crypto.
On OKX, the spot trading interface is easy to use and user-friendly. You can find a wide range of cryptocurrencies available for spot trading, giving you plenty of options.
With its reputation as a leading centralized exchange in the industry, OKX provides a secure and reliable platform for spot trading your favorite digital assets.
Margin trading
OKX offers margin trading as one of its trading products. With margin trading, you can borrow funds from the exchange to open positions with more capital than what you initially deposited.
This allows you to take advantage of price increases by going long or price decreases by going short. If the price moves in your favor, you can make a profit from your margin trades.
However, it’s important to remember that margin trading carries risks, and your capital is at risk when engaging in this type of trading on OKX.
Perpetual Swap
OKX offers a trading product called perpetual swaps for popular cryptocurrencies like BTC, ETH, and LTC. These perpetual swaps don’t have an expiration date, so you can hold your positions for as long as you want.
They work similarly to futures contracts but without the need to worry about contract expirations. With OKX’s perpetual swap contracts, you can hedge your positions or speculate on the price movements of different cryptocurrencies.
It’s a flexible and convenient way to trade and take advantage of market opportunities.
OKX Yield Generation
OKX offers various ways to generate yield on your cryptocurrency holdings. Through staking, savings accounts, dual investment, DeFi projects, and flash deals, you can earn passive income and maximize the potential of your assets.
Staking
Staking on OKX is a great way to earn high interest on your crypto assets. You can stake over 80 different cryptocurrencies for various periods of time, like 15, 30, 60, 90, or 120 days.
The amount you earn depends on the specific cryptocurrency and how long you stake it for. With APY (Annual Percentage Yield) rates that can go up to as high as 103%, staking on OKX offers attractive rewards for your investments.
Whether you prefer flexible or fixed terms, OKX allows you to stake hundreds of tokens and start earning passive income easily.
Savings
OKX Savings is a feature offered by OKX that allows users to earn market-based interest on their deposited crypto assets. It provides an opportunity for users to grow their wealth by earning interest on their cryptocurrencies.
The Annual Percentage Yield (APY) for Savings is lower compared to staking, but it still offers a way to generate passive income from your crypto holdings. With OKX Savings, you can earn interest on your crypto assets on an hourly basis, providing you with regular income streams.
An important point to note is that KYC verification is not required for using the Savings feature on OKX, making it convenient and accessible for users.
While the article does not provide information about the safety or legitimacy of OKX Savings, it presents this feature as an option for users looking to make the most of their crypto investments and earn additional income.
Dual Investment
Dual Investment is a feature offered by OKX that allows you to make the most profit from trading major cryptocurrencies. It’s a high-risk, high-reward option for traders who are looking to maximize their gains.
Dual Investment is part of the OKX Yield Generation program, which provides various ways to earn more from your investments. Recently, OKX introduced a new two-day term option for its Dual Investment structured product, giving users more flexibility in their investment strategies.
With Dual Investment on OKX, you have the opportunity to invest in cryptocurrencies and potentially increase your returns.
DeFi
OKX offers decentralized finance (DeFi) products for users who want to explore new opportunities in the crypto space. With OKX, you can engage in futures trading, invest in non-fungible tokens (NFTs), and participate in staking.
These DeFi options give you more ways to grow your investments and take advantage of emerging trends in the market. In addition, OKX allows users to vote, stake, and pay fees for decentralized exchanges and other DeFi applications on the network.
This means you have a say in how these platforms operate and can actively contribute to their success. If you’re interested in exploring NFTs and the metaverse while trading GameFi and DeFi assets, the OKX Wallet is also available for a seamless experience.
Flash Deals
Flash Deals on OKX are exclusive offers that provide traders with high rewards and low risks. These deals are time-limited and have limited terms and amounts, making them highly sought after by traders.
You can find these flash deals on the OKX platform, and they are a great way to earn extra returns on your investments. It’s important to act quickly when you see a flash deal because they have an expiration date.
Don’t miss out on the opportunity to participate in these exciting offers and maximize your trading profits on OKX.
OKX Features
OKX offers several notable features, including the OKX Token (OKB), Proof-of-Reserves, MetaX Web3 Wallet, and the OKX Mobile App.
OKX Token (OKB)
OKX Token (OKB) is the utility token of the OKX platform. It has a total supply of 300 million tokens, with a circulating supply of 235,957,685.3 as of May 31, 2023. This token plays an important role on the OKX platform as it allows users to unlock various benefits and features.
By holding OKB tokens, users can enjoy discounted trading fees, participate in campaigns and promotions, and even earn passive income through staking and savings accounts on OKX. The OKB token provides added value to users and enhances their overall experience on the OKX platform.
Proof-of-Reserves
OKX conducts regular audits called Proof of Reserves, which provide transparency and assurance to its users. In the most recent report, OKX demonstrated that it holds a total of USD$10 billion in BTC, ETH, and USDT.
This report uses zk-STARK technology to verify the authenticity of these assets. By conducting these audits and showing a 100% clean asset reserve, OKX ensures the security and validity of funds for both the crypto exchange and its customers.
This commitment to transparency is crucial in building trust within the cryptocurrency community.
MetaX Web3 Wallet
The MetaX Web3 Wallet, also known as the OKX Wallet, is a decentralized multi-chain wallet. It allows you to access over 1,000 DApps (decentralized applications). With this wallet, you can interact with different blockchain networks such as Ethereum and Binance Smart Chain.
The OKX Wallet is associated with the OKX crypto trading platform, making it easy for users to transition from centralized exchanges to the decentralized Web3 world. This means that you can manage your cryptocurrencies securely and explore various opportunities within the blockchain ecosystem.
OKX Mobile App
The OKX Mobile App is designed specifically for professional traders, providing them with a convenient way to buy, sell, and trade over 350 different tokens using more than 100 local currencies.
The app offers a range of simple and complex trading tools that help enhance the trading experience. Additionally, it provides opportunities for users to participate in proof-of-work crypto mining and DeFi liquidity mining.
One standout feature of the OKX Mobile App is its self-custody OKX Wallet, which allows users to securely store all their crypto assets in one place. Overall, the app caters to the needs of advanced traders while also offering a user-friendly interface for seamless navigation and management of digital assets.
OKX Security
OKX takes the security of its platform very seriously. It is considered to be one of the most secure cryptocurrency exchanges in the world. They have an impressive security record and use multiple measures to protect user data and funds.
One important feature that sets OKX apart is their semi-offline servers. This means that even if there’s a physical attack on their servers, they have systems in place to keep user information and funds secure.
OKX also has strict protocols for client authentication, including multi-factor authentication and withdrawal whitelisting. This adds an extra layer of protection against unauthorized access.
Overall, OKX prioritizes the safety of its users’ assets and personal information. With their advanced security measures in place, traders can feel confident using the platform for all their cryptocurrency needs.
Conclusion
OKX is a top-rated cryptocurrency exchange with a wide range of supported coins and countries. With competitive fees and innovative features like staking and crypto savings accounts, it’s no wonder why OKX is considered one of the best in the industry.
Whether you’re a beginner or an experienced trader, OKX provides a user-friendly platform with tools designed to enhance your trading experience. Don’t miss out on the opportunity to join over 100 countries using OKX for their digital asset needs in 2023.
FAQ
What is OKX, and when was it founded?
OKX is a cryptocurrency exchange that was founded in 2017. It offers spot and margin trading on the OKX trading platform.
How does OKX work?
Users open an account on OKX to trade cryptocurrencies. The website and the OKX app show many choices for trade, including fiat currencies.
Is using the OKX crypto exchange costly?
No, one key feature of the OKX cryptocurrency exchange is its low fees. However, there can be different charges for various services like derivatives exchanges or use of the Okx pool.
Can I use it anywhere in the world?
Yes! With users in over 100 countries, you can access your preferred cryptocurrencies from the okx website or on their mobile app!
Is customer support available at OKX?
Definitely! In case of any issues during trading or while navigating through their features, you have easy access to reach out to Okx customer support.
Does this mean everyone likes using Okex?
Well mostly yes! With low fees & wide range of offerings across instruments; Okx has received positive reviews till now – but still always do your research before investing!
