OKX Exchange Review
Formerly known as OKEX, OKX is a leading cryptocurrency exchange known for its exceptional services and low fees. It rebranded to OKX exchange in 2022.
Launched in 2017, OKX exchange is one of the oldest cryptocurrency exchanges. Over the years, it has grown its user base to more than 50 million global users (according to its site) in more than 100 countries. It, however, does not operate in the US and therefore does not accept users from the country.
Pros and Cons
- Low trading fees
- Accepts multiple payment methods, including using a card and bank account.
- Supports more than 350 cryptocurrencies and 500 trading pairs.
- Highly secure and easy to use.
- Not available to users in the US.
- Low liquidity for some currencies.
OKX exchange offers a place where users can do more than buy, sell, and trade cryptocurrencies. Its other services include;
- Earn: The service allows users to generate passive income from their digital assets through multiple investment options, including Simple Earn, Loan, and On-Chain Earn. On-Chain Earn, for example, allows you to participate in on-chain earning opportunities like Proof of Stake (PoS) staking and Defi protocols.
- Wallet: A highly secure non-custodial decentralized Web3 wallet that allows users to transfer assets, swap cryptocurrencies, trade NFTs, earn yields, and more. It supports more than 50 decentralized networks, including major blockchains like Bitcoin, Ethereum, BNB Chain, Solana, and Polygon.
- Jumpstart: A platform that helps new projects to launch and grow their communities. It offers users easy and early access to new and highly cryptocurrency projects, allowing them to invest in new crypto by staking their OKB tokens. OKB tokens are the native tokens of OKX.
- NFT Marketplace: A place where users can create, collect, and trade NFTs across different blockchains and platforms, including Ethereum, Solana, Polygon, BNB chain, and Avalanche C.
The OKX exchange also offers crypto-collateralized loans and allows users to connect trading platforms like TradingView. Furthermore, it has a native blockchain where builders and developers can build and deploy decentralized applications (DApps) and use infrastructure like OKX Oracle.
OKX exchange supports more than 350 cryptocurrencies. Listed cryptocurrencies include Bitcoin, Ethereum, Solana, OKB, Terra, TRON, Polygon, Dogecoin, Shibu Inu, Polkadot, Avalanche, and XRP.
The exchange operates a secure hot and cold wallet security procedure. 95% of its funds are stored offline. It uses a robust cold wallet storage system that operates on at least two authorized personnel to access.
The remaining 5% of funds are stored in hot environments to meet the demand for quick withdrawals and deposits.
User security is enhanced with two-factor authentication for phone app users and an anti-phishing code that helps users quickly recognize emails sent from the exchange.
It is worth noting that since it came into operation, OKX has not suffered any security hack. The exchange stands out with its security protocols.
Trading on the OKX exchange
The platform caters to all levels of traders, beginners and advanced. It allows crypto-to-crypto trading and fiat-to-crypto trading.
Traders can participate in crypto-to-crypto trading by first funding their trading accounts on the exchange. To fund your account, you will first need to create a user account.
The process is straightforward. Click the Sign Up tab on the exchange's official site and fill in the required information.
After registering, you will receive a code in the email that you will need to use to confirm your registration.
OKX is one of a few exchanges that allow users to operate with KYC unverified accounts. There are, however, limitations to using KYC unverified accounts on the platform.
After creating your account, you can fund it with crypto or fiat. The platform allows users to fund their accounts with fiat through bank wire, bank transfers, debit or credit card, ApplePay, SEPA, Advcash, or iDEAL. Users can also transfer crypto from other exchanges.
Although OKX supports trading with fiat and crypto, it only allows cryptocurrencies to deposit funds into a trader's account. Once the account is funded, you can begin to trade.
The platform allows multiple trading options like spot, margin, futures, and perpetual swaps. Each option has its own platform.
To trade Futures, for example, you must first activate your futures account. The process will require you to complete a few questions to ensure you know how to trade futures. With your futures account set up and funded, you can start to trade.
The platform’s trading fees vary depending on if you are a regular or VIP user.
Regular users are classified into tiers based on their total OKB holdings. VIP users are classified by 30-day trading volumes and daily asset balances.
Fees also vary based on regular users' tier level and VIP level. They, again, vary based on the instruments you trade.
For example, the spot trading taker fee for a level 1 regular user is 0.100%, while the maker fee is 0.80%. A level 1 regular user holds less than 500 OKB tokens. The spot trading taker fee of a tier 1 VIP is 0.080%, while the maker fee is 0.060%.
Maker and taker fees are two trading fees charged by most crypto exchanges. Exchanges that do not charge maker and taker fees charge flat fees.
Compared to other crypto exchanges, OKX fees are quite low, making it one of the best fee-friendly crypto exchanges.
OKX exchange stands out as one of the best cryptocurrency exchanges in the market. It is highly secure, easy to use, has low fees, supports plenty of cryptocurrencies, and caters to traders of all levels.
It has enough trading tools to help anyone transition into crypto trading effortlessly.
The exchange offers more than a place where users can buy, sell, and trade crypto. The platform is looking to dominate all sectors of the decentralized space, including the NFT and Defi space.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.