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OKX Exchange Review

By Jinia02/22/2023

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Crypto exchanges are a dime a dozen. Some are built to be decentralized with all sorts of features, while some are designed as centralized platforms with tons of liquidity and trading volume. 

To the uninitiated, OKX is a crypto exchange where you can buy, sell, and trade different digital currencies, such as Bitcoin and Ethereum. It’s based in Seychelles and offers its services worldwide except for the U.S.

Launched in 2017 at the peak of a crypto bull market, OKX has managed to survive various boom and bust cycles of the crypto space and is one of the biggest places to trade cryptocurrencies online today. 

OKX offers many different ways to trade, like buying right away, using borrowed money to trade, betting on future prices of various coins, and choosing when to buy or sell with special tools such as a spot market and stop-limit orders.

People like using OKX because of its low fees. However, in this review, we will take a deeper look at what this exchange has to offer.

Pros

  • Offers various high-interest staking opportunities

  • Intuitive user design

  • Discounted fees at higher trading volumes

  • Comes with a native token for additional discounts

  • Offers some of the lowest fees at only 0.10% for most trades

Cons

  • Not available to traders in the U.S.

  • Some currency pairs have insufficient liquidity

  • Complaints from some customers

OKX Exchange Funding Methods

MethodBuy SellSpeed
Bank AccountYesYes1-3 days
Credit/ Debit CardYesYesInstant
Wire TransferYesNoInstant

OKX Exchange: The Basics

Here is a TLDR on OKX for those in a rush:

Trading Fees: OKX charges a flat trading fee of 0.10% for both a trade’s maker and taker sides. There are discounts for traders who use the OKX Token to pay trading fees. Plus, there are also monthly discounts based on a trader’s trading volume. 

Supported Coins: You can be sure to get all the coins you need on OKX’s spot market. In addition, OKX supports trading in a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others.

Trading Services: OKX offers spot trading, margin trading, futures trading, and options trading. They also provide reliable sources of liquidity, ideal for high-frequency trading. The only deal breaker is that some pairs lack sufficient liquidity. You also get a decent variety of trading tools, including charting, analysis, and automated trading.

Security: OKX has implemented robust security measures, including multi-tier and multi-cluster system architecture and 24/7 monitoring, to protect user assets.

Customer Support: OKX offers 24/7 customer support through live chat and email.

What’s the History of OKX Exchange

As mentioned, OKX was established in 2017 by Mingxing “Star” Xu, a Chinese entrepreneur with a Bachelor’s degree in Applied Physics. He leads the OK Group (OKX’s parent company). However, the CEO of OKX at the moment is Jay Hao.

Since its launch, OKX has rapidly grown to become one of the largest cryptocurrency exchanges in the world, with a daily trading volume that often exceeds $1 billion.

From the time of its inception, OKX has expanded its offerings to include spot trading, margin trading, futures trading, and options trading, making it a comprehensive trading platform for a wide range of users. 

OKEx has also established itself as a leader in the industry by implementing robust security measures and providing 24/7 customer support to its users. Today, OKEx continues to innovate and expand its offerings to meet the changing needs of the cryptocurrency industry.

How to set up an account with OKX

Step 1: Visit the OKEx website

Access the official OKEx website at www.okex.com and click on the “Sign Up” button located in the upper right corner.

Step 2: Provide Personal Information

Fill in your email address, create a password, and accept the terms and conditions. You will receive an email with a verification link which you must follow.

Step 3: Verify Email and Complete KYC Process

Verify your email address by following the link in the email. OKEx requires all users to complete a Know Your Customer (KYC) process to verify their identity, which typically involves uploading a government-issued ID and a selfie.

Step 4: Enable Two-Factor Authentication (2FA)

OKEx highly recommends enabling two-factor authentication (2FA) for added security. This can be done in the “Security” section of your account settings.

Step 5: Fund Your Account

To start trading on OKEx, you will need to fund your account. You can do this through various methods, such as bank transfers, credit/debit cards, and cryptocurrency deposits.

Step 6: Start Trading

Once your account is set up and funded, you can start trading cryptocurrencies. Browse the trading pairs, select the one you wish to trade, and place an order using the trading interface.

OKX Features

Ease of use

OKX offers a great user experience thanks to a user-friendly platform. With OKX, you get access to a smooth and seamless experience which is ideal for traders of all levels. The exchange’s user interface is intuitive, with a clear and organized layout that makes it easy to navigate and find what you’re looking for. As you’ve seen above, the sign-up process is straightforward, with simple steps that guide you through the process of setting up an account.

Security

OKEx takes security on its platform seriously. It employs multiple layers of security measures, including SSL encryption, two-factor authentication (2FA), and hardware security keys, to ensure the safety of its users’ funds. They also offer users multi-signature technology as well as secure cold storage systems. OKEx has not experienced any security breaches since its founding. However, as is with any cryptocurrency exchange, there is always the possibility of hacking, so it is critical to implement appropriate security measures with your digital assets.

Supported Coins

In terms of supported coins, OKX offers over 300 coins on its spot market, which is a wide range of coins for traders to choose from. The exchange supports popular cryptocurrencies like Bitcoin, Cardano, and even Binance Coin, as well as lesser-known coins such as Lido Dao (LDO), ROAD and NEAR Protocol. OKEx also supports Game-Fi tokens such as Sandbox (SAND) and offers generous yields on staking. 

Fees 

All traders are always chasing a bargain, and OKX makes a good incentive when it comes to trading fees. This exchange charges a 0.10% fee with high-volume trading discounts for serious traders. Swaps and futures markets come with their own varying fees. The only dealbreaker is that OKX doesn’t disclose all their deposits and withdrawal fees, so it is difficult to clearly determine whether the fees they charge are as low as advertised. 

Other Outstanding Features

Apart from the features highlighted above, OKX also comes with decent customer support. If you ever get a problem with your account, you can be sure to have all your issues sorted out almost immediately. There are several complaints online from older customers, but OKX has worked to address most of the issues raised by users online. 

Conclusion

So there you have it, a full review of the OKX exchange and all it has to offer. If you are looking to start your trading journey with OKX, be sure to come back to this detailed review to refresh your understanding of what OKX has to offer. Like most exchanges in the crypto space, they have a wide range of supported coins, an intuitive user experience and multiple trading options available.

Despite the low levels of liquidity on select pairs, most of your trading experience on this platform will be speedy. Their fees are affordable as well, which is a plus for any trader looking to make high-frequency trades. 

So whether you’re looking to trade Bitcoin, Ethereum, or any other cryptocurrency, OKX offers a secure and convenient platform to start your trading journey.

Article tags

Exchanges
Jinia

Author

Jinia is a fintech writer focused on the cryptocurrency market and passionate about blockchain technology. With years of experience, she contributes to some of the most renowned crypto publications such as Cointelegraph, Coinmarketcap and others. She also has experience writing about the iGaming industry.

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