OKX Exchange // Condensed Review – Pros and Cons
OKX (formerly OKEx) was founded in 2017 with headquarters registered in Seychelles along with multiple office locations worldwide. This is the 15th largest cryptocurrency exchange by volume, with more than 20 million users from more than 100 countries!
This platform offers a wide range of services such as trading, staking, mining pools, crypto loans, an NFT marketplace, and so much more. In this OKX Review, we take a dive deep into this platform’s services, security, fees, customer support, pros and cons, and more!
Register a free account at OKX
OKX & Manchester City Partnership
In March of 2022, OKX announced their partnership with the world-famous Manchester City FC of the English Premier League. OKX is now Man City’s official “Cryptocurrency Exchange Partner”.
OKX Restricted Countries/Regions
Is OKX a safe cryptocurrency exchange?
OKX Exchange provides advanced security features to protect all users. Here are a few of the important security features:
Multi-Signature Hot Wallet – Any user’s OKX hot wallet private keys are managed by 3 separate private key managers in different geographical locations.
Mandatory Two-Factor Authentication – OKX requires users to turn on two-factor authentication (2FA) via Google Authenticator for all fund withdrawals and account logins.
Anti-Phishing Code – Users can enable the anti-phishing feature by having OKX’s system send a code to the user’s email address.
Cold Storage – OKX keeps 95% of all crypto assets in “cold storage” vaults that are not connected to the Internet. In addition, the private keys for these vaults are held in different geographical locations for complete security.
Funds Password – OKX allows users to set up a password so that whenever funds are being withdrawn, the system will ask the user for this password before the withdrawal process can continue.
Unlike many other exchanges with some history of being hacked, OKX has never been hacked thus far. Rest assured that you will be using a safe and secure crypto exchange.
Available Cryptocurrencies at OKX
Including all currency pairs, there are over 350 cryptocurrencies available at OKX at the moment. Here is just a glance at the top currencies traded by volume:
Bitcoin, OKB, Terra, Solana, Polygon, Ethereum, TRON, Avalanche, APENFT, JUST, XRP, Dogecoin, Polkadot, Shiba Inu, and more!
Be sure to check out the full list of cryptos available at the OKX website. There are too many to list here!
OKX Services
Overall, OKX offers a range of products which includes buy & sell, margin trading, options trading, perpetual swaps, and spot trading. Let’s dive deep into the following major services.
OKX Cryptocurrency Exchange
The best place for beginners to start is the OKX Exchange where you can buy over 30 cryptocurrencies. The interface is simple and intuitive, which is perfect if you are looking to purchase your first Bitcoin, Ethereum, Solana, or any other major currency.
Once you own one of these 30+ cryptos, you can then use OKX’s converter to exchange for any of the other 300+ cryptocurrencies.
OKX Margin Trading
OKX provides margin trading with up to 1:20 leverage, which is quite standard in the industry. During your trading, 3 margin modes are available: single-currency, multi-currency, and portfolio.
While high leverage rates will appeal to many traders, margin trading can be risky so make sure you are careful with your approach to risk management. (OKX also offers a free demo trading account where users can use virtual money to practice strategies without the risk of losing any real money. Please take advantage of this!)
OKX Advanced Trading
Once you become accustomed to margin trading, you can then move onto advanced markets by using OKX’s Futures, Perpetual Swaps, and Options trading capabilities.
For traders interested in these advanced trading products, the OKX collates useful data into an easy-to-digest format with the latest prices, volumes, and tons of other useful information.
OKX Exchange Wallet
Any user can register an account and start using the OKX Wallet integrated within the platform. With this wallet, feel free to store your cryptocurrencies there or move them onto the trading platform for more advanced trading.
OKX MetaX Wallet
The OKX MetaX Wallet is a private and easy-to-use decentralized wallet that allows users to store their crypto assets, tokens, and collectibles. MetaX is a smart wallet that supports multi-chain features by working with 15+ blockchains and 1,000+ DeFi protocols.
With the MetaX Wallet, users are in complete control of their cryptocurrencies by having access to their private keys. Here are the benefits of using MetaX:
One-Stop Solution – No more incompatibilities between different DEXs (decentralized exchanges)
DApp Store – Explore 1000+ DApps (decentralized apps) with a click of a button
NFT Marketplace – Create, manage, trade, and sell your NFTs (non-fungible tokens)
OKX NFT Marketplace
As mentioned above, using the MetaX Wallet will allow you access to the NFT Marketplace to create, collect, and trade extraordinary NFTs assets.
Here is what you can do in the NFT area by using OKX:
1) Access top-tier certified collections
MetaX NFT Marketplace includes curated collections from top artists, game developers, and celebrities, including many limited-edition exclusives!
2) Mint your own NFT
Minting (or creating) your own NFTs on OKX will cost only a fraction of what you will need to pay on the Ethereum network. In addition, the MetaX Marketplace supports all OEC NFTs and allows users to mint new NFTs in a few simple steps. You can sell your NFTs to make big time money!
OKX Mobile App – iOS & Android
OKX.com provides an excellent mobile trading app that is highly-intuitive, easy to use, and fully responsive on Android and iOS devices. This smartphone app includes all of the trading features, indicators, and tools as the desktop version. Traders can quickly and easily place trades, monitor positions, and check balances.
OKX Exchange – The OKB Token
The OKB token is the proprietary currency issued by OKX’s OK Blockchain Foundation. Just like Binance Exchange has BNB and KuCoin Exchange has KCS, OKX Exchange has OKB. By using OKB within the platform, you can receive the following benefits:
- Get discounts on trading fees
- Earn passive income
- Get special token sales
- Take advantage of the OKXChain ecosystem
OKX burns OKB tokens regularly in order to reduce supply. OKX uses 30% of the revenue from OKX trading fees to buy back OKB from the 300 million OKB in circulation. This boosts the value of OKX and encourages you to hold even more tokens!
OKX KYC Verification Requirements
OKX Trading Fees and Limits
For most trading, the fees are 0.1% for maker orders and 0.08% for taker orders. However, if you are a VIP user (monthly trading volume of more than $10 million USD), you are eligible for fees as low as 0.06%. Please note that the amount of your OKB holdings will also affect your fee structure.
| TIER | OKB HOLDINGS | 30-DAY TRADING VOLUME | MAKER FEE | TAKER FEE |
|---|---|---|---|---|
| Level 1 | < 500 | < $10,000,000 | 0.080% | 0.100% |
| Level 2 | ≥ 500 | < $10,000,000 | 0.075% | 0.095% |
| Level 3 | ≥ 1,000 | < $10,000,000 | 0.070% | 0.090% |
| Level 4 | ≥ 1,500 | < $10,000,000 | 0.065% | 0.085% |
| Level 5 | ≥ 2,000 | < $10,000,000 | 0.060% | 0.080% |
Volume discounts are given for more active users with a 30-day trading volume of $10 million USD or more:
| TIER | 30- DAY TRADING VOLUME | MAKER FEE | TAKER FEE |
|---|---|---|---|
| VIP 1 | ≥ $10,000,000 | 0.080% | 0.060% |
| VIP 2 | ≥ $20,000,000 | 0.075% | 0.040% |
| VIP 3 | ≥ $50,000,000 | 0.070% | 0.020% |
| VIP 4 | ≥ $100,000,000 | 0.060% | 0.000% |
| VIP 5 | ≥ $200,000,000 | 0.050% | -0.002% |
| VIP 6 | ≥ $500,000,000 | 0.040% | -0.005% |
| VIP 7 | ≥ $1,000,000,000 | 0.030% | -0.010% |
| VIP 8 | ≥ $10,000,000,000 | 0.025% | -0.010% |
OKX Payment Methods and Fees
If you do not already hold any cryptocurrency, you can certainly purchase directly from OKX.com with GBP, USD, EUR, JPY, or a range of other fiat currencies. The exchange offers a multitude of payment methods including Apple Pay, Visa, Mastercard, bank transfer, and more. The payment provider will charge you the transaction fee (usually 1% – 3%), but OKX does not charge any fee for depositing via fiat currency.
Depositing at OKX and Fees
You can also deposit over 350 cryptocurrencies into your OKX Wallet with absolutely zero deposit fees. Simply go to Menu, click on “Deposit”, and choose the crypto that you wish to deposit.
Withdrawing from OKX and Fees
The fees vary depending on the cryptocurrency that you are withdrawing from OKX. For example, there is a 0.0002 BTC withdrawal fee for Bitcoin, 0.004 ETH for Ethereum and so on. These fees are quite standard (and actually lower compared to other major exchanges), so feel free to withdraw anytime at your convenience.
OKX Customer Service
For starters, you can find a plethora of existing articles in the Support Center. If you need extra help, OKX offers an AI chatbot and other convenient contact methods below.
Email: support@OKX.com
Telegram: @OKXOfficial_English
Twitter: @okx
Conclusion – Should I use OKX Exchange?
In addition, OKX also offers exceptionally high yields for staking. While it is not the biggest exchange, OKX is a safe and secure platform for all of your crypto needs. Overall, OKX is highly recommended!
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