Welcome to the exciting world of OKX, a dynamic crypto exchange platform that offers a wealth of features and services to help you trade and invest in digital assets with ease. Whether you’re a seasoned trader or a new investor, OKX provides a safe and intuitive platform that allows you to harness the potential of the crypto market.
Join us for our OKX review, which includes the highlights listed below:
- Established in 2017, OKEx is one of the world’s leading crypto exchanges.
- The platform boasts high trading volumes and supports over 350 cryptocurrencies.
- OKX offers various trading products, including spot trading, margin trading, futures trading, and options trading.
- The exchange is known for its advanced security measures, including multi-factor authentication, hot and cold wallets.
- OKX has a user-friendly interface and provides customers with a range of tools and resources, such as trading charts, market analysis, and educational materials.
What Is OKX?
The OKX crypto exchange, founded in 2017 as OKEx and based in Seychelles, provides a comprehensive suite of advanced financial services to users worldwide. It has over 20 million users across more than 100 countries and an impressive range of features.
From margin borrowing, earning cryptocurrency through staking and savings to cryptocurrency-backed loans and even its own blockchain, OKX is a one-stop-shop for all things crypto. Plus, it offers advanced products like mining pools and OKX Chain, which allows developers to deploy dApps and use infrastructure like OKTC Oracle and more.
Moreover, OKX has an intuitive and user-friendly platform that makes trading as easy and profitable as possible. With a wide range of tokens and trading pairs available, you can enjoy a diverse portfolio of investments while the advanced security measures ensure that your crypto assets are always safe and sound.
While OKX doesn’t currently accept users from the United States due to regulatory and compliance concerns, it remains a popular choice for traders around the world. We’ll explain further why this exchange is a top pick for many, regardless of whether you’re a crypto novice or a seasoned veteran.
How to Open an OKX Account?
Creating an account on OKX is a breeze and can be done in just a few simple steps:
- Step 1: Head to the OKX homepage and click on the Sign up button located in the top right-hand corner.
- Step 2: Enter your email address in the designated field.
- Step 3: Click “Sign up” when you’re ready to proceed with your email address.
- Step 4: Check your email for the six-digit registration verification code that OKX has automatically sent you.
- Step 5: Enter the verification code into the “Enter code” field within 10 minutes and click “Next” to continue.
- Step 6: Set a strong password for your account. Make sure to follow the best crypto security practices and never share your password with anyone.
- Step 7: Access your OKX account dashboard and choose between buying with a card or depositing funds from another platform or wallet.
- Step 8: Hover over the “Trade” menu in the navigation bar and select the option that interests you. Before you start trading, you’ll be asked about your trading experience.
- Step 9: OKX offers a demo mode that allows you to trade with test assets. Simply hover over the “Trade” menu and select “Demo trading” to access the demo trading environment.
Is OKX Safe?
OKX’s robust security measures include offline and online storage, as well as a reserve fund, which we’ll go over now.
The exchange provides cold wallet systems, which are completely disconnected from the internet. By doing this, the weak links in data security, such as private keys and passwords, are well-protected.
The cold wallet system by OKX includes several backups, bank vaults, and storage limits to ensure that funds are protected. The exchange also takes extra measures while using USB drives, which are not completely safe from spyware and viruses.
To access its cold wallet system, confirmation from at least two authorized staff members is required, and the exchange ensures that 95% of all funds are kept offline.
While offline asset storage is the most secure option, crypto exchanges require ready access to some funds in order for users to deposit and withdraw. This is where online storage, also known as hot wallets, comes into play. To support quick, secure, and convenient deposits and withdrawals, OKX employs its own semi-offline multi-signature mechanism.
Our OKEx review found that a variety of technical solutions are used, including online and semi-offline risk management systems based on big data. OKX sends transactions using a semi-offline signature service rather than traditional TCP/IP to protect against cyber attacks.
The exchange’s multi-signature system necessitates several confirmations from authorized employees who are geographically dispersed and have private key backups in place. Contingency plans are also in place in case of unexpected events, with private key backups having various emergency scenarios and redundancy plans.
OKX Risk Shield
OKX has created an asset risk reserve fund called OKX Risk Shield to ensure and protect users’ funds, committing to allocating a percentage of its earnings to guarantee and protect assets from crypto risks. This fund is now worth more than $700 million.
This is in addition to the exchange’s industry-leading asset security risk control system, which provides new and existing customers with strong asset protection. As crypto adoption grows, the OKX Risk Shield fund reflects the exchange’s commitment to providing a safe and secure crypto trading environment for all.
Also, OKX crypto exchange offers articles on its website that explain how customers can improve account security with tools like 2FA, Google Authenticator, mobile account verification, and more.
We, therefore, appreciate how security is addressed on this platform. We believe that customers can trade confidently because their crypto assets are safeguarded using the best security protocols.
What Are OKX Features?
Spot trading, margin trading, perpetual swap, OKX Earn, a dedicated mobile app, OKX Giveaway, and trading bots are just a few of the tools that make up the platform’s extensive feature set and are available to all kinds of traders.
The most popular type of trading is called spot trading, in which participants purchase or sell cryptocurrencies at the going rate on the market. In order to help users build a varied portfolio of assets, OKX offers over 350 tokens and 500 trading pairs for trading.
Some of the most popular cryptocurrencies on the platform are:
- Bitcoin (BTC)
- Ether (ETH)
- OKB (OKB)
- Ripple (XRP)
- Dogecoin (DOGE)
- Solana (SOL)
- Polygon (MATIC)
- Polkadot (DOT)
- Aave (AAVE)
Beginners can easily get started on the exchange because of its user-friendly interface, and advanced traders can benefit from the platform’s comprehensive features to monitor market patterns and place well-informed trades.
P2P Trading Platform
With the P2P platform, you can buy and sell digital assets like Bitcoin and Tether directly with other users for free. Furthermore, as a Super Advertiser, you can expand your network and become a member of the crypto community.
According to our OKX exchange review, Wise, Payoneer, AdvCash, AirTM, Payeer, Perfect Money, Skrill, and Zen are just a few of over 900 local payment options available in 100 different currencies. P2P trading on OKX is the way to go because it offers multiple payment methods to meet any need.
When you trade P2P on OKX, you are trading with other users, not with OKX. To ensure a fair trade experience, OKX will hold your crypto assets until the seller receives a payment confirmation. OKX recommends trading with verified advertisers who have been thoroughly vetted.
Margin trading is a high-risk, high-reward way of trading digital assets. It involves borrowing funds from a broker or exchange to increase your buying power, allowing you to make larger profits than you would with your own funds. At OKX, traders can execute positions with up to 10 times their capital, opening up a world of possibilities.
To long a token, traders can use their principal plus borrowed tokens to buy another token and sell it when the price rises to a desired level. After repaying the loan and interest, the remaining amount is their multiplied gain. Conversely, shorting a token allows traders to profit from a price drop by borrowing the token to sell it, and then buying back when its price has dropped to repay the loan and capture the price difference.
But margin trading on OKX crypto trade isn’t just about “buying before a rise” and “selling before a fall.” It can also be used for arbitrage or to hedge exposure in combination with futures or perpetual swap trading. While the potential returns can be great, so too can the potential losses, making it crucial to approach margin trading with caution and always manage risk appropriately.
OKX’s perpetual swaps are a popular option for traders looking to gain exposure to cryptocurrencies without actually owning them. Unlike traditional futures contracts, perpetual swaps don’t have an expiration date, allowing traders to keep their positions open as long as they have sufficient margin to cover them.
At OKX, the perpetual swap is settled in digital currencies such as BTC and USDT, with each contract having a face value of $100. This makes it easy for traders to enter and exit positions, and the platform’s advanced trading tools allow for greater control over risk management and profit-taking.
What Is OKX Giveaway?
The OKX Giveaway is a promotion by OKX where it is offering a chance to win $100,000 in Bitcoin to those who sign up for their email list and follow them on Twitter. This promotion is part of its brand campaign to attract new users to its trading platform.
OKX Earn is the ultimate way to maximize your earnings on your cryptocurrency assets. You can choose from a range of investment options to earn interest on your assets, including staking, loaning, and third-party DeFi services.
With OKX Earn, you can enjoy a range of benefits. Firstly, you’ll receive high rates of interest on your assets, allowing you to earn more money without lifting a finger. Additionally, you’ll have access to a diverse range of offers, including low-risk savings deals, high-yield flash deals, and advanced dual investment options.
Your assets will be stored securely, giving you peace of mind knowing that your cryptocurrency is safe and protected. And with flexible terms, you can choose the investment strategy that suits your needs and goals.
OKX App Review 2023
The OKX mobile app is available for download on both the Apple Store and Google Play, and it’s packed with advanced features that make trading cryptocurrencies easier and more convenient than ever before.
The app is an all-in-one crypto platform that allows users to trade in all available forms, including spot and derivatives trading. With real-time streaming quotes, customers can easily monitor the market and seize opportunities as they arise. The built-in digital wallet provides a secure and easy way to store crypto coins, while the app’s intuitive interface makes depositing and withdrawing funds a breeze.
But the app doesn’t just offer trading functionality. It also includes a subscription to updated crypto news, so traders can stay up-to-date on the latest developments in the industry.
OKX offers its users the ability to use Trading Bots, a customizable tool that allows traders to create automated trading strategies. Compared to traditional manual trading, trading bots execute orders at lower risk and cost, and can take advantage of the best trading times.
In the Bot Marketplace, OKX traders can share their bots for spot grid, futures grid, DCA, smart portfolio, and recurring buy. This allows regular users to copy the parameters of excellent strategies.
Our OKEx review found that the spot grid bot is a simple trading strategy that capitalizes on normal price volatility by placing buy and sell orders at regular intervals above and below a predefined base price. Futures grid bot works similarly but focuses on futures trading.
Meanwhile, the spot DCA bot uses a Martingale approach to lowering average costs by placing incremental orders when prices drop and closing positions when profit goals are reached.
All OKX Trading Bots are free for users and can be used to auto-trade and earn profits all day long. The bots provide users with the convenience and flexibility to set up their strategies and let the bot execute orders on their behalf, freeing up time for other important tasks.
What Are OKX Fees?
Regular users begin with a 0.080% maker fee and a 0.100% taker fee if they have less than 500 OKB holdings.
OKX offers a fee schedule for both regular and VIP users, with VIP users receiving lower fees based on their trading volumes and asset balances. Regular users are classified by the total amount of OKB tokens they hold, while VIP users are classified by their 30-day trading volumes and daily asset balances.
The table below shows the spot trading costs for regular users for USDT/USD/cryptocurrency pairs, and these tiers are updated daily:
|Tier||OKB Holding (total)||Assets (USD) OR||30-Day Trading Volume||Maker fee||Taker fee||Withdrawal Limit (24hr)|
|Level 1||< 500||< 100,000||< 10,000,000||0.080%||0.100%||10,000,000|
|Level 2||≥ 500||< 100,000||< 10,000,000||0.075%||0.095%||10,000,000|
|Level 3||≥ 1,000||< 100,000||< 10,000,000||0.070%||0.090%||10,000,000|
|Level 4||≥ 1,500||< 100,000||< 10,000,000||0.065%||0.085%||10,000,000|
|Level 5||≥ 2,000||< 100,000||< 10,000,000||0.060%||0.080%||10,000,000|
Users who meet the requirements for different fee tiers, such as spot trading volume, total trading volume of futures and perpetual contracts (USDT-margined, USDC-margined, and crypto-margined), options trading volume, and total assets, enjoy the highest fee tier discount.
This OKX trading fee structure incentivizes higher trading volumes and asset balances, providing users with more benefits as they trade more actively.
While OKX crypto deposits are free of charge, one area that falls short is its lack of transparency when it comes to withdrawal fees. As a savvy investor, it’s important to have a clear understanding of all costs associated with trading, and hidden fees can be a major red flag.
So if you’re looking for an exchange with a transparent fee schedule, you may want to consider other options.
OKX Review - Which Support Options Does It Offer?
When it comes to managing your OKX account, the majority of your needs will be self-service. But don’t worry, if you do need some extra help, OKX has got you covered with some additional support options.
The first place to check for help is the comprehensive help center. It has all the information you need to manage and update your account, as well as answers to any questions you may have about trading on OKX.
If you need to speak with a customer service representative, OKX offers 24/7 online support via phone, email-based ticketing, and live chat. Whether you’re using the desktop or mobile app, help is always just a click away.
2023 OKX Reviews - What Do Customers Say About OKX?
OKX has a 2.8/5 rating based on 474 Trustpilot reviews, which isn’t too bad for a crypto exchange.
The majority of negative reviews claim that customers had issues with deposits, as well as missing money for withdrawals, problems with customer support, and issues with the account verification process. The good news is that OKX has responded to the majority of negative reviews, demonstrating its commitment to resolving customer complaints.
Final Thoughts: Is OKX Worth It?
To conclude our review, OKX is a reliable cryptocurrency exchange with a wide range of features that cater to both novice and experienced traders. Its user-friendly interface, advanced trading tools, and robust safety measures make it one of the best exchanges in the crypto world.
However, to spare you from searching through endless reviews of OKX, it’s important to note that OKX is not available in the US and lacks transparency when it comes to fees for withdrawals, which could be a concern for some users.
Is OKEx safe to use?
OKEx is generally considered a safe cryptocurrency exchange with a good reputation in the industry. It has implemented various safety measures such as two-factor authentication, cold storage, and regular audits to protect users’ assets.
Is Binance better than OKX?
Both OKEs and Binance are popular exchanges and have their pros and cons. It ultimately depends on personal preferences and needs.
Which country is OKX based?
Our OKX review found that the exchange is currently headquartered in Seychelles.
Is OKX a crypto wallet?
OKEx offers a crypto wallet service where users can store their cryptocurrencies, but it primarily operates as a cryptocurrency exchange. Users can buy, sell, and trade various cryptocurrencies on the platform.