Introduction

OKX is an innovative cryptocurrency exchange with advanced financial services. They rely on blockchain technology to provide everything you need for trading and investment.

Enjoy hundreds of tokens and trading pairs. With OKX, you can join one of the leading crypto exchanges by trading volume. They’re serving millions of users in over 100 countries. They’re providing spot, margin, futures, options, perpetual swaps trading, DeFi, lending, and mining services.

The exchange was established in 2017 by Mingxing “Star” Xu as a spinoff of its sister company “OKcoin” which was forced to move its headquarters from Beijing to Hong Kong.

OKX has gained a reputation for catering to more advanced traders, and beginner investors may be better served elsewhere, given OKX’s focus on advanced trading tools and the breadth of cryptocurrencies provided. Currently, the exchange lists over 300 coins, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), along with the in-house token OKB, which provides specific discounts and perks to token holders. The exchange currently carries a daily trading volume exceeding USD 16 Bn, serving more than twenty million users spread across more than 100 countries and regions.

OKX stands out from the competitive crowd given that it hosts its own blockchain, OKExChain, which caters to high-performance & EVM-compatible smart contracts, which feed the OKX platform. In addition, OKX has attracted new customers through its loyalty and educational programs, which reward users with crypto-rewards.

Furthermore, the exchange is committed to the security of user funds. It adopts industry-standard security practices, whereby cold storage is utilized to transfer customer assets in and out of the exchange. OKX also provides unique features such as the ability to set up a withdrawal password and special protection measures such as anti-phishing codes.

Pros & Cons Of OKX

Pros:

• Huge selection of more than 300 cryptocurrencies to trade

• Relatively low fees when compared to competitors ranging at and below 0.1%

• In-house blockchain that provides opportunities for advanced traders

• Multiple options available to buy cryptocurrency utilizing bank cards, bank accounts, or digital wallets

• Industry-standard security practices, such as cold storage for user assets

Cons:

• Trading interface tends to be complicated for beginner traders

• Complex and multi-tiered operational structure

• Tilted towards the Chinese market, which pauses a regulatory risk

• Some cryptocurrency pairs available face the problem of low liquidity and high slippage

• Not available for users within the U.S.

OKX Fees

Compared to global exchange leaders, it is immediately evident that OKX ranks significantly lower in terms of fees, especially for premium users. This is because OKX adopts a three-layer multi-faceted fee structure whereby fees are determined based on cryptocurrency traders, the type of users, and the historical volume traded by the user. OKX fees start at a maker fee of 0.08% and a taker fee of 0.10%, which refer to transaction fees that users incur when orders are placed and filled. In comparison, Binance charges respective fees of 0.10% for each, whereas BingX charges 0.02% and 0.03%, respectively. In addition, a significant downside of OKX that users report is that the exchange does not disclose its fees pertaining to crypto deposits and withdrawals, whereby hidden cost details pose a red flag for many users. Moreover, OKX does not offer its own in-house VISA/Mastercard or bank transfer opportunities. Instead, it relies on third-party merchants who perform the cleaning services.

As a result, heightened security risks and elevated third-party fees have always pushed users dependent on fiat deposits and withdrawals away from OKX.

Trading Options

Advanced traders will be at ease within the OKX trading interface, given that the trading platform supports advanced trading options including market, limit, stop orders, and advanced conditional trades.

In addition, traders can view the market insight for a specific cryptocurrency by observing the order book under the OKX exchange.

Finally, the market charts are flexible and offer vast analysis tools coupled with the ability to customize layouts as per the user’s liking.

OKX also offers a breadth of unique products that users can utilize for increased returns.

These products include participation in token offerings to capture tokens at low prices.

Users can also capitalize on the in-house blockchain and access the smart contract support to launch their own tokens with unique features under the OKX platform.

Banking At OKX

OKX relies on third-party merchants to clear fiat deposits and withdrawals. Thus, spikes in fees are expected. In addition, deposit and withdrawal options vary by currency at OKX. For example, USD deposits and withdrawals are only allowed through Bank Transfers utilizing Signet or SWIFT instead of EURO deposits and withdrawals, which permit Visa and Mastercard Bank Cards.

Furthermore, restrictions on currency deposit and withdrawal options and fees are constantly being updated. Thus, users are advised to regularly check the related documentation under the OKX website.

OKX currently lists more than 300 cryptocurrencies, whereby each cryptocurrency is paired with multiple other cryptocurrencies. The wide breadth of cryptocurrencies is coupled with a large selection of earning products. For example, OKX offers various forms of crypto-staking, which refers to users committing cryptocurrencies for a set period in exchange for a pre-agreed yield return.

In addition, OKX provides its users with coin offerings and initial sales to better capture coins early within their trading cycle.

The exchange offers leading mining pools with top assets and daily revenue so users can attach their mining rigs.

OKX App

OKX offers its users a large selection of trading tools with high accessibility and deep liquidity to ensure timely order filling and optimal price quotes.

The exchange users can manage their accounts from the website or the mobile app available on Android-supported phones and iOS.

The OKX iOS app, which can be downloaded from the Apple Store, rates at 4.9 out of 5.0 stars, as opposed to 4.5 stars for the Android app, which can be downloaded from the Android Store, whereby both app versions share the same functionality and user interface. The links for downloading the mobile apps can be found on the official OKX website.

In addition, mobile apps pose an advantage over the traditional browser platform since the apps are faster, more responsive, and developed specifically for the platforms to ensure utmost compatibility.

After logging in, the user can view the account balance, transaction history, and trade history.

Users enjoy access to trading tools for spot, futures, options, and other trading needs on the app. Additionally, users can opt for financial services and earning tools from the mobile app.

In addition, account holders can benefit from real-time market data, market insights, and order books to ensure that informed trading decisions can be taken. The app provides a range of login options, including email and password combination, phone number and password combination, touch ID and face ID login options, Apple login option, and two-factor authentication (2FA) for enhanced security.

In addition, users are asked to complete a slide CAPTCHA to fight against bots clogging the network to ensure a seamless experience for real users.