OKX Review: In Depth Exchange Review

TDLR: OKX is a centralized cryptocurrency exchange that offers a user-friendly platform, a wide range of trading pairs, and a mobile app. However, it’s important to note that it currently only accepts deposits in cryptocurrency and doesn’t offer any trading pairs with fiat currencies.

OKX is a solid choice for traders looking for a wide range of trading pairs, low trading fees, and high security.

General Overview

OKX, formerly OKEX, is a cryptocurrency exchange with advanced financial services founded in 2017 and has headquarters in Seychelles. It trades various digital assets, including Bitcoin, Ethereum, and Litecoin. This article will comprehensively review the OKX exchange, including its features, fees, pros, and cons.

OKX offers a user-friendly platform with a simple and intuitive interface, making it easy for new users to navigate and start trading. The exchange offers basic trading, including spot trading and simple options, and derivatives, including margin, futures, perpetual swaps, and options.

Other products include trading bots, block trading, OKX Earn (savings, stablecoins, DeFi, staking, ETH 2.0, and more), crypto loans, and Jumpstart, the exchange’s launchpad.

In the world ranking of cryptocurrency exchanges provided by CoinMarketCap, OKX is at number #7 with a Spot Trading Volume (24h) of $1,708,158,155.33.

Pros & Cons

Pros:

• User-friendly platform: OKX offers a user-friendly platform that is easy for new users to navigate.
• Wide range of trading pairs: The crypto exchange offers a wide range of trading pairs, which allows crypto traders to diversify their portfolios and access a larger pool of assets.
• Margin trading: The exchange offers margin trading, potentially increasing returns for traders.
• Mobile app: OKX also offers a mobile app that allows traders to access their accounts and trade from anywhere.
• OKX supports over 300+ cryptocurrencies and is available in over 200 countries.
• Fiat-on-ramp: OKX supports 400+ trading pairs and allows you to use Apple Pay, Visa, Mastercard, bank account transfer, Alipay, WeChat pay, etc., to convert your fiat into crypto.

Cons:

• Limited payment options: OKX supports only accepting deposits in cryptocurrency, which may be inconvenient for some users.
• Lack of fiat trading pairs: OKX exchange doesn’t offer any trading pairs with fiat currencies, which may be a limitation for some traders.
• Increased risk: As mentioned earlier, margin trading increases the risk of losses, so it may not be suitable for all traders.
• OKX exchange has a fee structure that some users consider too complex.

OKX exchange fees:

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OKX has over 400+ trading pairs.

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The fees are maker fee – 0.08% and taker fee – 0.10%.

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OKX’s fees are calculated based on a maker-taker model. This means that makers, who provide liquidity to the market by placing limit orders, are charged a lower fee than takers who take liquidity from the market by placing market orders. The maker fee for OKX is 0.08%, and the taker fee is 0.10% (decreased compared to 2022’s 0.10% and 0.15%). These are considered to be competitive trading fees in line with other exchanges in the industry.

OKX exchange has low fees for futures trading and perpetual swaps, with 0.020% for makers and 0.050% for takers.

Regarding deposit and withdrawal fees, the exchange offers free deposits and charges a withdrawal fee for each cryptocurrency, which varies depending on the asset. However, they are considered to be low fees.

OKX vs. Binance

Binance, the number 1 among cryptocurrency exchanges worldwide, also uses a maker-taker model and has similar fees. The maker fee for Binance is 0.10%, and the taker fee is 0.10%. However, Binance also offers a discount to users who hold Binance Coin (BNB) and use it to pay their trading fees. This can further reduce the fees for traders.

OKX vs. Coinbase

Coinbase is another popular exchange known for its user-friendly interface and easy-to-use platform. Coinbase’s trading fees are also based on a maker-taker model but are much higher than many exchanges OKX and Binance. The maker fee for Coinbase is 0.60%, and the taker fee is 0.40%. Coinbase does not currently offer futures trading or perpetual swaps.

OKX Exchange features:

OKX Wallet is a powerful decentralized Web3 wallet that supports 29 blockchain networks — including Solana, Polygon, and Avalanche.

NFT Marketplace

OKEx has an NFT marketplace, which allows users to buy, sell, and trade unique digital assets. The marketplace offers various NFTs, including digital art, collectibles, and gaming items. The marketplace supports multiple chains shown in the picture below:

Jumpstart

OKX Jumpstart is designed as a platform that helps incubate high-quality crypto projects for a limited time. Once the platform has listed some projects, interested users will be allowed to stake their OKB (OKX’s token) in exchange for the tokens issued by the project.

OKX Earn

This feature allows users to earn passive income on OKX by using their crypto assets through 8 products:

Trading

OKX spot trading supports over 300+ cryptocurrencies. OKX offers margin trading with leverage up to 10X. OKX offers futures trading and perpetual swaps with up to 125X leverage for derivatives.

 

Security

OKX is a cryptocurrency exchange that takes the security of its users’ funds and personal information very seriously. The platform uses state-of-the-art security measures to ensure users’ funds are always safe and secure.

One of the key features of OKX’s security is its multi-factor authentication. This requires users to provide multiple forms of identification, such as a password, a fingerprint, or a facial recognition scan before they can access their accounts. This helps to prevent unauthorized access and ensures that only authorized users can make trades or withdraw funds.

Another important aspect of OKX’s security is its cold storage system. This is a technique in which most of the exchange’s digital assets are stored offline in a cold wallet. This helps to protect the assets from hacking attempts and other online threats. In addition, the platform uses a hot wallet with a small number of assets for instant trading.

To further protect users’ assets, OKX also conducts regular security audits. These audits are designed to identify and address vulnerabilities in the platform’s security systems. As a result, OKX can quickly address and fix any issues.

OKX also has a dedicated security team constantly monitoring the platform for suspicious activity. The team is also responsible for investigating potential security breaches and implementing measures to prevent them from happening again.

In addition, OKX is compliant with various regulations and laws, such as AML and KYC, that are designed to prevent money laundering and other financial crimes. This helps to ensure that the platform is being used for legitimate purposes and that users’ funds are not used for illegal activities.

How to join the OKX cryptocurrency exchange

Creating a new account on OKX is a simple process, similar to opening other cryptocurrency exchanges or stock market brokerage accounts.

The registration process involves providing personal contact information. To access all of OKX’s trading features, completing the Know Your Customer (KYC) requirements is necessary. The requirements include entering basic information, such as a government identification number, and uploading a picture of your ID and a selfie through a partner, Netverify.

Additionally, there are three levels of verification, with Level Three requiring agreement to a disclaimer. The withdrawal and transaction limits vary depending on the verification level, with unverified accounts can withdraw up to 10 BTC per day and trading up to $500. Higher levels of verification provide higher withdrawal and transaction limits.

OKX crypto exchange tools:

There is a unique set of tools that make OKX an innovative cryptocurrency exchange:

• Pool: This utilizes a proof-of-work mining service with hedging
• OKB: $OKB is the utility token of the OKX ecosystem. Holders enjoy benefits, including discounts, trading fee discounts, exclusive access, and more.
• Security of Funds: This feature ensures the safekeeping of assets under its custody and ensures that the funds are protected from potential hacking attempts or other security breaches.
• Status: You can keep up with maintenance information here.
• Proof of Reserves: The crypto exchange holds a 1:1 reserve of all the customer’s assets on the OKX platform, giving full transparency of the reserves.
• Referral: Invite friends or family to earn OKX rewards.
• Affiliates: Earn a passive income of a minimum of 30% fees from invited trades.
• Broker: You can win substantial commissions if you have the necessary abilities to be a broker.
• OKX Blockdream Ventures: Users can invest in early-stage blockchain and cryptocurrency startups.

Customer Service

Regarding customer support, OKX provides a 24/7 customer service team to assist users with questions or issues. The platform also has an extensive FAQ section designed to answer the most common questions that users may have.

OKX decentralized exchange

OKX has a decentralized exchange (OKX DEX) that allows users to trade cryptocurrencies without needing a centralized intermediary. It is built on the Ethereum blockchain and utilizes smart contracts to facilitate trades. The platform is designed to be user-friendly and accessible to people of all experience levels.

One of the key features of OKX is its liquidity pool, which allows users to provide liquidity to the platform in exchange for rewards. This helps increase the order book’s depth and stability, making it easier for users to buy and sell assets. Additionally, OKX offers farming options, which allow users to earn additional rewards by holding and staking certain assets.

Overall, OKX’s decentralized exchange is an exciting option for those looking for an alternative to centralized platforms and a platform with features such as liquidity pools and farming.

Final thoughts

In conclusion, OKX is a solid choice for traders looking for a wide range of trading pairs, low trading fees, and high security. The exchange’s user-friendly platform, mobile app, and advanced financial services make it easy for new users to navigate and start trading.

However, it’s important to note that OKX currently only accepts deposits in cryptocurrency and doesn’t offer any trading pairs with fiat currencies, which may be a limitation for some traders. Additionally, the exchange’s fee structure may be too complex for some users, and margin trading increases the risk of losses. Overall, OKX is a reputable exchange that offers a variety of features and services to its users.