OKX exchange is one of the well-reviewed cryptocurrency exchanges in the world for meeting the needs of both beginners and professional traders. The floor also offers most of the products currently on the market. Today’s article will help readers evaluate whether OKX really stands out.
What is OKX exchange?
OKX (formerly OKEX) is a world leading cryptocurrency exchange founded by Star Xu in January 2014 in China.
In fact, it was formerly known as OKEX and is a managed subsidiary of the OKCoin platform. By January 2022, this exchange was officially renamed OKX. However, in 2018, in the context of the Chinese government increasingly tightening regulations on cryptocurrencies, the OKX exchange had to move its headquarters to the island nation of Malta.
This exchange has served millions of users in more than 100 countries. Besides trading popular cryptocurrencies, OKX also offers spot, futures and derivatives trading. As a result, it is considered the world’s largest derivatives and spot exchange (both in terms of trading volume). The current CEO of trading platform, JayHao, had a deep interest and expertise in game development before he joined the crypto trading platform.
The exchange has received support and investment advice from leading venture capitalists and investment firms such as Ceyuan Ventures, VenturesLab, Longling Capital, eLong Inc and Qianhe Capital Management, helping to exchange technical assets number reached its current peak.
OKX launched its own OKB token in 2018.
Services and Features
Buy crypto
OKX makes buying crypto easy with its user-friendly interface. You can crypto in few steps. The exchange offers multiple payment methods and supports multiple local currencies to help users buy crypto: Buy crypto with a credit card, by bank transfer, or with crypto, or convert e-money your death. Users can instantly purchase crypto with a credit card and deposit it into their account in minutes.
P2P trading
The exchange offers peer-to-peer trading with the lowest prices, the deepest market liquidity, and the fastest KYC process for users. As an advertiser, you can post your buy/sell offers on OKX P2P platform and advertise for free to your targeted users. In addition, the escrow service is also free for advertisers and users.
OKX allows both desktop and mobile users to trade cryptocurrencies and get instant access to the entire ecosystem.
Convert
You can convert any cryptocurrency to another on OKX at any time. It’s free, instant and simple. On the website, select the crypto assets you want to convert and the assets you want to receive in exchange. Enter the amount you want to convert. You can also enter the amount you want to receive in advance.
When you select the cryptocurrency you want to convert, you will see your available balance right on this page. You can also buy or deposit more money directly on this page. Once you have entered the amount of crypto you want to convert, confirm the conversion and the crypto will be deposited into your account.
Trade
Like most cryptocurrency exchanges, OKX offers traditional spot trading for dozens of cryptocurrencies and hundreds of trading pairs in total. The trading interface of the platform definitely has all the options needed for trading, however, it can be a bit overwhelming for complete beginners as there are a lot of advanced options offered.
OKX enables traders to margin trade with up to 10x leverage on Bitcoin BTC, -0.18%, Ethereum ETH, -0.11%, and EOS EOS, -1.39% trading pairs and 3-5x leverage on the rest of trading pairs. When it comes to perpetual swap contracts, OKX offers up to 100x leverage on the BTC/USD swap and less for the rest.
Finally, this exchange also allows up to 100x leverage on the BTCUSD futures contract and less for the rest of its 9 total pairs. Traders can find a wide variety of orders here like the traditional limit or stop-limit orders but also ‘Iceberg’, TWAP, or trail orders.
Earn and Lend
OKX allows users to take advantage of generating additional revenue streams through its suite of “Monetize” products and services. The exchange has features geared towards DeFi, like staking tokens and providing liquidity to lending pools. For more risk-averse users, OKX offers savings products – including stablecoins, Bitcoin and others – that are flexible and fixed.
In addition to Monetization products, OKX users can use their crypto holdings to increase their exposure in the digital currency market through crypto-collateralized loans. death. Loan terms range from 7 to 180 days. Funds borrowed through crypto loans can be used across the platform’s many services, including spot and derivatives services as well as Monetization products.
NFT Marketplace
The decentralized NFT marketplace runs on Ethereum, Solana, OKC, Polygon, BSC, Avalanche C, Immutable X, Aptos, Arbitrum, Optimism, and Klaytn. Users can buy, sell, create and transfer NFTs on the exchange’s NFT platform.
Strengths
- High liquidity & trading volume.
- Support many languages, including Vietnamese language.
- Support many types of transactions such as: Trade Margin, futures, perpetual swap, P2P, etc.
- Margin Trade’s leverage is up to x5, making it easy for users to increase assets. However, it is also important to be aware of the associated risks.
- There are many trading pairs for users to have more options.
- Is a profit sharing channel and voting channel to decide the future of OKX. In addition, OKX also owns an incubator of Blockchain projects.
- Cheap transaction fees.
- Transaction limit up to 300 BTC/day.
- There are applications on iOS, Android, and Windows platforms.
- Good user support 24/24.
OKX fee
OKX charges the following fees from traders registered on the platform.
Deposit and withdrawal fees
There is no such OKX deposit fee charged from traders, but there is a small withdrawal fee from traders, but that is also very low compared to the fees charged by other similar crypto exchanges charged from their registered traders; 0.0005 BTC for bitcoin, 0.01 for Ethereum and 0.15 for Ripple. These are sometimes referred to as working fees instead of withdrawal fees, as they are determined by the blockchain load of each digital asset on the exchange.
Transaction fee
OKX is one of the world’s leading cryptocurrency spot and derivatives exchanges, so OKX’s transaction fee structure is slightly different from other crypto exchanges. OKX’s trading fee structure depends on whether the trader is a market maker or a market taker. However, most crypto traders are market holders rather than market makers because of the huge amount of securities required to validate a trader as a maker. market making.
Market receiver trading fees charged by OKX are up to 0.15% for spot trades for traders with less than 500 OKB tokens. However, the creator fee/recipient fee can be reduced to 0.06% and 0.09% respectively if the trader holds more than 2,000 OKB tokens in the OKX wallet.
Producer and receiver fees for futures and other perpetual markets start at 0.02% and 0.05% respectively, which can also be reduced depending on the OKB token kept in the trading account. As a result, OKX exchange fees are more competitive. High net worth premium traders with huge trading volumes over a 30 day period can also receive additional discounts and trading fee discounts.
Deposit fee
OKX offers margin trading, which means that the platform allows registered traders to borrow money from their crypto exchanges. It is a tool that allows traders to open a position with more capital than the initial deposit. OKX offers margin trading ratios (or leverage ratios) of 10:1 and 20:1 and 100:1 when traders choose to buy crypto tokens through a perpetual swap. Therefore, the platform charges a fixed interest rate on any position held overnight. OKX charges margin interest whenever tokens are borrowed.
The OKB Token
Similar to many other exchanges, OKX has created its own token called OKB. It’s a utility token that allows traders to benefit from service fees earnings as 50% of those are distributed to OKB holders. Additional few, holders will also have voting rights and the ability to invest in Jumpstart IEOs, trade on the decentralized exchange and a more benefits.
OKB is the token of OKX exchange used in the purpose of reducing transaction fees & events organized by OKX exchange.
Specifications
- Token: OKB.
- Token name: OKB.
- Blockchain: Ethereum, OKExChain, Sora.
- Contract:
- ETH: 0x75231f58b43240c9718dd58b4967c5114342a86c.
- OKExChain: 0xdf54b6c6195ea4d948d03bfd818d365cf175cfc2.
- Sora: 0x0080edc40a944d29562b2dea2de42ed27b9047d16eeea27c5bc1b
- Total supply: 300,000,000 OKB.
- Circulating Supply: 256,388,091 OKB.
OKX Competitors
Although OKX definitely has a lot of competitors at the top, the exchange does have a lot of unique features and simply offers enough variety of products to compete with basically anyone. It is also among the top exchanges when it comes to liquidity and has more than enough trading pairs on all products. BitMEX, for instance, also has a ton of liquidity and advanced order types, however, it lacks variety and doesn’t even offer spot trading.
Here’s some of the main OKX competitors:
- Binance
- Huobi
- Bitfinex
- BitMEX
Conclusion
OKX is a comprehensive cryptocurrency exchange that offers most of the products currently on the market. It is available in most countries worldwide (with the exception of a few like the United States) and offers customers the ability to purchase cryptocurrencies via credit cards. Although customers have complained about the support system and there have been rumors of possible hacks, it seems that the exchange is growing despite all the concerns.
The above article has introduced and evaluated OKX in detail for newcomers to cryptocurrencies. OKX is an exchange worth your attention because of its quite complete ecosystem. Besides, low fees are also considered as a strong point of the exchange.
Hopefully the article will have a more overview. Please leave your contributions below in the comments section. We will refer to the article to be more complete.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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