Introduction: This review covers OKX Exchange which is one of the world's leading cryptocurrency spot and derivatives exchanges. OKX was founded in 2017 and has since then strived to provide an engaging platform that empowers every individual to explore the world of crypto. The exchange is trusted by more than 20 million users in over 180 regions globally.
OKX (Aux Cayes FinTech Co. Ltd) is a world-leading crypto exchange founded in 2017 by co-founders Denis Kuderin and Jonathan Lykken.
The duo has raised $12 million in funding from investors such as F2Pool, BlockTower Capital and Polychain Capital. The OKX team also includes advisors such as Vitalik Buterin, the creator of Ethereum.
OKX is headquartered in Hong Kong and has offices in Beijing, Shanghai, and Singapore. The company has over 1,100 employees on Linkedin and over 20 million users in over 180 countries globally.
OKX offers trading in 349 cryptocurrencies including BTC, ETH, LTC, SOL, ATOM, DOT, ADA, with over 600 trading pairs.
The exchange also offers a wide variety of derivative products including futures, options, and swaps. In 2021, OKX processed 25 billion trades with trading volumes of over $21 trillion.
OKX KYC Requirements
To sign up for an account on OKX, all you need is a valid email address. There is no KYC (know your customer) requirement to start trading on the exchange. This makes it very easy for anyone to get started with OKX.
OKX does have a KYC process for those who want to buy crypto with fiat currencies or withdraw more than 10 BTC per day. There are two types of KYC on OKX:
OKX Level 1 KYC Verification: The process is simple and requires you to submit your name, nationality, and document ID number.
OKX Level 2 KYC Verification: Requires photo identification and facial verification via Netverify.
Both level 1 and level 2 enables higher withdrawal limits (200-500 BTC) and higher cumulative P2P transaction limits ($500-$100,000).
OKX KYC process can be accomplished in as little as 10 minutes but may take longer if there’s a high volume of requests.
If you're interested in using OKX to buy and sell cryptocurrencies, here's a step-by-step guide:
1. Create an account on the OKX website 2. Verify your account by providing your personal information and identity documents 3. Deposit funds into your account via bank transfer or cryptocurrency wallet 4. Start trading on the OKX platform!
OKX: Products & Services
OKX cryptocurrency exchange offers a wide range of products and services, catering to both retail and institutional investors. OKX provides spot trading, derivatives trading, OTC trading, margin trading and much more.
1. OKX Spot trading
OKX offers spot trading for over 300 cryptocurrencies like BTC, ETH, SOL, ATOM, and many others. They offer a user-friendly platform with robust trading tools, making it perfect for those new to the world of cryptocurrency.
2. OKX perpetual Swaps
Perpetual swaps, like futures and options, are derivatives that track the price of an underlying asset. Perpetual swaps are a type of derivative contract that allows you to trade cryptocurrencies without having to own them.
OKX offers perpetual swaps for BTC, ETH, LTC, and XRP with leverage of up to 100x. OKX offers both isolated and cross margin perpetual swaps.
3. OKX Futures
OKX supports weekly, bi-weekly and quarterly contracts and an order can only be placed when the account equity balance is larger than or equal to the margin. Users may open more or close position(s) anytime to take profit/stop loss.
4. OKX Options
OKX users can buy and sell call and put options 24/7 with Bitcoin, Ethereum and SOL. OKX offers both European Option (can only be exercised on its expiration date) and American Options (can be exercised at any time).
5. OKX Margin Trading
OKX offers margin trading for a variety of altcoins with leverage of up to 100x. This means that you can trade with more money than you have in your account, which can lead to bigger profits but also bigger losses.
6. OKX NFTS
OKX has developed their own native one-stop decentralized NFT marketplace where its users can create and trade NFTs across blockchains and platforms.
At the time of writing, OKX users can access NFTs from OpenSea, LooksRare, Magic Eden and IMX Official.
You can also create your own NFTs by minting on Ethereum or OKC. You can earn royalties on your NFTs which can take the form of an image, audio file, or video.
To buy NFTs, simply connect your OKX wallet and head to the marketplace. You can then either buy directly or place a bid.
7. OKX Earn
With OKX Earn, you can choose to earn interest on a wide range of coins, including Bitcoin, Ethereum, Litecoin, XRP, and more.
The platform is easy to use and secure, and you can start earning interest with as little as 1 US dollar. OKX Earn offers a way to generate interest on your crypto through Staking, Loans, and third-party Defi services. This yield can be earned in fixed or flexible terms with different risk profiles.
8. OKX Jumpstart
Jumpstart is OKX launchpad where OKB tokens holders have the opportunity to buy new tokens for the first time.
To participate in Jumpstart, users have to both complete Level 2 KYC and have a sufficient number of OKB tokens staked. So far there have been 12 projects launched on Jumpstart with the most well known being Raydium (RAY) and Woo Network (WOO).
9. OKX Trading Bots
OKX provides customizable crypto trading bots that allows users to create automatic trading strategies.
These trading bots can execute automatic trading spot, futures, recurring buys, arbitrage order and TWAP (i.e., time-weighted average price). Spot, futures and recurring buys are the easiest to get started and they provide a lower risk profile.
10. OKX Token (OKB)
OKB is the native utility token of the OKX exchange and is currently the 20th largest cryptocurrency on Coingecko with a fully diluted market cap of almost $4 billion.
The max supply of OKB is 300 million and the main benefits for its holders are trading fee discounts, ability to earn yield and the ability to participate in new token sales on OKX launchpad Jumpstart.
OKB also has a quarterly buy-and-burn schedule where they use 30% of the income from OKX spot trading fees to buy and burn OKB tokens.
At the time of writing, OKX have burned a total of 48,372,387.94 OKB tokens which has reduced the max supply to 51,627,612.06 OKB.
OKX has a straightforward tier-based fee structure where the trading fees go down if you hold enough OKB tokens or if you trade significant volumes. Below are the trading fees that the majority of people will be paying:
1. OKX spot trading fees
USDT/USD/Crypto pairs: Maker fee of 0.080% / Taker fee of 0.1%
USDC pairs: Maker fee of 0% and the taker fee 0.070%
You are considered a Taker whenyour order is executed immediately and a Maker whenyour order is not immediately matched. Example:
If you execute a spot trade for $100 with USDT and it gets executed immediately (Taker), the fee that you will pay is $100 * (0.1/100) = $0.1 spot trading fee.
2. OKX futures and perps fees
the maker fee is 0.02% and the taker fee is 0.05%.
3. OKX options fees
the maker fee is 0.02% and the taker fee is 0.03%.
OKX offers a variety of deposit methods including credit/debit cards, bank transfers, and crypto. For fiat deposits, the exchange supports USD, EUR, GBP, and 90 more fiat currencies that can be deposited via debit/credit card, P2P Express, Banxa, and Moonpay.
$100 USD returns roughly $95-$96 worth of USDT for a commission between 4-5%. The benefits of card deposits are that your funds arrive in your account within minutes.
How to withdraw from OKX?
To be able to withdraw cryptocurrencies, you must first link your phone. Once done, each cryptocurrency that you wish to withdraw comes with different withdrawal fees. Below we have outlined the fees for some popular and often used cryptocurrencies:
Bitcoin (BTC): 0.0002 BTC
Ethereum (ETH): 0.00061 ETH
Solana (SOL): 0.008 SOL
Cosmos (ATOM): 0.004 ATOM
Polkadot (DOT): 0.08 DOT
Tether USD (USDT ERC-20): 0.8 USDT
OKX: Apps & Wallet
OKX is available on both the Google & Apple app stores with over 1 million downloads at the time of writing. OKX has a very impressive 4.3 Stars (250K reviews) and 4.8 Stars (15K reviews) on Google and Apple.
The OKX apps provide a secure and easy way to buy over 300 cryptocurrencies on the go. For crypto beginners, OKX also offers a Lite version of the app that makes it even easier to buy, sell, and earn cryptocurrency.
OKX also offers its in-house developed web 3 wallet that currently connects to over 30 blockchains like Bitcoin, Ethereum, Binance Smart Chain and more.
Is OKX Safe?
OKX takes security seriously and employs a number of measures to protect user funds. These include 2-factor authentication, multi-sig wallets, and cold storage for all user funds.
In addition, OKX has implemented a number of risk management measures to protect against potential threats. Overall, the security features of OKX make it a safe and secure platform for users to trade cryptocurrencies.
OKX exchange has never been hacked in its 5 years of operations and has a 9/10 Coingecko Trust Score.
OKX provides great customer support in the form of a helpful self-serve service where many of the common questions have been answered. On their website, you will also find an A.I. chatbot that is able to assist with additional questions.
If you need to personal help, you can always contact their customer through email or phone. You can also receive customer support by visiting the following social media platforms:
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.