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OKX Review

OKX is a super-efficient crypto platform. This review will show you how the platform combines various tools to provide high productivity for its users.

okx

Introduction

The OKX crypto exchange offers trading on popular cryptocurrencies like Bitcoin (BTC) and emerging tokens like Chia (XCH). Traders with more experience will especially appreciate low trading fees. Experienced traders may appreciate its vast selection of trading tools and order types, but beginner crypto investors may be better served elsewhere.

OKX, which has over 20 million users in over 180 countries, aims to provide an engaging platform that allows everyone to discover the world of cryptocurrency. It has become a platform for storing digital assets like NFTs. The platform is large enough to encourage institutional investors to come to manage crypto assets, enhance investment opportunities, and hedge risks. You may quickly buy crypto with a card, bank account, or mobile wallet if you have an OKX account. When participating in staking or saving features, it also gives extraordinarily high yields in specific situations.

What is OKX?

OKX is one of the largest Chinese crypto platforms and derivatives trading exchanges. The company was launched by Star Xu in 2017 and is headquartered in Seychelles. OKX is a well-branded cryptocurrency exchange platform with newly improved financial services. They provide blockchain technology to enable a wise and safe method of trading and investing. With OKX, you can belong to one of the leading crypto exchange markets. OKX now operates in over 100 countries worldwide.

OKX Services

To help traders maximize their strategy, OKX offers hundreds of token and futures trading pairs. Tokens such as Ethereum, Bitcoin, Ripple, Dogecoin, Cardano, and Litecoin with leverage options. OKC offers a simple way of buying crypto through its “Buy coins” which is displaced on your mobile phone interface. It supports over 30 currencies as a means of payment method.

OKX Exchange

The OKX Exchange enables both crypto-to-crypto and fiat-to-crypto trading, which is usual for cryptocurrency exchanges. OKX also offers futures trading for Bitcoin, Ethereum, and EOS with weekly, bi-weekly, and monthly contracts available. The exchange currently supports over a hundred cryptocurrencies and tokens, with new ones being added regularly. Leveraged margin trading is also provided on the platform.

Cryptocurrencies OKX support

On OKX’s trading platform, you may buy, sell, or trade hundreds of tokens and coin pairs using leverage or your on-chain portfolio. OKX offers over 100 cryptos used for trading or exchange. New cryptocurrencies are being added over time. OKX cryptocurrency list includes:

  • Bitcoin
  • Ethereum
  • Tether
  • Litecoin
  • Ripple
  • Bitcoin Cash
  • Dogecoin
  • Cardano
  • Polkadot
  • Loopring
  • Spectrocoin
  • Polygon
  • Fil ecoin
  • Waves
  • Kusama
  • Chilis
  • Algorand
  • Solana
  • Chainlink

How to create an OKX account?

A phone number or an email address can be used to create an OKX account. Users can also sign up using their Telegram or Google credentials. Users must set up two-factor authentication when their accounts are authenticated via email or SMS message.

The verification of an account can be used in four different ways depending on the choice of a user. The first type is :

  • Unverified: For accounts that lack a verification process, they are limited to a 10 BTC everyday withdrawal maximum and cannot assess crypto using fiat currency.
  • Level One: Users must input their country, name, and document identification number to complete basic verification. The daily withdrawal limit has been raised to 200 BTC, and customers can now buy crypto with fiat currency. There is also a $500 limit on total P2P transactions.
  • Level 2: This verification requires users to show photo identification to prove their identity. They must also use Netverify to undertake facial verification. This raises the daily withdrawal limit to 500 BTC and the total number of P2P transactions to $10,000.
  • Level 3: After passing the first two steps, users must read and agree to the OKX disclaimer via the mobile app or website. The daily BTC withdrawal limit is the same as level two, but the cumulative P2P transaction maximum is $100,000.

Don’t forget to enter the OKX referral code when registering an account to receive more benefits.

Mobile App of OKX

The OKX website and mobile app allow users to manage their accounts. Both provide customers access to the same account information, while some people may find navigating on a desktop computer or laptop easier. The app can be found on the Google play store and also the app store.

Deposits and Withdrawals

OKX accounts can only be funded with digital currencies; deposits in fiat currency are not accepted. Clients can buy cryptocurrency with a credit card or send tokens from a hardware wallet address or another exchange.

Transferring cryptocurrency takes only a few minutes on average.

Clients can purchase digital assets using a variety of payment methods, such as credit and debit cards, bank transfers, Google Pay, and PayPal. The currencies USD, GBP, and EUR, among others, are accepted. However, the exchange’s introductory instructions provide information on financing rates, selling cryptos, and internal withdrawals.

Leverage Trading

To enable crypto loan and other assets, OKEx offers margin trading on its spot and derivatives products. Fixed and gross margins are also available on the exchange.

Leverage trading is a valuable tool for traders looking to profit from the crypto market’s relatively minor price movements. It works by putting down a part of the whole amount of your trade and having the exchange cover the remainder of the deposit, allowing you to open a much larger position without risking your funds. It might also have the opposite effect, causing your losses to grow in size.

OKX Fees

Regular users’ fees are determined by the number of OKBs they own. OKB refers to the coin that is used in trading at that particular moment. It depends on whichever user engages. The OKX exchange’s native cryptocurrency is OKB. Your fees will be cheaper the more OKB you have in the OKX ecosystem. The person who starts the order to buy or sell pays the “maker charge,” while the other party who completes the complementing transaction pays the “taker fee.” It allows multiple payment options like debit cards, credit cards, wire transfers, Google Pay, etc.

Wallets compatible with OKX

As one of the planet’s leading cryptocurrency ecosystems, OKX equips you with the devices to leap into the realm of decentralized finance, GameFi, metaverses, SmartFi, and NFT platforms.

  • The web3 wallet, which can also be referred to as the De-Fi wallet. This is available for full functionality on both Android and IOS. It also allows safe encryption of an account which means it can only be accessed by the user. The Web3 wallet supports blockchains such as Ethereum, Polygon, and Bitcoin.
  • Coin98 Wallet

This is another type of wallet that seeks to establish a decentralized trading platform that operates according to community-centric principles, has transparent trading regulations, and gives users complete control over their assets. Because it is a decentralized wallet platform, users have complete sovereignty over their assets; no one, including the developers, has access to your wallet. It is safely said to be a non-custodial wallet. Supports blockchains such as Binance Chain, Polkadot, Cosmos, Terra, Bitcoin, Tron, TomoChain, and BandChain. The Coin98 wallet is available on iPhones and Android.

Accepted and unaccepted countries

It has been stated by the official website of OKX that the platform cannot be operated all over the world. Some countries that accept the use are Cameroon, Australia, Greece, France, Mexico, Libya, Senegal, Romania, the United Kingdom, Senegal, Nigeria, South Africa, Gambia, Indonesia, Angola, Ghana, Grenada, Kenya, Jamaica, Tunisia, Peru, Cuba, Cyprus, Tanzania, Japan, Netherlands, Maldives, and Botswana.

However, it is unacceptable in countries such as Hawaii, Indiana, Louisiana, Nevada, Malaysia, New York, Bangladesh, West Virginia, and all U.S. territories.

Customer Service and Support

OKX provides registered users with 24/7 online customer assistance to assist them with any technical or trading concerns. Customer service can be reached by phone, email, WhatsApp, or live chat, which is available on both desktop and mobile apps.

There’s also a helpful FAQ part and an exciting community where users can get answers to their questions and contact other community members.

Conclusion

The most liquid assets in cryptocurrency markets are those traded on big exchanges like OKX. The assets with the largest market capitalizations are usually the most liquid. BTC and ETH, for example, have more buyers and sellers than one of the younger cryptocurrencies we mention regularly. With OKX, you can sell, buy, stake, and earn cryptocurrencies.  All that is required follow the terms and conditions of the platform and strictly adhere to every step provided.

Author: Rudolph Taylor
Site Editor at CoinLive.io
Rudolph Taylor is Editor-in-Chief at Coinlive.io which is located at Wymondham in Norfolk, United Kingdom. His main job is writing about cryptography to keep his readers updated on current trends and industry news in detail. Rudolph has been able to achieve this in the past few years by providing well-structured write-ups.

Frequently Asked Questions

1. Is OKX Safe?

OKX has a safe hot and cold wallet security procedure in place. This means that the majority of their cash is kept offline in a cold environment, protecting them from hackers. According to our research, OKX has not been involved in an exchange hack or experienced a major security breach or compromise. OKX keeps 95% of its assets in offline storage, using a cutting-edge cold wallet mechanism that requires confirmation from at least two authorized individuals.

2. Is OKX legit?

OKX is a VFAA-compliant trading platform that is registered in Hong Kong and Malta. This has proven the legitimacy of OKX over the years. The Virtual Financial Asset Act (VFAA) is a Malta Financial Services controlled authority. In terms of security, it is one of the safest cryptocurrency trading platforms in the world, having never been hacked and thus receiving no bad feedback.

3. Is OKX exchange USA available?

In over 200 countries, OKX is available, but not in the United States. Residents of the United States are unable to trade on OKX but can purchase and trade cryptocurrency through its sibling firm, OKCoin. OKCoin provides a limited number of cryptocurrency alternatives, and margin and futures trading is not currently offered.

4. What is OKX сrypto loan?

Like most trading and exchange platforms, OKX allows borrowing and crypto loans. This makes it one of the best crypto sites on the market. If the borrower repays the loan early, the lender can still get 50% of the interest income that has not yet expired. This makes it an appealing alternative to standard savings accounts, which now pay close to zero interest. Users of OKX can borrow crypto assets on flexible or fixed terms. You can get bitcoin loans and other crypto loans with low-interest rates and large amounts. Borrow against bitcoin or use other assets as collateral to keep loans safe and secure.