OKX Cryptocurrency Exchange Review : Pros & Cons

About OKX

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

Cryptocurrency is a digital or virtual currency secured by cryptography and does not exist in physical forms like U.S. Dollars or other fiat currencies. Cryptocurrencies like Bitcoin (BTC) , Ethereum (ETH) and Polkadot (DOT) are supported by an underlying technology called blockchain, which acts as a decentralized digital ledger.

Information Table

How To Register At OKX Exchange ?

To register on OKX, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your OKX Cryptocurrency Account ?

There is no mandatory verification at OKX, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 60, USD/Euro. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the OKX, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At OKX Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From OKX Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your OKX Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Trading fee

Your trading fees are different for regular and VIP users. Regular users are categorized into tiers by their total OKB holdings whereas VIP users are categorized by 30-day trading volumes and daily asset balances. Tiers are updated daily. If users meet the conditions of different fee tiers in terms of spot trading volume, total trading volume of futures and perpetual contracts (USDT-margined, USDC-margined and crypto-margined), options trading volume and total assets, they will enjoy the fee discount of the highest fee tier.

For example, if a user’s 30-day spot trading volume is 20,000,000 USD (VIP 2); 30-day total trading volume of futures and perpetual contracts (USDT-margined, USDC-margined and crypto-margined) is 200,000,000 USD (VIP 3); 30-day options trading volume is 5,000,000 USD (VIP 1); and total assets as of today is 5,000,000 USD (VIP 4), this user will enjoy fee discounts in all markets as a VIP 4 user.

Spot Crypto

Trading fee rules

Calculation formula of trading fee: Trading fee of Spot/Margin = Fee rate × Amount of bought crypto when order filled. Deduction rule of crypto: Trading fee of Spot/Margin is settled in the crypto you bought and is charged when the buy order is filled; Take Spot BTC/USDT as an example, assuming the current price of BTC is 20,000 USDT.

VIP users

24h withdrawal limit (BTC)

24h withdrawal limit is the maximum amount of crypto you can withdraw within 24 hours, in BTC equivalent. If you want to increase your limit, please contact OKX support. For example. Your 24h withdrawal limit is 300 BTC. After withdrawing 250 BTC, 25 BTC equivalent in OMG, and 15 BTC equivalent in XUC, you’ll have a 10 BTC limit remained for withdrawal within 24 hours. If you want to withdraw 20 BTC equivalent in XRP, which exceeds 10 BTC limit, you can withdraw until the next day. Alternatively, you can contact our customer support to increase your limit tentatively.

Daily update time of trading fee

OKX updates the latest level of user’s trading fee at 9-11 pm (UTC)

Features Of OKX Crypto Exchange

Available At Android & IOS Store

OKX Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Wide range of trading pairs

OKEx supports trading in various cryptocurrencies including Bitcoin, Ethereum, and altcoins.

High liquidity

OKEx has a high level of liquidity, allowing for fast and smooth trading experiences.

Advanced trading tools

OKEx offers advanced trading tools such as margin trading, futures trading, and options trading for experienced traders.

Secure storage

OKEx provides secure storage for users’ digital assets through the use of multi-tier and multi-cluster system architecture.

Global access

OKEx is accessible globally, making it easy for users to trade on the platform from anywhere in the world.

Multi-language support

OKEx provides support in multiple languages, including English, Chinese, and Korean.

Customer support

OKEx offers 24/7 customer support to help users with any issues they may encounter while using the platform.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

OKX Conclusion

In conclusion, OKEx is a reputable cryptocurrency exchange that offers a wide range of features to its users. With a high level of liquidity, advanced trading tools, secure storage, global accessibility, multi-language support, and round-the-clock customer support, OKEx is a well-rounded platform that can meet the needs of both novice and experienced traders. However, as with any cryptocurrency exchange, it is important to conduct thorough research and assess your own risk tolerance before using OKEx or any other platform for trading digital assets.