OKX Review: Latest OKX Pros, Cons, and Key Features 2023

Joining the electronic turning market, you will surely hear the name OKEX, also known as OKX. This is a long-standing cryptocurrency exchange and there are many products in the ecosystem for users to participate in making profits.

So what is OKX? Outstanding features, information about the floor, how to use OKX? We invite you to review BestBonusCodeAZ through the detailed OKX review and introduction article below.

What Is OKX?

OKX is a cryptocurrency exchange that was founded in 2014 and is currently based in Malta. With millions of users across over 100 countries, it is the fourth-ranked exchange in terms of trading volume, according to our research and OKX review. In addition to trading popular cryptocurrencies, OKX also offers spot, futures, and derivatives trading, making it the world's largest spot and derivatives exchange in terms of trading volume.

OKX Review

JayHao, the current CEO of the OKX platform, had a background in game development before joining the cryptocurrency trading platform. The exchange began in Hong Kong and expanded to Malta after the Maltese government embraced a cryptocurrency-friendly approach to investment and trading.

Initially known as OKEx exchange, OKX 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, which helped the exchange achieve its current success. Keep reading this OKX review to gain insight into the exchange and begin exploring its capabilities.

OKX Review: Pros and Cons

As a cryptocurrency exchange, OKX will have its share of pros and cons.

Pros of Trading with OKX

  • Zero OKX deposit fees.
  • Easy-to-use interface with a separate mobile application.
  • Pro-trading options are available, including spot market trading, futures, and derivatives trading.
  • With support for 368 different coins, OKX offers one of the most extensive cryptocurrency selections available.
  • Most trades on OKX have a competitive trading fee of 0.1%, making it an affordable option for traders.
  • OKX's staking feature allows users to earn an annual interest rate of up to 100%.
  • OKX provides users with a variety of payment methods to purchase coins, giving them more flexibility.
  • Users can trade with fiat currencies such as USD, CNY, EUR, ARS, AUD, and others on OKX's platform.

Cons of OKX

  • Withdrawals have restrictions.
  • There is no provision for a demo account.
  • US residents cannot access the platform.
  • Some cryptocurrencies have low liquidity levels.
  • Customer support lacks live chat or phone-based options.

OKX Review Trading Products

Spot Trading

On OKX, spot trading is the most straightforward form of trading available. When you engage in spot trading, the transaction is immediately settled at the current market price, regardless of any fluctuations in the cryptocurrency's price before delivery.

OKX provides spot trading services for more than 350 cryptocurrencies, with numerous trading pairs available. Once your spot account is funded, you can start trading your preferred assets. Moreover, experienced traders can utilize OKX's spot trading order types such as market, limit, and trail orders to trade more efficiently.

Margin Trading

OKX provides margin trading, a feature that allows traders to borrow funds and enhance their trading power. This feature comes with a higher level of risk, as gains or losses will depend on the trade's outcome. To begin margin trading, users must transfer assets from their funding account to their margin account, which enables them to trade with leverage.

Perpetual Swap

If you want to trade perpetual swaps, you'll encounter a user interface that resembles futures instruments on OKX. The only difference is that you cannot modify the expiry time. To ensure you make informed trades, it's crucial to keep track of the ever-changing funding rate. Additionally, you must take note of the position tier guides and their impact on the margin requirement. This is especially important for higher tier limits, which vary slightly from futures.

Trading Bot

OKX offers customized trading bots to help cryptocurrency traders execute automated trading strategies in various modes, such as spot grid, futures grid, smart portfolio, recurring buy strategies, arbitrage, iceberg, and TWAP. It's worth noting that some modes are more intricate and carry more significant risks, making them better suited for experienced traders.

Trading Bot

OKX Review Yield Generation

Staking

By locking their assets on the platform, users can generate passive income on OKX through staking. OKX supports staking for over 80 assets for durations of 15, 30, 60, 90, or 120 days, with the rewards varying based on the asset and duration selected. Staking rewards can range from 1.5% to 72%.

Savings

Besides staking, users can generate interest on their assets using OKX's Savings feature, which provides a lower Annual Percentage Yield (APY). This value-added product enables users to earn interest on their assets every hour.

OKX's Savings feature is incredibly adaptable, allowing users to deposit and withdraw cryptocurrency whenever they want. It supports more than 150 assets for saving, and the APY varies from 1% to 36.50%, depending on the deposited asset. The rewards are disbursed in the form of the deposited asset.

Dual Investment

OKX offers a high-risk, high-reward option known as Dual Investment that enables traders to invest in cryptocurrencies like BTC, ETH, or USDT. This option allows traders to register for term-based deals and either sell their assets for a higher price in USDT or receive more cryptocurrency. Nevertheless, market volatility can significantly impact the profit, and the final profit amount can only be determined at the offer's expiration date.

DeFi

OKX allows users to access DeFi services and seize earning opportunities on established DeFi platforms like Sushiswap, Compound Finance, and Aave. This service removes the necessity for users to navigate the complicated learning curve related to DeFi protocols. By staking, providing liquidity to lending pools, and engaging in decentralized exchanges, users can produce passive income. Furthermore, being a non-custodial service, this option presents less risk than traditional custodial services.

DeFi

Flash Deals

Flash Deals

Occasionally, the OKX website offers high-yield lightning deals that are only available for a limited time. To participate in these offers, traders must deposit their crypto in the order of registration. The profit amount will be returned to the trader after the end of the project within 24 hours.

It's important to note that when you sign up for a flash deal, you cannot opt-out. Therefore, participants should consider this carefully before participating.

OKX Review Services

OKX NFT Marketplace

OKX has made its entry into the NFT space with the launch of a decentralized NFT marketplace. Traders on this platform have the ability to not only trade NFTs but also create them across various platforms and blockchains. The OKX NFT platform provides access to a range of features, including Trending Collections, which showcases NFTs that have achieved the highest trading volumes in USD within a certain period of time. Additionally, Recent Rockets highlights NFT collections that have established the highest floor price within a specific timeframe, while Popular NFTs showcase the NFTs with the highest trading figures.

OKX NFT Marketplace

Traders can choose to explore the OKX NFT Marketplace by browsing NFT collections based on category, or they can freely navigate the platform to discover new opportunities. The marketplace offers a range of trading tools and opportunities to assist traders in their transactions. The OKX NFT Launchpad is specifically designed to highlight top-quality NFT projects and promote them on the marketplace. Additionally, the secondary market provides traders with important insights into the rarity of NFTs and enables them to purchase NFTs in bulk.

Do not hesitate any longer, register for OKX now to experience this service.

OKX Pool

OKX Pool

In this OKX exchange review, it's worth noting that traders have the opportunity to earn passive income through mining pools. Specifically, OKX offers a mining pool that allows users to combine their computational resources with a shared group of crypto miners over a specific network to mine cryptocurrencies. The OKX mining pool supports Proof-of-work (PoW) mining of nine major crypto assets, which means that users can offer their computer hash rate to mine these cryptocurrencies and earn additional passive income as a result.

Algo-order Options

Investors have the option of placing trades at a specific trade volume and price using various types of orders available in the market. Among these, algo orders are particularly important for active day traders. OKX stands out from most other crypto exchanges by allowing its registered users to trade cryptocurrencies with several types of orders, including limit market orders, stop-limit orders, advanced limit orders, iceberg orders, trailing top orders, and TWAP (Time-weighted average price) orders.

How To Register OKX Account?

How To Register OKX Account

To register an account on OKX you need to follow these steps:

  1. Go to https://www.okx.com/
  2. Complete the registration form by providing your email address, create a password (must be at least 8 characters including numbers and special characters), and enter the referral code.
  3. Verify that you are not a robot.
  4. Check your email for the verification code and enter it to complete the registration process.
  5. Login account.
  6. Verify your identity.
  7. Create 2FA security for safety.

Trading With OKX

Trading With OKX

You can use it flexibly because OKX supports both crypto-to-crypto and fiat-to-crypto trading. To engage in crypto-to-crypto trading, traders can fund their OKX trading accounts and choose from different trading options like spot trading, margin trading, futures, options, DEX, and perpetual swaps trading pairs.

Trading With OKX Exchange

For fiat-to-crypto transactions, users need to select the “Fast Transactions” option. This option allows users to purchase cryptocurrencies with fiat currency. After selecting “Quick trade”, traders must decide whether to buy or sell and set the conditions of their trade. When selecting the “buy” option, users need to specify the supported fiat currency and the amount of crypto they wish to purchase. The user is then taken by OKX to a page with the best cryptocurrency prices offered by another party.

OKX Fees

Deposit and Withdrawal Fees

Traders are not charged any deposit fees on OKX. However, a small withdrawal fee is applicable, which is relatively low compared to other similar exchanges. The withdrawal fee varies according to the digital asset being withdrawn and is sometimes referred to as a work fee. For instance, the withdrawal fee for Bitcoin Cash is 0.0005 BTC, for Ethereum it is 0.01, and for Ripple, it is 0.15. These fees are determined by the blockchain load of each digital asset on the exchange.

Trading Fees

Trading Fees

OKX is a top-tier crypto spot and derivatives exchange, and as such, its fee structure differs from that of other crypto exchanges. OKX charges its traders based on whether they are market makers or market takers, with most traders being market takers due to the high number of securities required to qualify as a market maker.

OKX charges a maximum market transaction fee of 0.15% to recipients if they hold less than 500 OKB tokens. However, if traders have more than 2,000 OKB tokens in their OKX wallet, they can reduce order creator fees to 0.06% and receiver fees to 0.09%. Maker and receiver fees for futures and perpetual markets start at 0.02% and 0.05%, respectively, and can also be reduced based on the number of OKB tokens held in the transaction account.

Overall, OKX's fees are more competitive, and advanced traders with a high net worth and significant trading volume over a 30-day period may be eligible for further rebates and fee discounts.

Margin Fees

Margin trading on OKX allows registered traders to borrow money from the exchange and increase their initial deposit to open positions. Traders can choose to use a margin trading ratio (or leverage ratio) of 10:1 or 20:1. If they buy crypto tokens through a perpetual swap, they can take full advantage of 100:1.

OKX Affiliate Program

OKX Affiliate Program

To qualify for the affiliate program and start earning commissions, you need to invite at least ten eligible users. Eligible users are those who have either claimed the Mystery Box after buying or depositing crypto or have traded 5,000 USDT or more (excluding zero-fee trades).

To earn commissions as an affiliate on OKX, you can follow these steps:

  1. Obtain affiliate links – These links and codes can be found on the Affiliates page of the website. You have the option to customize your affiliate code and link, or create new links and set commission rates for yourself and those you invite. Your default affiliate link will be your referral link.
  2. Share your links – Share your affiliate links or codes with your friends and community, or promote them through various social media and other channels.
  3. Invite users to join and trade – Your invitees can use your link or code to sign up on OKX and make a trade, or log in again after 180 days and make a trade.
  4. Earn commissions – You will receive a commission from every trading fee paid by your invitees for their lifetime on OKX. The commissions are paid in USDT and are settled hourly.

In case the counterparty of an invitee has a negative trading fee rate, the commission will be calculated based on the actual net trading fees incurred.

OKX Accepted Payment Method

OKX allows trading with both fiat and digital currencies. However, only cryptocurrency deposits are accepted on the platform, and no fiat deposits are supported. Traders can purchase cryptocurrencies on OKX using a credit card or by transferring them from other exchanges or a hardware wallet.

Once their accounts are funded, traders can start trading directly on the OKX platform. They have various payment options, including bank account transfer, debit card, credit card, Google Pay, Apple Pay, IMPs, or PayPal.

When traders want to withdraw their preferred cryptocurrencies from the OKX platform, they are charged a small withdrawal fee. For example, a fee of 0.0005 BTC applies to bitcoin, 0.01 to Ethereum, and 0.15 to Ripple.

Customer Support by OKX Exchange

Managing your OKX account will generally be a self-service task as you will be responsible for handling transactions and updating your account. However, you can call or text the customer support team on the main website of the exchange if you have any questions.

The comprehensive Help Center contains most of the information on how to use, update, and maintain your account.

Consumer feedback on OKX has been varied, with positive reviews emphasizing the exchange's intuitive interface, fast transactions, and reasonable fees. In contrast, negative feedback pinpoints inadequate customer support, underfunding, and delayed withdrawals. According to Trustpilot, OKX has an average rating of 3.5 out of 5 stars, based on nearly 500 reviews, which is quite high for a crypto exchange.

Conclusion

OKX is an exchange with high volume and high liquidity. In addition, OKCoin also develops DeFi products that allow easy and convenient connection to DApp, NFT as well as Web3 world, OKX users can completely synchronize accounts on these products.

In the above article, we introduced, reviewed, and detailed the OKX guide for crypto newbies. OKX is a floor worth your attention and need to register an account to wait for events that can make a profit with OKX.

Frequently Asked Questions

Does OKX have a demo account?

Yes, individuals can utilize OKX's free demo cryptocurrency account to practice trading digital assets without the risk of losing real money. OKX offers one of the best demo websites for spot, margin, or futures trading.

What is OKExChain Token (OKT)?

OKExChain's primary token, known as OKT, plays a crucial role in the OKExChain ecosystem. Users can use OKT to vote, stake, and pay transaction fees for decentralized exchanges and other DeFi applications on the network. OKT follows a halving model, where its block reward is halved every three years.

Is OKX crypto exchange legit?

The exchange enjoys widespread trust among traders due to its security measures, range of features, quality customer service, and positive reputation garnered over the years.

Does OKX require users to complete KYC?

OKX does not require mandatory KYC verification during registration. However, unverified accounts have limits on daily withdrawals and trading amounts, which are set at 10 BTC and $500, respectively. To access the full range of trading features on OKX, completing the KYC (Know Your Customer) requirements is necessary.

Is my cryptocurrency safe with OKX?

The OKX cryptocurrency trading platform is considered safe to use as it uses advanced encryption technology to implement hot and cold storage solutions, providing strong security against hackers.

bitcoin
Bitcoin (BTC) $ 70,259.82
ethereum
Ethereum (ETH) $ 3,516.09
tether
Tether (USDT) $ 1.00
bnb
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xrp
XRP (XRP) $ 0.610228
solana
Solana (SOL) $ 174.47
litecoin
Litecoin (LTC) $ 96.61
okb
OKB (OKB) $ 56.67
tron
TRON (TRX) $ 0.119581
matic-network
Polygon (MATIC) $ 0.874046
cardano
Cardano (ADA) $ 0.581299