OKX(Okex) Review
OKX(Okex)
www.okx.com
OKX Website Review
- OKX was originally known as OKEx, which was launched in 2017 by Star Xu.
- OKB is a cryptocurrency exchange that is available in more than 200 countries.
- The native cryptocurrency token that powers OKX is called OKB and was launched in 2018.
- OKX offers a wide range of trading products, including margin trading, options trading, perpetual swaps, and even spot trading.
- OKB Gives users access to a demo trading account, so they can practice their trading strategies without putting real money at risk.
OKX is a cryptocurrency exchange specifically developed as a means of letting users buy, sell or trade cryptocurrencies. While it is available in more than 200 countries, this does exclude U.S. residents.
The main reason why this exchange has stood out is due to the fact that it offers financial services alongside solid primers for anyone that's entering the world of cryptocurrencies for the very first time. It has an impressive list of services and streamlines all of this with an initially simple user interface. Complex trading tools are there for experts who need them, and the exchange even offers an on-ramp into crypto mining and DeFi liquidity mining.
For anyone within the U.S., there is an alternative exchange known as OKCoin, which is the sister exchange to OKX. However, it has much fewer features.
Let’s dive in and go over everything you need to know about OKX in our website review.
OKX Website
The OKX website is extremely modern yet maintains simple design elements as a way to appeal to newcomers.
The very moment you visit the website, you are given the opportunity to simply enter your email or phone to get started, which takes you directly to the sign-up screen.
On the header of the page or the initial navigational bar, you gain instant links to Buy Crypto, the Markets, the Trading pages, the Finance section of the menu, the Learn section, Support, and the More section, which lets you access products such as the Pool, Bridge, OKB, Security of Funds, OEC and Status, alongside the rewards, referral, affiliates, broker and Blockdream Ventures pages.
Right under that screen, you have multiple lists, including Popular Assets, New Assets, Gains Ranking, and Turnover Ranking.
The Popular Assets Section has some of the most popular cryptocurrencies being traded on the exchange and includes:
You get a clear view of the last price of the token, today's change, a chart of its overall progression, and the option to buy the token.
As you scroll down the page, you are greeted with solid artwork. There is the Discover section, which lets you explore the world of DeFi, dApps, NFTs, and GameFi.
Further down, you have the Buy Crypto page, where you can convert over 30 FIAT currencies into BTC, ETH, USDT, or other cryptocurrencies through the usage of a credit card, debit card, or another one of the supported payment methods.
Then there is the trade category, where you can jump in directly to the trading portion of the page, as well as the grow section, which introduces you to the mining pool as well as the low-interest loans.
Then there's the learn page, which is an education page dedicated to teaching users as much as possible about the world of cryptocurrencies.
Some of the most popular guides include:
- How to buy and sell cryptocurrency on OKX
- Start trading cryptocurrency on OKX
- User your crypto assets to earn passive income on OKX
Right under that section, there is the new user reward promotion, where new users can earn up to $30 in crypto rewards. Specifically, with a deposit of $100, a user can get up to $10 in free BTC as a reward.
Right under that portion of the page, there is a showcase of their dedicated mobile application.
OKX has a dedicated mobile application for Android that can be downloaded and installed for free on the Google Play Store, as well as an application for iOS, which can also be downloaded and installed for free on the App Store.
The application is intended to enable users to view real-time cryptocurrency prices on the go, as well as gain access to many cryptocurrencies. Additionally, the app enables live price-change alerts for cryptocurrencies that a user specifically sets to follow, and it allows access to BTC spot, futures, and options prices.
On the very bottom of the page, you will find the announcements and the FAQs pages, and the footer of the page is filled with information about the company, the legal and privacy aspects of the exchange, the service, and the support, alongside all of the social media pages for OKX.
History of OKX
OKX was originally founded in 2017 by Star Xu and was registered in Belize. However, over time, it moved to Malta and had a Seychelles presence as well. In 2021, the company committed to Seychelles full-time and is now officially headquartered there.
The digital currency exchange OKEx rebranded to OKX in January of 2022. The new name reflected the company's dedication towards the new wave of technological revolution and indicated the addition of many DeFi products, NFTs, games, and metaverses.
OKX Functionality
To truly grasp the functionality of OKX, we will need to go over what it offers first. OKX comes with a lot of advantages that you might not find on many other cryptocurrency exchange offerings, which is one of the main reasons why it has gained the popularity it has.
Instant Buy Crypto Feature
By visiting the "Buy Crypto" page, as a user, you will be redirected to a page where you can instantly buy any of the supported cryptocurrency assets.
All you have to do after that is simply select your preferred payment method, and you will own the coins you want. This quick and simple way to get exposure to the cryptocurrency market and start owning some tokens is what makes this a solid starting point for many newcomers.
Over 250 Cryptocurrencies
There are over 250 cryptocurrencies available on the platform, all of which are accessible from the advanced trading menu.
Keep in mind, however, that not all of the cryptocurrencies are listed on the instant buy/sell option, and if you want to view all of these available coins, you will need to visit the swap/exchange. What most traders will typically do is buy USDT or other stablecoins on the instant buy/sell page and then use those cryptocurrencies to buy any other desired altcoin directly on the exchange.
Native Mobile Applications
Then there are the native applications. OKX offers a native application for both iOS-based devices through the App Store, as well as Android-based devices through the Google Play Store.
The applications are not limited in any way and give users access to the buy and sell menu, access to markets, messages, assets, and let them see a list of Spot, Derivatives, as well as other types of trades. Additionally, the app offers real-time alerts on price changes of pre-selected cryptocurrency assets by the user.
Deposit and Withdrawal Methods Availability
In order for you to actually be able to make purchases on the OKX exchange, assuming you do not already own cryptocurrencies, is to deposit FIAT currencies as a means through which you can buy cryptocurrencies.
That said, if you are going to go with the quick crypto buying or selling option, you gain access to multiple deposit methods, including:
- Direct Bank Transfer
- Visa or Mastercard
- SEPA
- Google Pay
- Apple Pay
However, the exchange itself supports many other deposit methods, including WebMoney, Yandex Money, QIWI Wallet, Easypaisa, JazzCash, Advcash, OVO, DANA, GCash, PayMaya, PiCPay, Mercadopago, and Uala.
Additionally, OKX also offers Peer-to-Peer (P2P) trading options. However, there have to be sellers available for the token a user is interested in getting, and the rates at which they sell the tokens need to align with a user's expectations.
Users are also given the opportunity to sell their own assets by creating an advertisement alongside the asking price they have in mind.
OKX also has the option to let users convert or swap their digital assets into different digital assets. There is an entire page dedicated to the swapping and exchanging of cryptocurrencies procedure, and it is extremely easy in terms of Its user interface and overall usability.
All a user has to do in this case is just select what they have available on their account, after which they can select the asset that they want it exchanged to, click on convert, and swap within seconds.
OKX Fees
OKX's fee structure for spot trading is dependent on a multitude of different factors, including the trading pair, the OKB holding, the volume of trading, and which side of the trade the user is on, be it a market maker or a market taker.
For most users as well as trading pairs, the fees are at 0.1% for the market orders and 0.08% for the taker orders. VIP users, who have a monthly trading volume of over 10 million, can go as low as 0.06% in terms of the fees.
While there are no fees for making deposits, there are fees when making withdrawals.
The withdrawal fee is highly dependent on the cryptocurrency the user is withdrawing, and each cryptocurrency token has its own withdrawal fee. For example, in the case of Bitcoin (BTC), the fee would be 0.0002 BTC, while for Ethereum, it would be 0.004 ETH.
In terms of the regular user fees, they go as follows:
- Level 1 – under 500 OKB Holdings – 0.080% maker fee and 0.100% taker fee.
- Level 2 – over 500 OKB Holdings – 0.075% maker fee and 0.095% taker fee.
- Level 3 – 1,000 OKB Holdings – 0.070% maker fee and 0.090% taker fee.
- Level 4 – 1,500 OKB Holdings – 0.065% maker fee and 0.085% taker fee.
- Level 5 – 2,000 OKB Holdings – 0.060% maker fee and 0.080% taker fee.
The OKX MetaX Wallet
The MetaX wallet is a cryptocurrency wallet found within OKX that supports multichain features with 15+ blockchains and 1000+ DeFi protocols.
This is a wallet that can be downloaded as a web browser extension and supports Ethereum, Polygon, Binance Smart Chain, as well as other blockchain networks. The goal of this wallet is to enable users to retain full control over their cryptocurrencies, as it provides them with access to their private keys. It can also be used as a means of connecting to dApps as well as DeFi protocols to invest, trade, and even earn. Overall, it is a solid addition to the otherwise hefty OKX offering.
Pros and Cons of OKX
OKX Pros
There is a huge support for FIAT currencies
There are plenty of educational resources available for cryptocurrency newcomers.
There are many offerings and features
The buy and sell dashboard are simple to get into
The online technical support team is responsive and quick
OKX Cons
The OKX exchange is currently not available for residents within the U.S
The fee structure can be complicated to truly grasp at the beginning
The Bottom Line
OKX is a well-designed and solid cryptocurrency exchange that has had a solid reputation throughout its years on the market. It offers a wide range of features, and the addition of educational content for newcomers to the industry goes a long way towards making the platform a lot less intimidating. The level of support is also solid, and while the fee structure can be complicated, it is competitive. Overall, it is a solid exchange that most traders will find ticks most of the requirement boxes.
Frequently Asked Questions (FAQs)
Is the account verification process on OKX a requirement?
Users do not need to verify their accounts in order to deposit or trade crypto on OKX. However, they will be required to verify their identity if they want to withdraw crypto over a certain limit.
Who is the founder of OKX?
OKX was founded in 2017 by Star Xu.
Can U.S. citizens use the OKX platform?
U.S. citizens cannot access the OKX platform as it does not operate there.
What are the supported deposit methods on OKX?
The most popular deposit methods include Direct Bank Transfer, Visa, Mastercard, SEPA, Google Pay, and Apple Pay. Keep in mind that there are other methods available as-well.
