OKX Review: Key Features in 2024

In this OKX review, I will share with you everything you need to know about this famous cryptocurrency exchange. Whether you’re curious about what OKX is, its safety, fees, or its overall legitimacy, you’re in the right place.

Join me on this journey as we explore the world of OKX and what it has to offer to beginners in the crypto sphere.

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Key Takeaways

• Established in 2017, OKX, founded by Star Xu, has become the second-largest global exchange with 50 million users
• Explore OKX, a leading cryptocurrency exchange, in this comprehensive review covering safety, fees, and legitimacy for beginners
• OKX boasts a vast coin selection, a user-friendly interface, but faces drawbacks like restricted countries and withdrawal limitations
• It offers an intuitive layout, diverse trading pairs, lending/borrowing, NFT support, and trading bots
• Examining OKX’s security features, including cold storage, withdrawal passwords, and adherence to KYC and AML standards
• While OKX shines in coin variety and low fees, it faces challenges like withdrawal limitations and a complex fee system

Pros and Cons of OKX

Here are the main pros and cons of OKX to consider before using the platform:

What Is OKX: Brief Overview

OKX Exchange serves as your doorway to the exciting world of digital currency. It is among the best crypto exchanges where you can buy, sell, and trade a diverse range of digital assets. The user interface of this site guarantees a top-notch trading experience.

OKX Exchange: Background Information

OKX exchange was established in 2017, during the peak of the cryptocurrency frenzy. The demand for a dependable and safe trading platform skyrocketed at that time.

It was founded by Star Xu in 2017, who is also the CEO as of 2023. Its headquarters are in Hong Kong. The President is Hong Fang and the CMO is Haider Rafique. OKX is owned by OK Group, which also owns the crypto exchange Okcoin

OKX Exchange has emerged as the second-largest global crypto exchange by trading volume. Its impressive user base of over 50 million users worldwide.

OKX Exchange has not only climbed the ranks but has also solidified its position through strategic partnerships.  It currently operates in global markets including Hong Kong, the United Arab Emirates, The Bahamas, and France.

OKX has offices in Dubai, Turkey, Hong Kong, Silicon Valley, Singapore, and Australia. This platform has partnerships with brands and sports teams like Manchester City, McLaren, and the Australian Olympic Team.

OKX Review: Features and Services

OKX Exchange doesn’t just stop at basic cryptocurrency trading. It offers a plethora of features and services to its global user base.

Layout and ease of use

Navigating through OKX is a breeze. The platform’s user-friendly interface ensures that even newcomers find their way without hassle. It’s like exploring a well-designed map with clear signposts.

• Intuitive design: The layout is designed with simplicity in mind. You can easily locate the tools and information you need
• Streamlined experience: Managing your crypto activities is straightforward. Whether you’re buying, selling, or checking your portfolio, OKX keeps it simple
• Swap currencies: You can swap including stablecoins using features like conversion form

Available trading pairs

OKX offers a vast array of trading pairs, giving you options to diversify your portfolio. With a multitude of choices, you can explore both standard and intriguing pairs.

OKX boasts many trading pairs, including popular ones like BTC/USDT and ETH/USDT. It gives you access to trade 343 spot currencies.

Advanced traders will likely prefer the active trading platform with support for market, limit, and stop orders.

Order Types Available

When it comes to executing trades, OKX equips you with various order types. It ensures you have the tools to have your trading strategy effectively.

• Order variety: OKX provides standard order types like market and limit orders. It allows you to choose the one that suits your trading style best
• Unique pairs: While OKX focuses on standard trading pairs, it introduces unique or exclusive pairs that can offer exciting opportunities

Lending/borrowing features

If you’re looking to grow crypto holdings via loans or stake features, OKX offers lending and borrowing tools.

• Lending opportunities: You can lend your cryptocurrencies on OKX to earn interest. The interest rates vary depending on the specific crypto and market conditions
• Staking periods: Staking periods can vary, offering flexibility to users. However, it’s essential to check the specific terms for each crypto
• Limitations: There may be limitations and conditions for lending and borrowing. It’s advisable to review them thoroughly

Supported wallets

It supports major crypto wallets and has its native wallet. OKX Wallet stands as a decentralized multi-chain wallet that opens the door to the vast realm of Web3. With OKX Wallet at your fingertips, you gain access to an extensive array of over 1,000 DApp protocols.

This dynamic platform offers a rich tapestry of features. Some are:

• Multi-chain and cross-chain DEXs
• Yield farming opportunities
• NFT marketplace
• DApp discovery

Supported coins

OKX offers support for a wide range of coin offerings. There are 343 currencies on the exchange. Some of the top currencies traded on OKX by volume are:

• Bitcoin
• OKB
• Terra
• Ethereum
• TRON
• Avalanche
• Polygon
• Litecoin

User Profiles

At OKX, you have access to user profiles, which can offer insights into other traders’ activities. You can view them to gain insights into their trading history and strategies.

NFT Support

OKX also dabbles in the world of NFTs, allowing users to engage with these unique digital assets. OKX enables users to trade and mint NFTs.

Trading Bots

Users have the flexibility to implement their own automated trading strategies. OKX has a trading bot. It helps traders to create various automated trading strategies. Here is how you can create it.

• Log in to your OKX account
• Navigate to Trade -> Trading Bots -> Marketplace.
• Select the Signal Bot sub-tab
• Select ‘Create’.

Users can set up and use their own trading bots to automate their strategies. It is a way to automate your trading by copying the trades of other traders.

Crypto cards

OKX does not offer crypto debit/credit cards, but you can use the platform to manage your crypto assets. You can potentially transfer them to a compatible crypto card if you want.

OKX Jumpstart

I would like to introduce you to OKX Jumpstart, a platform that offers users the chance to dive into cutting-edge blockchain projects. If you’re a developer with a new blockchain project, you can apply on Jumpstart. It’s your chance to showcase your project to a vast audience of potential investors.

Ahead of each Jumpstart event, OKX conducts informative warm-up sessions. It also provides detailed rules and guidelines to ensure you’re well-prepared for participation.

Here is how to get started:

• Account creation or login: Begin by creating an OKX account or logging in if you already have one
• Lv. 2 KYC verification: You’ve to complete the Level 2 Know Your Customer (KYC) verification process
• OKB staking: To participate, ensure you hold a certain amount of OKB tokens staked in your account with a simple click

Once you’re logged in, head to the Jumpstart section on the OKX platform. There, you’ll find the homepage with all the information you need.

User Experience

Functionality

OKX offers a user-friendly platform, but how does it fare in terms of functionality? You will find that the platform operates smoothly, with minimal issues or lags reported.

Its active trading platform has many layouts and the option to build customized layouts.

The advanced platform is useful when margin trading or any other advanced strategy. It also has a built-in trading bot to execute orders with specific rules.

Registration process

Opening an account on OKX is a straightforward process. If you’ve ever signed up for a cryptocurrency exchange or stock market brokerage account, you’ll find a familiar experience at OKX.

• Level one KYC: For Level One KYC verification, you’ll need to provide basic information. This includes a government identification number
• Level two KYC: To access all the trading features, Level Two KYC requires uploading a picture of your ID. You also need a selfie through the partner Netverify
• Level three KYC: Level Three involves agreeing to a disclaimer

Educational resources available

OKX doesn’t stop at trading; it’s also invested in education. The platform offers valuable educational resources. This includes blogs and educational videos to help users.

OKX Web3 X Blockchain Academy

OKX has collaborated with Blockchain Academy to issue the “OKX Web3 X Blockchain Academy – Web3 Innovator” NFT. It signifies a partnership between OKX and Talentre, the Web3 talent network platform.

Is OKX Safe

When it comes to handling your cryptocurrency assets, safety is paramount. But is OKX legit? This platform has implemented a range of key security features to protect your funds and data.

Key security features:

OKX employs industry-standard security practices to ensure your assets are safe:

1. Cold storage: The majority of customer assets are stored in cold storage. It is a secure offline environment that reduces the risk of unauthorized access
2. Withdrawal password: OKX offers extra protection with the ability to set up a withdrawal password. This added step adds an extra level of security when you decide to move your assets
3. Anti-phishing codes: To thwart phishing attempts, OKX provides anti-phishing codes. These codes help ensure that you’re interacting with the authentic OKX platform

Protection against unauthorized access

Cryptocurrency exchanges, including OKX, face unique security challenges. However, the fundamental principles of securing your financial accounts remain the same. OKX encourages users to follow these best practices:

1. Strong passwords: Create strong and unique passwords for the platforms you use, including OKX
2. Multi-factor authentication (MFA): Enable multifactor authentication using an authenticator app. This provides an extra layer of security. It will need a one-time code from your smartphone to log in

Security history

It’s reassuring to know that OKX has not experienced any significant security breaches. This demonstrates the platform’s commitment to maintaining a secure environment for its users.

Regulatory framework and certifications

OKX operates within a regulatory framework. This includes Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. These two processes ensure that users’ identities are verified, enhancing the security of the platform.

OKX has SOC 2 Type 2 certification showing its transparency and trust. Its adherence to KYC and AML standards underscores its commitment to regulatory compliance.

OKX Fees

OKX fees

This exchange employs a tiered fee structure. It varies based on factors such as trade volume and account holdings. For spot trades, the maximum fee you’ll pay is 0.10%. High-volume traders and those with substantial holdings in OKB may qualify for discounts.

The exchange fees may include trading fees, (taker fee, maker fee), and any other rates related to crypto trades. Futures, swaps, and options have their own rate schedules, each with varying fees.

While OKX offers competitive fee structures, one downside is the lack of transparency. Especially about deposit and withdrawal fees. This can be a concern for users who prefer a clear breakdown of costs.

OKX accepts a variety of deposit and withdrawal methods, providing flexibility to users. Remember, fees are subject to change, depending on various factors.

Supported Countries

OKX is accessible in over 180 countries worldwide. Here are key regions where OKX is available:

• Europe: OKX is fully operational in all European countries, offering seamless cryptocurrency trading
• Asia: Asian users from Japan, South Korea, Singapore, and India can access OKX
• North America: While not available in the United States due to regulatory constraints, OKX welcomes users from Canada
• Australia: Australian residents can actively trade different cryptocurrencies on OKX with ease
• Africa: OKX serves users across Africa. It includes countries like Nigeria, South Africa, and Kenya, where cryptocurrency trading is flourishing
• Restricted Countries: Some countries, including the United Kingdom, Hong Kong, Bangladesh, Bolivia, and Malta, have restrictions on specific OKX services. Users from these regions should review OKX’s guidelines. OKX does not operate in the United States due to harsh regulations. Residents of Canada can access OKX with existing accounts

OKX has relocated from Malta to the Seychelles, with its parent company, OK Group, headquartered in Beijing, China. This international presence ensures a secure and efficient trading platform.

Deposit and Withdrawal Methods

OKX supports over 300 cryptos to deposit, trade, and withdraw.

The platform offers multiple methods for depositing and withdrawing funds. This includes bank transfers, digital wallets, and debit card and credit card transactions. OKX offers versatility in payment methods. Still, it’s essential to be aware of any limitations or fees associated with specific deposit or withdrawal options.

Customer Support Team and Customers’ Feedback

OKX offers customer support through various channels. It provides chat support and a help page, with contact details on the website. A help center provides valuable information for users to handle their trading and account needs.

User feedback regarding OKX is mixed. Positive reviews often highlight the platform’s user-friendly online experience, fast transactions, and low fees. However, negative feedback occasionally mentions issues with customer service, reports of lost funds, and delays in withdrawals.

Common complaints include concerns about customer service responsiveness and transparency regarding fees.

OKX Mobile app

For users who prefer trading on the go, the OKX mobile app offers a convenient solution. Available for both iOS and Android devices, you can easily download it from the App Store or Google Play and track your investment.

The OKX mobile application is more than just a convenient platform for trading and a crypto wallet. It comes equipped with a range of advanced trading features. You can also stay updated with real-time market data.

OKX mobile app provides a good UI for crypto trading on your smartphone or tablet.

OKX Review: Final Thoughts

As we wrap up this review of OKX, it’s evident that OKX is a prominent player in the global cryptocurrency exchange arena. It stands as the second-largest global crypto exchange by trading volume. OKX impresses with a vast coin selection, no deposit fees, and low trading costs. Its user-friendly interface and efficient mobile apps enhance the trading experience. However, drawbacks include restrictions for the USA. There are also significant withdrawal limitations, and a complex fee system.

In weighing the pros and cons, potential OKX users should carefully evaluate their specific needs. The platform’s strengths in coin variety, fee structure, and user interface make it a compelling choice.

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Frequently Asked Questions

1. 01.

   What is the OKX cryptocurrency exchange platform?

   

   OKX is a Seychelles-based cryptocurrency centralized exchange and wallet platform that serves millions of clients worldwide. It is among the largest exchanges by trading volume.

2. 02.

   How do I create an account on OKX?

   

   Visit OKX’s website and click “Sign Up.” Then fill in your information and complete the KYC verification if needed.

3. 03.

   How does the OKX exchange work?

   

   OKX is a cryptocurrency exchange with advanced financial services. It relies on blockchain technology for crypto trading services.

4. 04.

   What is the OKX Jumpstart feature?

   

   OKX Jumpstart is a token sales platform offering SSL encryption and cold storage for cryptocurrency trading. If you’re a developer with a new blockchain project, you can apply on Jumpstart.

5. 05.

   How many coins are supported by OKX?

   

   OKX is a CEX crypto exchange established in 2017 and is registered in Seychelles. If you decide to go with this platform, you’ll be happy to know it supports over 300 coins and tokens

6. 06.

   Is OKX exchange secure?

   

   Yes, the OKX exchange is highly secure. Utilizing advanced encryption, multi-factor authentication, and cold storage, OKX prioritizes user fund safety. Regular security audits and penetration tests further strengthen its commitment to providing a secure platform, making OKX one of the most trusted exchanges in the cryptocurrency industry.