OKX Review 2022: Is OKX a Good Exchange?

OKX is an inventive cryptocurrency exchange with progressive economic benefits. The platform depends on blockchain technology to deliver everything users require for smart trading and investment. This article is all about the OKX review and whether OKX is a good exchange. Let’s take a look at it in more detail.

What is OKX?

As mentioned earlier, OKX is an inventive cryptocurrency exchange with cutting-edge monetary services. It comes with numerous tokens and trading pairs. With OKX, users can enter one of the leading crypto exchanges by trading volume. The platform is already benefiting millions of users in more than 200 countries. It provides various features such as spot, margin, futures, options, perpetual swaps trading, DeFi, lending, and mining services.

According to its website, OKX embraces blockchain to create the next-gen monetary ecosystem. It wants to eradicate financial obstacles, develop the global economy, and transform the world for the better.

OKX has a headquarters in Seychelles and was founded in 2017. Currently, it ranks 6th when it comes to trading. It is viewed as the world’s most extensive spot and derivatives exchange. The current CEO of the OKX platform is Jay Hao.

The exchange began its operations in Hong Kong and later extended its functions to Malta after the Maltese state embraced an overall cordial direction to cryptocurrency investment and trading. Over the years, OKX got approval and investment recommendation from top venture tycoons and investment firms like Ceyuan Ventures, VenturesLab, and Longling Capital, which allowed the exchange to reach new heights.

OKX Pros:

•  Low trading fees.
•  No OKX deposit expenses.
•  Carries various payment methods.
• Exclusive pro-trading alternatives like spot, futures, derivatives trading, and margin trading.

OKX Cons:

• Not available for US citizens.
• No Demo account
• Withdrawals limitations

How does OKX work?

• For traders: In this, from peer-to-peer to swing trading, the platform has more than 40 assets and the lowest fees.
• For degens: In this, users will find the most suitable of DeFi, the world’s most robust web3 wallet, an NFT marketplace, and more.
• For explorers: Here, users can learn all about crypto and web3 as they begin their journey, and get ready to level up.

Bitcoin and Ethereum are the biggest cryptocurrencies by market capitalization. You can purchase widespread cryptocurrencies like Bitcoin or Ethereum or other altcoins from OKX, which delivers security and comfort. If you are looking for a smooth path to buying cryptocurrency, OKX is a good choice.

Purchase cryptocurrency with a credit card

You can readily purchase famous cryptocurrencies, including Bitcoin and Ethereum, on OKX by choosing your fiat currency and picking your credit card as a payment method. OKX supports Visa, MasterCard, and ApplePay credit cards.

Purchase cryptocurrency with a bank transfer

To purchase cryptocurrency by utilizing bank transfer, users can find their preferred cryptocurrency, and the quantity of crypto they want to buy, and choose bank transfer.

Purchase cryptocurrency with crypto

Users can trade various cryptocurrencies against BTC, USDT, ETH, and other famous cryptocurrencies by utilizing OKX’s progressive order types and trading tools.

Convert your cryptocurrency

If users already have coins then they can efficiently convert them to more than 100 other cryptos, including BTC, ETH, USDT, and OKB, by utilizing OKX “Convert” feature. 

What are the features of OKX Exchange?

Below are some of the advanced financial features of the platform:

• OKX Pool: OKx Pool is one of the inventive offerings that seek to help users to increase their earnings via a combination of mining services. It offers PPS, PPS+, and FPPS settlement services. It also supports the PoW mining of 9 prominent cryptocurrencies and the PoS mining of PoS-based assets. 
• Algo-order: Algo-order is a collection of instructions for putting trade at a predefined rate and volume. Instructions are moved out according to the specified parameters. OKX will not manually interrupt the implementation process of the order.

The OKX platform has also some innovative features that make it one of the leading cryptocurrency exchanges. These features are:

• The easy-to-use interface authorizes both newbies and more professional traders to swap crypto on the platform.
• It has more than 140 digital tokens and more than 400 BTC and USDT pairs.
• It permits numerous payment alternatives like debit cards, credit cards, wire transfers, Google Pay, etc.
• It offers a broad spectrum of crypto trading solutions like spot trading, margin trading,, futures, DEX trading options, perpetual swaps, and quick trade.
• Low fee system established on market taker and market maker standard.
• Zero deposit expenses and also low withdrawal expenses.
• Strong security standards.
• Good 24/7 client service.

OKX Cryptocurrency APP Review: Is OKX App safe? 

OKX delivers secure, dependable, and sound conditions for crypto trading through web and mobile apps. The platform has adopted transnational server load balancing, distributed clusters, and other technologies for security. It uses multi-layered security to safeguard crypto funds and data from cybercriminals. The security stack contains a semi-offline warehouse, a multi-signature design, emergency backups, 2FA, anti-phishing codes, withdrawal passwords, and more.

What are the fees for OKX?

Regular Users Fees

The trading fees are separate for normal and VIP users. Normal users are classified into tiers by their entire OKB holdings whereas VIP users are classified by 30-day trading volumes and day-to-day asset balances. Tiers are revised daily. If users satisfy the requirements of various fee tiers in the duration of spot trading volume, the entire trading volume of futures and perpetual contracts (USDT-margined, USDC-margined, and crypto-margined), options trading volume, and total assets, they will get the fee discount of the highest fee tier. 

VIP Users Fees

According to the official website, for instance, if a user’s 30-day spot trading volume is 20,000,000 USD (VIP 2); a 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 are 5,000,000 USD (VIP 4), this user will get fee discounts in all markets as a VIP 4 user. More information about fees can be found here

• Deposit and Withdrawal Fees:  As mentioned earlier, OKX has no deposit fees, but there is some withdrawal fee levied from traders. For example, it takes 0.0005 BTC when bitcoin, 0.01 when Ethereum, and 0.15 when XRP. 
• Trading Fees: The trading fee system relies on whether a trader is a market maker or a market taker. The trading fee for market takers is 0.15% for spot trading for traders who have less than 500 OKB tokens. 
• Margin Fees: The platform levies a set interest on any place that is maintained overnight. OKX sets a margin interest rate whenever tokens are borrowed. 

How to create an account and purchase cryptocurrencies on OKX?

Step 1: Log in to the OKX account

OKX Login: Image Source: OKX

The first step is to log in to your OKX account. To accomplish this, click Login in the upper right-hand corner of the OKX website. If you don’t have an account then click Sign up and finish the registration procedure.

Next, Click Login in the upper right-hand corner of the screen

Step 2: Select Buy/Sell

Buy and Sell

After logging into your account, click Buy Crypto in the upper left-hand corner of the screen. After that, click Buy Crypto.

Step 3: Select your purchasing process

The next stage is to select how you would like to buy or sell

. There are two primary choices on OKX:

Express

Express

The most straightforward method to buy crypto on OKX is to use the Express choice. Just choose the cryptocurrency you want to purchase and the fiat currency you want to spend. Then, enter the right amount of your favorite fiat or cryptocurrency before. Once the payment is approved, the bought cryptocurrencies will be automatically transmitted to the OKX account. Finally, choose the amount of fiat you want to pay or crypto you want to purchase and your selected payment process.

P2P trade

P2P Trading

Click on the P2P trading section from the submenu. Next, click on the currency dropdown menu and choose your preferred coin. Next, you can click on Buy or Sell to check the available recommendations or pick Order Book to check all available buy and sell orders. Ultimately, just confirm your transaction particulars.

Conclusion

OKX is one of the finest cryptocurrency exchanges that cater to the requirements of both novices as well as experienced traders. The only negative trait is that it is not yet available for US citizens. Otherwise, OKX is one of the most robust cryptocurrency exchanges.

You might also like

More from Cryptocurrency Exchanges