Although it is currently unavailable to residents of the United States, the revolutionary cryptocurrency exchange OKX makes it simple to buy, sell, or trade cryptocurrencies. However, this exchange platform doesn’t offer as many coins or services as its sibling exchange, OKCoin, which U.S. citizens can access instead.
Both sophisticated financial services and excellent introductions to cryptocurrency are available through OKX. Its comprehensive variety of services includes opportunities to earn interest on staked tokens and flexible financing options. If you’re interested, OKX also offers an on-ramp into proof-of-work cryptocurrency mining and DeFi liquidity mining in addition to simple and advanced trading tools. To understand more about OKX’s numerous features, read our comprehensive review.
Review of OKX, a powerful trading platform for cryptocurrencies, derivatives, staking, and lending
This cryptocurrency exchange is a good fit for: Crypto-curious non-U.S. citizens, seasoned day traders, and experienced brokers.
- Opens accounts in a variety of fiat currencies
- Educational materials
- Wide range of services
- Numerous trading pairs, High Staking APYs
- Simple to use buy/sell dashboard
- Rapid online chat response from technical support
- Residents of various nations, including the United States, are not eligible.
- Incredibly intricate, multi-tiered price structure
OKX Top benefits
Tools for learning ranging from beginner to expert
You can find a ton of instructional videos and tutorials for beginners on OKX’s website under the “Learn” section. In addition, OKX offers the chance to become an OKX broker along with timely publications and industry analyses.
Liquidity mining provides access to new DeFi projects
One of the fastest-growing applications of smart contracts and blockchains is decentralized finance, or DeFi. Liquidity mining is a major force behind this expansion. Here, users can passively earn a decentralized protocol’s tokens in exchange for their liquidity services. In comparison to staking, the yield from liquidity mining can be very substantial.
Through staking OKB, the ecosystem token of OKX, you can farm DeFi tokens as part of the Jumpstart Mining campaign.
Earn little Bitcoin amounts every day.
Additionally, OKX features a distinctive loyalty program that honors consistent use of its mobile app. The app posts five brand-new “learning missions” each day that call for reading an article or watching a video. Each task results in the user receiving 50 Satoshis, or about one hundred millionth of a Bitcoin, for completion. The rewards can be exchanged for an equivalent amount of Bitcoin on OKX after the player achieves 10,000 Satoshis, which can then be retained, staked, or traded.
OKX need to improve
US investors have few qualities.
Investors from the United States cannot access OKX, although they may readily access OKCoin, OKX’s sibling exchange.
A more user-friendly cryptocurrency exchange site, OKCoin, provides access to DeFi initiatives and initial coin offerings as well as the ability to purchase and sell cryptocurrencies (ICOs). It does not, however, provide the full range of services that OKX does. It’s sad because OKX is one of the only exchanges with such a broad range of assets and crypto mining possibilities.
Deposits require an additional step due to "know your customer" (KYC) security.
Any cryptocurrency exchange must have elements that ensure online security, privacy, and safety. Direct cryptocurrency purchases with a credit card or bank account are not possible if you don’t reside in one of the supported countries of the exchange. It merely involves one more step, but you can move cryptocurrency from another exchange or wallet.
The fee schedule is very intricate.
It’s challenging to determine whether the fees are high or low based on the exchange’s published fee schedule. A table comparing its fees to those of comparable exchanges would be helpful.
How OKX operates
The cutting-edge cryptocurrency exchange OKX offers trading, investment, and learning tools through cutting-edge financial services built on blockchain technology.
Based on trading volume, it’s one of the biggest cryptocurrency exchanges in the world. It provides access to hundreds of tokens and trade pairings while serving millions of users across more than 100 nations. It offers a number of services in addition to trading in futures. This comprises:
- Trading Options
- Margin Trading
- Permanent swaps
- Lending through decentralized finance (DeFi)
- Bitcoin mining services
You can choose “Basic Trading” on the main page to engage in spot trading and straightforward option trading.
Additionally, you can choose “Margin Trading.” This will enable you to trade futures, sophisticated options, and perpetual swaps while using leverage to try to increase returns. The sophisticated solution enables expert traders to carry out complex transactions involving multiple currencies in order to increase earnings.
You must apply and receive approval before using the advanced features. Beginners need not be concerned about making a costly error because of this. Additionally, there is a “demo trading” option that enables beginners to practice trading risk-free.
Placing a crypto bet on OKX
For more than 100 different tokens and projects, OKX offers interest-bearing staking accounts. The annual percentage yield (APY) of each varies depending on whether you select a fixed or variable holding period. It’s important to keep in mind that some of the coins have minimum staking requirements. For example, Ethereum forbids stakes of less than 0.02 ETH.
The wallet app must be downloaded independently in order to utilize the native wallet feature of the exchange platform. The wallet interacts easily with the main OKX trading app and supports 36 digital assets as well as several vaults.
Crypto mining pools
By joining a miner pool, OKX users can also try their hand at cryptocurrency mining.
A miner pool links independent miners from all over the world and aggregates their hash rate (a progression of mathematical operations). They are all mining at a higher level as a result, increasing their chances of successfully solving a proof-of-work block. The likelihood of a single miner successfully solving a block on their own is extremely low, hence pooling is required.
On OKX, the rewards are distributed among mining pool members in proportion to the amount of computing power they each supplied when a block has been solved. There are 11 proof-of-work mining pools available on OKX, including those for Bitcoin, Ethereum, and Litecoin, and each one comes with instructions on how to join.
Options for flexible lending
A total of 29 digital assets are eligible for decentralized financing through OKX. Aave, dYdX, Compound, DDEX, and Maker are used to provide conventional DeFi possibilities. The platform and the type of token you want to borrow decide the interest rates for these. Peer-to-peer financing services with adaptable conditions are also made possible by OKX.
OKX Fees overview
The complex pricing structure for OKX is separated into two tiers, each of which has a number of levels. To illustrate the complexity of charge scheduling, the tiers for spot trading are shown below.
Your rates for regular users depend on how many OKB you possess. The native cryptocurrency of the OKX exchange is known as OKB. Your fees decrease as you have more OKB within the OKX ecosystem. Typically, the individual who places the order to buy or sell pays the “maker charge,” and the other party who completes the complimentary transaction pays the “taker fee.”
Choice of cryptocurrency
On its trading platform, OKX allows you can buy, sell, or trade hundreds of tokens and coin pairs using leverage or your own on-chain portfolio.
Without any charts, graphs, or order books, it features a “immediate” buy/sell box for the most widely used cryptocurrencies. The following digital materials are straightforward and simple to use:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- Cardano (ADA)
- Polkadot (DOT)
- Polygon (MATIC)
Sercure your cryptocurrency with OKX
To preserve the privacy of its customers’ private keys, OKX’s hot wallet technology employs numerous layers of security, including:
- Risk-management tools that are both online and offline
- Semi-offline services for digital signatures
- Risk-reduction strategies for big data
Prior to being posted to the blockchain for confirmation, all user-asset deposits and withdrawals require multiple risk-management processes.
Even if physically attacked, OKX claims that its semi-offline servers cannot be compromised. This is due to the fact that a user’s private key is kept on a transient memory file on the server rather than a permanent hard drive. Hackers are essentially unable to gain access because of this.
Transmission Control Protocol/Internet Protocol (TCP/IP), the standard technique for enabling digital computers to communicate over great distances, is not used by OKX. Instead, in order to avoid an online attack, this communication is carried out through a unique network communication protocol that is a private, mostly offline service.
Last but not least, there are numerous emergency plans for backup private-key activation in various places.
If you think OKX is not suitable for you, also try others trading platform as Binance US, CoinPanel, ByBit.
If you are newbie, you could also learn how to trade cryptocurrency here.