OKX (formerly OKEX) is one of the famous CEX exchanges on the market today. Since its beginning, OKX has consistently ranked among the top cryptocurrency exchanges in the world in terms of service quality and trading volume. In this comprehensive review of the OKX exchange, Betomon will analyze the features, benefits, and drawbacks of this leading exchange.
What is the OKX exchange?
OKX is one of the leading cryptocurrency exchanges in the world presently. This exchange was founded in 2014 by Star Xu and received millions of dollars of investment from many large investment funds such as: Giant Network Group, Longling Capital, Ceyuan Ventures, Qianhe Capital Management, eLong Inc.
Some basic information about the OKX exchange:
- Name: OKX ( previously OKEx)
- Services: Crypto exchange, Layer 1, Layer 2, Wallet
- Established: 2017
- Founder: Starxu
- Headquarter: Seychelles
The OKX was founded in Hong Kong, amidst worries about initial coin offering (ICO) prohibitions in China. After that, to join its rivals Binance and Huobi, it relocated its headquarters outside of China. This exchange initially focused its development on China, but it eventually changed its business strategy and currently serves clients in over 100 nations.
In fact, OKX was formerly known as OKEX and is a managed subsidiary of the OKCoin platform. Until January 2022, the official name of this exchange was changed to OKX. In 2018, due to the Chinese government’s increasingly stringent regulations on cryptocurrencies, OKX Exchange had to move its headquarters to the island nation of Malta.
At present, OKX with 9 Trust Scores and a daily trading volume of up to 858.6 million USD is in the top 10 rankings of the world’s leading cryptocurrency exchanges. In addition, the platform is trusted by more than 20 million users across 180 markets and assists in trading more than 250 crypto assets.
Some outstanding features of the OKX exchange:
- Supports multiple platforms, including web, mobile apps, and APIs
- Secure transactions with a high level of protection
- Accepts most popular cryptocurrencies such as: BTC, ETH, XRP, USDC, USDT, ARB, OP,…
- Supports many devices, aside from desktops, OKX Exchange also provides apps for iOS and Android.
- High liquidity with trading volume of more than 800 million USD per day.
- Allows Future Trading.
- Low transaction fees from 0.02%
- Supports fiat transactions
- Support for trade margin, which helps you use x10 or x20 leverage to optimize profits
- High liquidity
- Hedging allows you to secure mining profits
- Supports more than 19 different languages, including Vietnamese
- Assistance via live chat on the website
- Well capitalized with $10 million in receiving from investors such as Tim Draper, Ceyuan and Mandra Capital
Some service of OKX
- Spot: 533 distinct trading pairs and over 300 different token types are offered for trading on the OKX exchange. Besides, OKX’s Spot trading interface is quite friendly and fully functional.
- Derivatives và Margin Trading: With up to 125x leverage, OKX provides trading platforms for the most commonly traded tokens in derivatives, futures, and options.
- Trading Bots: OKX offers a variety of trading bots, including: Grid trading bots, dollar cost averaging bot, arbitrage bot.
- Earn: This is OKX’s savings feature, with 21 different kinds of tokens can be saved by using this function. Users can choose flexible savings (can withdraw money at any time) or fixed savings (can only withdraw money after a fixed period of time)
- Loan: OKX provides collateralized loans through this service.
- Jumpstart: Jumpstart is the Launchpad of the OKX exchange. Users of this platform will be able to access the tokens of potential projects listed on OKX.
- OKB Chain: OKB Chain (OKBC) is a zkEVM L2 network that offers 100% EVM compatibility, high performance, low transaction fees, and strong security. This blockchain is currently in the testnet phase
- OKT Chain: OKT Chain is an EVM-compatible L1 built on Cosmos with a focus on Inter Blockchain Communication (IBC). Although this blockchain has been activated, not many applications or users are utilizing it. According to DefiLlama, TVL of OKT Chain currently is only 27.49 million USD
- P2P Trading: The P2P trading market of OKX. Users can conveniently and quickly purchase cryptocurrencies from OKX-licensed merchants by using this option.
- Express Buy: OKX has integrated the most popular payment cards globally such as Visa and Mastercard to allow users to trade cryptocurrencies.
Trading techniques for institutions: OKX also develops services specifically for institutional users in addition to offering for regular users.
>>> Which is the Best Crypto Exchange in 2024, OKX or Binance?
OKEX (OKX) exchange review
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Advantage
The exchange has a large trading volume and high liquidity.
Languages support with 10 different languages, including Vietnamese.
Offers a variety of trading forms such as Spot Trading, Trade Margin, OTC, futures, and options.
Many payment options can be used when buying crypto including: Visa/Mastercard, bank transfer, Google Pay,…
Allows low-cost trading of over 250 digital assets.
Quick processing of transactions.
Support for use on mobile devices (Android, iOS) and with Windows and MacOS versions of extensions.
24/7 user support via many different methods including telegram, email, website ,…
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Disadvantage
The interface of the exchange is not too intuitive and extremely user-friendly.
OKX offers a variety of products, however none particularly stand out.
There are concerns over the exchange’s security after hackers had targeted user accounts on OKX.
Some beginners may be confused by the exchange’s new services, such as OK Pool and OK PiggyBank.
>>> Instructions for registration, verification and security on OKX
Frequently Asked Questions About OKX Exchange
Is the OKX exchange reputable?
OKX is one of the most reputable exchanges in the cryptocurrency market at the moment with 9 credit scores according to Coingecko.
Has the OKX exchange been hacked?
Until now, The OKX exchange has not yet had a hack. However, in 2018 the exchange briefly blocked user withdrawals.
Is OKX exchange required KYC?
It is obligate to KYC participants to use the exchange’s services.
Does OKX exchange support mobile apps?
OKX có thể truy cập được trên cả ứng dụng di động iOS và Android.
OKX trading fees?
The trading fees for OKX can be viewed here:
What is OKX’s exchange coin?
OKB is OKX’s exchange coin. Users can use this token to:
- Some ways to decrease the transaction fees:
- Participate in public sales of new projects on Jumpstart
- Make a profit by using the Earn product to deposit savings.
>>> Frequently Asked Questions (FAQ) in OKX
How Good is OKX’s Customer Support?
Any review of OKX wouldn’t be complete without talking about the customer services system. OKX has a relatively diverse support structure that includes the following elements:
- Requests sent to email support should be answered in less than 24 hours.
- Real-time problem support via live chat.
- Many guides and FAQs to choose from.
- Multilingual support.
- An active social media follow-up.
- An active community contributes to a better understanding of cryptocurrencies for both traders and crypto enthusiasts.
Is OKX a trustworthy business?
OKX currently ranks as a leading in terms of trading volume on all exchanges today. Generally, OKX could be regarded as one of the most reliable focus exchanges. Besides, the following criteria increase this crypto exchange’s reliability:
- Advanced security measures include storing assets in cold wallets, using multisig wallets, requiring OTP-based logins, the ability to set two-factor authentication (2FA) …
- International KYC and AML standards are compliant with the transparent legal system.
- OKX is also VFAA compliant, in accordance with standards established by the Malta Financial Services.
- Transparent fee structure, clear trading volume,excellent customer support, and an extensive user base.
In conclusion
In general, this OKX review demonstrates how well this international cryptocurrency exchange serves all aspects of clientele. In addition to providing a lot of financial services and cryptocurrency trading, it also offers a wide range of user-educational materials. The larger OKX ecosystem effortlessly connects with the exchange, along with an integrated wallet, native token, and a fully functional blockchain, contributing to the decentralized purpose and improved user experience.
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