Today, there are hundreds of exchanges available that you can use to start crypto trading. These exchanges provide you with several services ranging from diverse trading tools to ways of generating passive income and implementing robust security measures. Therefore, it could become a bit challenging for you to choose the right crypto exchange for yourself.

This in-depth review of the OKX Exchange will help you find out whether it is the right crypto exchange for you. It will analyze the top features offered by the platform, such as trading options, earning opportunities, trading bots, applicable fees, security measures, and more.  

Let’s find out more about OKX and how this crypto exchange meets your daily requirements as a trader.

About OKX

OKX is an advanced cryptocurrency exchange that offers innovative financial services. It is among the OG’s in the crypto space and was founded in 2016. The exchange was rebranded from OKEX to OKX in 2022. It has its headquarters in Seychelles, and is licensed in Hong Kong (SFC), Malta (MFSA), and the EU (ESMA).

OKX has been providing services to its millions of users in more than 100 countries. The exchange offers WEB3 services in the United States with an office in Silicon Valley but does not offer full exchange services in the country. The daily trading volume of OKX stands above $3.5 billion, making it a highly liquid exchange.

The exchange offers a wide selection of cryptocurrencies to its users, such as over 350 coins and more than 700 trading pairs. It offers the basic types of orders for both spot and futures trading, making it a top choice for everyone. In addition, OKX also supports options trading, Earn products, and perpetual swaps.

To help traders with automated trading strategies, OKX offers several useful trading bots. These bots help you quickly identify trading opportunities to make profits. The platform also provides features like flexible borrowing and staking. You can stake the native token of OKX, which is OKB, to earn rewards and access other incentives.

OKX claims to be the portal to Web3, offering a decentralized exchange (DEX), crypto hot wallet, decentralized applications (DApps), and an NFT marketplace. The platform also provides Proof-of-Reserves and has implemented robust security measures to ensure the enhanced safety of your funds.

Here’s the OKX key features summary:

• OKX offers you the opportunity to trade a wide range of cryptocurrencies with unique trading options.
• The platform continually lists new tokens, offering you the chance to become an early investor.
• OKX provides a user-friendly trading interface, and its trading chart is powered by TradingView.
• You can do futures trading on OKX with up to 100x leverage.
• The native blockchain of OKX is X Layer, and its native token is OKB.
• OKX hosts an NFT marketplace where you can buy and sell popular NFTs.

Who are the Owners of OKX?

OKX, formerly known as OKEX, is owned by the OK Group. It was founded by Mingxing Star Xu in 2013 in China. Xu is a Chinese entrepreneur with a bachelor’s degree in applied physics.

Star XU is the present CEO of OKX.

Getting Started with OKX

To start using the top features offered by OKX, you need to create an account on the exchange.

The process of signing up for the OKX Exchange is simple: you just need to visit its website and navigate to the Sign-Up tab.

Choose your country of origin and agree to the terms of service and privacy policy.

Choose your country of origin and agree to the terms of service and privacy policy. Provide your email address, enter the verification code you will get on your email, and create a strong password based on capital and lowercase letters, special characters, and digits.

KYC Procedure on OKX

After creating your account on OKX, you need to complete the KYC (Know Your Customer) procedure, which is also mandatory on the exchange.

To do this, navigate to your profile icon and then to Verification. There are basically two levels of KYC procedure on OKX: Level 1 and Level 2. For Level 1 KYC, you need to provide the ID card issued by your government and take a selfie. The whole process is quick and will not take more than 10 minutes.

For Level 2 KYC, you need to provide the following documents:

• A copy of your driving license or passport.
• Your residential proof of address.

Google Two-Factor Authentication

OKX is a diverse crypto exchange that prioritizes the security of its users. It encourages you to take several measures, such as Google Two-Factor Authentication (2FA), to ensure the maximum safety of your account.

To set Two-Factor Authentication to your account, navigate to Security under your profile icon. Click on Set Up against Link Authenticator App, download the Google Two-Factor Authentication app on your mobile phone, and link it with your account.

Making Your First Deposit on OKX

To trade your favorite cryptocurrencies on the OKX Exchange, you need to make a deposit.

To simply make a crypto deposit, you need to navigate to Deposit under the Assets section at the top of the menu bar. Select the cryptocurrency and the deposit network you want to use for the deposit. You can either copy the deposit address or scan the QR code to complete the deposit .

On the other hand, OKX also supports buying cryptocurrency through fiat currencies. You can use its Buy Crypto feature, which offers Express Buy and P2P Trading.

Express Buy

Express Buy is an innovative feature offered by the OKX Exchange.

For this, you need to access Express under the Buy Crypto section. OKX allows you to buy and sell your favorite digital coins using fiat currencies. It is a quick and convenient way to purchase cryptocurrencies with fiat. You can use a debit or credit card to make the purchase. In addition, OKX also supports other payment methods, such as Advcash, SEPA, Apple Pay, Google Pay, and more.

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P2P Trading

P2P trading, a peer-to-peer marketplace, on OKX is another great way to buy your favorite crypto using fiat currencies.

Navigate to P2P trading under the Buy Crypto section of the menu bar. To buy cryptocurrency using fiat, you will see a list of ads through which you can select any suitable ad and make the transaction. Choose the currency you want to pay, the cryptocurrency you are receiving, and the payment method, and fill in the order details. Once the seller confirms the payment, you will get the crypto in your OKX account.

Convert on OKX

Once you have made a deposit or bought a cryptocurrency on OKX, you can convert it to another coin with zero fees.

You can convert any cryptocurrency on OKX at any time. On the Convert page, just select the cryptocurrency you want to convert and the cryptocurrency you want to receive. The cryptocurrency will be instantly converted, and you will see the converted assets in a timely manner.

Transfer on OKX

OKX supports two types of accounts: funding and trading. To start trading your favorite cryptocurrencies on the platform, you need to transfer funds from funding to your trading account.

To do this, navigate to Transfer under the Assets section. Select the asset you want to transfer to your trading account and enter the transfer amount to complete the process. Once done, you can start using the trading features on OKX.

How to Make a Withdrawal on OKX?

Making a withdrawal on OKX is simple, but there are certain requirements that you need to fulfil. Before you withdraw, you need to set up the Google Two-Factor Authentication (2FA) and the funds transfer password. This password increases the security of your account, as you will have to provide it whenever making a withdrawal from the exchange.

Once done, you can withdraw funds from the OKX Exchange. On the Withdrawal page, select the cryptocurrency you want to withdraw, the withdrawal amount, and the withdrawal address to confirm the withdrawal request.

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Trading on OKX

OKX has been designed to offer its users a smooth trading experience. The platform offers Spot trading, Futures trading with up to 100x leverage, and Options trading on Bitcoin and Ethereum contracts.

You can simply select any of your favorite trading pairs in these categories and start trading them. OKX offers several order types to its users, such as Limit, Market, TP/SL, Trailing Stop, Advanced Limit, Scaled Order, Iceberg, and TWAP. You can easily set stop-loss and take-profit targets for your positions and close them accordingly.

Trading Interface Features

OKX has a simple yet well-designed trading interface that offers all the essential trading tools. Its trading chart is powered by TradingView, and you can switch between the original chart as well. You can choose the trading pair on the left side and easily change the chart settings with its different tools.

It shows you the market price, funding rate, 24-hour change in volume, 24-hour turnover, and more of your selected trading pair. You can change the timeframe easily and apply an indicator to the chart according to your trading strategy. On the right side, the order book displays the current buying and selling prices.

In the order placing area, you can select from different order types, choose the margin mode, and apply the leverage ratio. You can also check the details of your current position, transaction history, current orders, and more.

Spot Trading

To start Spot Trading on OKX, head to Spot under the trade section.

Spot trading is the marketplace where cryptocurrencies are directly traded between buyers and sellers. It is more preferrable for a beginner trader, and OKX makes it simple for anyone to use its Spot platform. You can trade over 350 cryptocurrencies in its spot market and use different types of orders. These orders have been designed to provide maximum benefits to crypto users.

Futures Trading

Futures Trading on OKX is an advanced form of trading cryptocurrencies using leverage. It means you can trade with more funds than are available in your account. For this, navigate to Futures under the Trade section.

Futures trading allows you to trade cryptocurrencies at a specific price on a set future date. OKX Futures trading provides a large number of trading pairs that you can trade using up to 100x leverage. It offers different order types for a diverse trading experience.

Order Types on OKX

You can use the following order types on OKX.

• Limit Order is used to open or close a position based on a specific price. Once placed, it is added to the order book.
• Market Order is for immediate buying and selling of cryptocurrencies at the current market price. Remember, the final price depends on the market availability.
• TP/SL Order allows you to set stop-loss and take-profit targets before executing a trade. Take-profit and stop-loss are automated price levels where positions are closed with zero manual intervention.
• Trailing Stop Order is a diverse order type that automatically adjusts the trigger price once the market moves positively in your favor, protecting against potential losses.
• Advanced Limit Order is a type of limit order that offers advanced functionality. You can use it to manage risk, benefit from market volatility, and lock in profits.
• Scaled Order is an order type that allows you to set multiple limit sub-orders simultaneously and a price range.
• Iceberg Order is used to minimize the market impact by executing large transactions without revealing the complete order size. It breaks large orders into smaller ones, which are gradually executed while keeping the larger portion of the order hidden.
• TWAP (Time-weighted Average Price) is an algorithm strategy that you can use to divide large orders into smaller ones to execute them over a specific time. It minimizes the impact of large orders on the market, favoring a more achievable purchase price.

Options Trading on OKX

Options trading on OKX offers a layout similar to other trading interfaces but with different functionality.

An easy way to start options trading on OKX is by using the Options Discovery tool. It helps you find the best options that are suitable for your trading strategy. It also offers a clear diagram, making it easy for you to see your potential gains and losses for the selected option. Once you have set the parameters, you are automatically directed to the market for the selected option.

For a broader overview of the market, you can select All Option. Once you have selected the option, you can start trading it. Remember, there is only one type of order available in Options trading on OKX, which is the Limit Order.

Copy Trading on OKX

OKX is a global cryptocurrency exchange that has been designed to offer its users high liquidity, low slippage, and massive earning opportunities. These traits, combined with a subscription to follow the leading traders on the platform, allow you to have an excellent copy trading experience.

OKX provides its traders with the opportunity to copy trades of experienced traders in both the Futures and Spot markets.

OKX copy trading allows you to copy the trades of successful traders. You can research the leading copy traders based on several factors, such as win rate, PnL%, and more. In addition, copy traders also earn a percentage of the profit made by their copiers, benefiting both sides.

Trading Bots on OKX

Trading bots have become popular in the crypto space, offering traders a chance to take advantage of auto trading. OKX is a leading cryptocurrency exchange that is a go-to platform for traders who are interested in using trading bots.

OKX provides a good selection of trading bots to its users, and they can also create their own trading bots. Some of these bots are simple and follow the basic strategies. On the other hand, some trading bots are advanced and follow unique rules for trading.

Trading bots on OKX offers you several benefits, such as providing crucial signals, 24/7 trading, portfolio rebalancing, monitoring price movements, and more.

Listed below are the available trading bots on OKX.

• Spot Grid Bot is used to buy low and sell high in an upward market.
• Futures Grid Bot can be used to leverage futures in any market trend.
• Futures DCA (Martingale) Bot automatically adjusts your position based on market fluctuations.
• Smart Arbitrage Bot is a one-click arbitrage that is used for easy hedging.
• Flywheel Bot is used to implement a buy low and sell high strategy with a focus on maximizing returns through cyclical trading and dual investment.
• Spot DCA (Martingale) Bot has been designed to gradually increase your crypto holdings.
• Recuring Buy Bot is used for regular buying to average holding costs.
• Signal Bot can be used to trade low-latency signals.
• Iceberg Bot is for splitting large orders into smaller ones for execution at better prices.
• TWAP Bot is used to place scheduled orders to minimize slippage.
• Smart Portfolio Bot manages your crypto portfolio with custom triggers.
• Arbitrage Bot is designed to exploit maximum benefits from price differences in Spot and future markets.

Key Features of OKX

As mentioned earlier, OKX is a unique crypto exchange that offers more than just trading features to its worldwide users. There are several unique features available on the exchange that are designed to enhance your user experience.

Affiliates

You can monetize your work on OKX and start earning through the OKX Affiliate Program. This unique program has been designed for influencers or content creators with a passion for crypto.

All you need to do is fill out the application form to become eligible for the OKX Affiliate Program. Once confirmed, you can earn up to 50% commission in USDT when a user signs up and trades through your affiliate link.

Earn

OKX Earn is a great place to earn nice APY (Annual Percentage Yield) on your crypto holdings. It offers you a way to generate interest in crypto assets through several investment choices.

Navigate to Grow at the top of your menu bar to access the Earn section. OKX Earn features several products, such as simple and safe savings accounts and high-risk and advanced dual investment options. Listed below are the products offered under OKX Earn.

• Simple Earn allows users to save and stake their crypto assets to earn APY.
• Structured Products are innovative financial tools that have been designed to earn interest from the Futures market. It includes products like Dual Investment, Snowball, Dual Investment Lite, and Shark Fin.
• On-Chain Earn offers on-chain earning opportunities from PoS staking and DeFi protocols.

Loan

OKX stands out as an innovative cryptocurrency exchange that provides several financial services to millions of users worldwide. One such financial service is crypto loans, which are designed to provide the required balance to traders at any time.

OKX Loans is a flexible product that makes it easy for crypto users to acquire funds using their digital assets as collateral for a certain time. You can get a loan on any cryptocurrency that is registered on the platform. It allows you to increase your cash flow instead of selling your crypto assets.

Jumpstart

Jumpstart on OKX is a token sale platform that provides users the opportunity to invest in newly launched projects at the early stages.

You can participate in these projects by staking your OKB tokens and receiving new project tokens based on the staked amount. You can earn these tokens before these projects are made public. So, it is an exciting way to increase your crypto holdings with newly launched tokens of different projects.

OKX Mobile App

OKX has developed its innovative application for those who want to trade cryptocurrencies using their mobile phones. It is available on both Google Play Store and Apple App Store, from where you can download it any time and start trading your favorite crypto assets.

The powerful application has been designed to offer an industry-leading experience. The OKX mobile application has a well-designed interface that provides access to almost all features available on the desktop version. You can do Spot, Futures, and margin trading on the application.

In addition, the OKX mobile application offers you the chance to explore its NFT marketplace and GameFi apps. You can also access the Web3 universe on the application, which provides you with access to over 1,000 DApp protocols and features, including cross-chain DEX, DApp discovery, yield farming, and more.

Fees on OKX

The fees on the OKX Exchange depend on whether you are a market maker or taker. The trading fees on the platform vary according to the tier system.

The maximum maker fee for Spot USDT contracts is 0.08%, while for takers, it is 0.1%. The tier system is based on the user’s trading volume. With higher tiers, the fees are reduced. In addition, VIP users can save more on trading fees; for example, the lowest maker trading fee for VIP Level 5 in Spot USDT pairs is 0%, while the taker fee is 0.03%.

How Safe is OKX?

OKX has implemented robust security measures to safeguard its users’ funds. The platform has its Virtual Financial Asset Act (VFAA) in Malta and a Virtual Asset License in Dubai.

95% of the platform’s funds are stored offline, ensuring enhanced funds safety. In addition, the exchange utilizes several safety measures, such as 2FA, mobile verification codes, and email verification codes for security and withdrawals.

OKX has also followed the Merkel-Tree Proof-of-Reserves to increase the confidence of its users by showing the on-chain and off-chain held assets.

Closing Thoughts

OKX is one of the world’s largest trading platforms. The crypto exchange offers a wide range of features to its users. It has gained popularity in the crypto space by introducing many innovative features.

Whether you are a beginner or an experienced crypto user, the OKX Exchange caters to all your trading needs. Thanks to its Spot, Futures, and Options trading platforms, you can trade your favorite coins and use several trade orders. The platform offers deep liquidity, making the execution of trades faster and less costly. OKX has implemented remarkable security measures to ensure the enhanced safety of your funds. The platform also offers you several ways to generate passive income. In addition, it offers diverse 24/7 customer support that addresses users’ queries instantly.

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Frequently Asked Questions (FAQs)