OKX Exchange Review
OKX is a centralized exchange that occupies #4 on Guru InvestingExchange Tracker. OKX has trading volume US$3,109,443,020 in the last 24 hours and US$723,124,592,146 in the last 7 days.
OKX currently has 318 cryptocurrencies, 46 paper currencies and 644 markets (cryptocurrency trading pairs). The most popular trading pair on OKX is ETH/USDT.
Compare OKH next to other exchanges here: Exchange comparison tool.
OKH, formerly known as OKEx, is a centralized cryptocurrency exchange (CEX). It offers spot and derivatives markets, block trading and trading bot. In addition, clients of the OKX crypto exchange can access loan and earnings schemesand DeFi Services for Developers.
Platform KYC compliant. Services are available in most regions of the world. However, customers from China and the US cannot use the OKX cryptocurrency exchange.
Markets
There are over 600 OKX trading pairs and over 300 tokens available on the spot and futures markets. Both crypto-crypto and crypto-fiat trading are supported. Users are free to create their own P2P marketplaces in their preferred currencies. P2P trading supports 40 fiat currencies, including USD, EUR, GBP and AUD.
Like many blockchain-based platforms, the OKX cryptocurrency exchange hosts its own token, OKB. Customers who hold OKB in their accounts are eligible for a discount on OKX cryptocurrency fees.
OKB, like other listed crypto assets, can be bought or sold on the platform using a credit card, e-wallet or other preferred payment methods. In addition, OKX offers instant crypto converter. The service is free and supports all assets available on the OKX cryptocurrency exchange.
In addition to the OKX spot and futures markets, the platform also offers margin and options tradingas well as perpetual swap. Clients can manually configure their preferred trading strategy or use a trading bot. Margin trading can support leverage up to 75x.
The trading process is partially gamified by ranking users with high investment rates and consistent performance. Master Trader Leaderboard.
In addition, OKX’s spot and derivatives markets support over-the-counter (OTC) trading large assets. Users can access Block trading OKX and request quotes for custom orders. The minimum price for OKX cryptocurrency for a block order is $50,000. Request for Quote (RFQ) forms can be submitted anonymously.
There are two separate tier lists for regular and VIP clients. The commission for ordinary clients is five levels, and for VIP levels there are eight. The payment level is determined by the number of OKB tokens held, the value of the assets in USD and the 30-day trading volume of OKX.
Regular users cannot own more than $100,000 in assets or have OKX 30-day volume exceeding $10 million. These numbers are the threshold for VIP users. The number of OKB tokens available does not affect OKX cryptocurrency fees for VIP users.
Regular users are charged according to their OKB assets. The withdrawal amount within 24 hours is limited to 500 BTC.
- 1st level: less than 500 OKB tokens. Maker/taker fees are 0.080% and 0.100% respectively;
- Level 2: 500-999 OKB. Maker/taker fees are 0.075% and 0.095% respectively;
- Level 3: 1000-1499 OKB. Maker/taker fees are 0.070% and 0.090% respectively;
- Level 4: 1500-1999 OKB. Maker/taker fees are 0.065% and 0.085% respectively;
- Level 5: not less than 2000 OKB. Maker/taker fees are 0.060% and 0.080% respectively.
At VIP 1 level, the estimated assets exceed $100,000 and the required 30-day OKX trading volume is over $10 million. Here, OKX exchange fees are 0.060% and 0.080% for makers and takers respectively, and the withdrawal limit is set at 600 BTC.
From VIP level 5 to level 8, the holding’s assets exceed $10 million. In VIP5, makers are not required to pay any fees for OKX exchange and receive up to 0.005% back. The taker fee is gradually reduced to 0.020%.
The futures and options markets have the same multi-level structure for regular and VIP users. However, the required 30-day trading volume for OKX is different. For regular futures traders, the volume is less than $50 million, and for options traders it is $5 million. Futures producer fees range from 0.015% to 0.020%, and taker fees range from 0.030% to 0.050%.
VIP futures traders pay taker fees ranging from 0.020% to 0.030% depending on assets on hand and trading volume. At VIP level 5, the maker’s commission is reduced to 0.00%, and at levels 6–8, makers receive up to 0.015% in return.
For regular options traders, all taker fees are set at 0.030%, while maker fees range from 0.015%-0.020%. VIP maker fees at levels 1-4 drop to 0.02% and drop to 0 at level 5, and yields reach 0.010% at level 8. VIP options taker fees start at 0.020% and drop to 0.013% at level 8. .
other services
Eat two types of brokerage services available as additional services on the OKX crypto exchange. Users can either become disclosed or undisclosed brokers. In exchange, they can access OKX liquidity and earn commissions.
OKH Earnings This is a bonus program. It allows users to earn passive income through double investments and bets. This allows customers to receive a higher percentage of the value of the OKX cryptocurrency.
OKH Credit offers more than 20 assets for flexible and fixed loans. There are different interest rates for the two types of loans. Flexible loan interest rates reset hourly, while fixed loans have a fixed daily interest rate.
OKX Jumpstart is a blockchain incubator. The project works to provide access and funding to new crypto projects. Users must pass at least Level 2 KYC verification and have sufficient OKB funds to place their assets in Jumpstart projects.
Developers can access OKC Oracle Solution. It is an open source network that provides live streaming of OKX cryptocurrency prices, support for DeFi and GameFi projects, and off-chain data transfer technology. OKC is a smart contract platform for Web3 projects.
About company
OKX was launched as OKEx in 2017. In January 2022, the platform was renamed OKX. It was originally created Star Xu in China, its current headquarters is in the Seychelles. Due to local regulations, OKX is currently banned in China.
At various times since its launch, OKX has been considered one of the largest cryptocurrency exchanges in the world. Based on the company’s turnover reports, it became the largest cryptocurrency exchange in the world in May 2018.
In April 2018, it was announced that the OKX cryptocurrency exchange would be based in Malta, thus entering the European market. That same year the company began offering white label service for financial companies.
In 2019, the company began operations in India. That year, the company was recognized as the leader in monthly derivatives volume. According to market data, in September 2019 OKX’s total volume exceeded $90 billion..
In 2020, over 180 new OKX trading pairs were registered, as well as 64 leverage listings and over 100 derivatives. The platform also oversaw the launch of several new services, including OTX Earn, Jumpstart and Broker. At the end of the year, OKX officially launched OKC Smart Contract Platform.
In a notice published in October 2021, the company said it would exit the mainland China market. The announcement follows new regulations in China that include a ban on cryptocurrencies. However, the company retained some of its research and development operations in the region.
Jay Hao is the current CEO of OKX. He has worked on developing various blockchain applications and has worked in the semiconductor industry for over two decades. Hao was appointed CEO in November 2018 following the company’s expansion into Europe.
Star Xu is a famous Chinese entrepreneur. He also founded the Okcoin cryptocurrency exchange. Both OKX and Okcoin are owned by Ok Group. Due to disputes with Chinese authorities, Xu is no longer part of the OKX crypto exchange team.
OKX related pages
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
