OKX

OKX Review: A Quick Overview

OKX was created in 2017 by Chinese entrepreneur Star Xu. His objective was to create a safe, reliable, fast, and efficient exchange for both beginner and expert crypto traders. In 7 years after inception and launch, OKX now has over 50 million users globally and has become the second largest exchange by transaction volume as reported by coinmarketcap. OKX has also opened offices in various parts of the world, including the United arab emirates (UAE), Singapore, and Hong Kong while running its global operations from its corporate headquarters in Seychelles.

There are over 300 digital assets and 500+ trading pairs on the OKX crypto exchange platform, which lets you buy popular coins like Bitcoin, Ethereum, Solana, USDC, and TRON. For advanced users, OKX also has a special feature where users can make bets on the future prices of digital coins without actually owning them. This feature is especially for users who know a lot about trading, and it is known as a derivatives offering. The various types of derivative offerings available on OKX are future, perpetual, and swap contracts. 

OKX's uniqueness and ability to quickly innovate are the reasons for its fast growth and acceptance by many crypto lovers and traders. 

OKX: Offerings and Attributes 

Let us consider the major types of trading available:

Real-Time Trading 

Real-time trading is a common attribute among exchanges. By using the Real-time trading feature, users can purchase and offer digital assets at their current market price through the many currency pairs available on the OKX platform. The OKX trading platform supports 300+ coins and assets available. These coins and assets are paired on the platform by OKX for its users.

Forward trading 

 The idea behind forward trading is that OKX users can, based on given data, predict the future pricing of digital assets available to them. They are also able to enter agreements or contracts that enable them to efficiently handle their risks or enhance their market exposure by having leverage.

Leverage/Margin Trading 

When your funds are insufficient for the trades you want to make, OKX offers you some on loan. This feature on OKX provides you with that opportunity. You can borrow from OKX, purchase the coin of your choice, and pay it back later. However, OKX requires collateral before they will lend you any money. The funds in your account will be the collateral, and it will locked up and released back to you after you have paid the loan back. 

Crypto Options Trading 

This feature on OKX allows you to pay a small amount to purchase coins or digital assets that you can choose to purchase or offer up for sale at a later price in the future. This means that you stand the chance of making a profit if the asset moves in your favor, but if the asset does not move in your favor, you lose only the small amount you paid initially.

Mirror Trading

Many inexperienced beginners can make large profits by mirroring the strategies or trades of expert traders. This mirroring feature is done by setting your account to automatically follow or copy the account of an expert trader, which increases your chances of earning more.

Direct trading 

This feature lets you purchase coins directly from others or offer your coins directly to other users on the OKX platform. OKX just acts as a middleman by providing the platform and by connecting both buyer and seller. They also play a regulatory role to protect the interests of each party.

Automated Trading systems (Trading Bots)

Automated trading systems assist you in making trades and transactions on OKX on your behalf. Of course, trading bots have no mind of their own and will only do what you have preset them to do. This makes trading on OKX very easy and convenient for its users.

Liquidity Market 

Liquidity in a marketplace simply means that there's enough of an item to go around for anyone, no matter how many there are. The significance of this marketplace is that large traders can purchase large volumes of a particular asset without destabilizing the price of those assets.

OKX Passive Revenue Programs 

Now, here are passive review programs for you to embrace:

Crypto Staking

Hold, keep, and earn. That's the idea of crypto staking for the OKX users. It is one of OKXs passive income streams that pays or rewards its users for keeping or saving their coins. 

However, this feature does not benefit users alone. OKX is also able to secure the network and process transactions faster.

Crypto Loan

Extra funds to buy coins and digital assets can significantly increase your chances of making more profit or solving rising needs. This is why users will need a means to increase their purchasing power, and that is where the Crypto loan feature comes in. OKX will lock the coins you have and grant your loan request, and will unlock it when you pay back.

Jumpstart 

This is OKX’s way of supporting new assets and Crypto projects. The jumpstart feature allows the project owners to use this platform to raise funds by offering the new coins to those who are interested in investing early and want to have the opportunity to make a profit when the coin rises in value. 

OKX Blockchain Ecosystem

OKX Digital Wallet 

When the safety and security of your funds are your top priority, the OKX digital wallet is the best place to keep and store your coins away from thieves and hackers. This platform also allows you to send and receive assets, swap coins for another, and connect to apps from which you can earn rewards.

OKX Blockchain 

The most exciting thing about this feature is that it lets you be your own boss. There's freedom and opportunity to invent your own apps, Create and trade digital art(NFTs), and make transactions without having anyone messing around with what you have created or the transactions you have made. It is also cheap, fast, and charges low transaction fees. 

Digital Collectibles Market

This is where creatives who are willing to sell their art and art lovers interested in purchasing creative items( and selling later for profit) meet to make transactions. OKX makes available different collections for buyers or enthusiasts to bid and buy from sellers. 

Supported Crypto pairs on OKX 

Here’s a list of the crypto trading pairs available on OKX:

• Bitcoin paired with Tether (BTC/USDT)
• Ethereum paired with Tether (ETH/USDT)
• USD Coin paired with Tether (USDC/USDT)
• Dogecoin paired with Tether (DOGE/USDT)
• Avalanche paired with Tether (AVAX/USDT)
• Shiba Inu paired with Tether (SHIB/USDT)
• Litecoin paired with Tether (LTC/USDT)
• Sui paired with Tether (SUI/USDT)
• Aave paired with Tether (AAVE/USDT)
• Uniswap paired with Tether (UNI/USDT)

Account Activation Procedures

Let’s see how one can activate an account at the OKX crypto exchange:

1. Account Registration

This is the stage where you register to access and use the OKX platform. Everyone must go through this step before they can trade on the platform. OKX will request either an active phone number or a valid email address at this stage.

2. Identity Verification procedure

The next step is to provide all the personal details that OKX will ask you for. These personal details include your full name, date of birth, government-issued ID cards, and a selfie. This procedure may take between a few minutes to some days to complete, and it depends on how many verification requests OKX is handling at the time.

3. Add Funds

Once the KYC procedure is completed, you can then use the different payment methods that OKX supports to add funds to your account. 

4. Initiate Your Crypto Trading

This is the final stage. With the funds in your account, you can begin to trade and transact as you wish on OKX while following the rules and regulations that OKX sets for its users.

Understanding the Trading Charges

Fees and charges are very common things for every organization or person offering a product or service. In order to maintain operations, a price needs to be paid by the one to who a service is rendered. It's the same on OKX. OKX charges, which are known as transaction fees, are based on the volume or amount of transactions you carry out at every given moment. It is usually a percentage of the total amount transacted. The fees are charged so OKX can cover the expenses they incur while securing or maintaining your accounts. 

OKX Safety Features

No one wants their funds to be stolen by thieves or hackers, and OKX goes a long way to ensure that. They do this by using strong and tight safety features. These features are to prevent hackers from gaining access to their users' accounts. The safety measures used by OKX are 2FA, Cold Wallet, and reliable data encryption.

OKX Mobile Application

OKX has a mobile app available to both Android and IOS smartphone users that allows its users to easily access their accounts on the go. With the mobile app, you can invest and make transactions every day from your device without the inconvenience of carrying a PC around.

User Support at OKX

People will have questions to ask, and issues will arise while using the platform. The customer support at OKX is structured to handle any and every complaint or question that comes from its users. Users may decide to text or live chat with an OKX customer agent whenever they need help. 

OKX Vs. Other Crypto Platforms

Let us now compare OKX with other major competitors:

Conclusion

OKX has made a name for itself in the crypto space in a short time. They have defied the odds, regulations, and the stormy terrain of the crypto world. Their attentiveness to detail and their constant innovation are the reason they have garnered a large user base and are still doing so. They have also succeeded because of their easy-to-use interface, tight security, quick transactions, and responsive customer support, which are the things crypto enthusiasts look for when choosing a platform. It is expected that OKX will experience more growth in the coming years, and if you are looking for a place to begin your crypto journey, OKX is definitely the place to begin.