Summary: OKX is a global cryptocurrency exchange that was founded in 2017 as OKEx by Star Xu. It was previously based in Hong Kong but has since moved its headquarters to Seychelles. The company offers a variety of services, including spot trading for over 350 cryptocurrencies and derivatives contracts such as futures and options.
OKX is a widely regarded exchange due to its strong regulatory compliance, audited proof-of-reserves and deep liquidity on a wide range of crypto assets. Their platform is trusted by over 10 million retail and institutional investors, making it a great option for users at all levels.
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OKX Key Features
OKX is a versatile and comprehensive platform providing a wide range of products and services in the world of cryptocurrency. The platform offers numerous key features, such as crypto staking, derivatives trading, and many other financial solutions. For a more detailed understanding, check out the following list outlining the primary features available on OKX:
- Buy and sell over 340 cryptocurrencies via Instant Buy or Spot markets.
- Trade with multiple types including futures, margin, spot, and options trading.
- 24/7 customer support via live chat, email, online ticketing system, and social media.
- Easy-to-use interface with an intuitive design that can be tailored for beginners and experienced traders.
- A secure and anonymous trading environment with no KYC verification requirements (accounts limited to 10 BTC per day withdrawals and daily trading up to $500).
- Safe and reliable crypto wallet services for storing your digital assets securely.
- A cross-chain NFT marketplace supported on Ethereum, Solana, Polygon, and more.
- Seven different staking types on hundreds of tokens and pairs with both fixed and flexible terms.
- Benefit from access to advanced charting tools, technical indicators, and order types.
- A mobile app version of its platform that is supported on both iOS and Android devices.
- Single and multi-collateral crypto loans on fixed and flexible terms.
- A P2P (peer-to-peer) marketplace that supports over 93 fiat currencies.
Is OKX Safe?
OKX, established in 2017 and formerly known as OKEX, is considered among the most secure cryptocurrency exchanges worldwide. Its impressive security record, with no history of cyber attacks or hacking incidents, demonstrates the platform's resilience and reliability. Users tend to prefer OKX over other platforms due to its transparency regarding holdings and the provision of proof-of-reserves, ensuring that customer funds are backed on a 1:1 basis.
The controlling entity behind OKX is 'OKX Bahamas FinTech Company Limited,' a registered company in the Bahamas. This strategic location allows the company to operate under a regulatory framework that offers a balance between innovation and compliance, further contributing to its reputation for safety and reliability in the cryptocurrency market.
One of the key factors contributing to OKX's popularity is its competitive and attractive fee structure, which is significantly lower than the industry average. Depositing both fiat currency and cryptocurrencies on OKX is completely free, although third-party providers may charge additional fees. Crypto withdrawals incur a minimal fee to cover gas costs (network transaction fees), while fiat withdrawals remain free of charge.
OKX offers spot and futures trading with a maker fee starting at 0.08% and a taker fee beginning at 0.1%. Users who hold more than 2000 OKB, the exchange's native utility token, can enjoy reduced fees of 0.06% for makers and 0.08% for takers. The futures trading fees on OKX are more complex, as there are five different types of futures trading. For USDT-M futures, the maker/taker rebate starts at 0.02%/0.05% and decreases as users stake more OKB. For a comprehensive breakdown of the fee structure, visit the OKX Fees page.
The exchange is supported in over 100 countries globally including the US, UK, India, Australia, Japan, and others. However, not all countries support fiat currency bank deposits and withdrawals. There are only 60 countries that support bank account funding. For the full list of supported countries and jurisdictions on OKX, visit here.
OKX Crypto Staking
OKX offers crypto staking on over 200 tokens and pairs with both fixed and flexible terms. Staking rewards vary depending on the token and staking type but can reach up to 103% (for Solana) in annual returns. Below we have provided a quick summary of the available staking types.
- Savings: This staking method allows users to earn hourly interest on hundreds of tokens by funding OKX margin loans.
- Staking: Stake hundreds of different tokens on both flexible and fixed terms (up to 120 days) for APY's up to 103% APY (yields).
- DeFi: Earn rewards from DAOs, DEXs, and DeFi projects by supplying funds to them for yields.
- ETH2.0: Stake Ethereum (ETH) to receive BETH at a 1:1 ratio, funds are locked up for 1-2 years.
- Flash Deals: Participate in staking events that are open for a period of 3 - 10 days to earn extremely high yields (up to 300%) on select tokens.
- Dual Investment: with Dual Investment, users can maximize their profits by choosing a major crypto pair to trade like BTC/USDT, and earn yields on that pair.
- Fixed Income: Low risk fixed-term staking with small yields on ETH, BTC, USDC, USDT & OKB.
The OKX NFT marketplace was recently launched in November 2022 and supports cross-chain NFTs on Ethereum, Polygon, Tron, Binance Smart Chain (BSC), Solana, Avalanche, Fantom, and many more networks. It supports all the major NFT projects like Azukis, BAYC and Crypto Punks. One thing that sets apart the OKX NFT marketplace from popular ones like OpenSea, is that you can spend any of OKXs supported tokens on an NFT, not just Ethereum or Dai.
The OKX wallet is a secure and reliable way to store your digital assets like crypto assets or NFTs. The wallet offers advanced features like multi-signature authentication, hardware security module support, real-time transaction monitoring, private key encryption, and cold storage support. It's one of the most used crypto wallets as it supports over 40 networks including Ethereum and Solana.
OKX offers 24/7 customer support via its live chat feature, email (email@example.com), online ticketing system, and through its many social media platforms. These online communities include Twitter, Facebook, TikTok, Instagram, Discord, Telegram, Reddit, YouTube, LinkedIn, and Medium. They also provide support in over 30 languages, visit OKXs Social Media page for language-specific assistance.
The exchange also has a mobile app version of its platform that is supported on both iOS and Android devices. The mobile application offers all the same features as the desktop version with an intuitive design and easy-to-use interface. The app supports spot trading, derivatives trading, staking services, NFT marketplace, crypto loans, P2P marketplace transactions, and much more.
It is currently rated 4.8 stars out of 14.6K reviews on the Apple App Store and 4.4 stars from 267K reviews on the Google Play Store. Most of the reviews are positive and highlight the easy UI of the application.
How to Open an Account on OKX
Opening an account on OKX is simple as it does not initially require you to KYC (verify your identity) in order to use the platform. You only need to verify your identity if you wish to make trades over $500 or use certain features on the platform. Follow the below steps to sign-up to OKX.
- Create a free account on OKX with your email address and password.
- Verify your email address by clicking the link in your email.
The Bottom Line
In summary, OKX is a secure and reliable global cryptocurrency exchange with a diverse range of products and services. Trusted by millions of investors, the platform offers competitive fees, extensive global support, and a user-friendly experience. Key features include spot and derivatives trading, staking, an NFT marketplace, and a mobile app. As a top choice for cryptocurrency trading and investment, OKX caters to users of all experience levels.