OKX, formerly known as OKEx, is a Malta-based crypto exchange founded in the year 2017 and now has a user base with a number as large as 20 million.
OKX delivers a user-friendly and safe platform for trading many cryptos, one of the most popular of them being spot trading, and is now known for leading the crypto exchanges charts in terms of trading volume.
OKX functions under the ownership of OK group, which is known for its ownership of OKcoin, a crypto exchange. However, OKX cannot be accessed by investors based in the US.
Being one of the leading exchanges in the volume of trade, OKX provides its 20 million plus user base secured trading services for more than three hundred cryptocurrencies and adds new tokens on a usual basis. Besides being user-friendly and easily understandable, OKX provides several features that make it the perfect platform for investors to carry out their crypto trading.
OKX allows users to trade in almost three hundred different types of cryptocurrencies. At the same time, it keeps on adding new tokens to benefit its users. Bitcoins and Dogecoin are some of the most popular currencies traded in OKX in terms of volume.
Despite not having a strict regulatory policy, OKX can easily be considered one of the safest platforms for crypto exchange. It has adopted several security features unique to each country to protect its users' funds. In addition, it also provides many other features, such as cold storage and multi-faceted authentication, to ensure its users' utmost security.
This platform also uses other well-trusted authentication tools such as mobile, email, and google authenticators. As per the terms and conditions of OKX, it stores 95% of a user's assets on Cold Wallets, which are, by nature, not connected to the internet.
Thus, even if an individual gets hacked, the hacker would theoretically access only 5% of the user's funds. Even the portion of the funds stored in Hot storage is also protected with a double authentication system to protect it as much as possible.
Regarding trading cryptocurrencies, OKX provides many options that traders can select from based on their experience and requirements.
The trading fees on OKX is as low as 0.8% for makers and 0.1% for makers.
OKX offers its users access to spot markets, allowing traders to trade cryptocurrency very easily. This feature makes trading cryptocurrency easier for beginners.
OKX also allows future trading; that is, it allows its users to predict the price changes that may happen in the future and earn profit through speculative trading.
It allows the direct swapping of one cryptocurrency to another and does not charge additional fees for the procedure.
OKX provides its users access to various trading bots that use pre-determined strategies to trade cryptocurrency, thereby helping them make investments that would profit them in the long run.
OKX is a popular cryptocurrency company that allows individuals to trade cryptocurrency and provides many other related services to make the trading process easier for both beginners and seasoned traders. On average, its daily trading volume crosses the billion dollars mark.
OKX allows margin borrowings, earning crypto through savings, mining pools, and much more. It is one of the crypto trading platforms that refused to ban Russian crypto trading following the conflict between Ukraine and Russia in 2022.
Low Trading Fees
OKX has revolutionized the crypto exchange by charging trading fees as low as 0.10% or even lower. In addition, the trading fees charged on the exchange of further crypto fall whenever there is an increase in trading volume or higher stakes are involved, as calculated using OKX's currency called the OKB token.
Easy Purchase of Cryptocurrency
With its website interface that is very easy to use, even for someone who does not have any previous experience regarding the trading of cryptocurrency, OKX allows its users to purchase cryptocurrency easily, either with a card, a bank account, or a digital wallet. Moreover, OKX provides dual authentication features that prevent third-party applications from stealing your bank details.
Offers High Interest
One of the main reasons why OKX has recently emerged as one of the leading crypto exchange platforms is its high interest-earning opportunities. OKX allows its users to earn interest as high as 100% of the initial rate while trading certain pre-specified cryptocurrencies.
Unavailability
OKX is unavailable in some countries like Hong Kong, North Korea, and the United States of America. This means that investors from these countries will not be able to avail themselves of the features provided by OKX.
Issues Regarding the Liquidity of Assets
Although OKX is a widely popular crypto exchange, one major drawback of using it is that it offers low liquidity for many currencies.
Mixed Customer Reviews
Despite receiving positive reviews based on the low fees and the speed of transactions it provides, OKX has received its fair share of negative reviews. It has an average customer rating of 3.4 stars out of five stars. The main problems regarding OKX seem to be the loss of funds, poor tech support received by the users, and the long transaction period of withdrawals.
Thus, to conclude, OKX is a reliable platform for trading cryptocurrency, which millions of users worldwide trust. It is beginner-friendly since it is easy to use and charges low fees for currency trading.
However, despite the number of beneficial features provided by it, the users have mixed reviews regarding the loss of funds and data, and thus, one must proceed with caution while dealing with the trade of crypto on OKX.