What Is OKX?
Crypto exchange OKX (formerly known as OKEx) is positioned as “the most trusted digital asset exchange”. The OKX Exchange is a subsidiary project of the OKCoin digital asset trading platform. The creator of these crypto projects is Star Xu.
Since 2017, the platform has been providing an effective toolkit for cryptocurrency trading. The exchange has become a favorite among professional traders from all over the world: a large list of supported currencies, including 80+ fiat, tools for trading in the spot market, futures, perpetual swaps, options and other advantages allow you to use the crypto market to the maximum.
During the launch of the OKX crypto exchange, the United States actively promoted a policy of banning blockchain projects that sold cryptocurrency futures. It was unrealistic to develop the project in such conditions, so Hong Kong became the birthplace of the OKEx exchange.
In 2018, OKEx moved to Malta, arguing its choice by the fact that “the company appreciates the advanced thinking of the Maltese government and shares with them the attitude to comply with the principles of KYC.”
In early 2018, OKB's own token was issued on the Ethereum blockchain. Half of the 1 billion coins were received by exchange users.
In January 2022, a rebranding was carried out: OKEX became OKX. The rebranding is connected with the expansion of the functionality of the trading platform. The company thus emphasized that it had gone beyond the usual platform for trading cryptocurrencies (this activity in the old name was symbolized by the letters Ex (exchange).
OKX is a large international exchange that serves millions of clients worldwide and has consistently high trading volumes. The creators of OKX are convinced that Blockchain technology and cryptocurrencies will become the foundation of a new digital economy and are developing next-generation products for the global promotion of cryptocurrencies. The MetaX non-custodial wallet, NFT marketplace have already been launched, and work is underway on the possibility of integration in the areas of the metaverse and GameFi.
How to Use OKX?
To create a personal user account on OKX, you need to register in the system. By default, the trading platform website opens in English. The OKX crypto exchange website supports 20 languages. The language bar is located at the very bottom of the main page on the left. Here you can also select the currency to be displayed on the site.
If you already have an account on the exchange, then to enter the system, select Login on the main page on the right and enter your login and password. If you are using the trading platform for the first time, then select Sign up.
1. We go to the official website okx.com and in the upper right corner and select Sign up;
2. You can register on the exchange via email or phone: select the Email address or Mobile number tab;
3. Specify the current Email or phone number with the code and enter the password;
4. After reading and accepting the rules of the trading platform, click Sign up;
5. After a simple captcha, the system will ask you to enter a 6-digit confirmation code sent to your email or phone number (depending on the chosen registration method) → Next;
6. If everything is done correctly, the system will automatically redirect you to your personal account on the exchange, sending an email notification that registration on OKX was successful.
Immediately after registering an account, we proceed to its verification.
You can trade on OKX without verification: this procedure is not a prerequisite for working with the exchange.
However, it should be remembered that identity verification is carried out primarily to protect users' assets. Therefore, to increase security, we recommend verifying your OKX account. When filling in the data, indicate reliable information, since after verification it will be impossible to change it.
You need to pass verification on OKX in the user's personal account:
1. Click on the profile icon and select Verification;
2. Specify the account type: Individual account or Corporate account → Continue;
3. To check the first level KYC, you must enter the following data: citizenship, first and last name, document type and number → Submit.
After basic verification, a new user can start trading on the exchange. The daily withdrawal limit is 200 BTC.
The user also has access to the Advanced level of verification (Lv.2 Advanced certification), which involves photo verification. To do this, you can use the webcam of your computer or mobile device.
Why increase KYC?
With the growth of the level, the limits for withdrawing funds and limits for P2P trading increase. If this is not necessary, you can stop at the basic verification level, which involves a partial identity verification (allows you to withdraw up to 200 BTC per day). The higher the verification level, the more opportunities and fewer restrictions.
In addition to a complex password and linking your email to your account on the exchange (we did this when registering), there are other ways to strengthen the protection of your account. You can find and activate them in the Security setting section of your personal account.Recommended security settings include:
• Funds password — additional password for trading and withdrawals;
• Mobile verification - verification by phone will not allow an attacker who has cracked your password to enter your personal account and steal its contents: for this, he will need a special code that is sent to your phone every time you enter the exchange;
• 2-factor authentication (2FA): with active two-factor authentication, the user receives temporary codes on his smartphone to access his account, which increases the security of the account and provides additional protection against possible hacks;
• Anti-phishing code - with the help of it, each letter of the OKX exchange will contain a specific code. Emails without an anti-phishing password that will be sent to your email address will be fraudulent.
Opposite the selected option, click Set and go to the settings.
We activate the 2FA function here in the profile settings. Select Security setting and look for the section 2-factor authentication (2FA) → Turn on.
To enable two-factor authentication, you must first link a phone number to your account. To do this, select Mobile verification and enter the current phone number and confirm it with a code.
To secure your OKX account with two-factor authentication, select the authenticator app option and click Set. Following are the instructions:
1. We scan the download code that the system will issue, or look for the Google Authenticator application in the App Store / Google Play stores;
2. After installing the Google Authenticator application, open it and scan the code below (or enter the key to get a 6-bit code);
3. Next, enter the SMS-code and Authenticator app code and click Confirm.
Account Security
The OKX team says that safety remains their priority. The platform provides a reliable and stable environment for trading digital assets through the implementation of GSLB, distributed server clusters, and many other advanced technologies.
For the security of your account, carefully check the domain you are visiting (it should be www.okx.com), enable two-factor authentication, and DO NOT disclose your verification codes to anyone, including OKX employees.
To increase the security of your account, set a complex password, link your phone number and email address to your account, activate two-factor authentication, use an anti-phishing code.To go to the security settings, in your personal account, click on the profile icon and select the Security settings tab.
How to Refund Your Account
The current state of the balance is displayed in the user profile in the personal account. To replenish it, select the section Assets → Deposits in the menu.
Here are 3 simple steps to fund your OKX account:
1. Select the cryptocurrency that we want to credit to the wallet (for example, USDT);
2. Select a network for translation (for example, ERC-20) and click Continue;
3. Next, copy the wallet address for replenishment (also displayed as a QR code);
4. We send digital assets from our cryptocurrency wallet to this address.
When sending funds, it is important to correctly specify the network. That is, you do not need to send USDT ERC-20 via TRC-20. In this case, the cryptocurrency will be irretrievably lost.
The transaction history for each coin is displayed at the bottom of the section.
In addition, OKX is expanding its P2P trading services by offering the purchase and sale of cryptocurrencies for fiat. The list of supported currencies includes several dozen national ones, including USD, EUR, PLN and others. The P2P platform is directly linked to the traders' OKX accounts, so once they buy cryptocurrency with fiat, they can continue trading in the exchange's ecosystem.
Withdrawal
To withdraw funds from his account to OKX, the user needs to pass the 1st level of verification (KYC 1).
After passing KYC 1, the user gets the opportunity to withdraw funds in an amount equivalent to 200 BTC per day. If you need more, we go through an extended verification and withdraw up to 500 BTC per day.
The 24-hour withdrawal limit depends on the user's KYC verification level: Level 1 ≤ 200 BTC, Level 2 ≤ 500 BTC.
A prerequisite for withdrawing money from the exchange is linking your account to Google Authenticator and creating a Fund password. After these security measures are taken, the system will remove restrictions on the withdrawal of digital coins.
After you have taken all security measures, the system will need 24 hours to process the data. You will not be able to perform currency transactions during this time.
To withdraw funds from the exchange, as with a deposit, select Withdraw in the Assets menu.
Following are the instructions:
1. Choose the cryptocurrency you want to withdraw and the network;
2. Click Continue;
3. In the USDT Address line, add the address for sending funds;
4. Enter the amount of cryptocurrency that we want to withdraw (for each coin, a different minimum withdrawal amount);
5. The system calculates the amount of the commission that will need to be paid for the transaction;
6. Click Continue.
7. To withdraw funds from the platform, you will need to enter a code from Google Authenticator, a code from email, as well as a previously created Fund password;
8. We confirm the conclusion. Immediately after confirmation, the operation will be displayed in the History section, which is located below.
If the transferred funds are not credited within 48 hours after a successful transfer, please submit a support ticket.
As we have already noted, there is no minimum deposit on OKX, but there are withdrawal limits. Withdrawal limits on OKX depend on the level of verification and are different for a regular user and a VIP user.
Consider the 24 hour withdrawal limits for Bitcoin:
1. Regular user: 500 BTC;
2. VIP user. 7 levels: VIP1: 600 BTC; VIP2: 800 BTC; VIP3: 1000 BTC; VIP4: 1200 BTC; VIP5: 1500 BTC; VIP6: 1800 BTC; VIP7: 2000 BTC.
Ways to buy and sell cryptocurrencies?
In order to offer its clients relevant solutions for earning, the OKX crypto exchange regularly expands its functionality: interface updates, the addition of new financial instruments, the ability to open various trading accounts, etc.
So, users of the exchange have access to an express purchase of cryptocurrency, as well as P2P trading. As for trading, there are several options offered: Convert, Basic Trading and Margin Trading. Let's consider all the options in more detail.
Buying Cryptocurrency
As we have already noted, the OKx exchange offers its customers the opportunity to buy and sell cryptocurrency for fiat. There are 2 options: quick purchase (Express) and P2P trade (P2P trade).
Quick Buy (Express)
A quick purchase involves the exchange of 80+ national currencies (USD, EUR, CYN, UAH, etc.) for cryptocurrency (USDT, BTC, ETH, XRP, LTC, etc.) and payment in various ways:
• Bank transfer;
• VISA/Mastercard cards;
• Apple Pay;
• Advcash Wallet;
• etc.
To use this feature, select Buy Crypto → Express from the main menu.
To make a quick purchase, specify:
1. Fiat currency, which we will pay;
2. Cryptocurrency we want to buy;
3. One of the available payment methods;
4. Click Buy.
P2P trade
A peer-to-peer network is based on the equality of all participants. P2P trading assumes that transactions between users will take place without the participation of the exchange.
It is an easier and faster way to buy and sell cryptocurrencies and allows traders to interact directly.
To create an order for a P2P trade on OKX:
1. On the menu bar, select the Buy Crypto tab;
2. Activate the P2P Trading tab;
3. Specify the direction of the transaction: Buy (buy) or Sell (sell);
4. From the list, select the cryptocurrency to buy (USDT, USDC, BTC, ETH);
5. Enter the amount in fiat currency that we give;
6. Choose an available payment method;
7. Click Create Ad;
8. From the proposed options, select the one that suits you, and opposite it, click Buy;
9. In the new window, enter the data and confirm the deal.
Trading
As for the cryptocurrency trading itself, the OKX exchange provides the following options: conversion, basic trading and margin trading. Everything related to trading is in the Trade tab.
By clicking on Trade → Convert, you can instantly and without commissions convert one digital currency to another. Specify the coins to be exchanged and click Convert to…
Basic Trading
For basic trading on the spot market, select the Trade → Basic Trading tab. Opens access to a trading terminal and a tool for trading on the classic spot market. You can trade both instant (market) and pending orders (limit), as well as stop orders.
Margin Trading
The OKX exchange also provides an opportunity to trade with leverage: choose Trade → Margin Trading. Perpetual swaps, futures and options are available for margin trading. Leverage is up to 10x on spot and 125x on futures.
Remember that trading on margin involves the use of leverage, which increases both potential profits and losses.
Markets available on OKX
SPOT MARKET (SPOT)
There are 661 trading pairs available for trading on the OKX spot market. The 24-hour trading volume on the spot is 39,562.97 BTC.
To access spot trading, select the Trade → Basic trading tab. To trade, you will need to select a currency pair (pairs with fiat are not available) and fill out the form for creating a buy or sell under the chart, after specifying the order type for the transaction.
FUTURES
Due to the growing demand for cryptocurrency derivatives, at the end of 2019, the exchange expanded its functionality by adding options and futures trading on the stablecoin Tether (USDT).
OKX Futures has 382 trading pairs and a 2-hour trading volume of 675,351 BTC.
Users can trade futures on OKX using leverage, which makes it possible to use more funds than they have in their account. Available for futures trading on OKX: BTC, LTC, ETH, ETC, XRP, EOS, BCH, BSV, TRX, as well as USDT futures.
Users can open long positions - to profit from the growth in the price of a digital asset, or short positions - to profit from a decrease in the price of a digital asset.
PERPETUAL SWAP
To activate margin swap trading, select Trade → Margin trading in your account. Specify the trading pair, order, price, quantity and other data.
OPTIONS
To activate options trading, select Trade → Margin Trading in your personal account.
At the very beginning of 2020, the exchange launched the options market for the BTC/USD pair for all platform users. Previously, the tool was available to customers who received a special invitation.
Derivatives trading involves increased risks, so it is more suitable for professional traders.
How to Trade on OKX
As we have already noted, OKX is a subsidiary project of the popular Chinese cryptocurrency exchange OKCoin. It was launched with the aim of providing users with futures trading after the closure of this opportunity on the main platform.
Now OKX allows traders to trade different assets in different markets. Exchange clients can buy cryptocurrency for fiat, have access to the spot market and the derivatives market, trading with their own funds or with leverage.
If you are new to the industry, then read the review from our experts about the basics of crypto trading for beginners.
To get to the trade section on OKX, in your personal account, click on the Trade section and select the type of trade you are interested in.
The auction page looks like this:
1. Selected currency pair and information on it;
2. Graph;
3. Book of orders;
4. Form for creating an order to buy and sell;
5. Trading history.
OKX users can trade both instant and pending orders. To execute any transaction on the exchange, you must first specify the type of order.
Depending on the current needs and market behavior strategy, users can open transactions on the exchange using basic orders (Limit or Market), as well as Stop, Trigger and Advanced limit. In addition, you can enable the Take Profit or Stop-loss function.
After selecting an order, in the Price section, specify the price of the cryptocurrency for which we want to buy / sell it, and in the Amount column - the number of coins.
The total cost of buying a cryptocurrency will be displayed below. If everything suits, press the Buy / Sell button.
We do not recommend leaving large amounts of cryptocurrencies on the exchange. It is better to withdraw them to a third-party wallet immediately after all trades are completed.
TRADING PAIRS
One of the main reasons why users choose the OKX platform is the wide range of trading instruments.
OKX is a multi-currency exchange that allows users to exchange and speculate cryptocurrencies, as well as engage in margin trading in futures for digital assets.
There are 661 trading pairs on the OKX list as of February 23, 2023, which can be traded within one platform.
The higher the liquidity of an asset, the better. Liquid exchange-traded instruments are popular with market participants because they can be quickly sold at close to market prices.
OKX also has its own token, OKB.
OKB tokens can be used to pay trading fees, which allows you to pay less, as well as a payment tool in decentralized applications based on OKChain.
In addition to replenishing the list with new currency pairs and tokens, the exchange regularly delists a number of tokens, thereby getting rid of low-liquid assets.
TYPES OF ORDERS
Before making a deal on OKX, you need to specify the order type for this deal.
Exchange applications (orders) are used to open and close positions.
The exchange supports 6 order types, including both basic and advanced ones.
• Limit — an order for a pending purchase or sale of a certain amount of an asset at a specified price or better;
• Market — an order to instantly buy or sell a certain number of assets at the current market price;
• Stop — conditional stop assumes that the user himself chooses the price at which a market order will be placed with instant execution (otherwise a limit order will be placed). By setting the OCO, the trader specifies the trigger price and the order price for the stop level and for the desired price level. And when one of the levels is reached, the order is executed (while the second level is canceled);
• Trailing Stop is a tool that allows you to automatically set a stop loss at the required level from the current price.It is used when the market is actively moving in one direction, when the trader does not have the opportunity to monitor price changes;
• Trigger - when the last price reaches the set trigger price, a limit order is automatically placed with the specified price and quantity;
• Advanced limit offers 3 additional order options: “Post Only”, “Fill or Kill”, “Immediate or Cancel”/Immediate or Cancel.
TRADING TERMINAL
OKX clients have access to the basic version of the trading terminal: The main sections are the same as on other sites: currency selection, the form for creating an order for purchase, sale, order book, history.
Charts from TradingView are also available on the platform, in the settings you can choose a theme (light or dark), set the time when market data will be read, and also set up an account type or create your own.
MARGIN TRADING
As we said earlier, the OKX crypto exchange allows you to use leverage to complete transactions and increase trading volume. The trading platform supports margin trading and allows you to trade 100+ types of digital assets, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and other cryptocurrencies.
With the skillful handling of borrowed funds, you can make good money. However, margin trading is always high risk, and in the event of a fall in the exchange rate or under other unfavorable conditions, you can lose all your funds.
Using this opportunity, the user, in a sense, takes a loan from the exchange to complete a particular transaction.The volume of the loan depends on its history of work on the exchange, as well as the trading volume over the past 30 days. At the same time, when the user trades using leverage, he pays less for commissions.
The maximum leverage on OKX is 10x for the spot market and 125x for futures.
OPENING A POSITION
Trading on the stock exchange is the process of opening and closing a position. When opening a position, we enter the market, then we wait for the movement to develop and, closing the position, we exit the market.
To open a position on OKX, in the trading section, you need to select a specific currency pair and indicate the direction of the transaction - buy or sell. Next, enter other necessary indicators: order type, volume and price. And click Buy or Sell.
CLOSE POSITION
While the user has not closed the position, his profit or loss has not yet been fixed and does not belong to him. As soon as the position is closed, the result of the trading operation is reflected in his account.
Closing a position represents the cancellation of one's obligations on the purchased/sold assets. In order to cancel a previously purchased/sold contract, the user must simply submit an application to the broker for the sale/purchase of the same number of contracts.
For example, if a long position is open for 10 contracts, then in order to close it, you need to cancel your obligations and make a counter transaction, that is, sell 10 contracts. Thus, the user is a seller and a buyer at the same time, as a result of which the transaction is canceled.
There are two groups of reasons to exit a position:
• The likelihood of price declines has become greater than the likelihood of further growth;
• Prices have consolidated after rising, leaving risks of lower revenues as prices decline.
Traders also practice a partial exit from a losing position. On a rollback, partially closing the trade gives the trader a double advantage. First, although it initially incurs a loss, it frees up liquidity and becomes more flexible to respond to future price changes. From this moment on, any price movement becomes favorable for him. Secondly, exiting a losing position in parts is at least less stressful.
After a trader has partially closed a position, they can take smaller trades to improve the average price. Thus, using intraday volatility, he slowly but painlessly exits a losing position.
LONG AND SHORT
In the process of trading on the OKX exchange, traders open long (long) and short (short) positions.
Long is a position that a trader opens in the hope of profiting from a rising market. He buys stocks low, waits for the price to rise, and sells them high, thus profiting from the rising market.
Holders of long positions (longs) are also called bulls or bulls.
Short - a position aimed at profiting from a falling market. A trader borrows shares from a broker, sells shares high on the open market, waits for the price to drop, and buys shares low on the open market. Gives a loan to a broker, and the difference between an expensive sale and a cheap purchase is his profit.
Holders of short positions (shorts) are also called bears or bears.
WORK VIA API. CONNECTING TRADING ROBOTS TO OKX (OKEX)
In addition to other features, the exchange has a multifunctional API (application programming interface). This interface makes it possible to connect a trading bot that can automatically make transactions according to a given algorithm.
Up to 50 API tokens can be created on OKX. Traders use the API to auto trade, manage accounts and monitor market trends. To connect the API, in your account, click on the profile icon and select API. Next, click Create V5 API key and fill in the fields. Confirm the creation of the API key with the Confirm button.
Mandatory requirement from the system: before setting up the API, you must connect a phone number or Google Authenticator.
Steps to work with API on OKX:
• Creating your own API key;
• View a pair of API keys;
• View API documentation;
• Trade according to instructions.
A trading bot will bring good profit only if the strategies are periodically reviewed and reconfigured. Therefore, for effective trading, you need to understand the industry and understand what the bot does.
COMMISSIONS
You can replenish your OKX account with any cryptocurrency without commission.
For trading operations, the exchange offers a Maker/Taker tariff scale based on the trading turnover for the last 30 days.
The Maker/Taker principle implies that the Maker is the one who creates a new order, and the Taker is the user who satisfies an already created order.
The exchange specialists daily calculate the trading turnover of each user and adjust the commission fees based on it.
Depending on the volume of trading operations, OKX distinguishes between Regular and VIP users. Ordinary users are divided into different levels according to their assets in OKB, and VIP - depending on the volume of trading operations.
The amount of the user's commission for conducting a transaction on the next day is determined depending on its status and level.
A user receives VIP status if their trading volume for 30 days is ≥ 10,000 BTC.
All information about tariffs for OKX can be found on the exchange website. Commissions for withdrawal to OKX are fixed amounts and depend on the specific currency and KYC level. For example, for BTC it is ≤ 200 BTC (at KYC 1) and ≤ 500 BTC (at KYC 2).
REGULATION OKX (OKEX)
The Chinese crypto exchange OKEx is registered as Okex Technology Company Limited and was created after the US authorities banned trading in futures for cryptocurrencies. Belize was chosen for registration, but all correspondence was sent to the headquarters in Hong Kong.
However, after the Chinese government began to pursue an active policy against the development of the cryptocurrency business, it became legally impossible to support the project. Therefore, in 2018, OKX opened a representative office in Malta.
Loyal legislation, low taxes and a positive attitude towards the cryptocurrency community make Malta a favorable environment for the functioning of cryptocurrency businesses. The authorities attract foreign capital to the country, creating the most friendly conditions for working with cryptocurrencies.
OKX does not work with the following countries and regions: USA, Crimea, Kyrgyzstan, Iran, Cuba, Hong Kong, North Korea, Bolivia, Ecuador, Bangladesh, Syria.
However, any territorial ban on the exchange is easily bypassed using a VPN or the TOR browser.
ADDITIONAL FEATURES
PASSIVE INCOME (EARN)
Passive income on OKX are options for earning without direct cryptocurrency trading. A trader can simply invest this or that amount and earn interest on deposits (the term of investments can be flexible or fixed).
To activate the option, select Finance → Earn in your account.
Passive income consists of interest and bonuses that can be earned by participating in DeFi services. Both bonuses and interest go to the user's account.
On the exchange website you will find more detailed information about OKX Earn.
LOANS
Loans on OKX are instant loans in cryptocurrency and DeFi tokens from other users of the exchange (C2C Loan). The period is from 7 to 180 days. There are also loans with a floating rate period (Flexible).
To activate the option, select Finance → Loan in your account.
JUMPSTART
Jumpstart is a platform that helps new projects launch and grow their communities. Jumpstart users can participate in campaigns by posting their OKBs and receiving tokens from new projects in return.
To activate the option, select Finance → Jumpstart in your account.
SLOT AUCTION
Along with other ways to make money on cryptocurrency, the DOT slots auction has been launched on the platform - this is an auction of the parachain ecosystems of Polkadot and Kusama.
To activate the option, select Finance → DOT Slot Auction in your account.
OKX ACADEMY (LEARN)
In addition to trading directly, OKX clients can access various educational materials: educational and analytical articles, a glossary, trading ideas, etc.
Any user can get into the OKX Academy by selecting the More → Learn section in the main menu of their personal account.
MINING POOL
Other exchange products include OKX Pool. OKX Pool is a comprehensive mining pool with high returns. It supports the mining of many assets powered by the PoW consensus algorithm, including Litecoin (LTC), DASH, and others.
To activate the option, select More → Pool in your account.
BRIDGE
Bridge is a transfer of cryptocurrency between different blockchains. Available assets and blockchains: BTC, LTC, USDT, ETH, BCH, SUSHI, SHIB, UNI, etc.
OKB: OKX UTILITY TOKEN
The OKB cryptocurrency is a native token of the OKX exchange, created on the basis of Ethereum. The token was created primarily to be used within the platform and receive discounts when trading on the exchange, as well as to participate in voting when changes are made to the platform.
REWARDS
The exchange offers users to receive free Bitcoins by completing certain tasks (starter or advanced). You can also compete for awards from your mobile device by downloading the OKX app.
REFERRAL PROGRAM (REFERRAL)
All users of the exchange can invite friends to OKX and receive $15 when they buy cryptocurrency or replenish their account. To do this, you need to copy the referral link and send it by email → Send invite.
PARTNER PROGRAM (AFFILIATES)
Any user of the exchange can join the affiliate program and earn commissions by promoting OKX. Affiliates receive up to 60% commission every time the users they invite make trades on the exchange.
To become an exchange partner, you need to link to OKX in articles, create new content, or advertise on your site. When 5 new users sign up using your link, you become an OKX Affiliate and start earning commission on every referral transaction.
If your referral also becomes an OKX affiliate, you can earn 10% sub-affiliate commission.
OKX BROKER
Another option for additional income on OKX is to receive commissions from users of the exchange as a broker.
By becoming a broker, the user can attract new users to the platform and receive a percentage of their commissions for this. The percentage of commissions is unlimited. It is calculated separately for each broker depending on its trading volume.
Blockdream Ventures is a fund that studies and invests in high-quality and promising blockchain projects. The Fund also provides investors with active support for projects in which they have invested.
OKC (old name OKEXChain) is a set of public and open source blockchain projects. This is the exchange's own development, which combines high performance and decentralized management. Users can convert their tokens and interact with other users using decentralized applications on OKC.
OKC (formerly known as OKEXChain) is a set of public and open source blockchain projects. This is the exchange's own development, which combines high performance and decentralized management. Users can convert their tokens and interact with other users using decentralized applications on OKC.
The goal of OKC is to develop and promote blockchain-based projects for trading.
METAX
MetaX is a multi-chain wallet that provides access to decentralized applications and the NFT world. The service allows transactions on different DeFi platforms without switching between applications. And also buy popular NFTs, trade them and create your own tokens.
Select the Connect Wallet option to connect the wallet.
Support Service
If you have a question or need the help of specialists while working with the trading platform, you can easily send a request to OKX support. To do this, you will need to specify the type of problem and attach the necessary files.
Community managers, BD and VIP managers help to solve all the problems related to the operation of the platform around the clock. You can contact the development team by sending an email.
You can also apply for a solution to the issue in case of a delay in the withdrawal of funds. If the transferred funds are not credited within 48 hours after a successful transfer, please submit a support ticket.
Mobile App
You can use the exchange both from a browser and remotely using a mobile application, which can be downloaded here:
• in Google Play for Android;
• in the AppStore for iOS.
A full-fledged exchange functionality is available in the mobile application. In addition, the browser version of OKX is also adapted for use on mobile devices.
To activate all the functions of the mobile application, you need to replenish the balance of your account. How to do this, read the section How to replenish an account.After topping up the balance, the user will have access to all the advantages of mobile trading.
OKX Reviews
According to users who have already worked with OKX, the exchange is a multifunctional and convenient trading platform for working on the crypto market. It allows you to comfortably trade cryptocurrencies, as well as work with fiat money, which are supported by the exchange. In addition, the functionality of OKX has been expanded with futures and options. A wide range of trading instruments and different types of trading is one of the reasons why traders from all over the world choose the OKX exchange to work with.
In their feedback, Okex clients note small commission fees for trading operations, which can be reduced by increasing trading volumes. It is also convenient that all the functionality of the exchange is available both in the web version and as a mobile application for devices on Android and iOS.
Many traders note the versatility of the exchange, since OKX is not only a cryptocurrency trading platform, but also many options for passive income (loans, mining pool, slot auction, rewards, referral and affiliate program). Thus, OKX clients can secure a decent passive income.
As for the negative experience, there are complaints on the network about delayed withdrawals and technical malfunctions of the site. A long wait for a response from technical support also negatively affects user loyalty to the trading platform.
Advantages and Disadvantages
Any trade involves risks. And if we are talking about operations with cryptocurrency, then this implies double risks.Therefore, it is desirable for users to learn about them even before they start trading with real money. Strengths and weaknesses of OKX as a trading platform for cryptocurrency transactions:
Advantages
Large international crypto exchange with large trading volumes;
On the market since 2013;
Optional verification: the possibility of anonymous trading;
Multilingual interface with support for 20 languages;
Large list of supported cryptocurrencies;
Support for 80+ national currencies;
Deposit without commission;
Available markets: spot, futures, perpetual swaps, options;
Quick purchase of cryptocurrency (Express);
P2P trading;
Trading types: conversion, basic trading, margin trading (leverage up to 10x on spot and up to 125x for futures);
Trading commissions are formed according to the maker/taker principle and depend on the trading volume for 30 days;
Reduced fees for VIP users and OKB token holders;
Different types of orders (basic and advanced);
Perpetual swap: unlimited contract with up to 100x leverage and advanced risk management;
Ability to trade long and short;
Additional features: Earn, Loan, Jumpstart, Slot Auction, Learn, Pool, Bridge, Rewards, etc.;
Income from referral and affiliate programs;
MetaX multi-chain wallet for working with DeFi applications and NFTs;
High level of security: login passwords and password to access funds; phone check; Google Authenticator email verification, anti-phishing code;
Working via API: connection of trading robots;
Mobile application for iOS and Android.
Disadvantages
Limited functionality for users from certain countries;
No trading pairs with fiat;
Unstable work of technical support, they can respond for a long time.
FAQ
What is OKX?
OKX is a multifunctional cryptocurrency platform created in 2013. It allows you to make transactions with cryptocurrencies on the spot market, trade futures, perpetual swaps and options, conduct P2P transactions, sell and buy NFTs, receive passive income in various ways (OKX Earn), etc.
Whose exchange is OKEX?
The name of the creator of the OKX crypto exchange is Star Xu. First, he launched a platform for trading digital assets - OKCoin, and in 2014 he created OKEX (initially, the exchange was called that, in early 2022, during the rebranding, the platform became known as OKX).
How to top up OKEX?
1. Go to your personal account on OKX;
2. In the menu, select the tab Assets → Deposits;
3. Specify the cryptocurrency for the deposit (for example, USDT);
4. Select a network for transferring USDT (it must match the network in the sending wallet, otherwise you will lose funds). For example, you have chosen an ERC-20 network;
5. After selecting a network, click Continue;
6. Copy your USDT deposit wallet address (also available as a QR code);
7. Insert this address in the crypto wallet from where you transfer coins to the exchange, and send USDT to it;
8.Wait for the coins to be credited to the exchange account.
How to top up OKEX from a card?
The exchange offers the purchase of cryptocurrency for fiat using a credit/debit card. For this:
1. Go to your personal account and select the Buy Crypto → Buy with card tab in the menu;
2. Specify the fiat currency that you are giving away (for example, USD), as well as the cryptocurrency for purchase (for example, USDT);
3. Specify the purchase amount;
4. Choose one of the available payment methods;
5. Click Buy USDT.
How to buy cryptocurrency on OKEX?
1. Go to your personal account and replenish your account (having previously studied in which pairs the currency you need is traded);
2. After making a deposit, go to the trading terminal: tab Trade → Basic Trading → Spot;
3. Specify a currency pair (for example, USDT/ETH);
4. Create an order to buy ETH by selecting the order type (for example, Market - for an instant purchase at the current market price);
5. Specify other data depending on the selected order type (for Market - the amount of ETH to buy;
6. Click Buy ETH.
How to trade on OKEX?
To trade on the OKX spot market:
1. In your personal account, select the tab Trade → Basic Trading → Spot;
2. Specify a currency pair (for example, BTC/USDT);
3. Fill out the form for buying/selling assets, indicating the type of order for the transaction (for example, Market, to buy assets at the current market price);
4. Enter other data (for Market - the amount of USDT to buy);
5. Click Buy USDT.
How to withdraw money from OKEX?
1. In your account, in the Assets menu, click Withdraw;
2. Select the cryptocurrency for withdrawal and the network (it must match the network in the receiving wallet, otherwise you will lose funds);
3.After selecting a network, click Continue;
4. In the Address / domain line, you will need to insert the address where the funds will go;
5. To get the withdrawal address, go to the wallet where you withdraw coins, select the currency and click Receive;
6. Copy the unique address that the system will generate and paste it in the Address line on the exchange;
7. Enter the number of coins you want to withdraw;
8. The system will calculate the amount of the commission that will need to be paid for the transaction;
9. If everything suits you, click Continue.
How to withdraw USDT from OKEX?
1. From the main menu, select Assets → Withdraw;
2. Select USDT from the list of available currencies;
3. Specify the network (it must match the network in the receiving wallet, otherwise you will lose funds). For example, you have selected the ERC20 network, then click Continue;
4. In the receiving wallet, select USDT and click Receive. The system will generate a unique address for receiving USDT to your wallet: copy it and paste it in the USDT address/domain line on the exchange;
5. Specify the amount of USDT to withdraw;
6. If you are satisfied with the commission, click Continue and wait for USDT to be credited to the specified crypto wallet.
Conclusion
The OKX exchange has gone beyond just a trading platform. In January 2022, the team carried out a rebranding, thereby indicating the expansion of the functionality of the exchange. OKX currently has more features than most trading platforms. Okex users can engage not only in classic spot trading, but also have access to the derivatives market and can trade cryptocurrency futures and options. Including using leverage up to 10x on spot and up to 125x on futures.
A powerful advantage of the exchange is low fees, which are even lower for holders of internal OKB tokens. At the same time, user accounts are protected in numerous ways: linking an email address and a phone number, two-factor authentication, Fund password, anti-phishing code, etc.
The list of supported currencies is large. In addition to transactions with cryptocurrency, exchange clients can buy crypto from a card for fiat.
Let's summarize. Crypto exchange OKX (formerly OKEx) offers a wide range of trading opportunities, low commissions and high security, which is especially important for professional traders who operate with large amounts. Beginners are also quickly mastered here thanks to a convenient and simple interface and clear site navigation.
Given the advantages of this site, it can be used for various profitable transactions using futures and margin trading.
Therefore, the final choice whether to work with OKX or not is up to you. It is quite possible that it is with the help of this platform that you will be able to conclude profitable financial transactions and earn on cryptocurrency. At least the exchange gives a lot of such opportunities.
