OKX is a prominent cryptocurrency exchange that appeals to a wide range of investors, standing out with its competitive trading fees. The platform supports trading for over 320 cryptocurrencies, placing it on par with other leading exchanges. Additionally, it supports more than 77 blockchains and offers easy access to DeFi applications.
But what exactly is OKX used for, and how reliable is it as a cryptocurrency trading platform? In this article, we take a detailed look at these questions and explore what makes OKX a notable player in the crypto exchange space.
Pros and Cons of OKX
Advantages
- Low trading fees: OKX offers some of the lowest fees in the market for both spot and futures trading.
- Wide range of services: Users can trade over 320 different cryptocurrencies.
- High leverage options: The platform supports up to 100x leverage in futures trading and 10x in spot trading.
- Strong security protocols: It employs advanced security features such as cold wallet storage, anti-phishing mechanisms, and two-factor authentication (2FA).
Disadvantages
- Mandatory identity verification: OKX requires extensive KYC procedures for full account access.
- Regional restrictions: The exchange is not available to users in the United States and Canada.
- Complex fiat withdrawals: Withdrawing funds in currencies like USD or GBP can be challenging.
- Limited educational resources: New users might find the platform’s learning materials somewhat insufficient.
What Is the OKX Exchange?
Launched in 2017, OKX is a global cryptocurrency exchange that offers a variety of Web3 services. The company has offices in several international locations, including Hong Kong, Singapore, the UAE, Silicon Valley, and the Bahamas. One of its standout features is a demo mode, which allows users to familiarize themselves with the platform before trading with real funds. This makes OKX suitable for both new and experienced traders. For users in Turkey, OKX TR offers localized services and support.
OKX also attracts users through staking opportunities and airdrop events, which allow participants to earn free crypto. Its staking rewards provide a way for users to generate passive income.
Which Cryptocurrencies Are Supported on OKX?
OKX supports a broad selection of over 350 tokens. Popular cryptocurrencies like Bitcoin, Ethereum, Solana, and Matic are available, along with many DeFi tokens. OKX TR users can also access a wide range of trading pairs, including BTC and ETH pairs. The exchange lists over 730 spot trading pairs, 280 futures contracts, and more than 1,000 options.
How to Use OKX
OKX is known for its user-friendly interface and low trading costs, making it an attractive option for crypto traders. Getting started is straightforward, and users can begin trading within minutes thanks to an intuitive account setup process. Its ease of use and competitive fee structure are frequently mentioned in positive user reviews.
How to Open an Account on OKX
Opening an account on OKX is a simple process. Here’s a step-by-step guide for beginners:
👉 Explore the OKX platform and its features
Step 1: Visit the OKX Website or Mobile App
You can access OKX through its official website or by downloading its mobile application, available for both iOS and Android devices.
Step 2: Register an Account
Click the “Sign Up” button on the homepage. You can register using your email address or mobile number. Choose a strong password to protect your account.
After entering the verification code sent to your email or phone, your account will be verified. It is highly recommended to enable two-factor authentication (2FA) for enhanced security.
Step 3: Complete Identity Verification (KYC)
To access all features of OKX, you must complete the KYC process. This involves uploading a valid ID and verifying your personal information.
Step 4: Deposit Funds
Once your identity is verified, you can deposit cryptocurrency or fiat money into your account. You can transfer crypto from external wallets or deposit fiat via supported payment methods. Withdrawals follow a similar process.
OKX Customer Support
OKX offers 24/7 customer support to assist users with any issues they may encounter. Support is accessible through live chat and email. Live chat is ideal for immediate assistance, while email is better for complex inquiries. The exchange also provides updates and announcements through its social media channels on X (Twitter) and Telegram.
OKX Trading Fees
OKX is known for its low trading fees. For example, limit orders on USDT pairs are charged just 0.08%, while limit orders on USDC, BTC, and ETH pairs are charged 0.05%. Market orders on these pairs incur a 0.07% fee. This makes OKX one of the most affordable exchanges compared to competitors like Binance and Coinbase.
What Are OKX Social Crypto and Copy Trading?
OKX Social Crypto is a feature that allows traders to share insights and interact with one another. Users can follow the strategies of experienced traders and develop their own approaches based on community feedback. This creates a more collaborative trading environment.
Copy Trading is another popular feature, enabling users to mimic the trades of successful investors automatically. Both new and experienced traders can benefit from this tool, as it offers learning opportunities and saves time.
How to Use the OKX Wallet
The OKX Wallet is a non-custodial wallet that allows users to store their crypto assets securely. It supports multiple blockchains, making it versatile for various tokens. To use the OKX Wallet:
- Download the mobile app or visit the web version.
- Create a new wallet or connect an existing one.
- Enable 2FA and back up your recovery phrase for security.
- Once set up, you can easily send, receive, and manage your cryptocurrencies.
OKX Compared to Other Exchanges
How does OKX compare to other major exchanges like Coinbase and Binance? Below is a brief comparison:
OKX vs. Coinbase
| Feature | OKX | Coinbase |
|---|---|---|
| Supported Cryptos | 350+ | 150+ |
| Stop Trading | ✅ | ✅ |
| Margin Trading | ✅ | Limited |
| Futures Trading | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| Staking | ✅ | ✅ |
| NFT Support | ✅ | ✅ |
OKX vs. Binance
| Feature | OKX | Binance |
|---|---|---|
| Supported Cryptos | 350+ | 350+ |
| Stop Trading | ✅ | ✅ |
| Margin Trading | ✅ | ✅ |
| Futures Trading | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| Staking | ✅ | ✅ |
| NFT Support | ✅ | ✅ |
Conclusion: Is OKX a Safe Crypto Exchange?
OKX is a reliable and cost-effective cryptocurrency exchange, offering low fees and a wide selection of digital assets. The platform implements high-level security measures, including two-factor authentication, encryption, and cold storage. As long as users enable these features, OKX provides a secure environment for trading. OKX TR also maintains these security standards, making it a trustworthy option for users in Turkey.
👉 Learn more about security features on OKX
Frequently Asked Questions
Who owns OKX?
OKX was founded in 2017 by Star Xu, who is also the owner of OK Group. The company is headquartered in Hong Kong and has a global presence with offices in multiple countries.
Is OKX legal in Turkey?
Yes, OKX operates legally in Turkey. However, as cryptocurrency regulations are subject to change, users should stay informed about local laws and updates.
How large is OKX in the crypto market?
OKX is the second-largest derivatives exchange by trading volume worldwide.
How do I withdraw funds from OKX?
After logging in, navigate to the "Assets" section and select "Withdraw." You will need to complete two-factor authentication for security. Your wallet address can be found in the "Deposit" section under "Assets."
What is OKX P2P?
OKX P2P allows users to trade cryptocurrencies directly with one another using fiat currencies. Sellers can set their own prices, and transactions are conducted without an intermediary.
This content is for informational purposes only and does not constitute investment advice. The author and publisher are not responsible for any profits or losses resulting from investments made based on this information. Investment decisions should be based on personal research, experience, and judgment.