Okx Exchange Review 2022: A Global Exchange for Beginner & Pro Traders

The post Okx Exchange Review 2022: A Global Exchange for Beginner & Pro Traders appeared first on Coinpedia Fintech News

Introduction

Are you looking for more passive earning options with cryptocurrencies? A centralized exchange with low fees and a wide variety of popular tokens that supports more fiat currency? An exchange that has never been hacked and is easy to use? We have an answer, Okx, previously called Okex Exchange is one of the most preferable exchanges in the world.

Overview

Official Web Address	https://www.okx.com/en-in
Headquarters	Seychelles
Country of Origin	China
Founder	Star Xu
Founding Year	2017
Exchange Type	Centralized
Trading Options	Spot, margin, derivative, crypto-to-crypto trading, perpetual swaps trading, DeFi, Lending, Mining Services
Trading fees	0.10% maker and 0.10% taker fees, 20% discount for KCS payment
No of cryptocurrencies	100+
Native Token	OKX Token (OKT)
Deposit methods	Master Cards (Debit/ credit card), P2P express
Deposit fees	No deposit fees for cryptocurrencies
Withdrawal methods	Bank transfer, Wire Transfer
Withdrawal fees	Depends on cryptocurrencies
Supported Countries	180+
Restricted countries	10+
Supported Fiat currencies	90+
Mobile App	Available on Google & Apple App Store

What is Okx Exchange?

OKX is a Seychelles-registered cryptocurrency exchange Founded in 2017 By Star Xu. Initially, it was known by the name Okex, but in Jan 2022, it rebranded itself as Okx. It offers spot, margin, futures, options trading, lending, and mining services. The current CEO of the company is Jay Hao. 

Okx was first registered in Beijing, China. Then, it moved to its present headquarters in Seychelles as China banned cryptocurrency. Okx has its own native coin OKC Token. Now, Okx currently serves more than millions of customers from more than 180 countries.  

With Okx you can now

• Easily trade hundreds of tokens and trading pairs
• Manage your DeFi portfolio
• Create and trade NFTs
• Discover top decentralized applications, including DeFi and blockchain gaming DApps.
• Connect to DeFi with our Web3 wallet via our app or browser extension.
• Earn crypto in our mining pools, take out crypto collateralized loans, and discover other ways to grow your crypto with OKX Earn.

Features

• Trading Options – Okx offers spot, margin, Futures, and options trading on its platform
• Trading Fees – For regular users maker/ taker fee is 0.080% & 0.100% respectively. For VIP user maker/ taker fee is 0.060% & 0.080% respectively.  There is a considerable decrease in trading fees as your 30-day trading volume and digital assets increase
• Earn – Okx offers various earning methods through which you can generate an income passively. You can now earn hourly interest using a savings scheme with a flexible time period. With staking you can earn up to 15% APY for 90 days or a flexible time period. Dual investment offers up to 36.4% APY and fixed income gives stable but low returns for your assets. So depending on the type of risk and reward ratio you can select your own customized earning program and benefit from it. Flash interest is a high-risk, high-return program where you can get interest rates up to 500% and the time period is less than a week. 
• Crypto Loan – You now borrow crypto by giving another crypto as collateral. This has a floating interest rate and interest will be calculated hourly.  
• Jumpstart – It is a launch platform for blockchain projects. Users can subscribe to promising projects and earn income passively. Currently, Okx allows mining and on-sale alternatives for users. 
• Learn – Okx has an exclusive learning section for both beginners and veteran users. It has more than 811 articles on various topics like bitcoin, blockchain, okx products, how-to tutorials, etc. 
• Referral – With an Okx referral, you can mystery boxes every time a friend joins okx using your referral link. There is no limit to mystery boxes. You can earn many times.
• Affiliate – If you are an influencer with larger followers you can opt for this program where you will earn 50% of your referee’s commission in trading fees. 

Okx Exclusive Features

• Okx Pool – Okx pool help miners to get a good revenue by providing an amazon pool platform where they could earn by stable mining. 
• OKB – it is the utility token of Okx. Users with Okx get discounts on trading fees, get passive income with Okx earn, and many more
• Okx Proof of reserve – Proof of reserve is an initiative by the crypto exchanges to show how client assets are backed by real assets in a 1:1 ratio. With this users can be sure that the company is transparent and trustworthy. 
• Okx Wallet – It is a wallet where you can store all digital assets in one place including NFTs and DApps. 
• Okx Ventures – it is a subsidiary of Okx that supports and invests in promising blockchain companies and crypto companies

Cryptocurrencies Available on Okx

Though Okx offers more than 100 cryptocurrencies for its users, some of the popular cryptocurrencies on its platform are 

• Bitcoin
• Ethereum
• Tether
• USD Coin
• Matic
• XRP
• DogeCoin
• Cardano
• OKC Token

How to Create a New Account on Okx?

Let us create a new account on Okx

1. You can sign up on Okx using your email id/ mobile number
2. For superfast signup log in with your Google account
3. Congratulations, Your account is open now. 
4. In order to unlock the full potential of Okx, verify your account
5. Chose an individual/ corporate account and update your nationality
6. Provide your first name and last name
7. Provide Id Name and Number. The ID can be a driver’s license, passport, or any government-issued photo ID like tax ID, ELection ID, etc
8. Complete the photo verification by capturing a photo ID using a webcam or mobile.
9. It may take 24 hours to fully verify from the Okx team. Once you are verified your withdrawal limit automatically increases. 

How to Buy Cryptocurrency on Okx?

Let us learn how to buy cryptocurrency on Okx. Identity verification is a mandatory step before buying cryptocurrency in Okx.

1. Log on to okx.com
2. Click on [Buy Crypto] on the header
3. Choose your fiat currency and type the amount to buy your selected cryptocurrency
4. Pay with a debit/ credit card or P2P express or BuyUcoin. Choose the right payment method and Agree on the terms and conditions
5. You will get a confirmation message once the transaction is completed

How to Sell Cryptocurrency on Okx?

Let us learn to sell crypto on Okx

1. Click on [Buy Crypto] in the header and Click [Buy with card]
2. Click on the [Sell] option
3. Type the amount of cryptocurrency you want to sell
4. And Click sell
5. Select the payment wallet you want to receive payment
6. Confirm the details
7. You will receive a confirmation receipt

How to Deposit Cryptocurrency on Okx?

Let us learn how to deposit cryptocurrency on the Okx exchange

1. Log on to okx.com
2. Click on [Deposit Crypto]
3. Select the cryptocurrency you want to deposit 
4. Choose the correct network. Or else you may lose assets as mistakes are irreversible
5. Click [Continue]
6. Choose and confirm your location
7. Choose the funding/ trading account where you want to receive assets
8. Choose the deposit address and copy/ paste it into the withdrawal section of the other exchange from where you want to transfer assets.
9. Confirm the details and click [Continue]
10. You will get a confirmation receipt once the transaction is completed

How to Withdraw Cryptocurrency on Okx?

Let us learn how to withdraw assets from okx

1. Log on to okx.com
2. Hover on the assets tab and click [withdraw]
3. Choose the asset you want to withdraw
4. Select the right network
5. Fill in and confirm the withdrawal details
6. Input the withdrawal address
7. Click [Continue] after you have double-checked the details
8. Enter your Funds password and SMS code
9. You will get a confirmation receipt once the transaction is completed

Exchange Fees & Supported Systems

Okx exchange uses a maker/taker fee model for charging trading fees from its users. Market makers are charged less than market takers. In addition to that, Okx also gives many discounts to users holding more OKB tokens and with high-volume trading. 

For regular users, the maker/ taker fee is 0.080% & 0.100% respectively. 

For VIP user maker/ taker fee is 0.060% & 0.080% respectively. 

 There is a considerable decrease in trading fees as your 30-day trading volume and digital assets increase

Regular users are categorized based on the trade volume and OKB holding. VIP-level users are categorized based on the assets they hold and 30-day trading volume

Tier	Total OKB holding	Assets (USD)	or	30-day trading volume (USD)	Maker fee	Taker fee	24h withdrawal limit (BTC)
Lv1	< 500	< 100,000	/	< 10,000,000	0.08%	0.10%	500
Lv2	≥ 500	< 100,000	/	< 10,000,000	0.08%	0.10%	500
Lv3	≥ 1,000	< 100,000	/	< 10,000,000	0.07%	0.09%	500
Lv4	≥ 1,500	< 100,000	/	< 10,000,000	0.07%	0.09%	500
Lv5	≥ 2,000	< 100,000	/	< 10,000,000	0.06%	0.08%	500

Tier	Assets (USD)	or	30-day trading volume (USD)	Maker fee	Taker fee	24h withdrawal limit(BTC)
VIP 1	≥ 100,000	/	≥ 10,000,000	0.06%	0.08%	600
VIP 2	≥ 500,000	/	≥ 20,000,000	0.05%	0.07%	800
VIP 3	≥ 2,000,000	/	≥ 50,000,000	0.03%	0.06%	1,000
VIP 4	≥ 5,000,000	/	≥ 100,000,000	0.02%	0.05%	1,200
VIP 5	≥ 10,000,000	/	≥ 200,000,000	0.00%	0.04%	1,500
VIP 6	—	/	≥ 500,000,000	0.00%	0.03%	1,800
VIP 7	—	/	≥ 1,000,000,000	-0.01%	0.03%	2,000
VIP 8	—	/	≥ 10,000,000,000	-0.01%	0.02%	2,000

Okx Proof of Reserve

Since FTX’s fall, it has become a necessity to showcase proof of reserve of cryptocurrency exchanges. With this in mind, Okx exchange is one of the leading pioneers in the industry to showcase proof of reserve to its customers to gain trust and credibility

Referral

With the Okx referral program, you unlock a mystery box that contains gifts worth $10,000.

Steps to follow 

1. Ask your friend to open an Okx account using a unique referral link
2. Both of you can get a mystery box with an exclusive gift when the friend signs up within 30 days
3. Check out and claim the mystery box
4. Both of you will get another mystery box when your friends deposit or trade for $50 or more. 
5.  Every Mystery Box comes with crypto rewards worth up to $10,000. The rewards include BTC, ETH, OKB, DOGE, FIL, SHIB, DOT, and rebate cards. Claimable rewards can be viewed on “Referral – History”.
6. There is no limit on how many Mystery Boxes you can receive. The more friends you invite, the more you get. 

Affiliate Programme

If you are an influencer with a large number of followers you can benefit from the affiliate program. Apply for the affiliate program and get 50% of your invitee’s trading fees as your commission on the Okx exchange. 

You can promote affiliate links on videos, blogs, social media, and website ads. This is a lifetime offer and has no time limit. 

You can also earn with other co-inviters where you can earn up to 30% of invitees’ trading fees

Customer Support

Okx exchange has a dedicated help section that contains topics for troubleshooting problems and FAQs. If you are still not happy with the help section, you can chat with the Chatbot where you have to specifically type your query. Again it will give you related article links from the blog section. We are not truly happy with the customer support as there is no phone support or email for immediate issues.

Recent Updates

02 Dec 2022 – Okx exchange kicks off the second football cup NFT to those who joined the Okx football festival Staking rewards

25 Nov 2022 – Okx exchange features promotional offers for EU & UK users to Buy crypto with ZERO fees using a debit/credit card from 01 Dec 2022 to 14 Dec 2022. 

23 Nov 2022 – Okx exchange released ‘Proof of Reserve’ on its website to maintain transparency of the firm

Conclusion

Okx exchange, previously known as Okex, is an innovative cryptocurrency agency that is friendly for both beginners and experienced traders. It offers some of the best passive earning programs like staking, fixed-income scheme, dual investments, and referral/ affiliate bonus. 

As it uses a lightning network, the trade orders are smoothly executed without any delay. The trading fees are reasonable and if you are a high-volume trader or OKB holder you will get additional trading discounts. 

Okx exchange offers mystery boxes to new users which can contain prizes with $10,000 or cryptos in equivalent. The learning section is a plus point for beginners to start their crypto journey.

The verification process usually finishes in one day but, if there is more queue it can take up to 3-4 days. Okx has never been hacked and has got world-class safety features to protect customer funds. The exchange recently published Proof-of-reserve which shows that user assets are backed to real assets in a 1:1 ratio. Okx is one of the few companies to publish proof of reserve post-FTX crash. 

The only problem is that it is not available in the United States, Canada, United Kingdom, Iran, Syria, Bangladesh, and 10 other countries. 

Okx exchange is definitely a good exchange for you if you are a beginner or intermediate trader. 

FAQs

Is Okx available in the U.S.?

Okx is currently not available in the U.S.

Is Okx good for beginners?

It has a simple platform that works well both for beginners and intermediate traders. The app is simple and easy on the eyes. There is a helpful article for beginners in the help section of the website. 

Is KYC verification mandatory in Okx?

A user can deposit and start trading without KYC verification. However, recommend you do KYC verification to use the full feature and benefits from Okx. 

What network does Okx use?

Okx uses the Lightning network to deposit and withdraw BTC. A lightning network is a decentralized payment protocol that allows instant, off-chain transactions on a blockchain, such as Bitcoin

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