Okx.com is the world’s leading platform for trading digital assets. This Malta-based cryptocurrency market was founded in China in 2014 by businessman Star Xu. Although it is a relatively new entrant in the cryptocurrency market, Okx has managed to attract a following from a huge number of professional crypto traders.
Today, the platform is widely considered to be the world’s second-largest cryptocurrency exchange in terms of volume of transactions made. As if that is not enough, the site is thought to transact Bitcoin future trades worth up to $1.5 billion on a daily basis. This is a highly impressive feat for a company that has only been around for only half a decade.
Which Countries can Trade on Okx?
Okx is available to users in over 100 countries, including Denmark, France, United Kingdom, Nepal, Australia, Lebanon and Iceland. The platform does not accept users from the USA due to the nation’s complicated legislation on cryptocurrencies.
In the US, not all cryptocurrencies are considered as futures. This means that exchanges that deal with a variety of cryptocurrencies are at risk of violating regulations of the U.S. Securities and Exchange Commission if they don’t take steps to prevent U.S. citizens from operating on their platforms. For this reason, some top Cryptocurrency Exchange platforms, including Okx, choose to stay out of the American market.
Which Currencies are Supported on Okx?
Okx.com is one of the few peer-to-peer cryptocurrency platforms that trade digital coins as well as fiat currencies. Some of the popular cryptocurrencies supported on this platform include BTC, BCH, ETH, LTC and EOS. There are 146 types of cryptocurrencies that are traded on Okx. In addition to this, the platform supports fiat currency such as the United States Dollar (USD) and the Chinese Yen (CNY).
Types of Trades Offered on Okx.com
Users of Okx can exchange their digital coins in several types of trade. These are:
Futures Trading
Users of this cryptocurrency exchange platform are required to read through a guide before they begin futures trading. Some of the coins that are supported for futures trading include BTC, LTC, ETH, ETC, BCH, XRP, EOS, and BTG.
Okx also has several types of orders available under futures trading to help users trade with precision and reduce the risk of losses.
Token Trading
There are a large number of token pairs that are available on Okx. Users can use this option to exchange different types of cryptocurrencies, for instance, BCH/BTC token pair.
Index Trading
The platform provides users with the option of trading several listed tokens under fiat trading. However, under this trading option, the withdrawal of cryptocurrencies is not supported. Users must, therefore, buy and sell cryptocurrency tokens quickly in order to earn a price difference.
C2C Trading
One of the most popular trading options in Okx.com is C2C trading, which allows users to exchange digital coins and fiat currencies in a safe and convenient way. Under this option, users can trade freely with other users and place orders at their own price. The withdrawal of cryptocurrencies is also supported in C2C trading.
How to Get Started on Okx
In order to begin trading digital coins on Okx, you need to complete a short registration process. Unlike other cryptocurrency exchanges, Okx.com does not have a demo feature or anonymous accounts. This means you need to have an actual registered account. You should keep in mind that only persons in countries where Okx is available can become registered users on the platform. The list of all the countries that are supported can be found on the website.
Creating an account on Okx is a fairly simple and straightforward affair. You can register on this cryptocurrency exchange platform using either your mobile number or email address over the website or through the Android/iOS app.
Here is a guide on how to register through the website:
- Visit the Okx.com website and click the sign-up button on the website’s home page.
- Enter a valid email address or mobile number in the spaces provided. You do not need to provide a country code when signing up with a mobile number.
- Enter the password which you will be using for account registration and future logins. The password should be between 6-32 characters and must include one special character, one letter and one number
- Re-enter the password to match the one you provided.
- Carefully read the terms and conditions, compliance disclosures and privacy policy and check all the relevant boxes.
- Click the ‘sign up’ button to complete the account registration.
Once you have successfully completed the registration process, you will receive a confirmation email or text message bearing instructions on how to activate your account.
Trading Fees on Okx
Trading fees on Okx are surprisingly very streamlined for a cryptocurrency exchange with such diverse trading options. The platform exacts a 0.1% maker and taker fee for all token-to-token transactions. The trading fees for futures trading vary depending on the cryptocurrency being traded. For Bitcoin futures, a settlement fee of 0. 015 percent is usually levied. LTC futures trades are usually charged a 0.025 percent maker fee, 0.075 percent taker fee, and a 0.05 percent settlement fee. Other coins such as BTC, ECH and ETC are charged 0.025 percent maker fee, 0.075 percent taker fee, and a 0.05 percent settlement fee.
Deposits and Withdrawals on Okx
Users of Okx Cryptocurrency Exchange can send only a specific type of token to the corresponding deposit address on the platform. For instance, the BCH deposit address only accepts BCH tokens. However, users can change the type of token they wish to deposit in the dropdown list found on the deposit page.
To ensure the safety of users’ funds, the platform requires that all registered users link their email address with their account on Okx.com. The withdrawal fee generally varies depending on the token in use.
Okx Trading Wallets
There are various trading wallets used in this cryptocurrency exchange, depending on the type of transaction. These are:
Funding Wallet
This allows a registered user to deposit or withdraw their funds.
Trading Wallet
This is designed specifically for trade transactions, and involves specially designated sub-wallets, including C2C trading wallet and Margin trading wallet.
Saving Wallet
This wallet allows a user to save their funds and earn interest from their savings. Owners of this wallet can make deposits into it anytime they want.
Is Okx.com Safe?
Okx has so far proved to be one of the most reliable and secure cryptocurrency exchange platforms in the world. The site offers its users a highly efficient, stable and safe system through which they can sell or buy cryptocurrencies. Moreover, it supports the trade of various cryptocurrencies, which makes it very convenient for beginner traders.
Unlike most other crypto-to-crypto websites, Okx has never been hacked. This is a very remarkable feat, considering the large volume of transactions it handles every day.
So how is that achievable?
There are various safety measures that the platform employs to protect the safety and privacy of its users. These include:
- The crypto Exchange only stores a limited number of cryptocurrencies in its cold wallet
- Private key paper documents are stored under strict supervision and subjected to constant monitoring
- A private key is required in order to send Bitcoin to a given address
- Only one private key is allowed per user
Okx Customer Support
Registered traders on Okx can contact customer support 24/7 via live chat. The support staff usually respond in a timely way to any cryptocurrency-related queries that are raised by users of the platform. If you have any questions pertaining to trading on this platform, you can also raise a support ticket via email to get your issue resolved.
Pros and Cons of Okx
Pros:
- Highly reputable with a good track record
- Very user-friendly and intuitive interface
- Highly attractive trading fees
- Numerous types of cryptocurrencies can be traded.
- Supports fiat currencies such as USD and CNY
- Has options for futures trading in several cryptocurrencies including BTC, LTC and ETH.
- Highly secure for trading
- High volume and liquidity
Cons:
- Not very convenient for beginners
- Not available in most countries, including the US
- Only two fiat currencies are supported: USD and CNY
Final Verdict
For a company that has only been around for 5 years, Okx.com has definitely amassed popularity in a very short amount of time. Today, it is one of the most preferred cryptocurrency exchanges in the industry. Okx’s success can be attributed to its high-performance trading system, numerous trading options including futures trading and C2C trading. With over 146 supported cryptocurrencies, Okx is undoubtedly one of the most diverse platforms for digital currencies.
Thanks to its highly competitive service charges and state-of-the-art security features, Okx guarantees a quality trading experience for any serious trader of cryptocurrencies. If you are a professional crypto trader looking for a safe and highly optimized system for trading digital assets, then Okx is without a doubt the platform for you.
