Review of OKX (previously OKEx)

OKEx, one of the largest cryptocurrency exchanges in terms of trading volume, is recognized as a “one-stop shop” for cryptocurrencies. It provides services beyond spot trading and derivatives exchange. OKEx is one of the most diverse exchanges due to its margin trading, bridges, mining pools, cloud service, decentralized options with OKExChain, loans, and broker options, among others. Additionally, they provide an educational platform for learning about exchange and trade in general. Overall, it provides all the instruments necessary for beginners, as well as a large selection of possibilities for those aspiring to become advanced traders.

Pros & Cons

• Low costs

A vast assortment of financial instruments

Numerous trading pair and fiat currency options

Practical, easy-to-use design

• You cannot withdraw any fiat currency other than CNY

OKX Review: Principal characteristics

For a newcomer to cryptocurrency, too many options could be overwhelming. Even though OKX offers a wide variety of financial options, the platform is organised in a straightforward and user-friendly manner. With a multiplicity of cryptocurrency pairs and a gateway from cash to cryptocurrency, it is simple to see why OKX has become one of the largest exchanges in existence. Adding OKX to your repertoire of trades is warranted by the abundance of possibilities available to you.

• Fiat-to-crypto on-ramp: OKX supports 400+ trading pairs and allows you to convert fiat to crypto through Apple Pay, Visa, Mastercard, bank transfer, Alipay, WeChat pay, etc. In addition, they support over 30 cryptocurrencies, including the Canadian dollar (CAD), Chinese yuan (CNY), euro (EUR), Japanese yen (JPY), Hong Kong dollar (HKD), and Chilean peso (CLP), among others.

• Margin trading: Using margin trading with up to 125x leverage, as well as perpetual, futures, and options trading, users have access to a variety of trading tools.

• Finance possibilities: Earn offers a wealth of finance solutions, allowing you to generate passive income from your cryptocurrency holdings. Loan, Jumpstart token staking function, mining pool, OKX bridge feature, OKB utility token, OKX Cloud, and OKX Blockdream Ventures are just some of the available possibilities.

• Additional security options: With enforced two-factor authentication, smartphone verification, Google Authenticator options, and anti-phishing code, OKX’s assertions that security is a top priority are credible.

• Decentralized exchange option: In addition to normal DEX trading, OKX’s decentralised platform enables swap trading, liquidity pools, farm pools, and a decentralised wallet.

Overall, OKX will provide you with possibilities to delve further into the bitcoin ecosystem. The platform strives to become a “one-stop market.” OKX has in many respects achieved success in this regard.

History and Establishment

OKX, a Hong Kong firm founded by OKCoin, an early Chinese exchange, relocated to Malta in 2018. Many of the government’s values align with the creation of a cryptocurrency exchange. Malta’s reputation for having sound legislation for digital assets and blockchain makes it an ideal location for OKX to advance its aim to “remove financial obstacles, advance the global economy, and improve the world.”

OKX received the Crypto Exchange of the Year title at the inaugural Malta Blockchain Awards in November 2018, edging out Binance and other nominees.

The company produced 170 significant enhancements in 2020 that were consistent with its purpose. Among these enhancements are those that have already been highlighted, such as Jumpstart, which supports promising projects, and the OKX Chain genesis block, as well as trade rewards, P2P trading, CTC financing, etc.

410 personnel deliver OKX services to millions of users in more than 100 countries as of 2021. With a daily BTC futures volume of approximately USD 1.5 billion, customers now have access to a vast array of instruments. OKX continues to construct what they refer to as a ‘next-generation financial ecosystem’ by implementing enhancements to accommodate their high trading volume.

Design and Function

OKX does not have the most stylish appearance. However, if the platform’s objective is to “remove financial barriers” and “transform the global economy,” then its design is straightforward, tidy, and effective. The design is not aesthetically pleasing, but it does not have to be.

This design choice may actually be beneficial. If OKX’s design were flashier, it may overwhelm new users with its abundance of capabilities. The user interface eases you into the platform for individuals who wish to immediately enter the world of cryptocurrencies.

The simplest trading options, such as buying and selling, are located in the upper left corner, next to the rapid trade option. There, you may rapidly purchase cryptocurrencies with fiat currency using Visa, Mastercard, Apple Pay, or Interac.

Following that are the marketplaces that are displayed. If you look at the top of the markets tab, you will find sections called spot, futures, options, perpetual swap, options, OKX index, and trading data, despite the fact that the tab appears to include basic information about each coin. This provides a complete overview of the platform’s financial products.

If you return to the homepage, the information becomes progressively more complex, with basic spot trading and margin trading.

When it comes to aesthetics, you can see greater detail in the trade graphs. OKX boasts one of the most aesthetically beautiful trading systems of any current exchange. In addition to having all the standard trading tools, such as trend line sketching, the text and graphs have a rounded appearance, and the layout is aesthetically pleasing. If you are going to spend hours staring at a trading screen, this is one of the best ones to observe.

Next is the Finance section, which includes an earn option for interest rates, loan alternatives, and a Jumpstart programme for supporting token sales of new projects. This is where it becomes apparent that OKX is seeking to be a financial hub for users and not just an exchange.

The Learn area provides tutorials on their platform that are sufficiently comprehensive and easy to navigate. It effectively introduces you to cryptocurrency trading in general. OKX’s research arm, OKX Insights, offers frequent industry and market analyses and studies under the Learn tab.

The ‘More’ segment is where OKX becomes most intense. OKX provides a variety of tools that go beyond the standard functionality of an exchange. OKX does not exaggerate while claiming to be a “one-stop marketplace.”

These characteristics impart a sense of distinctiveness to OKX. Due to the design’s simplicity, seeing these tabs does not feel overwhelming. Since the ‘More’ option does not exert pressure on the user, new users can access the site without feeling compelled to utilise these additional capabilities. Traders with experience will observe that they have a multitude of choices to their advantage.

In addition to the low costs, these possibilities are what makes OKX special, since it offers a vast array of tools that may be explored as you go deeper into cryptocurrency.

• Pool – This mining method employs a proof-of-work mining service with hedging.

• OKX Bridge – Enables the transfer of assets between several blockchains.

• Wallet – A safe wallet for managing transactions, DeFi, and storage for 36 cryptocurrencies, where you are in charge of your keys and their security via a mnemonic phrase.

• OKB – OKX utility token for a complete ecosystem of potential transactions, token sales, and even passive revenue.

• OKX Cloud – Dislike other trading platforms? Create your own. You can leverage the platform’s technology stack to construct it if you have the necessary expertise. This function demonstrates OKX’s dedication to being a “one-stop marketplace.” This project allows you to create your own exchange.

• Security of Funds – Their hot wallet solution offers a greater number of security layers than their cold wallet storage alternative.

• OKX Chain – A blockchain-based, decentralised ecosystem.

• Status – Here you can find information regarding maintenance.

• Prizes – The section of the platform where you may do tasks to receive crypto rewards and free bitcoin.

Invite friends to receive additional incentives.

• Affiliates can earn a minimum of 30% commission on trades they invite.

• Happy Friday – A rewards programme that allows you to earn 20% OKX income on derivatives and perhaps obtain iPhones.

• Broker – If you possess the necessary expertise, you can become a broker and make substantial commissions.

• OKX Blockdream Ventures – A platform for funding high-potential projects.

OKX Distributed Trading System

OKX provides a decentralised exchange (DEX) that appears to be influenced by Uniswap in the event that you choose to temporarily escape the centralised world. Although there are not many options to trade at the moment, as it appears to be in its infancy, it is an intriguing feature to possess and develop. In addition to the traditional DEX exchange option, the protocol also includes a liquidity pool and farming options.

Customer Support

For customer help, OKX includes a support centre featuring a FAQ part as well as a page where you may make requests. Along with this, they have a chat box you may use in case you have a query that is more particular to your needs. As many exchanges do not even feature a chat box to begin with, this is a wonderful inclusion.

From overall general feedback, it seems that the customer service does an adequate job according to reviews from consumers, with most people typically giving OKX pleasant experiences.

OKX Security

Headquartered in Malta, they have the luxury of being in one of the most renowned and positively governed locations when it comes to crypto. Having earned an award in 2018 at the first edition of the Malta Blockchain Awards should prove that they at least have a reasonable amount of security incorporated into their system. The company employs conventional security methods, like 2FA and many more that may be found in the area below. They have a respectable grade when it comes to security as determined by CryptoCompare.

The only time their security has been compromised was when a private key holder was put under a public security agency inquiry. They withheld their user withdrawals for six weeks during that time, much to the displeasure of their users. However, this event may have proved that OKX is a responsible platform. OKX did not want to compromise the funds of its subscribers and was contacting with their users at this time.

User Security Settings

Other than email and login, OKX provides a multiplicity of security layers on the platform.

• Funds password – In order to withdraw funds, the user needs to use a password for authentication.

• Cell verification – This utilises the mobile phone to withdraw funds, change passwords, and validate changes to the account.

• Google authenticator – The authenticator is needed for security and funds withdrawal.

• Mandatory 2FA – Two-factor authentication is essential for withdrawing funds, login, or sending red packets for bonuses.

• Anti-Phishing Code – Higher security for emails from OKX.

Deposit and Withdrawal Methods

If you go to the assets tab, you’ll be able to see the deposit section where you can send from your wallet to the exchange. You can select the currency that you wish to deposit. Double-check and make sure that you are sending the correct coin to the correct address or your funds may be lost, like any other cryptocurrency transaction.

With all the amazing features that OKX has, the withdrawal mechanism may be the primary negative of utilising OKX. Although it offers cheap costs, you can only withdraw crypto. You cannot convert your crypto for currency to withdraw it. This illustrates the focus the site has on being a crypto-to-crypto exchange for ‘next-gen finance.’ There are so many cryptocurrencies that you have to exchange with on OKX, some of the most out of any exchange with more than 500 coins. You have a reasonable opportunity to unearth hidden altcoins that could be worth a lot more later along the road.

That being said, you need to ship your bitcoin to another exchange to liquidate for cash, which is not too much of a burden given the low fees. However, it is simple to see why this could be a negative for some people.

Conclusion

Overall, the whole set of capabilities that OKX provides indicates tremendous potential, even though the exchange is currently enormous. With the number of constant changes to their platform, they are striving to be a place where consumers may have a wide set of financial tools for a new age of finance. Even with the alternatives that they presently have accessible, OKX has been willing to evolve with new financial instruments. If you want a wide platform with innovative and promising financial instruments to employ after you get more knowledgeable in crypto, OKX is a great exchange to have in your cryptocurrency toolkit.