OKX Review 2024: Pros, Cons, and Features

Cryptocurrency is the dawn of a contemporary finance system, Decentralized Finance (DeFi). Blockchain is the core technology in DeFi and cryptocurrency is the leading application. We can benefit from multiple functionalities of crypto but trading is the most sought-after. OKX crypto exchange allows crypto traders to access the unmeasurable horizon of cryptocurrency.

A crypto exchange serves as a platform that connects users with crypto assets. From purchasing to selling and exchanging crypto assets, crypto exchanges offer accessibility to crypto enthusiasts and day traders. OKX exchange holds a distinguished position in the market due to its unparalleled benefits and features.

This article is a lighting guide for traders and investors who want to enhance their trading experience. We will cover:

• What is OKX crypto exchange?
  
• Top features of OKX exchange,
  
• Trading fees and staking on OKX,
  
• Pros and cons of trading on OKX exchange,
  
• Essential tips to stay secure on OKX, etc.
  

Read on to take your knowledge to another level with us.

What Is OKX?

Before we discuss what OKX is, it is imperative to talk about the crypto market. Cryptocurrency has gained traction after the beginning of Bitcoin in 2009. Since then, its market has grown exponentially. Statista report suggests Argentina with a 30% share of global crypto assets and the US with the most Bitcoin ATMs are leading the crypto market.

The growing market of cryptocurrency reflects one thing: a lucrative opportunity for crypto enthusiasts. However, it won’t be possible without a top-notch and well-protected platform. OKX is the go-to platform for crypto traders and investors because of its classy features and benefits.

OKX is one of a few crypto exchanges that offer extensive applications and trading options at the lowest trading fees. From spot to staking, derivatives, and NFT marketplaces, OKX stands out in the market.

History and Background

In 2017, OK Group under the leadership of Mingxing “Star” Xu decided to form a crypto trading platform. He named the company as OKEx and rebranded it later to OKX. The focus of the crypto exchange was to offer a one-stop-shop solution to crypto enthusiasts.

The best thing about OKX is its all-rounder platform. It offers multiple opportunities to traders, investors, and enthusiasts of cryptocurrency, blockchain, and non-fungible token (NFT) holders.

OKX has a native blockchain platform, known as X Layer with a crypto token, OKB. These blockchain and crypto coins are key to the creation of decentralized applications (dApps) and hot wallets. From a web3-based crypto wallet to a decentralized exchange (DEX), OKX is the top choice for crypto holders.

User Base and Market Reach

OKX operates in more than 100 countries according to its official website. It is one of the most innovative and advanced cryptocurrency exchanges for traders and investors.

Due to its advanced trading features and tools, it is also one of the high-volume crypto marketplaces. However, OKX is among a few exchanges that don’t operate in the US and Canada. There are many reasons for this restriction.

Supported Cryptocurrencies

OKX supports leading crypto assets, including Bitcoin and altcoins. It is among the top priority exchanges for crypto miners and developers due to its fully secured and user-friendly blockchain network.

The list of supported cryptocurrencies of OKX includes:

• Bitcoin
  
• Ethereum
  
• MATIC
  
• Litecoin
  
• Solana
  
• Ripple
  
• Stellar
  
• Cardano, and many more.
  

The list can go on without an end due to the wide range of available crypto assets.

Trading Interface and User Experience

In terms of accessibility and experience, OKX is efficient and user-friendly. It offers educational content for newcomers and beginner traders. This helps in numerous areas of the trading journey for a user.

Here are some features that help OKX stand out from its competitors.

1. Platform Accessibility

OKX is highly accessible for consumers and businesses around the world except for a few countries. It has a well-designed and lightweight mobile application. OKX offers a convenient and effortless trading experience like never before due to its mobile application.

Moreover, PC users can access the crypto market and trade crypto assets using the OKX desktop application. On top of that, OKX offers its functionality to mobile and PC users on web browsers via its website. Thus, it is highly accessible to every user regardless of their operating system or device.

2. User Interface

When we discuss using an application, the first thing that strikes the mind is how it appears. The user interface and user experience (UX/UI) of OKX are top-notch. This offers effortless trading experience to both freshers and seasoned traders and investors.

Furthermore, navigation and customization of the user interface have never been this much comfortable before. You can find each and every detail on the home screen’s dashboard.

3. Advanced Trading Tools

One of the best approaches of OKX is offering advanced trading tools and options to consumers. That ranges from web3 wallets to trading bots, crypto calculators, in-built TradingView interfaces and many more.

In addition, you can access charting tools and real-time analytics of your trading performance and overall market performance within the OKX application. OKX’s in-app technical indicators facilitate technical analysis to a greater extent. Thus, traders and investors opt for this crypto exchange.

Order Types

Crypto order or trade order is imperative for day traders and investors. It helps in fair trade by providing a guideline about the exchange of assets at a specified price. Order types include limit, market and stop-limit orders.

OKX allows traders to execute orders in all basic types so that they can benefit extensively. This feature of OKX extends the functionality of its marketplace and exchange. For instance, some users will need market orders while others may require limit orders. Thus, supporting all order types paves the way for a wide range of trades.

How Secure Is OKX?

For traders worldwide, OKX is a secure and well-kept exchange to trade and exchange blockchain-related assets. It has relevant safety measures, such as two-factor authentication (2FA), anti-money laundering (AML), anti-phishing, etc. Some of the top security protocols of OKX are listed below:

OKX Regulatory Compliance

OKX adheres to regulatory compliances to promote a fair ecosystem for crypto enthusiasts. For instance, it has dedicated organizations in multiple countries and markets, including:

• OKCoin Europe LTD: It is a Malta-based liability company that approves crypto transactions and matters within the European Economic Area.
  
• OKX Bahamas FinTech Company: It is a regulated company for the Carribean and Mexican crypto users.
  
• OKX Australia Financial Pty: An OKX company for Australian crypto users.
  
• Aux Cayes FinTech: An OKX-registered company in Seychelles for consumers who register for OKX services and applications.
  
• OKX Serviços Digitais Ltda: The OKX brand for Brazilian crypto traders to fairly participate in the crypto market with OKX services and decentralized exchange.
  

Cold Storage and Hot Wallets

OKX is among the leading crypto exchanges that care for customers and crypto traders. With its cold and hot wallets, traders have surety of their assets against social engineering and hacking attempts.

Hot wallet means the in-built crypto wallet that securely stores users’ funds. On the other hand, a cold wallet refers to a physical computer or storage which is not connected to the internet. Since OKX has a native blockchain, X Layer, it safeguards users’ funds from hackers and scammers.

OKX Fees Structure

In terms of fees, OKX is a cost-effective and reliable option for traders and investors. Its fee differs for various tokens, offering ease to small-scale traders. OKX also allows traders to enjoy various giveaways and loyalty bonuses to customers so that users gain more revenue.

We will list the fee structure of OKX below:

Trading Fees

OKX trading costs vary according to OKB holdings. OKB is the native crypto coin of the OKX network. The higher you hold OKB, the less will be the trading fee for multiple crypto trading pairs. The table below shows different levels of accounts with OKB holdings and order types:

Level	OKB Assets	Limit Order	Market Order
Level 1	Less than 100	0.080%	0.100%
Level 2	More than 100	0.075%	0.090%
Level 3	More than 200	0.070%	0.080%
Level 4	More than 500	0.065%	0.070%
Level 5	More than 1,000	0.060%	0.060%

There are some trading pairs with the lowest trading fees. That includes:

• Bitcoin
  
• Ethereum
  
• OKB
  
• USD Coin
  
• DAI
  
• Polkadot
  
• Tether EURt
  

Deposit and Withdrawal Fees

Deposits on OKX are effortless and convenient. You will need to verify your OKX account using your identity information, such as your national ID card, passport, etc. Once you have done that, you can deposit funds to your account on the go. The deposit fees of OKX range from 2% to 10%.

Withdrawal is as easy as a deposit. However, you will need to be mindful of the withdrawal and deposit limits, which depend on your account tier level and Know Your Customer (KYC) verification level. You can withdraw your funds at a 2% withdrawal fee.

OKX Payment Methods

Payment method is an integral part of the crypto journey for a trader. Regardless of the decentralized nature of crypto, it needs a connection with fiat currency for the transition that a crypto user needs.

OKX has integrated versatile payment methods to facilitate its customers to a great extent. Depending on location and exchanges, OKX supports payment through 84 fiat currencies. That includes the US dollar, British pound, Euros, and more.

Here is a list of OKX-supported payment methods:

• Debit and credit cards,
  
• Virtual payment options like Apple Pay, Google Pay
  
• SEPA, IDEAL
  
• Peer-to-peer (P2P) payment options, such as Banxa, Mercuryo, etc.
  

Crypto Staking at OKX

Before we dive deeper to understand what staking actually is, we need to highlight various consensus mechanisms. Cryptocurrency and blockchain utilize various methods to validate new information for the blocks on the blockchain network. This method is called a consensus mechanism.

This can be done through proof-of-work (PoW), proof-of-stake (PoS), proof-of-agreement (PoA), and more. Like Solana and Ethereum, the OKX blockchain (X Layer) works on a proof-of-stake consensus mechanism to verify transaction data prior to its storage on the blockchain.

Staking is the process of allowing users and crypto token holders to validate the new data. They earn rewards and revenue in return. Crypto staking is available on platforms with PoS or delegated PoS consensus.

Available Staking Options

OKX supports various leading crypto assets for staking. According to Statista, the biggest staked crypto coin is Ethereum (ETH) with a staked value of about 114.04 billion USD. Among the top rewarding crypto assets, Polkadot with 11.5% and Celestia (TIA) with 10.8% are leading the staking market.

OKX Earn is the best place to start earning revenue and returns on your investments. The APR and returns range from 1% to 50% depending on the crypto coin you choose. Moreover, it offers multiple options for different earning results. That includes:

• Simple Earn: This staking method suits crypto lenders. A person lends their assets to crypto traders and gets rewards or interests on the trading yields.
  
• Structured Products: It is the right choice for traders who prioritize derivatives like options trading.
  
• On-Chain Earn: In this staking option, OKX users earn by becoming validators. They can also earn from the DeFi protocols of the OKX platform.
  

Top Features of OKX

OKX is one of the leading cryptocurrency exchanges with a high trading volume. CoinMarketCap shows the 24-hour spot trading volume on OKX as $1.221 billion. The high volume of trades and users is due to its classy features.

We have listed some of the features and services that help OKX users enjoy multiple benefits in the market.

1. Spot Trading

Crypto investors require a marketplace or a platform to buy and sell cryptocurrency. OKX fulfills their needs and provides a reliable place to do so. Investors prefer spot trading, which includes buying a specific crypto asset for the long run.

Since the crypto market is highly volatile, spot trading lowers the risks of losing funds due to instant market fluctuations. OKX spot trading is at the top of the chart due to low trading fees on various trading pairs as mentioned above.

Explore the Coinbase exchange in our guide.

2. Futures and Margin Trading

OKX doesn’t limit crypto enthusiasts to spot trading only. It also offers a reputable opportunity for future traders. Futures and margin trading are leverage trading methods with elevated risks and higher returns. Therefore, beginner traders with low knowledge and experience should stay away from them.

OKX stands out in the market due to its top-notch learning resources for futures and margin traders. It allows them to use risk management tools so that they enjoy returns with minimal risks.

3. DeFi Hub

OKX holds the key to accessing the wide horizon of decentralized finance. It offers scalable and friendly applications and services to develop, deploy, and benefit from dApps and DeFi products in comfort.

OKTC is one of its multiple applications for developers globally. In this platform, developers can enjoy a development-oriented ecosystem, marketing support, and tech-related resources. This smoothens the development of secure, interoperable, and scalable DeFi solutions.

4. Web3 Marketplace

Despite its emerging phase, Web3 is accountable for over 8.5% of the entire cryptocurrency transactions. Web3 is a portal to more futuristic digital solutions and technologies. These statistics reveal the staggering future of cryptocurrency due to web3.

The best thing is that OKX offers a web3 marketplace for its users. This marketplace serves as a place to buy, sell, and exchange NFT assets. You will find tons of top NFT creators and collectors on this marketplace.

On top of that, OKX NFT Studio allows NFT enthusiasts to create their unique art and get passive revenue out of it. With its artificial intelligence (AI) technology, you can become an NFT creator on the go without any hard-learned technical skills.

5. OKX Wallet

A crypto wallet is essential for crypto traders and investors. The in-built crypto wallet of OKX is a portal to web3 infrastructure. This offers enhanced functionality and benefits to OKX users.

You can store your crypto assets with mental peace due to OKX security protocols. Moreover, it has access to more than 100 networks, including Ethereum, Binance, Solana, etc. Therefore, you can enjoy interoperability and transfer of funds to other wallets.

6. API Integration

Application Programming Interface (API) is the linking bridge between two software. With OKX, you can create a unique API to integrate its marketplace into your software or application.

OKX also offers incentives to VIPs and institutions with its APIs. Market Maker Program allows institutions to access the crypto market with improved trading experience. Moreover, the Broker Program also offers them access to highly rewarding commissions on trading with OKX.

7. Affiliate Program

The affiliate program of OKX is highly rewarding as compared to other crypto exchanges. It allows you to incentivize your influence in society. If you are a highly social person with a large circle of friends and family, the OKX affiliate program can make you a top-notch crypto trader.

This program helps you make money when someone joins and makes transactions using your referral code. For 30 traders joining with your referrals, you get 472 USDT. And if you manage to network OKX to 180 traders, you get 8.005 USDT. However, this earning may vary as per OKX’s terms and conditions.

Advantages of Trading on OKX

1. Low Fees: OKX is cost-effective and trader-friendly when it comes to transaction costs. Compared to other leading crypto exchanges, OKX’s trading fees are negligible.
   
2. Diverse Asset Support: OKX is reputable for its support of more than 300 cryptocurrencies. Traders and investors can enjoy access to a wide range of crypto tokens for profits and leverage.
   
3. High Liquidity: Liquidity is key to a fair and efficient trading environment. Due to the high liquidity of OKX, traders prefer to trade on this platform as they can earn more income without being stuck in a single trade for longer.
   
4. Security Features: OKX is home to a robust safety infrastructure to safeguard its users from malicious activities and fraud. From 2FA to regulatory compliance, OKX users stay safe from cyber attacks.
   
5. Advanced Trading Tools: Crypto calculator, efficient trading bots, effective smart contract execution, technical indicators, etc., are some of the top tools that every trader wants.
   

OKX Areas to Improve

1. Complexity for Beginners: Newcomers and fresh traders may find the advanced interface of OKX complicated. Since it takes learning and acquaintance with various trading tools and features, OKX can be difficult for beginners traders and investors.
   
2. Geographical Restrictions: OKX is one of a few crypto exchanges with location restrictions. Due to its Chinese origin, it is banned in the US and other leading crypto markets. However, it does have well-regulated and legal companies in these markets for crypto traders to connect them to its exchange.
   
3. Customer Support Challenges: Despite a customer support facility for OKX traders, the late response and lack of on-time resolution make it a troublesome exchange. This feature has a negative impact on customer feedback and reviews about OKX.
   

Conclusion

In the cryptocurrency market, trading on a reputable and credible crypto exchange is a must. OKX is the right choice for day traders and investors worldwide due to its low trading fees, widespread cryptocurrency support, top-notch security, and more.

OKX has a vision for the future to become the leading cryptocurrency exchange and platform. Therefore, it started OKX Ventures with a focus on securing partnerships with world-class companies. It includes integrating AI, GameFi and social solutions.

Now the question is whether OKX is suitable for crypto traders in 2024 or not. The answer to this question is a clear yes. Because OKX offers security, scalability, and interoperability at the same time. If you want to trade on OKX, sign up for the platform and become part of a widespread community of successful traders and crypto investors in 2024.

FAQs: OKX Crypto Exchange

Does OKX have future trading?

Yes. OKX offers future trading opportunities for traders who want to leverage their profits. Future trading is highly risky due to leveraged outcomes. Your profits and losses will multiply with the leverage you set.

Is OKX safe for traders?

The safety of the OKX marketplace is due to its regulatory compliance and legal reinforcement. Plus, you can rely on OKX for its robust security infrastructure.

Is the OKX wallet secure?

OKX wallet is connected to web3 technology. Due to this feature, it offers both cold storage and hot wallet features to OKX users. Thus, storing your assets in your OKX wallet is immune to cyber-attacks.

Does OKX need KYC for withdrawing funds?

When you sign up for OKX, you can verify your account on multiple levels. For low-level withdrawals and trades, OKX doesn’t require KYC. However, higher-volume transactions will need level 2 KYC verification. You will need to provide proof of residence and source of income.

Is OKX staking profitable?

OKX rewards stakeholders and crypto lenders with an APR that ranges from 1% to 51% depending on the crypto asset. Moreover, profits depend on the OKB holding. The higher the OKB holdings, the higher the returns on investment.