OKX: A Crypto-to-Crypto and Fiat Exchange

OKX (formerly OKEx) is the world’s second-largest crypto spot and derivatives trading venue. Here we shall be looking at the features, pros, and cons of the Seychelles-based cryptocurrency exchange.

OKX Review

Founded in 2017 by Star XU, as a spin-off of OKCoin to service the needs of advanced crypto traders, OKX is a cryptocurrency exchange that offers regular crypto-to-crypto and fiat-to-crypto trading, plus a suite of other products, including derivatives trading, staking, lending, mining, and more. OKX claims to have more than 20 million users in more than 100 countries across the globe, excluding the United States, due to regulatory and compliance bottlenecks.

The OKX exchange platform is available on both desktop and mobile devices and supports more than 300  established cryptocurrencies, including bitcoin (BTC), ether (ETH), OKB, Terra, Polygon, and a host of others, plus a couple of fiat currencies.

The user interface of the exchange is quite attractive just like that of some top-notch traditional financial markets trading platforms, and on top of that, OKX offers users a charting package designed to make life easier for professional traders. 

Notably, OKX’s margin trading feature is currently one of the best in the rapidly evolving cryptospace, as traders can enjoy up to 20:1 leverage, the highest currently available on any crypto exchange or CFDs broker globally. In contrast, Binance, the world’s largest bitcoin, and altcoins trading venue only offer users up to 10X leverage.

What’s more, OKX also offers professional traders’ futures trading services on a select group of popular tokens, including bitcoin, ether, and EOS. Users can choose from any of the contracts currently available on the platform, including weekly, bi-weekly, and monthly. Leveraged margin trading is also available for futures contracts on OKX.

Through the OKX MetaX feature, the exchange enables its customers to explore non-fungible tokens (NFTs), decentralized finance (DeFi), decentralized applications (dApps), and more. The exchange also provides users with educational resources for both the crypto newbie and experts alike

OKX Security 

At a time when hacks and heists are increasingly becoming commonplace in the crypto industry, OKX has put in place a host of cutting-edge security features including cold storage multi-signature wallets, GSLB, anti-phishing codes, and more.

Fees 

OKX fees are among the lowest offered by centralized crypto trading venues on the planet. The fees are tiered based on trade volume and holdings of the traders. Low volume traders on OKX are charged up to 0.15 percent maker fee and 0.2 percent taker fee. While those who conduct voluminous transactions can enjoy fees as low as 0.2 percent and 0.05 percent maker and taker fees respectively.

Customer Support

OKX offers its users various channels with which they could lay their complaints or send feedback, including a dedicated phone line, email, in-platform chat support, and social media handles. However, the exchange has received mixed reactions and complaints in this area in recent years. 

Pros 

• Extensive range of crypto trading tools for professionals
• Top-notch user interface
• Availability of various trading options
• Extensive range of supported cryptoassets
• Low fees

Cons

• Mixed customer service reviews
• Does not support U.S.-based traders
• Low liquidity for some currencies

In conclusion, OKX is currently among the most legitimate exchanges in the industry. The platform is backed by a good number of top-tier VC firms including VenturesLab.