OKX Review – Scam or Legit? Features, Fees, Security, etc.

OKX is a cryptocurrency exchange based in Seychelles, offering an array of trading options and features for users to take advantage of. It has become increasingly popular among experienced traders looking to diversify their portfolios with digital assets. This platform offers advanced tools and features such as margin trading, order types, charting tools, and more. With these features come increased security measures that keep your funds safe while you trade.

In this article, we will explore all there is to know about OKX exchange, including its history, fee structure, supported currencies and tokens, user interface design & navigation, customer support services provided by the platform’s team, and much more!

Quick Overview of OKX

OKX is a rapidly growing cryptocurrency exchange and derivatives trading platform that offers users a secure and convenient way to trade digital assets. Founded in 2017 by Star Xu, OKX has become one of the world’s leading exchanges for crypto enthusiasts due to its user-friendly platform and advanced features. It is owned by OK Group, which also runs the crypto exchange OKCoin, and its CEO is Jay Hao, while CMO Haider Rafique is in charge of delivering a safe and reliable trading experience. OKX provides an all-in-one solution for traders looking to buy, store, trade, and manage cryptocurrencies.

The interface on the platform is intuitive and straightforward, allowing users to easily access the various features and tools available. Users have access to a wide range of digital assets, including Bitcoin, Ethereum, Litecoin, Ripple, Tether, USD Coin (USDC), Chainlink (LINK), EOS (EOS), as well as many other lesser-known altcoins such as Elastos (ELA). In addition to this selection of coins for spot trading, OKX also offers futures contracts with long/short ratios up to 125:1 leverage on digital assets such as Bitcoin (BTC), Bitcoin Cash (BCH), EOS tokens (EOS), and more.

OKX has integrated cutting-edge security measures such as two-factor authentication (2FA), cold storage wallets for storing large amounts of digital currency safely offline, and an insurance fund that covers any losses if a user’s account experiences technical issues or system errors. The team behind OKX has made sure that their customer support system is top-notch, with 24/7 chat support available via their website’s live chat function. The website itself has been designed with usability in mind, so whether you are new to cryptocurrency trading or an experienced pro, you should find your way around quickly and easily.

In terms of pricing, OKX charges competitive fees when compared with other exchanges – 0.1% maker fee and 0.15% taker fee – ensuring it remains competitive in the marketplace whilst still turning a tidy profit for its owners! Furthermore, they offer discounts to those users who hold certain levels of balance or have traded specific volumes over time, giving them the incentive to keep using the exchange over others. One thing worth noting, though, is that at present, US citizens are not able to use this service due to restrictions imposed upon it by government regulations overseas, so bear this in mind should you be considering using it yourself!

Overall, OKX provides traders with one of the most comprehensive services available when it comes to buying, selling & managing cryptocurrencies online – making it ideal for those who are looking for an all-in-one solution without sacrificing quality or reliability! With its commitment to providing customer service excellence coupled with low fees & high liquidity, there’s no surprise why this exchange has become so popular amongst cryptocurrency traders worldwide!

The truth about OKX

OKX was founded in 2017 when Star Xu and the OK Group saw a need for an advanced secure cryptocurrency exchange. Established with a vision to offer users a reliable and efficient platform to trade digital assets, OKX has grown from strength to strength since its inception.

Prior to the launch of OKX, Star Xu had already established OKCoin, which is also owned by the OK Group. In 2014, Okcoin became China’s first Bitcoin exchange, quickly gaining traction as one of the leading digital asset exchanges in the world. With this success, Xu set his sights on creating a more powerful and feature-packed platform that would be accessible not just to Chinese investors but also to those across the globe.

In 2017, under the leadership of Jay Hao as CEO and Haider Rafique as CMO, the team released OKX into the market. Advertised as a secure and user-friendly platform with high liquidity levels, it quickly became one of the fastest-growing cryptocurrency exchanges in the world.

Since then, OKX has seen many advancements to its platform that have allowed them to compete with some of the biggest players in the crypto trading space. These include enhanced security measures such as cold storage wallets for safekeeping assets and two-factor authentication for added protection when logging in or making transactions with their site. They’ve also implemented advanced risk management tools such as anti-money laundering protocols that comply with international standards.

The company has also launched derivatives markets such as perpetual futures contracts, which allow users to speculate on price movements without taking ownership of an underlying asset; margin trading, which allows traders to leverage their positions by borrowing funds from lenders; and options contracts which give traders flexibility in managing their risks over given time periods and strike prices. All these features have enabled traders to gain greater control over their investments while still profiting from market volatility, evolve the global economy, and change the world for the better.

Percs of using OKX

Security and Regulations

OKX is committed to delivering a secure trading experience for its customers. The platform employs a range of security measures, including two-factor authentication (2FA), hardware wallets, multi-signature wallets, and cold storage. The exchange also uses advanced encryption technology to protect users’ data and funds from unauthorized access. All transactions are processed through state-of-the-art encryption protocols and secured with digital signatures. Furthermore, the platform has implemented anti-money laundering (AML) procedures to ensure that all transactions comply with local regulatory requirements.

OKX is a Seychelles-based cryptocurrency exchange that operates in accordance with local laws and regulations. To satisfy regulatory requirements, the company has applied for certification from several jurisdictions, including the Financial Services Authority in Seychelles, as well as the European Union’s Markets in Financial Instruments Directive (MiFID). In addition, OKX has established partnerships with companies such as BitGo and Chainalysis to further increase its compliance with regulatory standards.

The exchange also supports Know Your Customer (KYC) procedures and requires users to provide personal identification documents when registering on the platform. These documents include copies of passports or national identity cards, proof of address documents, and source of funds statements. Moreover, OKX actively monitors malicious activity on its platform in order to protect customers against fraudulent activities.

Fees on OKX

OKX offers competitive fees on both spot and futures trading. The spot market fees depend on the user’s 30-day trading volume.

On the spot market, for users with a trading volume below 6,000 BTC, the maker fee is up to 0.06%, and the taker fee is 0.08%. For traders with a 30-day volume between 8,000 and 1,000 BTC, the maker fee is 0.05%, and the taker fee is 0.06%. For users with a trading volume greater than 1,000 BTC, the maker fee is 0.02%, and the taker fee is 0.05%.

OKX also offers competitive fees on futures trading as well. The futures market fees depend on the user’s 30-day trading volume as well as whether they are a maker or taker in their trades. For users with a trading volume below $100,000, makers will be charged an opening fee of 0.02%, while takers will be charged an opening fee of 0.05%, which is slightly better than the industry average.

For futures traders with a 30-day volume of over $50,000,000 or assets worth over $100,000, the maker fee can be reduced to 0.015%, while the taker fee can be reduced to 0.03%. This is the case regardless of whether the user is trading in perpetual or quarterly futures contracts.

OKX also has a dedicated VIP program for the big players. You can check all the requirements on the official OKX fee page here.

Features on OKX

Advanced trading tools

OKX offers all the tools needed to help investors analyze the market and make informed decisions. The platform provides a range of charting tools, including indicators, drawing tools, and advanced order types like limit orders, stop-limit orders, and OCO (one cancels the other). Furthermore, users can take advantage of margin trading with up to 10x leverage for spot trading and 100x for derivatives trading.

User-Friendly Interface

OKX has created a user-friendly interface that allows users to easily access their accounts and manage their portfolios. It also offers an intuitive mobile app that enables users to trade on the go while keeping track of their portfolio balances in real time.

High Liquidity

OKX boasts high liquidity across all of its markets due to both its popularity among traders worldwide and its connections with large institutional clients, which provide additional liquidity sources. This makes it easier to execute trades quickly at competitive prices without suffering large spreads or slippage when entering or exiting positions in the markets.

Cryptocurrency & Fiat Currency Support

OKX supports both cryptocurrency deposits/withdrawals as well as fiat currency deposits/withdrawals via bank transfers or direct debit from local banks in selected countries (Seychelles excluded).

Multi-Lingual Support

In addition to English, OKX provides support for Japanese, Korean, Chinese (Simplified & Traditional), Spanish and Russian languages on its platform, making it accessible for investors across various geographies globally who may not be comfortable using English language services.

Regulatory Compliance

As one of the world’s leading exchanges for digital assets, OKX follows industry best practices when it comes to ensuring regulatory compliance with laws applicable within each jurisdiction they operate in.

They maintain strict AML/KYC policies, which adhere to international standards set by FATF & ISO27001 requirements providing customers with peace of mind when conducting transactions on their network freely without fear of breaking any laws or regulations pertaining to cryptocurrency use globally.

Security

OKX places a strong emphasis on security, employing stringent measures such as cold storage of funds, 2FA authentication, and SSL encryption technology to protect user data. It has also partnered with venture capital firms to ensure that customers’ deposits are kept safe from malicious actors.

API Services and algorithmic trading

In addition to manual trading, OK X facilitates automated trading through API services. This makes it easier for algorithmic traders to implement their strategies without needing any extra software development. The API services support all features available on the web version, along with additional features like websocket streaming, market data endpoints, etc. Also, they offer cost-effective solutions such as shared hosting packages or cloud hosting packages depending on customer needs.

Advanced OTC Trading Desk

OKX offers an advanced OTC desk that enables professional clients who need larger order sizes or faster execution speeds than what is available on the regular exchange to get access to customized pricing & settlement solutions in a secure manner over private networks via API integrations while maintaining complete anonymity throughout the process.

Low Fees

OKX is known for its low fees, with spot maker fees as low as 0.1% and taker fees as low as 0.15%. There are also discounts available for high-volume traders. This makes OKX an ideal platform for both retail and institutional traders looking to optimize their trading costs. And, with the competitive fees, OKX stands out as an attractive destination for traders looking to maximize their profits. On OKXs futures market the fees are very competitive. With 0.02% maker and 0.05% taker fees, OKX has lower fees than the industry average of 0.02/0.06.

Customer Support

OKX Cryptocurrency Exchange has an extensive customer support system that provides users with reliable customer service and immediate assistance when needed. The Customer Support team is composed of experienced professionals who are always available 24/7 to help with all inquiries and concerns.

The team is knowledgeable in the industry and able to answer any questions about the platform’s features, capabilities, and policies. The Customer Support staff at OKX is equipped with advanced tools such as live chat and an extensive FAQ section. Users can access this information in several languages, including English, Chinese, Japanese, Korean, Russian, Spanish, and French.

Additionally, customers have the option of submitting an inquiry form or emailing their questions for more complex issues. Users also have the option of speaking directly to a customer representative over the phone or on social media platforms like Telegram and Twitter. This allows OKX chain customers to ask specific questions regarding their accounts or transactions quickly and conveniently without having to wait for an answer from a representative via email.

The OKX team also works hard to continually improve its support system by actively listening to customer feedback and implementing changes based on user suggestions. The company has added more options for users who want to contact support, such as messaging on WeChat in addition to their other communication channels, including Facebook Messenger, Skype, and Line Chatbot.

Mobile App

OKX has developed a comprehensive mobile app for its exchange, providing users with access to their accounts on the go. The app is available on both Android and iOS devices, allowing customers to trade their digital assets with ease.

The mobile trading platform offers a simple yet intuitive user interface, making it easy for traders of all levels to use the app while on the go. Features such as advanced charting tools and detailed order types give traders the ability to stay ahead of the market and make more informed decisions.

Additionally, users will have access to real-time streaming quotes so that they can monitor price movements in real-time. The OKX mobile app also includes features such as margin trading and derivatives trading, allowing users to leverage their positions and gain more exposure in the markets.

Traders can also utilize risk management tools such as stop-losses and take-profits, allowing them to manage their positions even when away from their computers or laptop. On top of this, the OKX mobile app has strong security measures designed to protect customers’ funds. This includes two-factor authentication (2FA) as well as cold storage wallets which keep funds safe even if there is an issue with the hot wallet infrastructure.

Overall, OKX aims to provide a secure and accessible trading experience for its users through its mobile application. With its intuitive design and advanced features, the OKX mobile app can be used by newbies or experienced traders alike looking for a reliable platform on which they can trade cryptocurrencies with confidence.

Conclusion

OKX is a Seychelles-based cryptocurrency exchange and derivatives exchange that offers one of the world’s leading trading experiences for digital assets and reserves. Founded by Star Xu and backed by the OK Group, it is helmed by CEO Jay Hao and CMO Haider Rafique, who has created a secure platform with high liquidity.

Despite not being available to US-based investors, OKX has become an attractive option for people looking to trade in digital assets thanks to its user-friendly features and advanced tools. With these features and increased popularity, OKX is well-positioned to become an even more prominent player in the cryptocurrency exchange market in the future.

FAQs