OKX Review

Here Are the OKX Pros and Cons

OKX fact sheet

OKX crypto exchange can be considered one of the safest exchanges out there, despite not having much regulatory oversight. 

It has implemented many different security measures to ensure users' safety and the protection of their funds. Things such as cold storage and multifactor authentication are all present on the website, and they are of the highest quality.

When it comes to licenses and regulations, OKX only holds one regulatory license, despite the fact that they operate from Hong Kong and Malta. This regulatory license is not present in Hong Kong and the only license OKX holds is from Malta.

• VFAA - Malta

Having just one license and it not being from one of the world's leading countries, might discourage some traders from using OKX. But despite that, OKX can be considered one of the safest crypto exchanges out there. It has been operating for 8 years and had zero hacking/theft incidents in that period of time.

Security measures adopted by OKX

When it comes to security measures, the first thoughts should be about insurance policies. OKX is not regulated in the United States, so it does not have a standard FDIC insurance policy, but they have some internal insurance policies placed on users' funds.

OKX also uses multifactor authentications to protect users’ accounts and their funds. Tools such as email and mobile authentication as well as Google Authenticator are all present on the exchange. This makes sure that no one without the owner's permission will be able to access the account.

OKX also has great security features when it comes to wallets. Firstly, 95% of the assets are stored on cold wallets, which are disconnected from the internet, and even if the exchange gets hacked, hackers will theoretically only have access to 5% of the funds stored on OKX. But OKX goes even further and makes sure that this 5% of the assets that are stored on hot wallets are also protected as much as possible. For that, they use multiple inscriptions and semi-offline structures.

When it comes to assets that you can trade with, OKX does not have the highest number of tokens compared to other exchanges, but neither is it on the lower end when it comes to listed assets. Traders can currently trade with 353 cryptocurrencies and 626 cryptocurrency pairs. 

OKX also has its native token OKB, which currently trades for $15 and has a market capitalization of $3.8 billion, making it the 21st largest cryptocurrency on the market today.

Having 353 cryptocurrencies available means that OKX has almost every high-end cryptocurrency listed on its platform. This means that every trader should find most of the cryptocurrencies that they are looking for.

Here is a small list of some of the most popular tokens available on OKB:

• Bitcoin
• Ethereum
• USDT
• USDC
• XRP
• ADA
• Solana
• Doge
• Matic
• TRX
• Litecoin

When it comes to trading with these cryptocurrencies, OKX offers a good selection of trading options that can be used according to the trading strategy, experience, and budget of the trader. 

First off traders can simply join and start trading on the spot market. This is the easiest option that beginner traders can use in order to learn more about crypto and how to trade with it, but of course, more experienced traders can use it as well.

OKX also offers futures trading which is when traders are not actually buying cryptocurrencies, but are trying to predict the upcoming price fluctuations and make profits that way. Along with this, they have an option for perpetual swap trading, which is more aimed toward experienced traders. 

On top of that, OKX offers margin and options trading. Everything considered this gives opportunities to both beginners and experienced traders to trade with OKX and call this exchange their second home.

Traders on OKX can also directly swap one cryptocurrency for another, without the need to use the market. This feature has zero swap fees and there is no slippage thanks to the liquidity providers of OKX.

OKX has its own native trading bots that can be implemented to trade using various strategies. This is an easy-to-use trading bot that can be accessed with just one click of the mouse. This bot can trade using strategies such as Spot Grid, Futures Grid, Recurring buy, Moon Grid, and others.

Traders who are trading with larger amounts of funds can also use OKX Block Trading, which is their OTC desk. Here traders can interact with each other to sell and buy large amounts of cryptocurrencies. This is a great tool for traders who wish to make big purchases or sales and avoid any slippage in the process.

When it comes to trading fees and commissions, OKX uses the most common fee scheme that is also used by most other crypto exchanges, namely the maker-and-taker setup.

Before we discuss these fees, let us discuss who these makers and takers are. To put it simply, makers are those who are selling their assets on the market, while takers are those who buy assets on the spot market. When it comes to these fees on OKX, the first fee structure is for regular traders. Here OKX looks at how much OKB (OKX's native token) traders are holding, how many assets they have, and their trading volume. The higher these numbers are the less the fees traders need to pay. There is also a separate fee structure for VIP traders, here OKX looks at the same numbers, but VIP traders have these numbers way higher than regular traders, so they have to pay even lower fees.

Here is a fee structure for regular traders.

When conducting research on the OKX exchange for this review, we took a look at many different aspects of the exchange, and the website itself was one of these aspects. Having a good website is one of the most important parts of a good exchange.

OKX has a very well-structured website where traders can access everything in a fast and simple manner. There is a well-built menu at the top of the website, where everything is divided into categories. From here traders can quickly deposit funds, explore the crypto market, access every trading tool, find staking options, gain access to the OKX chain explorer, access educational materials, and more.

All in all, everything is visually pleasing, and everything has its own dedicated space. When looking at the website you can tell that some thought went into deciding where each button, image, or text should be placed, so everything will look nice and be easy to navigate.

One downside to this exchange is its trading platform. It is a bit complicated, and beginner traders might find it hard at first to understand what is going on and what is located where. That being said, it should not take too long for them to get accustomed to the layout, and soon after traders will have the whole platform memorized.

OKX also has a nice educational page where traders can receive some much-needed information about cryptocurrencies and the crypto market in general. They have each educational section dedicated to specific topics aimed at different traders.

The first educational category is Beginner Guides. Here they have guides on beginner-level crypto topics, they explain different crypto terms, trading strategies, and more. Here they also have basic guides regarding the OKX exchange itself. They explain how OKX works and what traders can do on this exchange in general.

Next, they have Trading Ideas. Here they share their insight into the market and give suggestions on trades that traders can do. This is a great place to receive information about moves in the market, what is trending, and which cryptos are at the center of attention at the moment.

Lastly, there is a Market Analysis section where they analyze the market in order to find out what is happening at any given moment. They discuss stuff such as the Ethereum merge and possible effects it can have on the market, how staking holds up against mining, and other similar topics.

They also have a section where they take you to the market and explain different trading strategies, such as spot trading, futures trading, and more.

One downside to this educational section is that there are no video guides on cryptocurrency trading or any crypto topic in general.

The support center is another great feature of OKX, where traders can get help on practically any problem. When visiting the support center, OKX has different sections dedicated to different types of problems regarding different topics. 

They offer a great FAQ section where you can find an answer to the most common questions that practically every trader will have. If you still have any questions, there is a live chat option, but here you will be chatting with the AI and not a real person. But still, this AI is very helpful and can give sufficient answers to most questions.

For further questions, OKX has different channels listed, such as email, Discord, LinkedIn, and more.

Just like their website, OKX has a very well-built and simple mobile application that every trader would enjoy. Everything is made with simplicity and functionality in mind. This is a great mix, as everything is simple and straightforward without being too simple to give traders almost every feature that is available on the website version of the exchange.

Here traders can also find the Discover feature, where they can get insights into the market. Along with this, you get to access the staking platform and control your staked crypto or stake new cryptos. The trading platform is also built with simplicity in mind and traders should have no problems adapting to it.

The only downside is that there are no separate beginner and professional versions. But considering how this app is built, we can confidently say that it is both a beginner and a professional app all in one.

It is starting to feel like we are overstating the simplicity of the platform, and when it comes to registration, things are no exception. Just like with everything else, it can be done very easily and quickly, and here we will show you how.

Step 1: Creating an account

The first step is the obvious one and that is to create your own account. This is a very simple process that can be done using both the website version of the exchange and the mobile app.

When creating a new account, all you need to have is either an email address or a mobile phone number. Then simply choose which of them you want to register with, come up with a password that meets OKX requirements, and your account will be ready.

Step 2: Verification

Since OKX is a regulated exchange, even if it holds only one regulatory license, it still requires users to pass KYC verification in order to gain access to the exchange features and trade without having any limitations.

OKX has two levels of verification. For the first level, you need to simply provide your first and last names, country of residence, type of document you wish to use, and your personal ID number. When doing this, you will be verified and most trading features will be available for you, but with certain restrictions.

The second level of verification is where most restrictions are removed, and you are free to trade with no limitations. Here you will be asked to use the web camera of your computer or your mobile phone camera in order to verify your identity. After completing this, you are free to trade however you wish.

Step 3: Deposit funds and start trading

Once you pass the verification process and wish to start trading, you will need to top up your account.

This process is very simple. First, find the Buy Crypto options at the top menu, where you will be given the purchase option that you have access to. Select the one you would like to use, then select which crypto and how much you wish to buy, and simply proceed with the payment procedure. OKX does not charge any fees on deposits, but you might be charged by the payment provider.