• Ultramining.com
  • 21:58 Sep 28, 2022

The OKX cryptocurrency exchange, formerly OKEx, provides its clients with a long list of services for exchanging digital coins, tokens, and fiat money. 

The cryptocurrency exchange has been operating since 2013, offering users a wide range of transaction tools. The rebranding was needed for a name change. It was taken at the beginning of this year, and its basis was the expansion of functionality. 

Benefits of OKX

Some of the main features of the crypto exchange include:

  • Availability in more than 100 countries
  • Ability to use the services on different platforms: website, desktop, mobile applications, API. 
  • Prospect of profit increase with the help of margin trading with up to 125x leverage
  • Fixed profit with hedging option
  • Simple hedging and arbitrage with multiple loops
  • Own blockchain
  • Variety of tools to gain passive profits

Platforms where you can use the services of the exchange

As mentioned before, OKX Cryptoexchange is multi-platformed. Such trading platforms are too heavy because of the majority of additional functions that need to be displayed in real-time. Therefore, the downloadable software bears the brunt of the load. There are also users' comments, which relate to the fact that this crypto exchange is more demanding of resources than other similar platforms. In addition, they note the user-friendly design and the availability of charts, which will be useful for those who have experience in trading. 

OKX overview

Consider the structure of the cryptocurrency exchange website. The main functions can be accessed from the menu at the top.

Opening "Buy Cryptocurrency" you will see the tools for work, including P2P trading. 

Through the tab "Markets" you can see a list of currencies that the exchange supports. For each, there is a chart of the value. You can choose the most interesting pair for trading and investment in the "Opportunities" section.

Going to the "Trading" tab, we see available options in the form of spot and futures trading, as well as a special trading bot. 

If you are interested in passive income, you should turn to the "Finance" section. Here is also a tool for getting loans in cryptocurrency, and Jumpstart, where you can become the owner of new tokens developed by promising projects. 

There are also more sections on the site for background information, which is not only about working with the platform, but the entire crypto industry in general. Everything that is not related to the main options is located in the "Other" section. It contains:

  • Cryptocurrency mining pool
  • Own token and blockchain
  • Cross-chain bridge
  • Affiliate Program
  • Bonus points

How to sign up for OKX 

To create an account on OKX, you need to:

  1. Select "Create Account."
  2. Fill in your phone number or email (depending on how you select)
  3. Think of a strong password
  4. Enter the code you will be sent via SMS or email

To access your account, click on "Security". Here you can improve the security of your account. For example:

  • Make your password more complex
  • Turn on Google Auth
  • Bind a phone number to your account
  • Add email verification
  • Add anti-phishing code

These options are recommended to implement to prevent losing your assets due to hacker attacks. 

Verification at OKX

Verification at OKX is necessary to have a wide range of functions available as well as to conduct operations with fiat currencies. Withdrawals from OKX after you pass level 1, while the above actions will require level 2. 

Level 1 will require a passport scan as well as the user's name and surname. For the second level, the list of data will be extended, and at the third level, the video confirmation is obligatory. The provided data cannot be subsequently edited, so you should be careful when filling it out. 

If you want to connect a sub-account, please note that connecting Google Auth or tying the cell phone is mandatory in this case. 

With the help of a sub-account user can perform certain operations. This account has its balance, the link to the exchange account, and all the settings required for verification are also mandatory for it. 

 For API connection the exact requirements are implemented, as for the sub-account. 

Deposits and withdrawals from OKX

To work with your assets, go to the appropriate tab. Inside you will find detailed information, as well as various tabs that contain options for management. 

Funding your account occurs after selecting the desired cryptocurrency, hovering over the dots near the "Primary Account" tab, and selecting the "Refill" command. Then the money from your wallet goes to the address you specified. 

The user should pay attention to the fact that only the selected cryptocurrency can be transferred. Otherwise, the funds will be irretrievably lost. Crediting of BTC is done with one confirmation of the miners. 

How to withdraw cryptocurrency from OKX

To carry out a withdrawal operation, you must meet all these conditions:

  • The first level of verification
  • Google Auth or SMS binding
  • Mail binding
  • Activation of the password, which gives access to finances

After completing all requirements, you can start withdrawing money from OKX. To do this:

  • Specify the required cryptocurrency and amount
  • Enter a wallet to which you want to transfer
  • Confirm and wait for the transaction to be processed by the miners

How to trade on OKX

OKX cryptocurrency exchange clients can trade both standard cryptocurrencies and futures (using derivatives)To start trading, open the "Markets" tab, select the desired currency and click "Trade". 

The trading pair can be changed. The personal cabinet stores the history of all transactions. There is also an option to create your order. To do this, select the cryptocurrency and the desired operation: buy or sell. 

OKX commissions

The OKX cryptocurrency exchange has the following transaction fees:

  • On the spot market -0.01%-0.08% (maker), 0.025%-0.1% (taker). The amount of commission on OKX depends on the number of own OKB tokens on the account, as well as on the trading volume.
  • On the futures market -0.01%-0.02% (maker), 0.02%-0.05% (taker).
  • In the case of withdrawal, the commission is linked to the selected cryptocurrency. There are no commissions for the deposit. 

 OKX token

Was launched in 2018 and provides the following benefits:

  • The ability to reduce the amount of commission
  • Gaining passive income
  • Participation in the ecosystem

Pros and cons of OKX cryptocurrency exchange

The obvious advantages in this case include:

  • Large selection of cryptocurrencies
  • Fast development
  • High liquidity
  • Sufficient capitalization and support from investors
  • Acceptable fees
  • Buying fiat money
  • Carrying out transactions with leverage

From the obvious drawbacks at the moment stands out only comments on the support service. 

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