OKX is an exchange for the exchange of cryptocurrencies, tokens and fiat. It was formed from OKCoin, which is aimed at advanced traders. In 2022, the platform was rebranded. At the moment, OKH is one of the leading exchanges in terms of trading volume.
In early 2018, OCZ released its own OKB token. OKB serves as the backbone of the OCX ecosystem, offering users a wide range of benefits. These include discounts on trading commissions, rewards for placing bets under the OCX Earn program and exclusive access to early crypto projects under the OKX Jumpstart program.
Features of the exchange
The OKX platform is currently used by residents of more than 200 countries around the world. It provides a wide range of functionality for comfortable trading.
Among the key features of the exchange are:
✅ Multiplatform. The cryptocurrency exchange can be used through a website, desktop application, mobile application or API.
✅ Margin trading with leverage up to 125x is available, which allows you to maximize your profits.
✅ It is possible to lock in profits using hedging.
✅ Simple hedging and arbitrage with multiple cycles.
✅ OKX Chain's own blockchain and related decentralized financial instruments.
✅ Deposits and other instruments for making passive profits.
✅ Our own high-performance and secure second-level ZK network (L2), built in conjunction with Polygon.
✅ The Jumpstart platform, where OKX users can invest in promising crypto projects.
Platforms to use
The OKX platform is available both in the browser and as a downloadable desktop application. Since trading platforms are relatively loaded due to the abundance of features and the need to display everything in real time, downloadable software takes over most of the load. It is also noted that OKX is more demanding of resources than other popular crypto exchanges.
The design of the platform is well thought out and partly resembles traditional trading platforms of financial markets. In addition, anyone with trading experience will appreciate the set of informative charts developed by OKCoin's parent company.
OKX Exchange Overview
Access to all the functions of the OKX crypto exchange opens from the top menu. Let's look at what is offered to us.
The "Buy cryptocurrency" tab contains tools for direct purchase from a card and for p2p trading.
On the "Overview" tab -> "Markets" you can see the list of currencies supported by the exchange. You can view the price chart for each of them or go to the exchange. And in the "Opportunities" subsection, various ratings of cryptocurrencies are presented, with the help of which it is convenient to choose the right pair for trading or investing.
The Trading section includes regular spot trading, futures trading with leverage, instant currency conversion, options, as well as trading bots and copywriting.
In the "Earn" section, you will find opportunities to generate passive income, as well as a cryptocurrency lending tool and Jumpstart, a platform for obtaining promising tokens for new projects. All projects are thoroughly checked before entering the site.
Useful articles, tips and guides for beginners, market news and glossary are collected in the "Academy" section.
Finally, the "Miscellaneous" section presents other platform options that are not related to the main ones. Among them:
✅ Mining pool
✅ OKB token
✅ Reserve fund and confirmation of the availability of reserves
✅ OKX Ventures
✅ Affiliate Program
✅ Referral program , etc .
Also in the top menu there are buttons for login and registration, support center, social networks, applications and language change.
The lower menu contains information sections – about the company, contacts, vacancies, terms of use, privacy policy, list of products and services, cryptocalculator, support, etc.
Registration and account creation
After clicking on the "Create Account" button, you will need to enter the following information:
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Email address or phone number, depending on the chosen registration method.
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The confirmation code received by SMS/email. If necessary, the code can be requested again in a minute. The code is valid for 10 minutes.
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Password. Try to come up with a strong password to log in to your account, containing various types of letters (lowercase and uppercase), as well as numbers.
Personal account
You can log in to your personal account by clicking on "My Profile" in the upper right corner.
Account Security
In the OKX personal account, you can use the functionality to increase the reliability of your account. Exactly:
✅ Set a more complex password.
✅ Enable two-factor authentication.
✅ Set up verification by phone number.
✅ Activate email verification.
✅ Install the anti-phishing code.
It is recommended to do all this in order to secure your funds.
Verification
To get full access to the exchange's functionality, you need to complete identity verification.
To verify your account, you must provide basic information about yourself, upload a photo of an identity document, as well as your selfie.
Subaccount
It only works after linking a mobile phone or Google Authenticator. You can create several subaccounts to diversify trading strategies and reduce risks. Regular users (commission levels 1-5) can create up to 5 subaccounts.
A subaccount is an additional account that can be used to perform certain operations. He has his own balance, but at the same time he is linked to the main account of the OCX, all settings and verification apply to him.
API
This feature also works only after linking a mobile phone or Google Authenticator.
Up to 50 APIs can be created; they fall into three categories: account, trading, and withdrawal. Up to 20 IP addresses can be added to each API key. Developers can create various extensions according to their needs – for example, perform automatic trading on OKX or withdraw funds.
Depositing and withdrawing funds on OKX
To get to the section of managing your assets on the OKX cryptocurrency exchange, open the "Assets" menu next to the account name and select "My assets". Here you can find detailed information about the current state of the balance, and the tabs at the top help you manage it.
To top up your OKX account, select the desired token on the "Main Account" tab, hover over the three dots near it and click "Top up", then transfer money from your wallet to the provided address. Please note that you can only transfer this cryptocurrency, which is selected. Otherwise, the money will be irretrievably lost.
Bitcoin is credited to the account in just one confirmation from the miners.
Cryptocurrency can also be bought using the OKX P2P P2P marketplace.
Withdrawal of cryptocurrencies
You can withdraw funds only if four conditions are met:
✅ Account verification.
✅ Authentication by phone or through the app.
✅ Email authentication.
When everything is done and confirmed, you can proceed directly to the withdrawal of funds from OKX. It's simple:
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In the form, specify the required token and the withdrawal method.
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Insert the wallet address where you want to receive the cryptocurrency.
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Select the output network, then specify the desired amount for output.
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Click "Next" and confirm the withdrawal.
Transfer
This feature allows you to transfer funds from your main account to a trading account or back.
Trading on OKX
The OKX exchange offers both standard cryptocurrency trading and futures (derivatives) trading. The number of cryptocurrencies is measured in the hundreds, and new ones are added regularly.
The platform also provides the opportunity for margin trading with a maximum leverage of 125:1. Among the additional functions of the exchange, algorithmic trading tools that simplify the trading process can also be noted.
To start trading, go to the "Markets" section and click "To trade" next to the currency of interest.
On the left, you can change the selected trading pair. On the right is the order book and the history of recent transactions. You can create your own order in the center below the chart. To do this, first select what you want to do – buy or sell cryptocurrency – and then enter the desired indicators. The type of order, the volume, the price of interest. Click on the "Buy" or "Sell" button.
Commissions
Spot market
For the maker, the commission ranges from 0.06% (rebate) to 0.08%, and for the taker – from 0.06 to 0.1% – depends on the level determined by trading volumes and the number of OKBs on the balance sheet. These are fairly low trading fees in this market segment.
The futures market
For the maker from 0.015% to 0.02%, and for the taker – from 0.03% to 0.05%. In both the spot and futures markets, the commission can be further reduced by reaching VIP levels, and you can even get a rebate by being a maker.
Input/Output
Withdrawal fees are fixed amounts and depend on the specific cryptocurrency. There are no deposit fees.