OKX is a global digital cryptocurrency exchange that provides financial services related to cryptocurrency using blockchain technology. It is one of the largest and most popular cryptocurrency exchanges globally and available to over 20 million users in over 150 countries worldwide.
History Of OKX
OKX was founded in 2017 by Star Xu and has its headquarters based in Malta and Seychelles. It is listed as one of the top 20 cryptocurrency exchanges worldwide based on trading volume by CoinMarketCap.
The CEO of OKX is Jay Hao, who has experience in game development and in the semiconductor industry before getting involved in the world of cryptocurrency. The company expanded its services to Malta in 2018, and it experienced a market boom that same year.
In 2020 OKX revealed that it will be launching its own blockchain known as OKChain and that its testing will begin soon. It also revealed that a decentralized exchange (DEX) would be developed along with the blockchain.
Benefits, Features And Services Offered By OKX
OKX offers a lot of benefits and services which includes the following:
- Buying and selling
You can buy and sell about 8 cryptocurrencies supported by the exchange with ease and without any form of delay. OKX supports 188 cryptocurrencies and over 30 fiat currencies. Some of these cryptocurrencies include Bitcoin, Ripple, Litecoin, Ethereum, etc.
- Payment method
Payments for any transaction can be made with the use of cryptocurrency or fiat currency using your debit or credit card, bank transfer, PayPal, etc.
- Spot trading
You are allowed to trade cryptocurrency pairs with this service on OKEx.
- Margin Trading
When you use margin trading, whatever you gain or lose is multiplied by the amount of leverage you make. There are also other trading options such as DEX trading, Futures, Perpetual Swap, options, and Quick trade.
OKX serves as an exchange and offers wallet services where you can store your cryptocurrencies.
This is the native token of the OKEx blockchain technology. The total supply of OKB is limited at 300 million.
- OKX Pool
This feature enables you to be able to join a mining pool in OKX if you are interested in mining cryptocurrencies.
- OKX Academy
With the Academy you can learn about the world of cryptocurrency, blockchain, trading and investing in cryptocurrencies with the help of articles and videos.
- API and token listing
With these features, you can have your token added to the platform after you have met all the criteria required and approved. Users can also connect their accounts with Apps to perform some activities using the platforms API.
- OKX P2P
This feature was recently added to the platform and it allows Nigerians to buy crypto with the Naira regardless of the ban placed by CBN on cryptocurrencies.
- Mobile app
The platform supports the use of a mobile app which can be downloaded on the playstore or IOS appstore.
- 24/7 customer service
The platform has customer support service that is always available to its users when they are experiencing any difficulty. The customer support can be contacted through their email address, Whatspp, phone number etc.
How Does OKX Work?
Before you can start trading with the platform, you need to create an account with OKX. You can register by downloading its mobile apps and clicking the Signup button or visit the OKX website and click on the Signup button.
You will be required to provide your email address and phone number, create a password and provide the code sent to your phone number or email address.
- Fund deposit
After registering, you will need to fund your account by depositing an amount of 10USDT or its equivalent in any other cryptocurrency before you can start trading on OKX. You can make a deposit by going to the Assets button and clicking on Deposit, fill in the required information, and complete your account funding.
Trading on OKX can either be crypto to crypto or crypto to fiat. This means you can buy cryptocurrencies using fiat currencies or other cryptocurrency as a means of payment.
- Transaction fee
OKX charges a transaction fee depending on the type of transaction you are making and the payment method you are using. No fee is charged to people using the P2P platform for their transactions; also no deposit fee is charged in OKX.
The Buy crypto fee depends on the payment processor you are using and they range from 1.99% to 5%. There is also a trading fee and it varies from 0.15% to 0.01% of your transaction amount.
OKX – An excellent exchange with multiple features
OKX is rated one of the best digital cryptocurrency exchanges. It supports a lot of cryptocurrencies and fiat currencies, and it is available to over 150 countries and millions of users worldwide.
If you are looking for an Exchange that is easy to use with lots of currencies available and lots of products and services this is the exchange for you.
However you should note that some of its transaction fees are higher than other exchanges. OKX is not available to users in the United States and some other few countries.