OKX Review

What is OKX?

OKX is a centralized cryptocurrency exchange based in Seychelles. It is one of the oldest exchanges being founded in 2016 under OKEx which it was formerly known as. The platform rebranded to OKX in early 2022 and has made some significant changes since.

The platform currently offers a multitude of features including four types of trading - Instant Buy, Basic Trading, Margin Trading and Block trading. Traders also have the opportunity to earn yields (returns) on their investment by staking cryptocurrencies on OKX. The exchange offers a few types of staking and has a Launch Pad feature. 

OKX Trading & Deposit Fees

When it comes to trading, OKX offers some of the lowest fees in the entire world. Their trading fee structure starts from 0.1% for new users and goes all the way down to 0.005% for VIP members. This is considered very low as most cryptocurrency exchanges charge typically 0.5 - 1% in trading fees. Coinbase charges 4.5% for trading fees, in comparison OKX is extremely affordable. 

As for their deposit fees, the fees vary depending on the deposit method you choose. For example when you deposit funds on the platform via bank transfer it is completely free but if you use your debit/credit card there will be a small 1% charge. 

Supported Cryptocurrencies

This platform offers some of the most diverse cryptocurrencies including stablecoins, meme coins, NFT coins, DeFi coins, Metaverse coins and many more. OKX currently supports 354 cryptocurrencies on their platform including Bitcoin, Ethereum, Tether, Avalanche, Cardano, Solana and USDC. You can visit their prices page to see the full list of tokens. 

‍

Is OKX Regulated & Legit?

OKX is headquartered in Seychelles and is regulated in Hong Kong and Malta to offer compliant trading services in over 100 countries around the world. Specifically, the platform is regulated under the Virtual Financial Asset Act (VFAA) in Malta, Money Laundering Prevention Law in Hong Kong, and the Financial Action Task Force (FATF) guidelines.

Additionally, OKX implements a thorough KYC/AML process to ensure the security and compliance of its users. As such, OKX is regulated in multiple jurisdictions to provide safe and compliant trading services. OKX takes all necessary steps to protect its users from fraud or other malicious activities by implementing strong user authentication protocols.

You can refer to their wallet security page to learn more about their offline and online security.

OKX Mobile App

The mobile app version of this cryptocurrency investing platform is supported on both Android and iOS. On Apple you can find both the iPhone and iPad version of OKX. It has received 4.9 stars out of 15,000 reviews which speaks for the mobile version. The app offers the same UI and functionality of the web version, you can trade, stake and check your portfolio on the go.

OKX Earn (Crypto Staking)

Most cryptocurrency exchanges are changing their terminology for staking and going by 'Earn' now. There are essentially 8 different types of staking options offered on OXK.

• Fixed Income - Fixed Income allows OKX users to earn stable returns in the form of loan interests, by investing in crypto loans. In order to obtain the loan, the borrower has to pledge something of a greater value than the loan amount.
• Dual Investment - Dual Investment is a double-sided staking pool where you can invest in one or both sides of the asset( BTC-USDT or ETH-USDT).
• Stablecoins - Flexible and fixed term staking on multiple stable coins like USDC, USDT & DAI
• Savings - Savings is a product for flexible earnings, users can earn hourly interest on cryptocurrencies. Regardless of the borrowing demand, you can get the highest interest rate. Assets from Savings are used to fund OKX margin loans.
• ETH 2.0
• DeFi - Earn interest by supplying funds to decentralized lending platforms like aave or get crypto rewards by providing liquidity to exchanges and earn tokens as rewards when staking in decentralized projects like OpenDAO
• Flash deals - Flash deals are exclusive staking offers with high rewards and low risks. They have very limited terms and amounts, and appear from time to time irregularly. They generally on offer for a few hours at a time.
• Staking - Flexible and fixed staking on multiple cryptocurrencies from Metaverse coins to GameFi coins and Meme coins

Lending and Borrowing with OKX

As a result of staking, OKX also offers 'Loans' where the receiving end of staking is getting their funds, it's essentially a p2p model. Users can apply for bitcoin and other crypto loans with low interest rate and large amounts. You can borrow against bitcoin or use other assets as collateral to keep your loans secure.

OKX offers Fixed and Flexible loan terms meaning you can choose what period of time you wish to loan money for.

OKX Jumpstart

OKX Jumpstart similar to a Launch Pad feature and is a product that helps new projects launch and grow their communities on OKX. Traders are able to participate in new token campaigns by staking their OKB and receiving tokens from new projects based on their staking amounts.

Unlike buying tokens in offerings, getting them via Jumpstart is similar to liquidity mining because users get all their staked assets back after the campaign ends. Every project on OKX have their own rules and conditions, such as total tokens available, minimum and maximum stakes etc.

‍

Final Thoughts

To summarize, OKX is a well-known centralized cryptocurrency exchange based in Seychelles that offers a multitude of features, including four types of trading, staking options, and an IDO launchpad. OKX offers some of the lowest trading fees, starting at 0.1%, and supports over 354 cryptocurrencies, including Bitcoin, Ethereum, Tether, Avalanche, Cardano, Solana, and USDC. The platform is regulated in Hong Kong and Malta, and it implements a thorough KYC/AML process to ensure the security and compliance of its users.

OKX also offers a mobile app for iOS and Android, with the same UI and functionality as the web version. Additionally, OKX offers various staking options, loans, and Jumpstart, which is a feature that helps new projects launch and grow their communities on the platform.