OKX

OKX (formerly known as OKEx) is one of the leading cryptocurrency exchanges in terms of trading volume. It is backed by a massive conglomerate in the Bitcoin industry, and boasts a diverse range of trading products, competitive trading fees, and a reputation for staying ahead of market trends. These are important strengths that have earned OKX a special place in the hearts of traders.

So what is OKX, exactly? Is it a reputable cryptocurrency exchange? And what are its advantages and disadvantages? VnRebates addresses these questions in their review below.

What is OKX exchange?

OKX is one of the largest cryptocurrency exchanges in the market. Currently, according to CoinMarketCap statistics, OKX ranks 2nd in terms of 24h trading volume (over 1.8 billion USD with more than 250 million USD with the 2 trading pairs with the largest flow, BTC/USD and BTC). /USDT), just behind the giant Binance.

This broker provides spot, margin, futures, perpetual swap, DeFi, Lending and mining services to over 20 million customers in over 100 countries . OKX has a diverse product portfolio with 774 trading pairs (BTC/USDT, BCC/BTC, ETH/BTC, LTC/USDT…) across 348 different cryptocurrencies including popular coins like BTC, ETH , USDT, XRP, LTC, BCH….

OKX built its own blockchain network, named OKX Chain (OKC) to deploy various DeFi services.

OKEx changed its name to OKS

In January 2022, the OKEx cryptocurrency exchange changed its brand name to OKX (dropping the “E” for “Exchange”) and declared that OKX was “more than just an exchange.” While committing to “maintain the core principles of cryptocurrency – decentralization and autonomy,” the CEO of OKX emphasized that “we are moving beyond the standard centralized exchange model to bring customers the best cryptocurrency experience.”

The purpose of this rebranding partly reflects OKX’s ambition to dominate hot markets such as DeFi, NFTs, Web 3.0, and the Metaverse.

OKEx exchange changed its brand name to OKS

Which country’s OKX exchange?

OKX was officially established in 2017 in Hong Kong, which is considered the “holy land” of Blockchain – the birthplace of many famous Crypto and Blockchain projects. In 2018, this broker moved to Valletta, the capital of the island nation of Malta, while also setting up its headquarters in Seychelles.

In addition to inheriting the latest advanced technologies from its parent company OKCoin – a giant cryptocurrency conglomerate, OKX also received funding from famous investment funds such as Giant Network Group, Longling Capital, Ceyuan Ventures, Qianhe Capital Management, eLong Inc, and Ventures Lab.

Interestingly, OKX has been a stopping point for many high-level leaders of the world’s leading electronic trading platforms, such as CZ CEO of Binance or Chris Lee of Huobi. The current CEO of OKX, Jay Hao, is also an experienced leader in the Blockchain field.

OKX Coin – What is OKX Token (OKB)?
OKX Token (symbol: OKB) is the official cryptocurrency of OKX exchange, released by OK Blockchain Foundation on March 23, 2018. OKB is developed on Ethereum’s ERC-20 platform and is currently running on OKX’s own Blockchain platform – OKChain (OKC).

Basic information about OKX Token (OKB):

Ticket: OKB
Ethereum Contract: 0x75231f58b43240c9718dd58b4967c5114342a86c
Contract OK Chain: 0xdf54b6c6195ea4d948d03bfd818d365cf175cfc2
Decimal: 18
Blockchain: Ethereum/OKChain
Token Standard (Token Standard): ERC-20
Token Type: Exchange token
Market capitalization: Over 901 million USD
Total supply: 300,000,000 OKB
Total Circulating Supply: 60,000,000.00 OKB

OKB’s current rate is $15.03 with a 24-hour trading volume of $23 million.

OKB coin of OKX exchange on CoinMarketCap (Source: CoinMarketCap)

Basic information about OKX exchange:

Official website	https://www.okx.com/join/9742072
Founded year	2017
Holding company	OK Group
Founder	Star Xu
Current CEO	Jay Hao
Headquarters	Seychelles
Services in the OKX . ecosystem	Trading services (spot,  futures, perpetual swaps, options, trading bots, block trading), Earn (staking, DeFi…), mining services, DEX, NFT Marketplace, Launchpad .
Trading products	774 trading pairs (BTC/USDT, BCC/BTC, ETH/BTC, LTC/USDT…) on 348 different cryptocurrencies.
Transaction fee	0.02 – 0.1%
Maximum leverage	125x
Exchange’s wallet	OKX Wallet (formerly OKX Vault): A Web3 wallet that supports all types of dApps, from DeFi, GameFi to NFT.
Supported trading platforms:	Website (Windows và MacOS), mobile app (iOS, Android)
Deposit/withdrawal methods:	Debit/credit card, P2P transaction, Bank transfer, Bankwire, E-wallet, Simplex, Banxa…
Support language	20 languages,

Is OKX exchange reputable?

Operational management and supervision
OKX is a subsidiary of the giant cryptocurrency group OKcoin, which is also a well-known cryptocurrency exchange in the market. In addition, this exchange is also an international partner of the famous football club Manchester City and the main sponsor of the world’s leading racing team McLaren. This past July, OKX obtained a virtual asset license from the Dubai Virtual Assets Authority (VARA). These partly ensure the credibility of management as well as the reputation of this cryptocurrency exchange.

Safety and security issues
The cryptocurrency broker is in the top 15 of the best reputable cryptocurrency exchanges in the world thanks to its high security with modern security technology.

OKX operates a process to protect customer assets safely in hot wallets and cold wallets. Specifically, the majority (95%) of customer cryptocurrencies are stored offline in cold wallets to protect against hacker attacks. The remaining 5% of customer funds are stored on hot wallets for trading on the exchange.

The security system that OKX is applying includes:

Secure 2-factor authentication (2FA) via Google Authenticator and SMS authentication.
Fund password
Anti-phishing code: Each email that the exchange sends to you contains a code to prevent phishing emails.
Security Admin Password…

OKX is among the top reputable cryptocurrency exchanges in the world (Source: Internet)

Trading platform of OKX
OKX floor supports its customers to trade on 3 main platforms including: web platform, desktop platform (Windows, MacOS) and mobile application (iOS and Android).

In general, the interface of the platforms is friendly and easy to use even for first-timers. In it, the categories are clearly arranged from buying / selling cryptocurrencies to account registration or security settings.

Spot trading and margin trading will have their own trading platforms.

Ordering area: OKX offers popular order types in trading including: Market Order, Limit Order, Stop Order, Stop Loss Order and Take Profit.
Chart area and trading history: This area takes up most of the on-screen interface and the chart is expandable for full-screen viewing with 10 timeframes and 3 price chart types and a variety of technical indicators familiar such as: MA, EMA, MACD, Bollinger Bands tool, Stoch RSI…

However, this platform has a disadvantage that it is not possible to adjust the size of each widget, the size of each widget has been fixed.

The desktop platform interface is completely similar to the web platform. However, there is a downside that every time you use the software on your computer, you have to run the installation file, but you can’t download the installation once.

OKX web version trading platform interface (Source: Internet)

Countries that can be traded on OKX
OKX provides trading services to citizens in more than 100 countries around the world, including Vietnam. However, depending on the legal situation in some countries, OKX does not provide all the Services or restrict the use of part of them, as follows:

OKX does not provide trading services in the following countries: Singapore, Cuba, Iran, North Korea, Crimea, Malaysia, Syria, United States of America (including all US territories such as Puerto Rico, American Samoa, Guam, Northern Mariana Island and the US Virgin Islands (St. Croix, St. John and St. Thomas), the Canadian states of Ontario and Quebec.
OKX restricts derivatives trading to individual users in countries including: Hong Kong, United Kingdom, Bangladesh, Bolivia and Malta.

What coins does OKX support?
Currently, OKX exchange is supporting many different Coins/Tokens with high liquidity including: Bitcoin (BTC), Ethereum (ETH), USDC (USD Coin), XRP (Ripple), ADA (Cardano) ), DOT (Polkadot), SOL (Solana), DOGE (Dogecoin), SHIB (Shiba Inu), TRX (Tron), OKB, NEAR (Near Protocol), Bitcoin Cash (BCC), Litecoin (LTC), Ethereum Classic ( ETC), EOS (EOS), Decentraland (MANA), Qtum (QTUM), LINK (Chainlink), XLM (Stellar), .. and many more coins.

OKX supports crypto trading pairs with BTC, USDT and ETH. In which, pairs BTC/USDT, OKB/USDT, DOT/USDT, ETC/USDT, BCC/BTC, ETH/BTC, LTC/USDT… are the pairs with the largest 24-hour trading volume.

List of popular coins traded on OKX (Source: OKX)

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Trading fees on OKX
OKX distinguishes regular users and VIP users by 30-day trading volume for both main trading accounts and derivatives trading accounts.

Regular users (with a 30-day trading volume below 10,000 BTC) are divided into 5 tiers according to the amount of OKB they hold.
VIP users are divided by trading volume.

In addition, OKX also classifies transaction fees according to maker and taker, also known as Creation and Matching Fees.

Maker fee will range from 0.02% to 0.8% per transaction.
The fee applied to the trader (Taker Fee) will range from 0.03% to 0.1% depending on the account level.
When calculating the fee tier, users will enjoy the highest tier discount among the spot, futures, perpetual swaps and options markets.

Deposit and withdrawal fees on OKX
OKX floor deposit fee: No fee when depositing. However, if you deposit cash via bank transfer, there will be flexible fees depending on the payment channel you are using.
Withdrawal fee: Depending on each type of exchange coin, there will be different fees, for example: ETH is 0.01 ETH, USDT is 2 USDT, BTC is 0.0005 BTC…

Customer care
OKX’s support team is online 24/7 to help users quickly solve all technical and trading related issues through channels including:

Phone number: +1 226 798 4487
Chat with AI chat bot in English…
Email: support@okx.com

OKX also has a “Frequently Asked Questions” section to answer basic questions related to the trading process on the exchange. In general, customer service is also a strong point of this exchange.

Advantage
High liquidity: OKX is always in the top of the exchanges with the largest 24-hour trading volume in the cryptocurrency market.
Powerful trading platform: High transaction speed, almost every order placed is processed instantly. The platform has rich support and is suitable for different trading scenarios from web platforms, desktops to mobile apps.
Pretty good security: Customers’ assets are safely protected thanks to a modern hot and cold wallet system. Although there has been a hack, the exchange has solved it very satisfactorily and responsibly when refunding 100% of the damage from the attack to customers.
Diverse trading services: Spot trading, futures contracts, perpetual contracts, options… Especially, OKX provides margin trading to optimize profits for customers.
Diversified and modern OKX ecosystem: As one of the pioneering exchanges in providing advanced electronic money services, in line with market trends such as Defi, NFT, Web 3.0…
The exchange’s OKB coin has high liquidity, used to reduce transaction fees and make profits.
Support large amount of Token/Coin: 348
Support many fiat currencies: 46 types including VND.
Low transaction fees: Trading fees on OKX are among the lowest in the market.
OKX has a pretty good and enthusiastic user support team through many communication channels such as Telegram, Wechat, Facebook, Email, Tickets, directly through the website.

How to register an account on OKX
The process of opening an account on OKX exchange is also quite quick and convenient, including the following steps:

Step 1: Register to open an account

Visit OKX’s official website at the address. Then you click [Sign up/Register].

You will have several options to create an account: Use a Mobile Number or an Email address. You can also sign in with your existing Telegram or Google account. Here, VnRebates will guide you to register with your email address.
Enter your email address and password, then click [Sign up/Register]. Note that your password must be 8-32 characters, contain at least 1 number, 1 uppercase letter, 1 lowercase letter, and 1 symbol.

You will receive a code in your email. Enter the code and your account has been created successfully.

Step 2: Verify

The first thing you should do after successfully creating an account is to verify it. On the homepage of the exchange, point to the humanoid icon and click [Verification/Verification].

Here you will have two options: Personal account (Individual account) or Corporate account (Corporate account). If you are a normal user, choose the first option. If you are using OKX as an employee in a company, verify it as a company account. Example here is Personal account verification. You click [Continue/Continue].

The information you need to fill in includes: Country / territory of residence, First and middle initials of your name, Last name, ID Type (ID card, CCCD, Passport…) and ID Number. After entering all the information, click “Submit”.

If your information is correct, you will be notified of successful verification and can start trading.

In addition, to experience more features as well as increase the withdrawal limit, you can perform KYC verification according to the instructions from the exchange.

Epilogue
The huge force behind OKX is really an important springboard for this exchange to build such a good reputation and position in the market. Inheriting the trading conditions of the world’s leading cryptocurrency group with great ambition, a modern ecosystem, plus a diverse product portfolio, competitive transaction costs, it is no wonder that the exchange OKX attracts a lot of investors’ attention.

Objectively, apart from some minor disadvantages, OKX is a fairly safe exchange with modern security technology, investors can trust to open an account at the exchange.