OKX review: is it a good crypto exchange? OKEx
Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange okex review methodology, including the review process and weighted data points, is available for review. However, due to some inconsistencies, unclear information, and past customer experiences, it’s a good idea to proceed with caution.
Advanced exchange
Given that OKX derivatives operate a leveraged trading platform, they have to have measures in place to reduce the risk posed by market movements to the trading pool. The company has decided to venture into the new crypto frontier and explore DeFi products, https://www.tokenexus.com/ NFTs, games and metaverses, becoming so much more than just a crypto derivatives trading platform indeed! It looks like OKX is keen to explore all the avenues that crypto has to offer and are looking to become a one-stop-shop for crypto fans of every kind.
OKX Fees and charges
To cater to their large community of traders around the world, they have translated their site into 11 different languages, including English, Russian, Chinese etc. On OKX, once a block has been solved, the rewards will be split up among mining pool members according to how much computing power each contributed. OKX offers 11 proof-of-work mining pools to choose from, including Bitcoin, Ethereum, and Litecoin, along with tutorials on how to join each. OKX also lets users try their hand at crypto mining by joining a miner pool.
OKEx Exchange Review: PROS
- All user-asset deposits and withdrawals require layered risk-management mechanisms before being posted to the blockchain for confirmation.
- So, whatever your bank might be, as long as it permits transfers to OKEx account, then that bank can be used.
- After completing this, users will get leverage of increased withdrawal limit and other benefits.
- However, due to its slow customer support, those considering OKX looking for efficient, tailored assistance should consider another option.
- That said, OKX is a top crypto-staking platform that offers an excellent way for OKX users to boost their portfolios.
- It has faced bans and restrictions in whole swathes of the markets it previously operated in freely.
However, most cryptocurrency traders are market takers rather than market makers because of the many securities needed to validate a trader as a market maker. OKX’s pricing structure is pretty appealing, staying consistent across different trading volumes — whether you’re trading $10k, $100k, or $500k. This model really benefits low-volume traders, offering significant savings compared to exchanges like Coinbase, which charges a 0.40% maker fee and a 0.60% taker fee for a $10,000 trade. OKX attracts pro traders who want to maximize returns through cost-effective trading.
Target Audience and Market Position
- While registering and creating an account on OKX, personal contact information is required.
- If this is not the first OKEx exchange review that you’re reading, you probably know that there aren’t many platforms that can provide you with such functionality.
- We’ve gathered together a host of information about the platform’s features, fees, pros and cons to help you decide.
- The level one know-your-customer (KYC) protocols just require you to enter a residential address and ID number.
My Key Takeaways after testing the OKX Mobile App
Security and Transparency
- If you’re just starting out, it’s wise to ease into the app and explore its functionalities gradually.
- There are five user levels based on OKX-token holdings and 30-day trading volume.
- The exchange platform has a native wallet feature that’s accessible by downloading the wallet app separately.
- Therefore, the OKX (Previously OKEx) platform allows users to trade with different types of orders.
- Cryptocurrency exchanges have some unique security concerns you don’t typically face with traditional banking platforms.
- Despite supporting over 300 tokens, OKX UK geographical restrictions make the search options fairly lackluster, with just 40 accessible tokens.