What Is OKX?
OKX (formerly OKEx) is a centralized cryptocurrency exchange founded in 2017. According to CoinMarketCap data, it currently ranks top 15 in the world by trading volume. They have 50+ million users in 100+ countries and their Google Play app has at least 1 million downloads.
On their platform, you'll find 350+ cryptocurrencies, spot trading, derivatives trading, staking features and more. Similar to Binance, OKX also has their own native utility token called OKB which gives you discounts on trading fees and other perks.
In addition, the fees are low and it's one of the largest exchanges in the world by trading volume, ensuring you get great rates. The platform also has a bit of everything. You'll find a DeFi wallet, interest-earning products, NFTs, and an endless selection of Web3 services.
Things To Know
Key Benefits & Features
Other OKX Features
Based on their track record and information available online, OKX is considered a safe and reputable crypto exchange. They claim to back funds 1:1 and conduct monthly Proof of Reserve audits to help with transparency. They also use offline cold storage which is an industry standard.
OKX was founded in 2017 and has not had any major security breaches. In 2020, OKX did suspended withdrawals for 6 weeks because they lost communication with one of their private key holders. Users were outraged but fortunately, it was a temporary issue and no funds were stolen.
Today, they allocate a percentage of their profits into an insurance fund to provide added protection, similar to Binance SAFU. In your account settings, users can also turn on 2-factor authentication (2FA) and other features for additional layers of protection. While this is all great, OKX is still a centralized exchange. You should only hold funds you want accessible to trade on exchanges and the rest in self-custody, ideally a hardware wallet.
List Of Security Features
OKX is a competitve exchange when it comes to pricing. They have billions in daily trading volume and a 0.08% maker and 0.10% taker fee on spot trades. In addition, the fees can decrease if you increase your trading volume, hold their native token OKB, and sign up with a referral link. Futures and Perpetuals have a 0.02% maker fee and 0.05% taker fee and crypto withdrawals are dynamic based on blockchain gas fees.
Is OKX Worth It?
OKX has a great user-interface, lots of Web3 features, and most importantly low fees and high volume on 350+ coins. If you want a low-cost altcoin exchange with spot, margin, and futures trading, OKX is a great choice.