Since 2009, cryptocurrency has grown dramatically as a good use of the blockchain technology. Tokens and other digital assets have millions of users across dozens of nations. As for thriving exchanges, OKX (OKEX) has played a critical role in this profitable niche.
Blockchain technology, which all cryptocurrencies rely on, is the backbone of the crypto world and has the power to radically transform the global financial system, not excluding OKX. Now, let’s dig deeper into this platform!
Table of Contents
What Is OKX?
OKX was launched in 2017 and currently draws users worldwide. As seen on CoinMarketCap, the exchange now ranks 20th by volume.
Over 20 million investors in 100 countries join the site, including the Philippines. They don’t accept US-based users owing to compliance issues.
If you are in an OKX-enabled territory, you can trade 343 spot currencies.
OKX enables margin borrowing, cryptocurrency staking and savings, cryptocurrency-backed loans, and advanced products like mining pools and OKExChain.
OKX-Everything You Need To Know
Exchange Platform
A web-based interface and downloadable desktop client applications are available in the OKex exchange platform.
OKX’s exchange platform has a higher hardware demand than the general exchange due to its more professional ecosystem.
Downloadable software appears heavier to minimize freezing, processing barriers, and the risk of a browser entering into memory.
Types Of Cryptocurrencies You Can Buy/Sell At OKX Philippines
With over 343 cryptocurrencies OKX provides, it’s hard to list them all here. Thus, we will unveil the most actively traded currencies on OKX, as below:
- Bitcoin
- OKB
- Solana
- Polygon
- JUST
- Polkadot
- Shiba Inu
- TRON
- Avalanche
- APENFT
- XRP
- Terra
- Ethereum
- Yearn.finance
- Dogecoin
Fees
OKX categorizes its currency pricing tiers depending on account holdings and trading volume. The highest commission for spot transactions is 0.10%.
Discounts are accessible for high-volume traders and individuals who own a lot of OKB. Fees applied for swaps, futures, and options vary.
As for drawbacks, OKX lacks transparency about its fees on withdrawals and deposits. This way, the concealed fee details should raise red flags and hold you back or turn you away.
Trading Experience
OKX delivers a user-friendly trading interface for newcomers and a robust platform for advanced traders.
It’s easy to exchange and purchase cryptocurrencies. Any beginner can get the incredible experience of buying the first Bitcoin, Ethereum, or others.
OKX conversion form is convenient for exchanging currencies, including stablecoins. The functionality is identical to the active trading platform, but the interface is more clarified.
Professional traders often favor the active trading platform with stop orders and conditional trades over other methods. On your log-in session, you can freely modify layouts to your liking.
Fairness & Security
Given that OKX is one of the largest cryptocurrency exchanges backed by prominent investors, it is reasonable that its cybersecurity architecture is on par with the highest standards in the segment.
The exchange boasts its own GSLB, distributed server clusters, and cold storage multi-signature wallets.
In 2017, some users reported having their accounts hacked and bitcoin stolen. The exchange said this was due to account holders’ poor precautions and weak-security credentials.
Hence, concerns about the exchange’s inadequate security measures were shot down. At the same time, the platform issues regulations for wallets’ information and account safety.
Exchange Markets
OKex provides typical cryptocurrency-to-cryptocurrency and fiat-to-cryptocurrency trading. Still, it is now only possible to transact with a solely supported fiat – the Chinese Yuan. Over a hundred different tokens and cryptocurrencies are currently available, and the exchange is constantly adding more.
The site also allows for margin trading, with a maximum leverage of 20:1 – the highest of any cryptocurrency exchange or CFDs broker. Due to the high volatility of cryptocurrency prices, margin trading is often capped at a ratio of 20:1.
At OKX, clients can get future trades with weekly, biweekly, and monthly contracts on Ethereum, EOS, and Bitcoin.
Opening An OKX Account
Anyone residing outside of the US may easily register an account. If you’ve opened an account with a stock brokerage or cryptocurrency exchange, you’ll feel right at home with OKX.
First, create an account by providing the system with basic contact information. KYC (know your customer) procedures must be fulfilled before using OKX’s full suite of trading tools.
You’ll provide basic information, such as your ID number for a Level One KYC-certified account. Level 2 involves a third-party service, Netverify verification, an ID photo, and a selfie. As for Level 3, you must accept the disclaimer.
With unverified accounts, you can withdraw a maximum of 10 BTCs per day, while trading limitations are set at $500 or about ₱29,368. Move up higher levels to unlock higher limits.
Pros and Cons Of OKX
Pros
- Low fees: Most transactions cost lower than 0.10%. Also, trading costs start at 0.10% and drop with more OKB token stakes or higher volume.
- Great-interest staking chances: Staking some cryptocurrencies may yield over 100% yearly interest.
- Using a bank account, card, or digital wallet makes buying cryptocurrency easy. The procedures will go well via Google Pay, Apple Pay, credit or debit cards, and bank transfers.
Cons
- Non-US users: OKX isn’t accessible to U.S. users due to regulations.
- Currency liquidity: Some currencies have poor liquidity on this top-20 exchange.
- Mixed consumer reviews: Some reviews mention bad service and lost money.
- Only CNY fiat is available now.
The Bottom Line
OKX has worldwide aspirations and is well-backed. OKex offers experienced traders a professional platform with the same functions and formats as significant financial institutions in conventional marketplaces. Low trading costs may appeal to seasoned investors.
Presumably, OKX can move up higher achievements in its path with promising benefits to its customers.
Share what you know about OKX with others if they have the same concerns.
