OKX (formerly OKEX exchange) is one of the leading cryptocurrency exchanges in the world. It was originally founded in Hong Kong back in 2016 before moving to Malta and establishing its headquarters in Seychelles in 2017.
The exchange rebranded from OKEX to OKX this year (2022) after going through an overhaul. They dropped the “E” that represented “Exchange” highlighting that the newly rebranded OKX is more than just a crypto exchange. The original OKEX exchange was just a spot crypto trading platform.
Besides the normal buying and selling of cryptocurrencies, OKX has also ventured into other frontiers including DeFi products and services, NFTs, games, and metaverse.
How it works
Besides the original spot trading, OKX now offers crypto futures trading, perpetual swaps, margin trading, and options trading as can be seen in the above screenshot of their website.
In addition, while the platform still remains a paradise for cryptocurrency traders, it has also added an earn section, an NFT marketplace, a crypto loan area, a jumpstart Launchpad, and a way for users to participate in the DOT slot auctions. We shall review each of these products in the features section below.
In a nutshell, you have the opportunity of doing the following on OKX:
- Trade hundreds of cryptocurrencies and trading pairs on spot, margin, and derivatives (futures and perpetual swaps) markets
- Connect your Web3.0 wallet and manage your DeFi portfolio from one place.
- Create, buy and sell NFTs on OKX’s NFT Marketplace
- Discover and explore top decentralized applications, including DeFi and blockchain gaming DApps.
- Connect to DeFi products using OKX’s Web3.0 wallet ( either using the in-app or as a browser wallet extension)
- Earn crypto in OKX’s mining pools.
- Take out crypto-collateralized loans in the loan section under the OKX Earn
It is however important to note that while you are not required to verify your account to deposit or trade crypto on OKX, you will be required to verify the account before withdrawing crypto that exceeds a certain amount.
OKX Key features
The OKB is one of the most integral aspects of the OKX ecosystem. The token is issued by the OK Blockchain Foundation and it is primarily a utility token that is used for trading fee discounts, issuing passive income to OKX users, and conducting token sales.
OKX burns OKB tokens regularly to reduce the total supply and boost its value. The burnt OKB tokens are usually part of the OKB tokens bought using 30% of the revenue that OKX generates.
This is one of the main features of OKX and it includes spot trading, margin trading, perpetual swaps, and futures trading.
Traders are likely to be pleased with the wide variety of products offered by the platform, with most of the features that traders normally demand being available on the platform. We saw no major omissions that would disappoint traders.
The OKX Earn is found under the “Grow” tab on OKX’s official website.
As per the above screenshot, the OKX Earn section comprises:
- Savings – This is a value-added product for flexible earnings that allows customers to deposit crypto assets into savings accounts and earn hourly interest. Customers can deposit and withdraw assets at any time. The assets deposited in the Savings are used by OKX to fund OKX margin loans.
- Stablecoins – This allows customers to invest in TUSD, USDT, and USDC stablecoins through savings, staking, or compound.
- Dual investment – This is a non-principal protected product that allows investors to invest BTC, ETH, or USDT.
- DeFi products – This allows users to explore and use other DeFi products ranging from Lending pools, Decentralized exchanges, and Staking protocols.
- Staking – This allows users to earn rewards by locking crypto assets in proof-of-stake (PoS) networks.
- Fixed income – this allows OKX users to invest in crypto loans and in return get stable and secure returns. Users can choose from a variety of cryptocurrency types and loan periods depending on their personal risk preferences.
- Flash deals – these are exclusive earning offers that have high rewards and low risks. They however have limited terms and amounts, and appear from time to time irregularly.
- ETH2.0 – this allows users to stake in Ethereum 2.0. The minimum amount required to participate is 0.1ETH and the staked asset is estimated to be locked up for 1-2 years and can’t be redeemed until the transfer feature is available in ETH 2.0.
This too is under the “Grow” tab.
It allows OK customers to borrow cryptocurrency assets allowing for capital efficiency and flexibility for customers. It is another example of yet another great feature. The choice between fixed and flexible interest rates is a nice perk too, offering more customization that suits the needs of different users.
This too is under the “Grow” tab.
The Jumpstart offers OKX users easy access to new, high-quality crypto projects and allows them to invest in these new crypto projects using OKB. Some of the projects that have recently been featured on the OKX Jumpstart are TAKI, Element Black (ELT), Blockchain Brawlers (BRWL), and KlayCity (ORB). The ability to invest in promising crypto projects increases earning opportunities for investors.
This is found under the wallets section just next to the exchange at the top left corner of OKX’s official website.
The OKX NFT marketplace is a decentralized NFT exchange that allows users to create, collect and trade extraordinary NFTs.
Users can choose to explore the listed NFT collections or create their own NFTs.
Pros and Cons of OKX
It allows the use of a wide range of fiat currencies in purchasing crypto assets.
It also offers crypto traders and investors a wide range of products apart from the usual spot and margin trading offered by the majority of crypto exchanges.
There are also hundreds of cryptocurrencies that traders can trade.
It allows users to also engage in Web3 through creating and trading NFTs.
It has an education section called OKX academy under the “Learn” tab where users can learn about crypto, blockchain, and new upcoming projects.
Its staking program offers high-staking APYs. For instance, staking CEL would earn you 365% APY.
The OKX Buy/Sell dashboard is easy to use.
Users are not required to verify their accounts account to deposit or trade crypto on OKX verification is only required when withdrawing.
Crypto users from Cuba, Iran, North Korea, Crimea, Malaysia, Syria, the United States of America, Bangladesh, and Bolivia are however exempted from using OKX due to regulatory compliances.
It also has a very complex, multi-tier fee structure although the fees are low.
Additionally, we find OKX not to be as big as other exchanges specifically Binance and Binance that have built a clean image, but it appears to be on its way to establishing itself in the space.
Why should you use OKX?
If you are looking for a one-stop crypto platform where you can do spot trading, margin trading, futures trading, staking, invest in ETH2.0, borrow crypto loans, deposit crypto assets in savings account to earn interest, and create and trade NFTs, then OKX could be a good choice.
For those looking to earn from their crypto assets, OKX has some of the highest APYs, especially for those looking to participate in crypto staking and savings.
It is also a good platform for investors looking for new crypto projects to invest in. In particular, Investors can go to the OKX jumpstart and find quality crypto projects to invest in.
Clearly, the scope of OKX’s offerings is wide, and most are easy to use with a clean interface, allowing users of OKX a multi-faceted experience and to benefit from a range of different offerings in one place.
In addition, OKX is ranked among the top 20 crypto exchanges in the world. According to Coinmarketcap, OKX experiences an average daily trading volume of $3.07 billion.
We find OKX to offer a great combination of crypto products and services making it one of the best crypto exchanges in the world, especially for crypto investors and traders looking to invest in different crypto products and services within the crypto industry.
While OKX is a great site for those who have access, the reality is that regulatory barriers exist here, holding back its use. Examples of countries where traders can not access OKX include Cuba, Iran, North Korea, Crimea, Malaysia, Syria, the United States of America, Bangladesh, and Bolivia.