This exchange currently supports 29 of the top 30 market cap cryptocurrencies. When assessing cryptocurrency exchanges, applying a balanced, truthful, and thoroughly researched approach is essential. While many users appreciate the platform’s security measures, there have been concerns over its reputation and past incidents involving the founder. Originally based in China, they moved their operations to Seychelles after China’s crypto ban. They abide by KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, standard practices for most reputable crypto exchanges.
- Furthermore, OkEx has a high level of security, and is very competitive in terms of fees.
- It has a total supply of 1 billion, but OKX regularly burns tokens to reduce its supply.
- In addition to Earn products, OKX users can utilize their crypto holdings to magnify their exposure in the digital currency markets via crypto-collateralized loans.
- However, OKX now requires its customers to complete Know-Your-Customer (KYC) verification before depositing or withdrawing any funds.
- These include using strong passwords unique to every website and app alongside a multifactor authentication app to keep hackers out of your funds.
Deposits and withdrawals can be made using fiat currency or cryptocurrencies, and OKX supports various payment methods. The exchange provides a trading platform for futures, perpetual swaps, and options, as well as a https://www.tokenexus.com/okex-exchange-review/ mobile app and a PC client. In the wide world of cryptocurrency exchanges, OKX stands out thanks to a wide variety of features like spot and trading, perpetual swap contracts, futures, options, and even DEX trading.
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Both Binance and OKX also set aside a significant amount of profits to build up a protection fund to reimburse customers in the unlikely event of a security breach resulting in loss of funds. Though with all that being said, the fee discrepancy between these two exchanges is quite minimal and should likely not be the key deciding factor when deciding between these two. Binance and OKX are among the lowest-cost exchanges in the industry. Binance and OKX are incredibly competitive in the “who has lower fees” game, leading the exchange industry with absolute rock-bottom fees.
There are no red flags for either platform from a safety standpoint. OKX, on the other hand, is catching up swiftly and is one of the fastest-growing exchanges in the industry. Deposit- Buy crypto with 129+ supported services for bank transfers, card purchases, Apple Pay, etc. We write product reviews and comparison articles in the field of cryptocurrency. Under OKX (Previously OKEx) P2P Trade, click on the currency you want from the dropdown menu and select the desired currency.
Cryptocurrency trading at its best
On 2 October 2017, OKX CEO Lennix Lai confirmed on Twitter that the exchange was not hacked. The scam took place on their platform and they should be able to recover my money or put a halt to transaction. If this was a bank transaction I know I would have been able to get my money back. We’re delighted to hear that you’ve had a positive experience with our product and services, but we acknowledge your feedback about customer care.
Finally, you’ve got the option to fund decentralized finance (DeFi) projects for decent returns — similar to staking, but going beyond blockchain infrastructure itself. OKX includes a separate tab that lists all the highest-yield opportunities currently available, playing to its main strength of connecting users with unexpected deals. Next, there’s something called “Shark Fin,” a uniquely bizarre offering.
OKX (Previously OKEx) Payment Methods
In practice, it’s possible to alter upper/lower price limits, grid quantity, and leverage. Additionally, traders can select indicator-based triggers, which are rarely offered, even by platforms that specialize in automation. While the platform boasts low fees and a diverse range of features, it’s not available to investors or traders based in the US. With all the great features that OKX has, the withdrawal system may be the main drawback of using OKX. You have a decent chance to find hidden altcoins that could be worth a lot more later along the line.
Users can start live chats through the user dashboard on the platform, which is quick and easy. OKB is a utility token that was released in 2017 by the OK Blockchain Foundation and the OKX exchange in the Seychelles. The token lets users of the OKX exchange pay less for fees and use special features. The OKX cryptocurrency exchange is available to users in over 100 countries worldwide. The savings product is flexible, so users can put their cryptocurrency in and take it out at any time.
Is OKX Safe?
We won’t go into the specifics of the Greeks here, but Guy did a complete video on that. Using the Options Discovery tool will also draw you out a neat payoff diagram where you can see the profit/loss that will incur for said option. Once you are OK with the set parameters, it will take you to the market for the said option. When it comes to the options platform, the layout is similar, although the functionality is quite different. Then, when it comes to how this is margined from your account, you can either elect to have it margined in crypto (Coin margin) or margined in Tether. If you pop on over to the position tiers guide, you will see that the 100x leverage (or 1% margin) only applies to those positions that are less than 3,000 contracts.
- OKX Quick Trade is the simplest way to buy cryptocurrencies on the OKX platform.
- OKX, formerly OKEx, is a leading centralized crypto exchange that offers services related to spot, derivatives, and margin trading.
- OKX is the fastest and most reliable crypto trading app for professional traders everywhere.
- Like most other global crypto exchanges, OKX provides you with multiple ways of obtaining crypto with cash to satisfy those who prefer convenience and choice.
- OKEx also offers multiple trading interfaces with simple and advanced tools to accommodate newbies, advanced traders, and institutions.
- Under the “Express Buy” section, you can choose from 93 fiat currencies, with over 420 payment methods accepted.