OKX

Overview of OKX

OKX is a cryptocurrency exchange that was founded in 2017. The exchange is based in Seychelles and offers a variety of features, including spot trading, margin trading, futures trading, and staking. OKX is one of the largest cryptocurrency exchanges in the world, with a reported trading volume of over $1 trillion per month.

OKX offers a wide range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and more. The platform allows a maximum leverage of 10:1 and offers multiple trading platforms such as a web-based platform, mobile app, API, WebSocket, and more.

Pros and cons

Regulations

OKX operates under different regulatory bodies in different countries. In Japan, it is regulated by the Financial Services Agency (FSA) under the regulation number “関東財務局長 第00020号”. The company is licensed as “オーケーコイン・ジャパン株式会社” and is compliant with digital currency regulations.

In the United States, OKX is regulated by the Nationwide Multistate Licensing System (NMLS). It operates under the license number 1767779 and is registered as “OKCoin USA Inc” with a regulated MTL license.

In the Philippines, OKX is regulated by the Cagayan Economic Zone Authority (CEZA). The company, known as “Okcoin Philippines Technology Co. Ltd.”, holds a digital currency license in compliance with the regulations of CEZA.

Additionally, OKX has obtained licenses from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Financial Crimes Enforcement Network (FinCEN) in the United States. The licenses, known as MSB licenses, have the following license numbers: “M20929749” for OKCOIN USA INC. and “31000122737962” for OKEX USA INC. The company “OKCoin USA Inc.” also holds another license from FinCEN with the number “31000155908109”.

Security

OKX employs a number of security measures to protect user funds, including:

Cold storage: The majority of user funds are stored in cold storage, which means that they are offline and not connected to the internet. This makes them more difficult to hack.

Two-factor authentication (2FA): 2FA is a security feature that requires users to enter a code from their phone in addition to their password when logging in. This helps to prevent unauthorized access to accounts.

IP whitelisting: IP whitelisting allows users to specify which IP addresses are allowed to access their accounts. This helps to prevent unauthorized access from unauthorized devices.

Regular security audits: OKX undergoes regular security audits by independent security firms. This helps to ensure that the exchange's security measures are effective.

HackerOne program: OKX has a HackerOne program, which allows security researchers to report vulnerabilities to the exchange. This helps OKX to identify and fix security flaws before they can be exploited by hackers.

Cryptocurrencies available

OKX offers a wide range of cryptocurrencies for trading, including popular options such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and more. The availability of these cryptocurrencies allows users to diversify their trading portfolios and take advantage of various market opportunities.

In addition to cryptocurrency trading, OKX also offers other products and services, including futures trading, options trading, and margin trading, providing users with additional avenues for potential profits. It is important for users to understand the risks associated with these products and to trade responsibly.

OKX APP

The OKX app is a mobile app that allows users to trade cryptocurrencies, manage their cryptocurrency portfolios, and access a variety of other cryptocurrency-related services. The app is available for both iOS and Android devices.

Here is a summary of the main functions of the OKX app:

Trade cryptocurrencies: The OKX app allows users to trade over 300 cryptocurrencies, including Bitcoin, Ethereum, Tether, and Solana. Users can trade cryptocurrencies using spot trading, futures trading, and options trading.

Manage cryptocurrency portfolios: The OKX app allows users to manage their cryptocurrency portfolios by tracking their holdings, setting price alerts, and creating watchlists. Users can also use the app to send and receive cryptocurrencies.

Access other cryptocurrency-related services: The OKX app also offers a variety of other cryptocurrency-related services, such as cryptocurrency investment products, peer-to-peer trading, and over-the-counter trading.

To download the OKX app, simply visit the App Store or Google Play and search for “OKX”. Once you have found the app, tap the “Get” or “Install” button to download it. Once the app has been downloaded, open it and create an account. Once you have created an account, you will be able to start trading cryptocurrencies, managing your cryptocurrency portfolio, and accessing other cryptocurrency-related services.

The OKX app is a powerful and easy-to-use tool for managing your cryptocurrency portfolio and trading cryptocurrencies. It is a good choice for both beginners and experienced cryptocurrency users.

How to open an account？

The registration process of OKX involves the following steps:

1. Visit the OKX website and click on the “Sign Up” button.

2. Fill out the registration form with your email address, desired password, and agree to the terms and conditions.

3. Verify your email address by clicking on the verification link sent to your email.

4. Complete the identity verification process by submitting the required documents, such as a valid government-issued ID and proof of address.

5. Set up additional security measures, such as two-factor authentication, to enhance the security of your account.

6. Once your account is approved, you can start depositing funds and trading cryptocurrencies on the OKX platform.

How to Buy Cryptos？

Below is a detailed, step-by-step guide on how to purchase cryptocurrencies on OKX:

How to buy cryptos on OKX PC:

Visit the OKX Website:

Open your web browser and go to the official OKX website.

Log in or Sign Up:

If you already have an account, log in. Otherwise, sign up for a new account.

Navigate to “Buy Crypto”:

Once logged in, find the “Buy Crypto” section on the platform.

Select Cryptocurrency:

Choose the cryptocurrency you want to buy. In the provided example, it mentions buying USDT (Tether).

Payment Method:

Select your preferred payment method. Options include Visa, Mastercard, and others.

Enter Amount and Currency:

Enter the amount of cryptocurrency you want to purchase and select your preferred fiat currency.

Review Order:

Review your order details, including the amount you'll pay, the accepted payment methods, and the current exchange rate.

Complete Purchase:

Follow the on-screen instructions to complete the purchase. This may involve confirming your identity and providing payment details.

Order Confirmation:

Once the purchase is complete, you'll receive an order confirmation with details of the transaction.

Fees

OKX charges trading fees based on the trading volume of users. The fees range from 0.1% to 0.2% for both makers and takers, depending on the user's trading volume in the past 30 days. The trading fees are tiered, which means that higher trading volumes can result in lower fees.

Deposit & Withdrawal

OKX supports a variety of payment methods for both deposits and withdrawals. The specific payment methods available will vary depending on your country or region.

Credit card: OKX accepts VISA, MasterCard, and ApplePay credit cards.

Bank transfer: OKX supports bank transfers from over 100 countries and regions.

Third-party payment providers: OKX supports a variety of third-party payment providers, such as Simplex, Banxa, and MoonPay.

Cryptocurrency: You can also deposit cryptocurrency into your OKX account.

The processing time for cryptocurrency deposits is typically fast, with transactions being confirmed on the blockchain within a short period of time. However, the processing time for bank transfers may vary depending on the user's bank and the specific banking procedures involved.

Similarly, OKX allows users to withdraw funds from their accounts through cryptocurrencies or bank transfers. Cryptocurrency withdrawals are usually processed quickly, with transactions being confirmed on the blockchain. On the other hand, bank transfers may take longer to process, depending on the user's bank and the specific banking procedures.

Controversies the exchange has experienced

OKX has faced several controversies that have impacted its reputation among users:

One notable controversy involved the sudden suspension of withdrawals in October 2020. This decision was made due to an ongoing investigation by Chinese authorities into suspected money laundering activities. The suspension of withdrawals caused significant inconvenience and concern among OKX users, as they were unable to access their funds for a period of time.

Additionally, OKX has faced criticism for its lack of transparency and communication during this incident. Many users expressed frustration with the limited updates and information provided by the exchange regarding the withdrawal suspension. The lack of clarity and timely communication heightened concerns and mistrust among users.