Pros
  • Aggregated DeFi
  • Multi Blockchain NFT Marketplace
  • Support Multiple cryptocurrencies
Cons
  • KYC Required

OKEX, or OKX as they've rebranded recently is a major cryptocurrency exchange that was founded in 2017. It's among the OG's in the crypto world.

OKX uses its spot market knowledge to offer its consumers the ability to trade perpetual swaps, futures, and options markets. While OKX was and continues to be a heaven for active crypto brokers, it has also expanded to include an earn section,  a crypto loans section, a Jumpstart launchpad,  access to the NFT trading market, and make a way for clients to participate in DOT slot auctions, which will be discussed further down. Each provides traders with a distinct method of trading, hedging, earning, and exploring the crypto markets.

The exchange has a user base of approximately 20 million people in over 100 countries. Due to compliance and regulatory issues, OKX does not accept users from the United States.

OKX Products

More than 300 cryptocurrencies are available on OKX. Margin borrowing,  cryptocurrency-backed loans, producing cryptocurrency via staking and savings, and advanced products like mining pools as well as its own blockchain, known as OKExChain, along with its most recent product, MetaX, are all supported by OKX.

OKX

Trading OKX 

You can choose “Basic Trading” from the main page, which allows simple option trading and spot trading.

“Margin Trading” is another option. When trading futures, perpetual swaps, and advanced options, you can utilize leverage to try to increase returns. Professional traders can use the advanced service to participate in complex multi-currency transactions in order to maximize profits.

You must be logged in to utilize the advanced features. As a result, newbies do not need to be concerned about making an expensive error. It also offers a “demo trading” tool that allows beginners to practice trading without risking their money.

Staking your crypto on OKX 

OKX offers staking accounts that are  interest-bearing for over 100 separate tokens and projects, including some of the most popular coins such as ETH, USDC, and BTC. Depending on whether you select a flexible or fixed holding period, each one has its own APY (Annual percentage yield) and risks. It offers a DeFi protocol that let you earn cryptos by staking, savings with low fees, and high returns.

With OKX you can trade with benefits like higher return rates, secure storage of your crypto, flexible terms, and diverse offers for trading.

OKX

Crypto mining pools 

You can also join a miner pool on OKX to show off your skills at crypto mining. Individual miners from all over the world join a mining pool, which pools their hash rate (a set of mathematical steps) together. They are all mining at a greater level in this manner, giving them a better chance to solve a proof-of-work block. Because the chances of a single miner resolving a block on their owns are low to none, pooling is required.

When a block is solved on OKX, the rewards are divided between mining pool members based on how much computational power each supplied. OKX offers 11 different proof-of-work mining pools, including Bitcoin, Litecoin, and Ethereum, as well as lessons on how to join each one.

Mining with OKX is safe and stable because it uses advanced technologies and unique architecture. The pool uses FPPS,  PPS+, and some other settlement techniques, so you'll get revenue every day and be able to examine revenue data in real time. It also provides 24/7 mining services thanks to its global multi-node deployment and professional team.

Flexible lending options

OKX offers flexible lending options for its customers so that maximum reach is attained. Bitcoin and other crypto loans are available with low interest rates and significant sums. To keep your loans safe and protected, you must borrow against bitcoin or utilize other property as collateral. OKX also supports 29 digital assets and several forms of decentralised finance. It uses Aave, dYdX, Maker, Compound, and DDEX, to provide traditional DeFi features. Interest rates vary depending on the platform and the type of token you want to borrow. OKX also provides flexible peer-to-peer services of lending.

OKX MetaX Wallet

The MetaX Wallet by OKX  is a secure and simple-to-use software wallet that lets you store your cryptocurrency assets. The MetaX Wallet is a multi-chain wallet that can be downloaded as a browser extension and supports a variety of networks that includes OKC, Ethereum, Binance Smart Chain, Polygon, Fantom and HECO are just a few examples.

You can have complete control over your crypto with access to your private keys while using the MetaX wallet. It could also be used to trade,  invest, and earn by connecting to DeFi and DApps protocols.

NFT Marketplace 

The MetaX NFT market has a tailored collection from  game developers, top artists, and celebrities, as well as a number of limited-edition exclusives only accessible in OKC.

On OKC, mining NFTs charges a fraction of what it does on the Ethereum network. All OKC NFTs are supported by the MetaX marketplace, and users can produce new NFTs in just few simple steps.

OKX

How to make an Account at OKX?

Anyone living outside of the The US can easily open an account. You'll have a similar experience at OKX if you've ever signed up for any other  stock market brokerage  or cryptocurrency exchange account.

To get started, you'll need to create an account with your contact information. To use all of OKX's trading features, you must first pass its KYC (know your customer) requirements. Basic information, such as a government identity number, is required for a Level One KYC-verified account. Level Two implies sending a photo of your Identity card and your picture to Netverify, a partner. You'll have to agree to the platform's disclaimer for Level Three.

Unverified users can take up to 10 BTC each day and make a trade of up to $500, whereas higher levels allow you to withdraw and trade more.

It's quite simple to create a free account on OKEx; simply follow these steps:

  • Go to the OKEx website.
  • On the upper right, click “Sign Up.”
  • Enter your phone number or email and select a password. You could also utilize your  Google or Telegram account for the signup process.
  • Input the six digit code sent to your phone or email.
  • Done!

You can next deposit funds to start trading or purchase funds by using one of the funding options listed in the previous section.

The process of signing up for the mobile apps is basically the same. While you do not need to verify your identity to deposit or trade your cryptocurrency, you may need to do so if you want to buy it with a credit card or through an exchange.

OKX Fees

The fees on OKX are quite competitive with those on all of the other major cryptocurrency exchanges, and they get cheaper based on a few things. Regular customers pay the highest costs, at 0.08 percent for maker (placing an order on the books) and 0.1 percent for taker (filling an existing order) if they have less than $5 million in their trading volume and hold no OKB in the previous 30 days. Based on your trade volume and OKB holdings, this can go as low as 0.06 percent maker and 0.08 percent taker.

Fees for VIP users begin at 0.06 percent maker and 0.08 percent taker, the lowest fees available to regular users. Then they can go as low as  0.03 percent taker  and -0.01% maker (meaning you receive fees for trading). Because VIP membership is completely based on trading volume, you need not to own OKB to benefit from cheaper costs; simply trade more.

OKX Tutorial

Is OKX safe?

OKX keeps its security at the top most priority. It has a secure private key storage system that keeps private keys in semi-offline signature devices like Ram to prevent both offline and online attacks.  Its private key managing system uses decentralized storage to keep your funds safe and every private key has its own backup. Additionally OKX uses different risk detection and risk management procedures to prevent the suspicious flow of  assets. It also uses advanced and secure technology for email communication.

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Conclusion

OKX is an excellent platform for non-residents of the United States that desire advanced trading tools and affordable fees. It has several unusual trading features as well as the potential to mine cryptocurrency.

Offline cold storage by using geographically distributed private keys, anti-phishing codes for the email correspondence and multi-signature hot wallets, are among the top security features offered by OKX. It provides few exceptional features that make it standout. The first is OKX's wide array of crypto currencies and tokens accessible for trade, which implies you wouldn’t  have to go to any other exchange to get the asset you desire.

Another fantastic feature is the Earn programme, which enables you to earn passive income through staking, lending, and yield farming among other things.This is aided by their original OKExChain, which provides decentralized financing to users.

The simplicity of the sign-up process cannot be emphasized enough; it takes about 5 minutes to create your account if you wish to fund it with a cryptocurrency deposit.

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