OKX Overview – What is OKX?
OKX Alternatives
OKX Pros and Cons
OKX Fees
Cryptocurrencies on OKX
Conclusion
FAQs about OKX
OKX Overview – What is OKX?
So, you’ve been looking at your crypto trading platform options and you came across OKX (or OKEx before its recent rebrand). Now, you’re wondering whether it’s legit. You’re curious about its background. Or the people running it. Or how many cryptocurrencies it supports. Or some other question that you’re hoping to have answered.
Well, you’ve come to the right place.
While we may not be able to answer all of your OKX questions, we’ll do our best to get to the most burning ones. And there’s no better place to start than with a quick overview of the platform as a whole.
OKX originally launched in 2017 in China. Unfortunately, China put its fist down on crypto exchanges within its borders, forcing OKX to relocate to Seychelles (a perennial favorite destination of crypto enthusiasts worldwide).
Today, OKX is available to customers in dozens of countries around the world, though the USA isn’t one of them. And neither is Canada. This makes it a less than stellar option for North American crypto traders, whether novices or veterans.
However, for investors who live in countries where OKX is able to operate, it’s worth at least a look. After all, it offers access to spot trades for 343 different currencies. It also gives its users the ability to earn cryptocurrencies through staking and saving (and offers some high-interest opportunities on that front), makes it easy to buy cryptocurrencies via a host of payment options, and offers low, low fees (most fees are 0.1% or less). Plus, you can take advantage of its own blockchain, OKExChain.
But OKX isn’t all sunshine and roses.
Its reported trading volume hasn’t always lined up with the actual trading volume on the Bitcoin blockchain. This understandably raises a red flag or two. And the fact that its average user review rating sits around 6.5 (yes, out of 10) doesn’t exactly inspire confidence.
So, should you choose OKX for your crypto trading needs? We can’t legally answer that question. That’s something only you can decide after doing your homework.
In the meantime, keep reading to get a rundown of the most important things you need to know about OKX.
OKX Alternatives
If the red flags you’ve already seen are making you reconsider OKX as an option for you, don’t despair! There are other (better-rated) options afoot.
Here are three choices that you may want to consider, especially if you’re a US- or Canada-based investor.
Coinbase
Coinbase is the crème de la crème of cryptocurrency trading platforms. It’s the largest US-based exchange out there and offers access to nearly 200 different cryptocurrencies. Plus, there’s no account minimum to get started, so you can begin your crypto investing journey right now – even if you’ve got to search through couch cushions to make your first deposit. And when you’re satisfied with your earnings, withdrawing them is quick and easy.
While Coinbase enjoys a stellar 5-star rating (out of 5 this time), you will pay a little more for that confidence and those features. It unfortunately charges higher fees than most other exchanges, including OKX.
KuCoin
KuCoinon has a lot of potential. It’s chocked full of advanced trading features like margin trading, bot trading, and more. Plus, it features low fees, a broad range of supported coins, and the ability to earn interest in crypto. But those features aren’t for everyone. Novice investors are likely to get lost in all of the options. In addition, KuCoin isn’t available in the USA, so it’s definitely not a good choice for investors located there.
But if you’re an experienced investor who’s based in a country other than the US, it’s worth at least a cursory look. While its average customer rating isn’t the best, it generally ranks a little higher than OKX.
And that’s something. Right?
Binance
Binance is one of the world’s largest cryptocurrency exchanges in the world. Since it’s based out of Hong Kong, its corporate structure isn’t quite as transparent as some would like. That’s probably one of the reasons that it’s not currently available in the US. However, there is a subsidiary of Binance called Binance.US that is available for US citizens. Unfortunately, it’s limited when compared to its parent.
While US citizens may want to consider Binance.US, those outside of the states should definitely look into Binance. It offers low non-instant and instant buy fees, a large asset selection, and a host of additional services that make it attractive to new and veteran investors alike.
So, whether you’re in the US or outside, check out Binance. You may like what you see better than OKX.
OKX Pros and Cons
Like any trading platform, OKX is a mix of good and bad. It’s got some pros. Unfortunately, it’s got just about the same number of cons. And some of those cons trigger major red flags for the discerning investor.
So, before you choose OKX, be aware of the following pros and cons.
Pros of OKX
- Trade like a pro with advanced features like margin trading and futures
- Easy fiat-to-cryptocurrency support
- Extensive range of 100+ supported cryptocurrencies
- Low fees
Cons of OKX
- Unavailable for US-based investors
- Not regulated by any financial authority
- One of OKX’s founders was arrested for fraud
- There have been complaints of fraudulent activity on the platform
- Reports of wash-trading, pumping up the trading volume
OKX Fees and Commissions
When it comes to fees, OKX isn’t always crystal clear or easy to follow. They don’t disclose deposit or withdrawal fees. And cryptocurrencies are divided up and assigned a fee based on their trade volume and account holdings. With that said, the most you’ll pay is 0.10%.
Regular users are categorized into five levels, according to how much OKB they’re holding. Discounts on fees are available depending on a customer’s level.
It’s also worth noting that the daily withdrawal limit is 200 BTC for tier 1 users.
Cryptocurrencies on OKX
While you won’t find every crypto asset out there on OKX, you will find the vast majority of major ones. With 343 currencies currently listed, you’ll be able to use OKX to invest in dozens of popular choices, such as…
Bitcoin, OKB, Terra, Ethereum, TRON, Avalanche, APENFT, Solana, Polygon, JUST, XRP, Yearn.finance, Dogecoin, Polkadot, Shiba Inu etc
Conclusion
Since this is the conclusion, I’ll be totally blunt here. OKX doesn’t exactly have the best history. There’s a reason they rebranded in 2022. After all, a founder charged for fraud and allegations of wash trading doesn’t exactly inspire confidence or excitement. But maybe OKX has turned over a new leaf. Maybe that rebrand was more than just a spit shine. We certainly hope that’s the case. The crypto industry needs as many solid exchanges as it can support.
Despite everything, OKX does have a lot to offer. Low trading fees. Advanced products. Ease of use. High-interest staking options. And though it’s not currently available for US investors, it is worth considering for those outside the states.
So, don’t write OKX off completely. Instead, as with everything, do all your homework. Then, invest with caution.
FAQs about OKX
Is OKX trusted?
Millions of people trust OKX with their crypto assets.
But only you can determine whether you’re going to trust them with your hard-earned money. OKX has seen some bumps along the road. But right now, there’s no reason to think that they’re facing an FTX-like fall from grace.
Is OKX better than Binance?
Binance and OKX are both centralized crypto exchanges that offer many of the same services and features. However, Binance has several advantages over its rivals. For one thing, Binance is more heavily regulated, so it’s likely a safer option (even if only marginally so). Binance also enjoys a more liquid market.
Binance simply edges OKX out in almost every area of competition. This doesn’t mean you shouldn’t consider OKX, but you may want to bring a few grains of salt with you when you do.
Which is better, Huobi or OKX?
Huobi and OKX offer many of the same services and features. They’re also similar in size. In addition, neither one is available in the US.
So, which one is better?
Huobi supports about fifty more crypto assets than its rival. But its taker and maker fees are twice as much. On the other hand, its withdrawal fee is likely a little lower.
So, is it all a wash? Maybe.
Both Huobi and OKX have similar average user ratings, similar services, and similar fees. There’s no obvious winner. So before you choose either one (or an alternative), you’ll probably want to get into the details to see which one fits your specific needs best.
Which country uses OKX?
Currently, no countries are using OKX as an official currency. However, it is supported in more than 100 countries, excluding places like the US, North Korea, Sudan, and a handful of others.
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