What is the OKX exchange?
OKX (formerly OKEx) is a cryptocurrency exchange that was founded in 2017 by Star Xu. The platform has recently relocated to Seychelles for regulatory purposes but was initially based in Beijing. It offers a variety of features including crypto staking, borrowing and lending services, spot and futures trading, an NFT marketplace, a crypto wallet, and much more.
On CoinMarketCap it is ranked the sixth largest digital-asset exchange in the world by market capitalisation.
Can OKX be trusted?
Yes, OKX is one of the most reliable and trustworthy cryptocurrency exchanges globally and is considered a pioneer in the transparency of users' funds. They are one of the only platforms that provide proof-of-reserves highlighting that users' funds are held in their exchange 1:1. Meaning, you don't have to worry about the security of your assets held on OKX.
Additionally, OKX is regulated in Australia by the Australian Securities and Investment Commission (ASIC) and complies with AML/CTF laws, KYC, and other necessary guidelines.
Deposits and withdrawals are not charged any fees on OKX, except crypto withdrawals which are charged a small cost to cover the network transaction (gas) fee. The trading fee rebate varies depending on what order type you use. Refer to the below list for a quick summary of the maker/taker rebate on OKX.
- Spot Trading (USDT, USDS & Crypto): 0.08%/0.1%*
- Spot Trading (USDC): 0%/0.07%*
- Futures Trading (USDT-M): 0.02%/0.05%*
- Futures Trading (Crypto-M): 0.02%/0.05%*
- Perpetual Trading (USDT-M): 0.02%/0.05%*
- Perpetual Trading (USDC-M): 0.02%/0.05%*
- Perpetual Trading (Crypto-M): 0.02%/0.05%*
- Options Trading: 0.02%/0.03%*
*Fee can be discounted by high monthly trading volumes and OKB staking amount. For more details, visit the OKX Fees Schedule.
OKX allows users to trade using spot, futures, and options trading. Spot trading is the most common type of digital-asset trading on OKX where users buy/sell 340+ cryptocurrency pairs with a market order or limit order. Futures, options and perpetual contracts allow users to take long/short positions in over 1000 crypto markets with leverage up to 20x depending on the asset pair.
Crypto Staking and Loans
OKX offers a variety of features for users to make passive income by staking and lending their digital assets. Staking allows users to lock up tokens for fixed or flexible terms in exchange for rewards (yields). It supports hundreds of tokens that can be staked, with popular ones such as Solana which reach up to 103% APY. There are seven staking options to choose from to earn yields on your crypto.
Lending is when traders loan out their digital assets to other users or institutions in exchange for an interest rate that is usually higher than those found at traditional banks or financial institutions. Lastly, borrowers are able to borrow digital assets on the OKX platform using their Bitcoin as collateral. Both lending and borrowing services on OKX offer attractive APY (Annual Percentage Yields).
OKX launched its DeFi portal in 2020, it is a one-stop platform that allows users to access and interact with multiple decentralised finance protocols and tools. It provides a suite of DeFi products such as an NFT marketplace, a crypto wallet, the OKX network and various DApps (decntralised apps).
The OKX NFT marketplace features some of the most popular digital collectibles and artworks in the industry including Crypto Punks, Azukis, Beanz and more. Users can purchase, sell, or trade NFTs with any of OKX's 340+ supported tokens. It's a cross-chain marketplace that supports 11 different networks including Ethereum, Solana, Polygon, Klaytyn, Avalanche and more.
The OKX network is a decentralised ecosystem for DeFi products where users can benefit from numerous features such as yield farming, staking, lending, trading, and much more all in one place. OKX Chain is powered by a layer-2 scaling solution which allows more transactions to be conducted on the network, with faster speeds and lower fees.
OKX provides users with a secure wallet that is available for web, mobile, and desktop platforms. The wallet is fully integrated into the OKX platform so users can easily manage their digital assets, securely store their NFTs and participate in DeFi initiatives such as yield farming or staking. The wallet is non-custodial which means users have full control over their funds - making it one of the safest wallets available on the market.
DApps (Decentralised Applications)
OKX also offers users access to various decentralised applications built on top of the OKX Chain. These DApps provide users with a variety of features such as yield farming, staking, bridging services, token offerings, and much more. By using these apps, users are able to earn rewards in the form of tokens that can be used to trade or make purchases.
How to Buy Crypto with OKX
OKX is a simple and easy-to-use platform that offers instant verification so you can begin using the exchange as soon as you sign up. Follow the below steps to open an account with OKX.
- Open a free account on OKX and verify your email address.
- Go to the 'Buy Crypto' tab and select a deposit method.
- Choose 'AUD' as your fiat currency and pick a token to buy.
- Input the amount of AUD you want to invest and tap 'Buy'.
iOS and Android Mobile App
There is a mobile version of OKX available to download on both iOS and Android devices. It offers the same functionality and UI as its web version and allows users to check their portfolios, open positions, stake tokens, contact customer support, and more. Users can easily download the OKX mobile app from the Apple App Store or Google Play Store.
The Bottom Line
OKX is a comprehensive and well-rounded platform that offers plenty of services to its users. The exchange is regulated in Australia by the ASIC, which gives OKX credibility when it comes to security. In addition to this, they also provide proof-of-reserves which further enhances their trustworthiness. All in all, OKX provides a reliable platform for those looking to buy or trade cryptocurrencies without fear of fraud or theft.