However, these features could appear overwhelming to beginners, indicating a user interface that might be more suited to expert traders. While OKX has a simple trading form suitable for novices, it’s recognized as more suited to seasoned traders, given its advanced features. This might make the platform less attractive to beginners in a significant portion of the crypto market. In the okex review rapidly evolving crypto market, choosing the right exchange is critical. This OKX review focuses on the platform’s interface, security, fee structure, and support, providing you with a clear verdict on its suitability for other crypto assets in your trading repertoire. OKX can be intimidating for newer traders because it offers many features tailored to people who frequently trade.

Fees and Charges

• Derivatives can be further broken down into options, bi-quarterly futures and perpetual swaps, which are similar to futures but without an expiration date.
• What you’re really verifying is that the information presented in the Tree is correct.
• With an intuitive and clean layout, the user interface of the OKX mobile app speaks to users familiar with the highly-regarded Exodus wallet.
• These have varying interest rates determined by the platform and the token type you’d like to borrow.
• Spot trading for all products, including margin and futures contracts, looks largely the same.

I got scammed once, but it was my fault and they couldn’t help it. So, i don’t blame them , try BYBIT to see the difference in CS that can take weeks to respond if they ever respond leaving you and your loss alone . As a super merchant for almost a year and a regular customer for two years , I’m satisfied. My deposit was blocked for no reason and since then I’ve been emailing with support. Till now, there have been no rumours of having OKX (Previously OKEx) hacked.

Trading Platform

Like the web platform, the mobile app is easy to use and contains many of the same features, including charts and order book data. Investors can also manage their accounts from the exchange’s app by depositing or purchasing crypto. There are hundreds of tokens and trading pairs available and the list of cryptocurrencies constantly changes as system updates bring new listings.

OKX trading, a wide variety of products

I bought LTC via Banxa, a banking intermediary because direct deposit fiat options are limited. This was frustrating, as it required a second KYC process to buy crypto through OKX’s banking partners. Due to geographical restrictions, I could not choose which token to buy other than Tether (USDT). But on the bright side, OKX provides 0% free for crypto conversions so that won’t cost you anything extra. During our testing, we found OKX’s security practices to be among the best on the market. The platform adheres to various best practices and regulatory requirements, earning a solid CER ranking of A.

How We Rated OKX

In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately. OKX is available to mobile device users natively via Android and iOS applications. The mobile version of the OKX exchange houses virtually all features of its desktop counterpart, tailored for the smaller screen estate available to users of handheld devices. However, in order to be able to withdraw your funds from OKX, you will need to go through a small identity verification process which will increase the 24-hour withdrawal limit to 100 BTC.

• These alternatives provide different options depending on your trading needs, experience level, and trading volume.
• The OKX trading platform is available as either web-based or a desktop trading platform while also being compatible with mobile trading on both Android and iOS devices.
• However, P2P trading requires more technical know-how than other methods, meaning its inaccessible to beginners.
• The exchange also supports on-chain deposits if you already have some cryptocurrencies in an on-chain address that you want to move to OKX.
• It is also among the top exchanges when it comes to liquidity and has more than enough trading pairs on all products.

Mobile App and Accessibility

OKX also has a unique loyalty program that rewards regular use of its mobile app. Every day, five new “learning missions” are posted to the app, which require watching a video or reading an article. The completion of each task rewards the user with 50 Satoshis; each Satoshi is equal to roughly 100 millionth of a full Bitcoin. When the user earns 10,000 Satoshis, the rewards can be converted into an equal amount of Bitcoin, which can be held, staked, or traded on OKX. Yes, OKX allows users to deposit Fiat currency through their gateway service partners. OKX has partnerships with various gateway service providers for different countries.

OKX Trading Tips for Beginners

The Ascent, a Motley Fool service, does not cover all offers on the market. All user-asset deposits and withdrawals require layered risk-management mechanisms before being posted to the blockchain for confirmation. OKX’s complicated fee schedule is divided into two tiers, with multiple levels within each tier. Below are the tiers only for spot trading, to provide an example of the fee scheduling complexity.

The CoinCodex Cryptocurrency Price Tracker

• We will review the derivative instruments on OKX, including their plain vanilla futures, their perpetual swaps and their options, along with the other platform features.
• OKX deposit fees vary based on your location and your chosen deposit method.
• Whether you’re new to cryptocurrency or looking for a new exchange, you may have heard of OKX (formerly known as OKEx).
• There are no red flags for either platform from a safety standpoint.
• Technical analysis is a technique employed in financial markets to forecast forthcoming price movements by examining historical price data and trading volume.
• Those holding less than 500 OKB and who have assets under $100,000 or a 30-day trading volume of less than $5,000,000 will incur option fees of 0.02% (maker fee) and 0.03% (taker fee).
• While OKX has a simple trading form suitable for novices, it’s recognized as more suited to seasoned traders, given its advanced features.

The initial registration process is very fast with only an email/phone number and password required to join. Many account activities are restricted until identity verification has been completed as part of the KYC process. Also, note that there are different verification levels – for example, Level 2 KYC will lead to higher withdrawal limits. Although OKX recently obtained a provisional license from the Virtual Assets Regulatory Authority (VARA) in Dubai, there is generally little regulatory oversight of this exchange. However, there is a minimum amount of Bitcoin network fee that users have to pay when they withdraw Bitcoin from the exchange.

OKX strikes a balance between beginner-friendly and advanced features, catering to both newcomers and seasoned traders. However, it’s crucial to note some user reports of low liquidity levels in certain currencies, posing potential challenges in executing large orders without affecting market prices. That said, as a retail investor with moderate trading activity, such an issue may not significantly impact your trading experience on OKX. The option to demo trade makes OKX a great place for beginners to learn the craft of trading and the platform is highly functional and really easy to use. The innovation behind the platform to pursue so many different avenues of blockchain is fantastic to see.