Getting into the blockchain space might seem difficult for a lot of people. However, there are numerous cryptocurrency exchanges that have been developed with the main objective in mind of making the procedure as streamlined as possible.
OKX is a cryptocurrency exchange that aims to make it as simple as possible for people to begin buying, selling, or trading cryptocurrencies.
Today, we are going to review every aspect of OKX to see what makes it stand out and why it might be appealing to new investors or traders.
What is OKX?
OKX is a cryptocurrency exchange that was originally founded in 2014. It has served millions of people on a global scale and is one of the largest exchanges based on trading volume.
OKX offers spot, futures, and derivatives trading as well. Additionally, the exchange features an easy-to-use interface, which lets beginners, as well as more experienced traders, access the features they need at the point in time when they need them. There are over 100 cryptocurrencies for people to pick from, alongside hundreds of trading pairs like Kadena (KDA), Polygon (MATIC), Polkadot (DOT) and etc. There are numerous payment options available, such as debit cards, credit cards, wire transfers, and much more.
The exchange was originally created in Hong Kong however made its way to Malta as-well after the Maltese government created a friendly approach towards cryptocurrency investment as well as trading.
The fees for spot trading range from 0.080% in terms of a maker free to a 0.100% taker fee and move down from there based on the level.
For futures and perpetual, the fees range from 0.20% in the form of a maker fee and 0.050% in the form of a taker fee. Options begin at 0.020% for the maker fee and 0.030% for the taker fee. As users level up their accounts or join the VIP program, these fees are lowered.
Also Read: Binance vs. Coinbase: Which Crypto Trading Platform is Best in 2023?
With that in mind, we can now move towards the key features that help OKX stand out from the competitors.
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Key Features of The OKX Exchange
OKX, as an exchange, has a wide range of products and services available, all of which help it differentiate itself from alternative options, and we are going to be looking at the most noteworthy examples of why this is the case.
The OKB Cryptocurrency
OKB is the native cryptocurrency behind the exchange and is an ERC-20 token that is the global utility token utilized across the platform.
Alongside being a cryptocurrency that’s used for the payment of transaction fees, any OKB holder is provided with additional benefits on the platform. It was issued by the OKX Blockchain Foundation.
Users can get access to OKX Earn, which provides a suite of savings schemes that can generate potential returns, alongside access to OKX Jumpstart, which lets holders of the OKX cryptocurrency participate in the feature and invest in early cryptocurrency projects, ones vetted accordingly based on the platform and are listed as a secure and solid project.
Streamlined Purchasing of Cryptocurrency
While not exclusive as a feature to OKX, it is still nice to see the ability for users to purchase cryptocurrencies directly with FIAT currencies through the usage of credit card options.
OKX supports Visa, MasterCard, as well as Apple Pay credit cards. However, the cryptocurrency exchange also enables bank transfers across numerous other payment methods.PayPal, Revolut, and other payment methods are also accepted.
Peer-to-Peer (P2P) Trading
Peer-to-Peer (P2P) Trading is another available service on the exchange in which users are able to buy as well as sell digital assets directly between one another. Instead of buying or selling the cryptocurrencies to the exchange directly, they are interacting with other cryptocurrency traders or enthusiasts as well.
Anyone that has created an OKX account, verified their email address or phone number, and has completed the Know-Your-Customer (KYC) procedure will be eligible to access the P2P marketplace. This can discourage some traders that might want to remain anonymous. However, it is a solid option for those that already use the exchange as they have an alternative way through which they can get the cryptocurrencies they want.
Also Read: LCX Review – Regulated Crypto Trading Exchange
Trading Bots
Another key feature that helps OKX stand out is the trading bots. The exchange features on-exchange bots that do a variety of different things for traders. These are intelligent, pre-built bots that help users auto-trade and auto-earn daily.
Some of the stand-out bots include the grid bots, which are split across the spot grid, futures grid, and moon grid. Additionally, there are Dollar Cost Averaging (DCA) bots, which are available for Spot DCA (Martingale) and Recurring Buy options.
Alongside those, users can also access Arbitrage bots, which are split across the smart portfolio bot, the Arbitrage bot, and the price lock bot. There are even slicing bots, which are split across Iceberg and TWAP.
Referrals and Affiliate Program
OKX also features a referral program in which users can essentially refer friends on the exchange and receive a Mystery Box within 30 days after signing up; the Mystery Box can feature rewards up to $10,000 in the form of e BTC, ETH, OKB, DOGE, FIL, SHIB, DOT and rebate cards.
Additionally, there’s an affiliate program in which users can earn up to 50% of the trading fees which are generated by the people they invite onto the exchange. These are both methods through which OKX encourages the promotion of the exchange. However, it does provide an alternative way through which users can potentially generate passive income in the form of crypto.
Leaderboards
Another feature that makes OKX a unique exchange is the leaderboards. Here, users are able to view the world’s top traders and copy them with a single click. This can also be seen as a copy-trader feature, in which those unfamiliar with trading or just starting out can analyze the best investors and even copy their methods.
Does OKX Live Up To Expectations And Is It Legit?
OKX, as an exchange, does indeed offer a lot of features that help it differentiate itself. The user interface is simple to use on the web version of the application. However, there’s also an application that’s easy to use for iOS as well as Android devices. The application is also available on MacOS as well as Windows, ensuring that anyone can access it.
This ease of use, as well as all of the available options, do make it a feature-rich exchange; however, it does not have the widest selection of cryptocurrencies when compared to competitors. In any case, what is here is solid, and beginners, as well as advanced traders, will find value in this exchange.