OKX Exchange Review

Description

OKX is a bitcoin exchange that provides its services in 19 languages on a website, via an app (for Android and iOS), and its web extensions for Chrome and Firefox. It has various trading options, such as P2P trading, spot trading, futures contracts, options, and trading bots.

How OKX Works

Use of the exchange begins with registration on its website or via an application (for Android/iOS), specifying your email or phone number, followed by entering a verification code. To access certain features and higher trading limits, you are required to complete the OKX KYC verification process. This includes providing basic info, ID documents, selfies, and proof of residence.

Before selling bitcoin, you need to deposit it into your OKX account. You can do it on-chain or via Lightning Network by copying the deposit address or scanning the QR code. Depositing via Lightning Network is possible if the wallet or exchange you deposit from supports this feature. Wallets that support Lightning Network include:

Bitcoin withdrawal is performed to a wallet, an exchange or as an internal transfer to OKX’s users. There will be no fees for transfers to the latter. The minimum amount for which you can buy sats is 10 USD. Here, you can use express sell, entering the amount you are selling, and the service will show you the amount you get.

OKX Escrow

OKC has an escrow system for transaction security. With OKC escrow, the exchange holds the traded Bitcoin on the platform and releases it to the buyer only when until the buyer confirms successful payment to the seller. The process unfolds as follows: first, the buyer selects a seller’s offer on the OKX P2P platform and initiates an order. Subsequently, the Bitcoin amount is deducted from the seller’s wallet and securely held by OKX. The buyer then executes the payment to the seller using the chosen method outside the OKX platform. Following payment confirmation by the buyer on OKX, and the seller’s confirmation of payment receipt, OKX releases the Bitcoin to the buyer’s wallet.

This escrow system provides security benefits to both buyers and sellers, assuring buyers of Bitcoin receipt post-payment and sellers of payment receipt before releasing the Bitcoin.

OKX Payment Methods

OKX supports a wide range of payment options, including bank transfer (including SEPA), e-wallets, debit/credit card (Visa, MasterCard), Apple Pay, and more. If you are seeking a swift transaction, Visa and Mastercard debit/credit cards provide a user-friendly process with a nominal fee. Alternatively, P2P trading facilitates direct buying and selling with other users in local currency. Note that using SEPA transfer to buy Bitcoin or withdraw funds into Euro is only available to residents from EEA countries, excluding France.

Moreover, OKX has introduced a cash payment option, where users can meet in person to conduct transactions. This method bypasses intermediaries, eliminating transaction fees associated with P2P cash trading. However, it is crucial to exercise caution due to inherent safety risks, necessitating selection of a secure and public location for such exchanges. Finally, OKX collaborates with third-party services like Banxa and Simplex.

OKX Trading Methods

OKX offers a variety of trading options, including spot trading, margin trading, options trading, trading bots, and copy trading. These diverse instruments enable users to trade bitcoin with different strategies:

• Spot Trading: You can buy or sell bitcoin at current market prices.
• Futures Trading: OKX allows you to trade bitcoin futures contracts. This enables you to speculate on the future price of bitcoin, allowing for potentially higher profits but also higher risk.
• Options Trading: You can buy, call or put options based on your market predictions.
• Margin Trading: This feature allows you to borrow funds to increase your trading position.
• Perpetual Swaps: It is a type of futures contract without an expiry date. This allows you to hold a position for as long as you like, provided you can pay the funding rate.
• Staking and Earning: You can earn additional tokens by holding and staking your existing assets in a wallet.
• Trading Bots: This feature allows for the automation of trading strategies, including the DCA (Dollar-cost averaging) strategy.

The exchange has two native tokens: OKB and OKT. An exchange token is native to a cryptocurrency exchange and is created by the company that runs the exchange. You should avoid them. As in the case of FTX, the exchange may lack the liquidity required to back its token. If the value or price of the token falls after you exchange bitcoin for it, you will lose your funds.

OKX Exchange Fees

The fee structure on OKX varies depending on whether you are a regular or VIP user.

The exchange does not charge you for depositing bitcoin, but it applies fees for its withdrawal. The transaction determines the fee amount and is shown at the moment of withdrawal.

OKX Supported Countries

OKX caters to a wide range of countries across continents, providing access to its platform in Europe, including the UK, Spain, Portugal, the Netherlands, France, Germany, and more. Additionally, OKX extends its services to Asian countries such as South Korea, Singapore, and India, as well as several African nations including Kenya, South Africa, and Ghana, and Australia and New Zealand in Ocenia. However, it’s important to note that OKX exchange products are not available in the United States due to local laws and regulations.

Is OKX Legit and Safe?

OKX complies with various regulatory requirements in the jurisdictions where it operates. This includes Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

The OKX exchange uses Google Authenticator, a time-based one-time password app that adds an extra layer of security. Users must provide these temporary codes when making withdrawals or changing security settings. Two-factor authentication (2FA) is also available and is required for account login, fund withdrawals, and other sensitive actions. Mobile verification is another feature that sends codes to your mobile device for confirming withdrawals and other significant account changes. OKX also offers an anti-phishing code feature to help users authenticate emails sent by OKX, protecting them from phishing attacks.

Despite all the measures taken, it is always better to immediately withdraw bitcoins to the self-custodial wallet after trading.

More Information

• OKX website
• OKX on X (Twitter)

OKX Alternatives