OKX Review: Latest OKX Pros, Cons, and Key Features 2024

If you are looking for a top cryptocurrency exchange with high trading volume and liquidity, OKX could be the perfect choice for your needs.

I'm David Wabinz, CEO and founder of DavidWabinz.com.

In this OKX review, I will help you explore the exchange's offerings in 2024, including supported cryptocurrencies, trading features, fees, and most importantly, its reputation and security.

What is OKX?

OKX is a cryptocurrency exchange that was founded in 2014 and is currently based in Malta. It has millions of users across over 100 countries. It's the fourth-ranked exchange by trading volume. OKX trades popular cryptocurrencies. It also offers spot, futures, and derivatives trading. This makes it the world's largest spot and derivatives exchange by trading volume.

JayHao is the current CEO of OKX. He had a background in game development before joining the cryptocurrency trading platform. The exchange began in Hong Kong. It expanded to Malta. This happened after the Maltese government embraced a crypto-friendly approach. They did so for investing and trading.

Initially, OKEx was known as OKEx exchange. It received support and investment advice from top venture capitalists and investment firms. These included Ceyuan Ventures, VenturesLab, Longling Capital, eLong Inc, and Qianhe Capital Management. They helped the exchange achieve its current success. Keep reading this OKX review. It will give you insight into the exchange. Then, you can start exploring its capabilities.

OKX Pros and Cons

As a cryptocurrency exchange, OKX will have its share of pros and cons.

Pros of Trading with OKX

• Zero OKX deposit fees.
• Easy-to-use interface with a separate mobile application.
• Pro-trading options are available, including spot market trading, futures, and derivatives trading.
• OKX supports 368 different coins. It offers one of the widest cryptocurrency selections available.
• Most trades on OKX have a competitive trading fee of 0.1%, making it an affordable option for traders.
• OKX's staking feature allows users to earn an annual interest rate of up to 100%.
• OKX provides users with many payment methods. They use them to buy coins, gaining more flexibility.
• Users can trade with fiat currencies such as USD, CNY, EUR, ARS, AUD, and others on OKX's platform.

Cons of OKX

• Withdrawals have restrictions.
• There is no provision for a demo account.
• US residents cannot access the platform.
• Some cryptocurrencies have low liquidity levels.
• Customer support lacks live chat or phone-based options.

OKX Trading Feature

OKX is a leading cryptocurrency exchange that offers a diverse range of trading products designed to cater to various trading strategies and preferences. Here's an overview of the key trading products available on OKX:

Spot Trading

In 2024, OKX Exchange continues to improve its spot trading platform. It's doing this to offer traders a strong and easy experience. Here are some of the new updates and features you can expect on OKX for spot trading:

• Expanded Cryptocurrency Selection: OKX now supports spot trading for over 350 cryptocurrencies. This big selection ensures that traders have access to many digital assets. They range from popular cryptocurrencies to new tokens.
• Enhanced Trading Pairs: Traders can enjoy many trading pairs available on OKX. This includes major pairs like BTC/USD, ETH/BTC, as well as lesser-known pairs that cater to specific trading needs.
• Spot trading on OKX ensures that transactions settle immediately. They settle at the current market price. This feature provides traders with certainty in execution. It works even if prices change during the transaction.
• Advanced Order Types: OKX offers several sophisticated order types to meet the needs of experienced traders:
  • Market Orders: Executes immediately at the best available price.
  • Limit Orders: Allows traders to set a specific price at which they want to buy or sell, ensuring control over execution price.
  • Trail Orders enable traders to adjust their limit order price based on market movement. This helps them to capture the best trading opportunities.
• OKX continues to focus on usability. The platform has a user-friendly interface. It ensures that both new and experienced traders can navigate it easily. The interface is designed to provide clear market data, order management tools, and account information at a glance.
• Security and Compliance are a priority for OKX. It is a leading exchange and complies with regulatory standards. Traders can trade with confidence, knowing that their assets are protected by robust security measures.
• Mobile Trading App: OKX offers a mobile app that allows traders to manage their spot trades conveniently on the go. The app provides real-time market data, order execution capabilities, and account management features.
• OKX invests in educational resources. They've empowered traders with knowledge about cryptocurrency trading. They cover strategies, market analysis, and platform features.

The updates show OKX's commitment. They aim to provide a full spot trading experience. It's going to meet the diverse needs of cryptocurrency traders now and in the future.

Margin Trading

In 2024, OKX Exchange is still evolving its margin trading platform. It is doing this to meet the needs of experienced traders. They want more leverage and trading chances. The updates show that OKX is committed to improving margin trading. They give traders the tools they need. The tools help them navigate the complexities of leveraged trading in the cryptocurrency market.

1. OKX offers many leverage options. They suit different trading strategies and risk levels. Traders can choose leverage ratios to fit their risk preferences. This may amplify their trading positions.
2. OKX supports margin trading on many cryptocurrencies. Traders can access leverage on over 200 digital assets. The coverage is expansive. It ensures that traders have many chances to explore markets and trading pairs.
3. Advanced Order Types: OKX provides advanced order types tailored for margin trading:

• Limit Orders: Enables traders to set specific price levels at which they want to enter or exit positions.

• Stop Orders allow traders to set triggers. They execute orders when a specified price is reached. This helps manage risk and protect profits.

• Take-Profit Orders allow traders to set price targets. They use them to close positions at a set profit level.

4. OKX simplifies margin trading. It has a dedicated margin account interface. Traders can use it to easily monitor their margin positions, funds, levels, and portfolios.
5. Risk Management Tools: To assist traders in managing risk, OKX offers comprehensive risk management tools such as:

• Margin Call Alerts are notifications. They tell traders when their margin account needs more funds to meet requirements.
• Liquidation Protection includes measures. They reduce the risk of forced selling in volatile markets. This includes adjustable liquidation thresholds.

6. OKX continues to provide educational resources. The resources are for supporting margin traders. These resources may include tutorials, guides, and market insights. They help traders make informed decisions and understand the complexities of margin trading.
7. OKX prioritizes security for margin trading, like with spot trading. They use robust protocols to protect user's funds and data.
8. Integration with OKX Ecosystem: User can margin trade on OKX. It's seamlessly integrated with the broader OKX ecosystem. Traders can move funds between different accounts (spot, margin, futures) efficiently.

Perpetual Swap

The OKX Exchange Perpetual Swap offers a complex trading environment. It is designed for both new and experienced traders. Here are some of the key updates and features that traders can expect:

1. The perpetual swap section now mimics the futures trading interface. This makes it intuitive for users familiar with futures trading. This includes advanced charting tools. It also has order books and trading history. These ensure a seamless trading experience.
2. Perpetual swaps on OKX don't have an expiry time. This is unlike traditional futures contracts. This allows traders to hold positions forever. But, they must follow margin requirements and funding rates.
3. Real-Time Funding Rate Information: OKX provides live updates on the funding rate. This information is crucial for managing perpetual swap trades. Traders need to watch these rates closely. They can greatly affect the profits of long and short positions.
4. New position tier guides have been introduced. They outline the margin requirements based on the trader's tier. These tiers are vital for understanding. They show how much margin is needed, especially at higher limits. The requirements vary slightly from those for the future. Traders must know these differences to trade well.
5. The platform has upgraded its risk management tools. They now have more advanced stop-loss and take-profit options. These tools help traders manage their risk exposure well. They are especially useful in volatile markets.
6. OKX has improved its liquidity and order matching. It's got better engines that reduce slippage and ensure faster execution times. This upgrade is for a more efficient trading environment. It's especially for high-frequency traders.
7. OKX has expanded its resources. They're for both new and experienced traders. They include educational materials and analytic tools. This includes detailed guides. It has trading strategies and market analysis. They help users make informed choices.
8. Security is the main focus for OKX. They have added advanced measures. These are to protect users' funds and personal information. These include multi-signature wallets, cold storage solutions, and advanced encryption protocols.

The OKX Exchange Perpetual Swap in 2024 is made to be a robust, user-friendly, and secure trading platform. It meets the diverse needs of cryptocurrency traders. You might want to trade frequently. Or, you might just want to manage your portfolio. OKX aims to offer the tools and features you need to trade successfully.

Trading Bot

OKX’s trading bots are some of the most sophisticated and user-friendly in the market. They serve both novice and experienced traders by offering a wide range of automated trading solutions.

The OKX Exchange Trading Bot in 2024 has introduced many updates. These updates will improve the user experience and trading abilities. Here’s a detailed overview of the latest features and improvements:

Enhanced User Interface and User Experience (UI/UX)

• The dashboard is intuitive. It has been redesigned to show an overview of all active trading bots. It also shows real-time performance metrics and gives quick access to bot settings.
• Advanced Customization: The options for setting up and managing bots have improved significantly. This makes it easier for users to tailor strategies to their needs.

Artificial Intelligence and Machine Learning Integration

• AI-Powered Strategy Suggestions use machine learning algorithms. They suggest the best trading strategies. They do this based on market conditions, historical data, and user preferences.
• Smart Risk Management uses AI-driven tools. They've adjusted trading parameters to cut losses and boost gains.

New Trading Strategies and Modes

• The Mean Reversion Bot is a new strategy. It aims to profit from price corrections by identifying and trading around price reversions.
• It is for trend-following strategies. It focuses on assets with strong price momentum.

Improved Execution Algorithms

• The bots are now more sophisticated. They can detect and exploit more arbitrage opportunities. This includes both cross-exchange and intra-exchange arbitrage.
• They are optimized for TWAP (Time-Weighted Average Price) and Iceberg Orders. They are better algorithms for execution. They aim to minimize market impact and slippage.

Advanced Analytics and Reporting

• Performance Analytics provides detailed bot performance analytics. It includes data on ROI, win/loss ratios, and other key indicators. This lets traders refine and optimize strategies before using them live.

Integration with DeFi and NFT Markets

• DeFi Yield Farming Bots: Bots designed to automate yield farming strategies across various DeFi platforms.
• NFT Trading Bots: Automated trading and flipping of NFTs, taking advantage of market trends and opportunities in the NFT space.

Security and Compliance Upgrades

• OKX has improved security measures. They protect user data and assets better.
• Updates ensure compliance with the latest rules and guidelines. They apply to different jurisdictions.

Community and Social Trading Features

• Copy Trading: Ability to follow and copy the trading strategies of successful traders within the OKX community.
• Bot Marketplace: A marketplace where users can share, sell, or lease their custom bot strategies to other traders.

Improved Support and Educational Resources

• OKX provides step-by-step guides and video tutorials to help users set up and optimize their trading bots. Additionally, OKX offers 24/7 support with a dedicated team to assist users with any issues or questions related to the trading bots.

My opinion:

I am a cryptocurrency expert. I find Trading Bot's new features add more trading options. But, some trading methods are still complicated and risky. They're more suitable for experienced traders.

OKX Yield Generation

In 2024, OKX significantly enhanced its yield offerings, providing a diverse and sophisticated set of options for crypto investors. This reflects the platform's commitment to innovation and user-centric services. As a cryptocurrency expert, below is my analysis of OKX Yield Generation:

Staking

In 2024, OKX Exchange introduced many updates to its staking platform. They make it more useful and rewarding for users. The users generate passive income by locking their assets. Here’s a detailed overview of the latest features and improvements:

Expanded Asset Support: OKX now supports staking for over 100 different cryptocurrencies. This gives users more options to diversify their staking portfolio.

Flexible Staking Durations: Traders can pick exact staking periods on OKX. They added this feature to the standard 15 to 120-day options. It lets users choose durations that fit their strategies.

Competitive Rewards

• Variable Rewards: Staking rewards now range from 1.5% to 80%. The range reflects the asset type and staking duration. It offers more competitive returns than in previous years.
• Bonus Rewards: Special bonus periods and events let users earn extra rewards. They are on top of the standard staking rates.

Auto-Restake Feature: The new auto-restake feature reinvests staking rewards. It compounds returns without needing manual intervention. This maximizes the earning potential.

Enhanced Security Measures: OKX improved security features to protect staked assets. They include multi-layer encryption, two-factor authentication (2FA), and regular audits.

Staking Analytics and Reporting: Staking users can now access real-time analytics. They show details about their performance, such as historical data, expected earnings, and yield tips.

Community and Governance Participation

• Stakers gain voting rights. They use them in governance decisions about supported assets. The decisions affect the future of these projects.
• Community Rewards: Participating in community events and governance can earn extra rewards. This system fosters a more engaged and active user base.

In my opinion, the 2024 update to OKX's staking platform shows its commitment. It aims to give users a more flexible, secure, and rewarding staking experience. OKX has more asset support. It has competitive rewards and better security. It is still the top choice for crypto investors who want passive income through staking. The platform's appeal is boosted by extra features. These include auto-resets, real-time analytics, and community engagement. These features make staking on OKX better than ever.

Savings

Besides staking, users can earn interest on their assets with OKX's Savings feature. It provides a lower Annual Percentage Yield (APY). This value-added product enables users to earn interest on their assets every hour.

OKX's Savings feature is very adaptable. It lets users deposit and withdraw cryptocurrency whenever they want. It supports more than 150 assets for saving, and the APY varies from 1% to 36.50%, depending on the deposited asset. The rewards are disbursed in the form of the deposited asset.

Dual Investment

In 2024, OKX Exchange introduced many exciting updates to its Dual Investment product. These updates enhance the features and benefits for traders seeking high-risk, high-reward opportunities. Here’s an overview of the new updates and improvements:

Expanded Cryptocurrency Options

OKX now supports a wider range of cryptocurrencies for Dual Investment. They include popular altcoins like ADA, SOL, and DOT. This is also to BTC, ETH, and USDT. This provides traders with more opportunities to diversify their investments.

Flexible Term Durations

OKX has introduced more flexible term durations. Traders can now choose from a wider range of investment periods beyond the standard ones. This helps tailor investments to specific market conditions and personal strategies.

Enhanced Profit Calculation Tools

The Real-Time Profit Estimator is a new tool. It provides real-time profit projections. They are based on current market conditions and selected terms. They help traders make better choices.

OKX provided historical performance data for Dual Investment offers. Traders can use it to see past trends and outcomes.

Advanced Risk Management Features

OKX added volatility protection. It helps lessen the impact of sudden market swings. This gives a more balanced risk-reward ratio.

Traders can now set stop-loss levels. These cause positions to automatically exit if the market moves too far against them.

Improved User Experience

The interface is intuitive. It has been revamped to simplify selecting and managing Dual Investment deals. This makes it easier for both new and experienced traders to use.

Automated Notifications are an enhanced alert system. It tells traders about key events, market moves, and expiration dates. The alerts ensure they stay informed during their investment.

Community Engagement and Insights

Market Insights are regularly updated. OKX experts provide insights and analyses. They help traders understand market trends and make better investment decisions.

Traders can use enhanced community features. They allow traders to share experiences, strategies, and tips with one another. These features foster a collaborative environment.

Conclusion

The 2024 updates to OKX’s Dual Investment product make it more versatile and user-friendly. It's for traders who want to capitalize on high-risk, high-reward opportunities. OKX has expanded cryptocurrency support. It offers flexible term durations and advanced risk management features. The platform also has improved educational resources. It continues to empower traders to navigate the complexities of the cryptocurrency market. These changes make Dual Investment a great choice. It's for those who want to maximize returns while managing risks.

DeFi

OKX allows users to access DeFi services and seize earning opportunities on established DeFi platforms like Sushiswap, Compound Finance, and Aave. This service removes the need for users to learn the complex DeFi protocols. Users can earn passive income by staking. They can also do so by providing liquidity to lending pools and by using decentralized exchanges. Also, this option is non-custodial. It has less risk than traditional custodial services. Here's an overview of the latest features and improvements:

Expanded DeFi Platform Integration

OKX has expanded its integration. It now includes more top-tier DeFi platforms like Uniswap, Curve Finance, and Yearn Finance. This broadens the range of earning opportunities available to users.

This release adds better support for multiple blockchain networks. These include Ethereum, Binance Smart Chain, and Polygon. They've allowed users to access a wider variety of DeFi protocols and assets.

Simplified User Experience

The dashboard is intuitive. It has been redesigned to provide a seamless interface for managing DeFi activities. These include staking, liquidity provision, and lending.

Users can access various DeFi services with one click. It includes staking, lending, and providing liquidity. This reduces the complexity of using DeFi protocols.

Advanced Yield Optimization

OKX introduced automated yield farming. The strategies allocate assets to the most profitable pools and protocols. They do this based on real-time market conditions.

Yield Aggregators optimize returns. They do this by moving assets between DeFi platforms to capture the highest yields.

Enhanced Security Measures

OKX improved security protocols. They include multi-signature wallets, hardware wallet integration, and continuous security audits. OKX uses these features to keep user assets safe.

Users can get insurance coverage. It protects against smart contract failures and other risks in DeFi.

Comprehensive Analytics and Reporting

OKX provides real-time investment performance tracking, including ROI, APY, and historical data.

The reports are provided regularly and offer insights into fund management as well as the performance of various DeFi strategies.

Conclusion

The 2024 updates to OKX’s DeFi services greatly improve the user experience, security, and earning potential. The updates help participants in the decentralized finance ecosystem. OKX is doing this by expanding platform integration. They are also simplifying user interfaces and adding advanced yield tools. These changes make DeFi accessible and profitable for more people. OKX added a focus on education, security, and community engagement. This focus ensures that users can navigate DeFi with confidence and ease. It makes OKX a leading platform for decentralized finance.

Flash Deals

The OKX website occasionally offers high-yield lightning deals. They are only available for a limited time. To take part in these offers, traders must deposit their crypto in the order of registration. The profit amount will be returned to the trader after the end of the project within 24 hours.

It's important to note that when you sign up for a flash deal, you cannot opt out. Thus, participants should consider this carefully before participating.

OKX Services

OKX stands out. It offers extra services for both new and experienced traders. These include NFT Marketplace, OKX Pool, and Algo Ordering Options. Below is a detailed review:

OKX NFT Marketplace

As a cryptocurrency expert, I highly recommend exploring the OKX NFT Marketplace in 2024. OKX has greatly improved its NFT platform. It has added many new updates and features. This has made it a top spot for NFT trading and creation. Here’s what you can expect:

Expanded Blockchain Integration

OKX NFT Marketplace now supports more blockchains. These include Ethereum, Binance Smart Chain, Solana, and Polygon. They allow users to create and trade NFTs across various ecosystems.

Enhanced Trading Features

These collections showcase NFTs with the highest trading volumes in USD. They show volumes over specific periods. They help traders identify popular and high-demand assets.

Recent Rockets highlights collections with the highest floor price increases. It shows them within a given timeframe. It lets users spot NFTs that are rapidly appreciating.

Popular NFTs show the ones with the highest trading figures. They guide users to items that are actively traded and sought-after.

Improved Navigation and Discovery

Users can browse NFT collections by category. This makes it easier to find specific types of NFTs, such as art, music, gaming, or utility-based.

Better Search and Filters: They offer advanced options. They help traders find new and valuable NFTs. The options are based on their preferences and investment strategies.

Advanced Trading Tools

Insights show that NFT rarity is detailed on the secondary market. This helps traders make informed buys.

Traders can now make bulk purchases with the new feature. It lets users buy many NFTs in one transaction. This makes buying in bulk and diversifying portfolios easier.

OKX NFT Launchpad

The Launchpad promotes top-quality NFT projects. It gives them visibility and marketing support in the marketplace. This helps creators reach a wider audience. It also ensures traders access high-potential investments.

Improved User Experience

The interface is user-friendly. It was redesigned to improve usability. It makes it easy for both new and experienced users to use the platform and do NFT transactions.

Real-time analytics show NFT prices, trading volumes, and market trends. They empower users with the data needed to make informed choices.

Conclusion

The OKX NFT Marketplace is a thorough and user-friendly platform. It is for trading, creating, and finding NFTs on many blockchains. It has advanced trading tools and improved navigation features. It also has strong support for top-quality projects through the OKX NFT Launchpad. It's ideal for both new and experienced NFT enthusiasts.

Don't wait any longer. Register for OKX now to try these new NFT services. Seize the chances in the fast-changing NFT market.

OKX Pool

OKX Pool can be useful for users who want to be “miners”. It helps them generate significant sources of income without having to risk trading amid the ups and downs of BTC prices. Below are its features.

Expanded Cryptocurrency Support

The OKX mining pool now supports Proof-of-Work (PoW) mining for 12 major cryptocurrencies. This is up from nine. This expansion includes popular assets, like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more. It offers greater diversity for miners.

New Altcoins are being added. They are promising and give users more options. They also bring the potential for higher returns.

Enhanced Mining Efficiency

Optimized algorithms have improved mining. They enhance efficiency and increase hash rate contributions. This maximizes mining rewards for participants.

It supports the latest mining hardware and ASICs. Miners can use the best tech for higher productivity.

User-Friendly Mining Dashboard

The interface is intuitive. It's redesigned to simplify managing mining activities. It also simplifies tracking performance and optimizing settings.

Real-time monitoring tools provide detailed insights. They show the hash rate, earnings, and pool status. They help users make informed decisions.

Flexible Payout Options

Customizable Payouts offer flexible options. Users can choose their payout frequency, such as daily, weekly, or monthly. They can also choose their method: direct to wallet or reinvestment in mining.

Auto-conversion automatically converts mined cryptocurrencies into stablecoins or other preferred assets. It provides stability and convenience.

Enhanced Security and Reliability

OKX has robust security measures. They include advanced protocols. These include two-factor authentication (2FA), secure wallets, and regular audits. These measures protect user funds and data.

OKX improved the infrastructure. It ensures high uptime and stability. This minimizes disruptions and maximizes mining time.

Unfortunately, OKX has announced that it will officially cease Bitcoin mining and shut down its coin mining services on the OKX Mining Pool platform as of February 26, 2024. The stated reason for this decision is to “adjust business operations,” with no further explanation provided.

Algo-order Options

On the OKX Exchange, investors can place trades at a specific trade volume and price. They can use various types of orders available in the market. Among these, algo orders are particularly important for active day traders. OKX stands out from most other crypto exchanges. It lets registered users trade cryptocurrencies. They can use many types of orders, like limit and market orders. They can also use stop-limit orders. They can also use advanced limit orders. And they can use iceberg orders, trailing top orders, and TWAP orders.

OKX Algo-order Options upgraded with enhanced algorithm strategies:

• New Algorithms use advanced strategies. They include VWAP, TWAP, and Volume Percent (POV). They also have options like grid trading and iceberg orders.
• You can set and adjust parameters for each algorithm. This lets traders fine-tune strategies to fit the market and their risk tolerance.

OKX Payment Method

OKX payment methods are diverse. They allow transactions with fiat and digital currencies. However, the platform only accepts cryptocurrency deposits. It does not support fiat currency deposits. Traders can buy cryptocurrency on OKX using a credit card. Or, they can transfer them from other exchanges or hardware wallets.

Once their account is funded, traders can start trading directly on the OKX platform. They have many payment options. These include bank transfers, debit cards, credit cards, Google Pay, Apple Pay, IMP, and PayPal.

Traders want to withdraw their preferred cryptocurrency from the OKX platform. They have to pay a small withdrawal fee. For example, a 0.0005 BTC fee applies to Bitcoin, 0.01 to Ethereum, and 0.15 to Ripple.

OKX Fees

As a cryptocurrency exchange, OKX of course charges users for making deposits/withdrawals as well as exchanging coins. There are 3 types of fees on OKX, they include: Deposit and Withdrawal Fees, Trading Fees, and Margin Fees.

Deposit and Withdrawal Fees

Here are the fees for deposits and withdrawals on OKX in 2024. OKX sets them based on the competitive landscape and the blockchain load of each digital asset.

Deposit Fees

Traders are not charged fees for depositing cryptocurrencies into their OKX accounts. This policy will keep encouraging users to choose OKX as their preferred trading platform. It will do so by providing cheap access to many digital assets.

Withdrawal Fees

OKX charges a small withdrawal fee for each digital asset. The fee covers blockchain transaction costs, also called network or miner fees. The 2024 fees are recommended to stay competitive. They will reflect the current blockchain load for each asset. Here are the updated withdrawal fees for some popular cryptocurrencies:

• Bitcoin (BTC): 0.0004 BTC
• Ethereum (ETH): 0.008 ETH
• Ripple (XRP): 0.12 XRP
• Bitcoin Cash (BCH): 0.0005 BCH
• Litecoin (LTC): 0.001 LTC
• Tether (USDT):
• ERC20: 5 USDT
• TRC20: 1 USDT
• Polkadot (DOT): 0.1 DOT
• Cardano (ADA): 1 ADA
• Solana (SOL): 0.01 SOL
• Binance Coin (BNB): 0.001 BNB

Conclusion

As a cryptocurrency expert, I assess the proposed Deposit and Withdrawal Fees for 2024 will help OKX remain competitive. It will remain attractive to trade cryptocurrencies. By offering free deposits and clear, low withdrawal fees, OKX can grow its user base. It can do this while maintaining high service standards.

Trading Fees

Here is the 2024 trading fee plan for OKX. This fee structure considers the difference between market makers and market takers. It also considers the benefits of holding OKB tokens:

Spot Market Trading Fees

• Market Takers:
• Base Fee: 0.15%
• With >500 OKB: 0.12%
• With >2000 OKB: 0.09%
• Market Makers:
• Base Fee: 0.10%
• With >500 OKB: 0.08%
• With >2000 OKB: 0.06%

Futures and Perpetual Markets Trading Fees

• Market Takers:
• Base Fee: 0.05%
• With >500 OKB: 0.04%
• With >2000 OKB: 0.03%
• Market Makers:
• Base Fee: 0.02%
• With >500 OKB: 0.015%
• With >2000 OKB: 0.01%

OKB Token Benefits

Holding OKB tokens in the OKX wallet cuts fees a lot. It encourages traders to keep more OKB. The detailed fee benefits based on OKB holdings are as follows:

• Less than 500 OKB:
• Spot Market: Taker Fee 0.15%, Maker Fee 0.10%
• Futures/Perpetuals: Taker Fee 0.05%, Maker Fee 0.02%
• 500 to 2000 OKB:
• Spot Market: Taker Fee 0.12%, Maker Fee 0.08%
• Futures/Perpetuals: Taker Fee 0.04%, Maker Fee 0.015%
• More than 2000 OKB:
• Spot Market: Taker Fee 0.09%, Maker Fee 0.06%
• Futures/Perpetuals: Taker Fee 0.03%, Maker Fee 0.01%

Volume-Based Rebates and Discounts

Advanced traders have high net worth and trade a lot. They are eligible for more rebates and fee discounts if they trade a lot over 30 days. The rebates have tiers based on trading volume. They give an incentive for high-frequency traders to keep using OKX. Specific volume-based rebates and discounts are as follows:

• Monthly Trading Volume over $10 million:
• Additional 5% discount on all fees
• Monthly Trading Volume over $50 million:
• Additional 10% discount on all fees
• Monthly Trading Volume over $100 million:
• Additional 15% discount on all fees

The proposed fees aim to keep OKX’s trading fees low. They want to keep them low to attract high-volume traders and those holding large amounts of OKB tokens. This structure helps traders. It cuts their costs and boosts trading and loyalty to OKX.

Margin Fees

Margin trading on OKX lets registered traders borrow money from the exchange. This increases their initial margin for opening positions. In 2024, OKX adjusted Margin Trading fees. They did this to improve the benefits of margin trading. They also wanted to keep competitive rates and effective risk management. This structure considers different leverage ratios. It also considers the needs of margin traders on the platform.

Standard Margin Trading

• Leverage Ratios Available: 10:1, 20:1
• Daily Interest Rate:
• 10:1 Leverage: 0.02%
• 20:1 Leverage: 0.03%

Perpetual Swap Margin Trading

• Leverage Ratio Available: Up to 100:1
• Daily Interest Rate:
• Leverage Up to 50:1: 0.04%
• Leverage 51:1 to 100:1: 0.05%

Margin Trading Policies

Borrowing Limits:

• 10:1 Leverage: Borrow up to 10 times the initial deposit.
• 20:1 Leverage: Borrow up to 20 times the initial deposit.
• 100:1 Leverage (Perpetual Swap): Borrow up to 100 times the initial deposit.

Maintenance Margin Requirements:

• 10:1 Leverage: 10%
• 20:1 Leverage: 5%
• 100:1 Leverage (Perpetual Swap): 1%

Liquidation Fees: in the event of margin call and liquidation, a liquidation fee of 0.5% of the position value will be applied.

Margin Call Alerts: Traders will receive alerts when their margin level drops below 120% of the maintenance margin requirement. Additional alerts will be issued at 110% and 105%, providing traders ample time to add collateral or reduce their positions.

Auto-Liquidation Mechanism: OKX will automatically sell positions if the margin level falls below 100% of the maintenance margin requirement. This mechanism is in place to prevent further losses.

Incentives for High-Volume Margin Traders

Volume-Based Interest Rate Discounts: Traders with monthly margin volume over $10 million will get a 10% discount. They'll get it on daily interest rates.

• For volumes exceeding $50 million, a 20% discount will be applied.
• For volumes exceeding $100 million, a 30% discount will be granted.

Customer Support by OKX Exchange

As a cryptocurrency trading professional, I appreciate OKX Exchange's Customer Support.

You will manage your OKX account yourself. You will process transactions and update your account. However, you can call or message the customer support team on the exchange's main website if you have any questions.

The help center has the most information. It covers how to use, update, and maintain your account.

Consumers have given mixed feedback about OKX. Positive reviews emphasize the exchange's easy interface, fast transactions, and reasonable fees. On the contrary, negative feedback points to inadequate customer support, lack of funds, and slow withdrawals. According to Trustpilot, OKX has an average rating of 3.5 out of 5 stars. Rating based on nearly 500 reviews. This score is quite high for a cryptocurrency exchange.

How To Register OKX Account?

To register an account on OKX you need to follow these steps:

1. Go to: https://www.okx.com/
2. Complete the registration form by providing your email address, create a password (must be at least 8 characters including numbers and special characters), and enter the referral code “69809443” to claim new user rewards.
3. Verify that you are not a robot.
4. Check your email for the verification code and enter it to complete the registration process.
5. Login account.
6. Verify your identity.
7. Create 2FA security for safety.

Trading With OKX

You can use OKX flexibly because it supports both crypto-to-crypto and fiat-to-crypto trading. Traders can engage in crypto-to-crypto trading by funding their OKX trading accounts. They can choose from options like spot trading, margin trading, futures, options, DEX, and perpetual swaps trading pairs.

For fiat-to-crypto transactions, users need to select the “Fast Transactions” option. This option allows users to buy cryptocurrencies with fiat currency. After selecting “Quick trade”, traders must decide to buy or sell. They also set the conditions of their trade. When selecting the “buy” option, users need to specify the supported fiat currency and the amount of crypto they wish to buy. The user is then taken by OKX to a page with the best cryptocurrency prices offered by another party.

OKX Affiliate Program

To qualify for the affiliate program and start earning commissions, you need to invite at least ten eligible users. Eligible users are those who have either claimed the Mystery Box after buying or depositing crypto or have traded 5,000 USDT or more (excluding zero-fee trades).

To earn commissions as an affiliate on OKX, you can follow these steps:

1. Obtain affiliate links – These links and codes can be found on the Affiliates page of the website. You have the option to customize your affiliate code and link, or create new links and set commission rates for yourself and those you invite. Your default affiliate link will be your referral link.
2. Share your links – Share your affiliate links or codes with your friends and community, or promote them through various social media and other channels.
3. Invite users to join and trade – Your invitees can use your link or code to sign up on OKX and make a trade, or log in again after 180 days and make a trade.
4. Earn commissions – You will receive a commission from every trading fee paid by your invitees for their lifetime on OKX. The commissions are paid in USDT and are settled hourly.

In case the counterparty of an invitee has a negative trading fee rate, the commission will be calculated based on the actual net trading fees incurred.

Conclusion

OKX is an exchange with high volume and high liquidity. In addition, OKCoin also develops DeFi products that allow easy and convenient connection to DApp, NFT as well as Web3 world, OKX users can completely synchronize accounts on these products.

In the above article, we introduced, reviewed, and detailed the OKX guide for crypto newbies. OKX is a floor worth your attention and need to register an account to wait for events that can make a profit with OKX.

Frequently Asked Questions

What is the referral code for OKX 2024?

The OKX referral code is “69809443“. Register on OKX using the referral code 69809443 to receive up to a $10,000 bonus on the OKX Exchange, along with a 50% fee discount.

Is OKX good for crypto?

OKX stands as a leading cryptocurrency exchange, relied upon by millions of users. Offering a swift and straightforward experience, it caters to both novice and experienced cryptocurrency enthusiasts, facilitating the purchase, retention, and exchange of numerous popular cryptocurrencies with competitive trading fees.

Is OKX legit or fake?

OKX is a global cryptocurrency exchange known for its low fees. Although not accessible to users in the United States, it remains an attractive option for individuals elsewhere seeking to purchase, stake, and trade a diverse range of currencies. As one of the top 20 cryptocurrency exchanges globally, OKX supports a wide array of coins.

Is OKX a Chinese company?

OKX, Binance, and HTX, formerly known as Huobi, originated in China but relocated their operations overseas due to a government crackdown. Crypto.com, initially founded in Hong Kong, has since moved its headquarters to Singapore.

Does OKX have a demo account?

Yes, individuals can utilize OKX's free demo cryptocurrency account to practice trading digital assets without the risk of losing real money. OKX offers one of the best demo websites for spot, margin, or futures trading.

What is OKExChain Token (OKT)?

OKExChain's primary token, known as OKT, plays a crucial role in the OKExChain ecosystem. Users can use OKT to vote, stake, and pay transaction fees for decentralized exchanges and other DeFi applications on the network. OKT follows a halving model, where its block reward is halved every three years.

Is OKX crypto exchange legit?

The exchange enjoys widespread trust among traders due to its security measures, range of features, quality customer service, and positive reputation garnered over the years.

Does OKX require users to complete KYC?

OKX does not require mandatory KYC verification during registration. However, unverified accounts have limits on daily withdrawals and trading amounts, which are set at 10 BTC and $500, respectively. To access the full range of trading features on OKX, completing the KYC (Know Your Customer) requirements is necessary.

Is my cryptocurrency safe with OKX?

The OKX cryptocurrency trading platform is considered safe to use as it uses advanced encryption technology to implement hot and cold storage solutions, providing strong security against hackers.

Which country supports OKX?

OKX is a platform enabling investors to purchase Bitcoin, Ethereum, and various other cryptocurrencies. Presently, it operates across global markets, including Hong Kong, the United Arab Emirates, The Bahamas, and France.

How do I reset my OKX account?

How can I reset my wallet? You can access your OKX Wallet and navigate to User Center > Wallet Security > Reset Wallet. Please be aware that resetting your wallet will revert your OKX wallet to its original state, erasing all seed phrases, private keys, and wallet data.