Instead, U.S. residents can access its sister exchange, OKCoin, but this exchange platform doesn’t offer as many coins or features. Though OKX supports trading with both fiat and digital currencies, it allows only cryptocurrencies to deposit funds into a trader’s account; no OKX fiat deposit is allowed on the platform. okex review Traders can purchase cryptocurrencies on the OKX website with a credit card or transfer cryptocurrencies from other exchanges or any best crypto wallet (or hardware wallet). High net-worth advanced traders with a huge trading volume during a 30-day period can also avail of additional rebates and trading fee discounts.
- However, if you wanted to sell an option, this could be done, but you would have to request it.
- What’s more, the exchange also has perpetual swap contracts that are more like futures except that, unlike the latter, they do not have settlement and expiry dates set.
- Simple and intuitive – these are some of the most common words you’ll spot in any OKEx exchange review out there.
- That is why many don’t choose OKEx or even label it as OKEx scam.
- We constantly evaluate our fee structures to ensure they are competitive and aligned with market standards.
One of the cheapest crypto exchanges out there, great trading volume, and advanced trading features and tools. For regular users, your fees are based on the number of OKB you hold. The more OKB you hold within the OKX ecosystem, the lower your fees. Generally speaking, the “maker fee” is paid by the person who initiates the order to buy or sell, while the other party that completes the complementary transaction pays the “taker fee.”
Its sister platform, OKCoin, was set up to serve the US market, which OKX is not allowed to do because it is not licensed to do so. However, OKCoin only deals in cryptocurrency trading (buying and selling) and ICO tokens. OKX was founded in 2017 by Star Xu and was first known as the OKeX exchange. It was headquartered in Beijing, China, and owned by OK Group, which also owns the cryptocurrency exchange OKCoin. But after China banned cryptocurrencies, the company moved its headquarters to the Seychelles and now has offices all over the world. We will cover the exchange’s history, key features and products, fee structure, supported countries, and other important details, including the pros and cons.
This makes it possible to test strategies quickly without spending real money, which makes trading far more accessible to those without experience. Positive reviews focus on an easy online experience, fast transitions, and low fees. Negative reviews mention poor customer service, lost funds, and slow withdrawals. At Trustpilot, OKX receives an average 3.4-star rating out of five across over nearly 300 reviews, which is a relatively high rating for a cryptocurrency exchange. With an account at OKX, you can easily buy crypto using a card, bank account, or mobile wallet.
VIP users can enjoy much more competitive trading fees of 0.030%-0.080%. For anyone with over $50 million in monthly trading volume, these fees can be reduced in line with their OKB token holdings. However, the services offered by this exchange extend far beyond spot and derivatives trading.
This is basically a password that will allow you to confirm any withdrawals out of your account. Also, remember to be mindful of your withdrawal limits which are dependent on your tier and KYC verification level. On the other hand, users will not pay fees to deposit funds but will be charged to withdraw funds. Once the funds have https://www.tokenexus.com/the-interesting-bitcoin-mining-history/ been automatically added to your account, you can start trading at OKEx. As mentioned, there are different types of trading options available including a spot, margin, futures, options, DEX, and perpetual swap. OKEx supports a mobile application that is easily downloadable on Apple Store and Google Play and is very user friendly.
OKX Review Features
Additionally, OKEx will not limit you to using only specific fiat currencies for their spot trading market like many other exchanges where you can only use USD. The high leverage crypto trading platform supports the Chinese yen, Canadian dollar, Hong Kong dollar, Japanese yen, and many other currencies from across the globe. OKEx fees are super low, it supports more than 340 cryptocurrencies and over 650 trading pairs.