Apart from being a trading exchange, OKEx also provides cryptocurrency financial services. This means you can invest your crypto assets to earn interest and take out crypto-backed loans as required. A Funding Account primarily serves as a digital bank account for your cryptocurrencies.
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Regulated Crypto Exchanges in Canada: What You Need To Know
Here you have the spot account, fiat account, futures account, index trading account, and C2C trading account. Any deposits or withdrawals will only occur via this account. Hence, you will first have to transfer your funds from the “Funding Account” to the respective trading account. The platform currently has one of the most extensive lists of supported cryptocurrencies, along with over 448 trading pairs.
- 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.
- Thus, it’s a great platform to trade both popular and little-known cryptocurrencies, altcoins, and stablecoins.
- Level Two requires uploading a picture of their ID and a selfie through partner Netverify.
- Before you go on, note that trading crypto is incredibly risky, even at the best of times.
- The fees for market takers charged by OKX are a maximum of 0.15% for spot trading for traders with less than 500 OKB tokens.
Most of the assets that are freely tradeable within the spot wallet can be deposited and withdrawn with ease, and without having to pay unnecessary transaction costs. OKEx exchange comes along with a simple, but advanced trading view. When engaging in spot trading, users have access to all relevant tools designed to carry out market analytics and to determine which coins should be purchased or sold. The highest tier VIP user with a 30-day trading volume above $1Bn can expect a maker fee of -0.01% and a taker fee of 0.03%.
User Experience on OKX
OKEx distinguishes its traders into Normal and VIP users based on their previous trading volumes over the prior 30 days. OKX’s crypto offering is split into the spot, margin and derivatives markets (although note that derivatives are not available for UK retail traders). Derivatives can be further broken down into options, bi-quarterly futures and perpetual swaps, which are similar to futures but without an expiration date. Once logged in, you can view account balance and access features for spot, futures, options, and other trading needs.
- While OKX’s fees start out low, users can reduce them even further by climbing up the ranks of a somewhat convoluted tier system.
- Customers of OKX sign in to their account and click on “Audits” to view the recent audits done and “Details” to view the audit data.
- OKEx also gives the offer of signing up with just your mobile phone.
- Moreover, there is a great FAQ section and another exciting section called “Join the Community,” where users can get their issues answered and communicate with other users.
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Additionally, OKB is accepted by external services, thanks to OKX’s partnerships with various businesses. A buyback and burn program is in place to enhance OKB’s value, utilizing 30% of the spot market trading fees to purchase and burn OKB tokens periodically. OKB tokenomics and its integration with the OKC chain encourages long-term holdling and adds several layers of utility for the token. OKEx is currently considered one of the largest and most popular crypto-to-crypto and fiat-to-crypto exchanges in the world, serving more than 20 million users in over 100 countries.
website is lagging on trades
The support is good too, and there’s tonnes of resources to learn from about trading and crypto. It’s one of the few exchanges where you don’t need to do this. However, if you want to withdraw fairly large sums of crypto, you’ll have to verify your identity – this is to comply with anti-money laundering laws across the world.
- For a more detailed and comprehensive view of OKX’s withdrawal fees, you can visit this website.
- The exchange offers up to 10x leverage for spot cryptocurrency trading and 100x leverage for contracts.
- It comes with simplified features for beginners, including a demo mode that new traders can use to practice.
- The OKExChain also supports smart contract integrations, thereby creating yet another ecosystem suited for the deployment of decentralized applications (dApps).
- The website’s user-friendly interface is straightforward, and anyone, even if they don’t have prior trading experience, can operate on such platforms and efficiently execute trades on OKX.
This means that margin can come from any one of your accounts at OKX. You can also elect to get your positions margined with either coins (crypto) or Tether (USDT). Customers of OKX sign in to their account and click on “Audits” to view the recent audits done and “Details” to view the audit data.
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. OKEx supports 300+ cryptocurrencies, and users can convert more than 30 fiat currencies into crypto at no extra fees. Thus, it’s a great platform https://www.tokenexus.com/ to trade both popular and little-known cryptocurrencies, altcoins, and stablecoins. OKX offers advanced financial services as well as excellent primers for anyone new to crypto. It boasts an impressive list of services that include flexible borrowing and ways to earn interest on staked tokens.
Although the education section is limited, there are helpful articles on various topics, including API investing and dollar-cost averaging. There is also a blockchain glossary dealing with questions such as ‘What is a private key? However, while using the website, we were disappointed to not be able to locate market news or a blog with an analysis of the crypto market. That said, users may find some news insights on OKX’s social media pages. The OKX Rankings are useful for traders unsure of which crypto to invest in. These provide multiple lists of cryptos based on turnover, market cap, changes in price and a list of new entries into the market.
Opening an OKX Account
Unfortunately, OKX is not available to US residents and the exchange has a reputation for offering little in the way of customer service. Trade over 300 cryptos on one of the world’s largest digital asset exchanges. OKX, like many crypto exchanges, has its advantages and disadvantages. This OKX review even covers how traders can earn a passive income through mining pools—introducing OKX’s Mining Pool. As for PC clients, OKX has developed a program available on both Mac & PC clients. This is just as functional as the web-based trading platform, although it is likely to be a bit faster.