What is OKX Exchange? Latest Detailed Review of OKX Platform in 2024

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OKX, short for ‘OK Exchange,’ is not just an ordinary cryptocurrency trading platform but also one of the leading cryptocurrency trading platforms globally. With a plethora of features and diverse services, OKX has attracted the attention of cryptocurrency investors from all around the world. Let’s delve into the detailed history of formation and development of the OKX platform in this article together with AZC.News.

What is OKX Exchange?

Formerly known as OKEX, OKX Exchange is not just your ordinary cryptocurrency exchange but also one of the leading platforms globally. Established in 2017 by Star Xu in China, this exchange quickly rose to prominence as one of the most popular and trusted trading platforms in the cryptocurrency space. OKX offers a range of diverse services to meet the needs of traders and investors worldwide. Renowned for its user-friendly interface, robust security measures, and innovative features, OKX has attracted millions of dollars in investments from leading venture capital firms worldwide.

Open a free OKX account here!!!

OKX’s Global Position

OKX has cemented its position as one of the top cryptocurrency trading platforms, facilitating seamless buying, selling, and trading of digital assets. With a diverse range of cryptocurrencies available for trading, including major coins like Bitcoin, Ethereum, and Litecoin, as well as emerging alternative coins, OKX provides users with ample opportunities to diversify their investment portfolios and capitalize on market fluctuations. Its credibility and position in the cryptocurrency industry are evidenced by its ranking as the third-largest derivatives exchange globally, trailing only behind Binance and Bybit.

Establishment History of OKX

2017: Company establishment by Star Xu in Singapore, Hong Kong, the United Arab Emirates, Bahamas, and the United States. Expansion to Malta for leveraging blockchain business operations and digital asset exchanges.
2018–2021: Significant growth in trading volume, becoming the largest cryptocurrency exchange by revenue in May 2018. Introduction of white-label cryptocurrency exchange services. New regulations by the Securities and Futures Commission of Hong Kong in November 2019. Record-breaking trading volume in January 2021, reaching $188 billion.
2022–2023: Recent expansions including rebranding to OKX in January 2022. Refusal of Russia’s cryptocurrency trading ban calls in March 2022. Obtaining virtual asset license in Dubai in July 2022. Plans to increase staff in the Bahamas to 100 over the next three years by December 2022. Release of Proof of Reserve report, holding the largest BTC reserve ratio in January 2023. License application in Hong Kong and plans to open offices in Australia in February 2023. Participation in Copper’s ClearLoop platform and opening offices in France in April 2023. Plans to open offices in Turkey in May 2023. Becoming the first client to use Komainu Connect and receiving trading license in Dubai in June 2023. Increase in overseas market share to 11% in July 2023. License application in Hong Kong under new system and partnership with CoinRoutes in August 2023. License application in Hong Kong and plans to open offices in Turkey in September 2023. Office opening in Turkey in October 2023. Contract signing with a securities company in Hong Kong in November 2023.

Prominent Services of OKX

When considering OKX as a cryptocurrency exchange, it’s essential not only to assess its credibility but also to examine a range of diverse features and services it provides to the user community. Here’s an overview of the top 10 unique and popular trading products on OKX:

Spot Trading: Support for trading over 300 tokens and providing more than 533 trading pairs, OKX opens up a vast world of trading potential with a user-friendly interface and comprehensive support tools.
Derivatives and Margin Trading: With leverage up to 125x, OKX offers a flexible derivative trading platform, allowing participation in futures and options markets, creating higher profit opportunities.
Trading Bots: OKX offers a series of trading bots from grid to arbitrage, providing automated trading access for trading strategies, optimizing trading performance.
Earn: The “Earn” savings feature allows users to earn attractive interest rates by depositing their funds, with support for 21 token types and flexible withdrawal conditions.
Loan: OKX provides collateralized loan options, offering convenience for users in need of borrowing funds for trading or investment purposes.
Jumpstart: This Launchpad product enables users to access early-stage projects before they are listed on the exchange, creating investment opportunities in new projects.
OKB Chain and OKT Chain: OKX not only focuses on trading on traditional platforms but also develops its own two blockchains, providing high security and performance.
P2P Trading and Express Buy: Both the P2P trading market and Express Buy feature provide convenience for users when buying and selling cryptocurrencies.
Trading Tools for Institutions: OKX offers products and services specifically for institutions, helping them manage assets and execute trades efficiently.
OKX Web3 Wallet and OKX NFT Marketplace: OKX develops new services such as Web3 Wallet and NFT Marketplace, opening up new opportunities in asset management and participation in the NFT market.

Transaction Fees on OKX Exchange

Trading Fees

OKX categorizes users into 2 types of accounts with various levels. For regular users, trading fees are calculated based on the amount of $OKB held and the trading volume under $10,000. The fee is 0.08% for Makers and 0.1% for Takers at level 1 with holdings below 500 $OKB. This fee decreases gradually with levels, with Makers at level 5 paying 0.06% and Takers paying 0.08%.

Deposit and Withdrawal Fees

OKX offers free deposit fees. When users want to withdraw coins/tokens, they will have to pay a fixed fee set by the exchange.

Open a free OKX account here!!!

Advantages and Disadvantages of OKX Exchange

Advantages

Support for Various Cryptocurrencies: OKX supports trading of over 150 popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), etc.
High Trading Volume: OKX has a large daily trading volume, ranking high among cryptocurrency exchanges, ensuring high liquidity for trades.
Competitive Trading Fees: Provides competitive trading fees for both SPOT and Margin trading.
Diverse Range of Services: Besides cryptocurrency trading, OKX offers various services such as staking, lending, OTC, NFT, catering to diverse user needs.
Robust Trading Platform: Features a robust trading platform, supporting numerous advanced trading features, suitable for both beginners and professional traders.
High Security: OKX implements advanced security measures to protect users’ assets, including cold storage of cryptocurrencies, two-factor authentication, etc.
Professional Customer Service: Provides professional 24/7 customer service across various channels.

Disadvantages

Past Controversies: OKX has faced controversies in the past, being banned in some countries and accused of market manipulation, raising concerns about the exchange’s credibility.
Complex User Interface: OKX’s user interface can be complex and difficult to navigate for beginners.
High Withdrawal Fees: Applies high withdrawal fees for some cryptocurrencies.
Lack of Some Features: OKX lacks some features that other exchanges provide, such as spot trading with margin.

Is OKX Exchange Reliable?

Trust Score on Coingecko

OKX cryptocurrency exchange has gained a reputable position in the cryptocurrency community. With a trust score of 10/10 from CoinGecko, OKX has proven its reliability. Particularly, OKX strictly adheres to anti-money laundering and counter-terrorism financing regulations.

Each cryptocurrency on OKX is treated as a separate asset, ensuring transparency and high compliance. The exchange has also obtained a Virtual Asset License to operate in Dubai and is awaiting licensing in Hong Kong. OKX’s high-level security system complies with international standards such as KYC, AML, VFAA, continuously improving to ensure users’ safety. With these certifications and information, any rumors about OKEX being a scam are entirely inaccurate.

OKX continues to maintain and strengthen its reputation in the cryptocurrency industry. While there are conflicting pieces of information on social media, OKX consistently provides quality trades and ensures high safety for customers. Their two-layer SMS security system is a prime example. 95% of investors’ assets are stored in cold wallets, with only 5% being hot assets ready to support daily trading.

All backups are continuously updated and highly secure, avoiding risks from hackers. For all accounts that have undergone identity verification with OKX and are encrypted separately, they cannot be connected to USB or the internet. This creates a secure and reliable trading environment for investors on OKX.

Has OKX Exchange Ever Been Closed?

South Korea:

March 2021: OKEx South Korea temporarily suspended operations for a short time due to system maintenance issues.
April 2021: OKEx South Korea officially closed its operations due to South Korea’s new cryptocurrency laws taking effect, imposing stricter regulations on capital, risk management, and investor protection, which OKEx South Korea couldn’t fully comply with.

United States:

April 2020: The U.S. Securities and Exchange Commission (SEC) placed OKEx on a “caution” list due to concerns that the exchange offered unregistered cryptocurrency derivative products.
February 2021: OKEx reached an agreement with the SEC, agreeing to make some changes to comply with U.S. law. Subsequently, the SEC removed OKEx from the “caution” list.

India:

June 2022: The Reserve Bank of India (RBI) issued guidelines requiring banks and financial institutions not to trade with cryptocurrency exchanges. This made using OKX in India more difficult. Current Status (May 11, 2024): OKX is still operating in India; however, Indian users may encounter some limitations when using this exchange.

Canada:

August 2022: OKX informed Canadian users via email about closing operations in this market in mid-2023 due to “new regulations” in Canada. Current Status (May 13, 2024): OKX is still operating in Canada. However, there may be some changes in the operation of this exchange in the future to comply with new regulations.

Has OKX Exchange Ever Been Hacked?

While there is no official evidence confirming that OKX cryptocurrency exchange has been hacked, in August 2017, some OKX users reported unauthorized access to their accounts and theft of cryptocurrencies, with estimated damages up to 600 BTC. OKX swiftly conducted an investigation and affirmed that no security vulnerabilities were exploited. The exchange also claimed to have enhanced security measures to prevent similar attacks in the future. They also promptly notified and addressed this incident. OKX tightened security measures by requiring users to use reserve passwords and implementing security measures such as two-factor authentication (2FA).

Furthermore, this exchange established a policy to reward those who discover and report bugs on their platform. While OKX has upgraded and improved its security layer, users still need to be cautious when trading and should not share their account passwords with anyone. This is crucial to protect your cryptocurrency assets from the risk of hacking and fraud. This event significantly affected OKX’s reputation and caused many users to lose trust in the exchange.

Conclusion

In 2024, OKX Exchange is not only one of the reputable and highly liquid cryptocurrency exchanges, but also a diverse and convenient platform, offering countless opportunities and benefits to users. Despite some areas needing improvement, OKX remains an attractive choice for investors looking to enter the cryptocurrency market.