OKX

OKX is the trade name of "O Key FinTech Co. Ltd." (Aux Cayes FinTech Co. Ltd.), established in the Seychelles.

This company offers modern services in the cryptocurrency exchange domain, including various financial services. Utilizing blockchain and other advanced technologies, OKX ensures everything needed for successful trading and investing.

On the OKX platform, one can find a plethora of cryptocurrencies and trading pairs. It's one of the largest exchanges in terms of volume, serving a multitude of users in over 100 countries. Customers can avail services like spot trading, margin trading, futures, options, perpetual swaps, DeFi, lending, and cryptocurrency mining.

Globally, OKX is one of the main crypto exchanges, being one of the ten largest exchanges in terms of trading volume and having a trust rating of 10 out of 10 according to CoinGecko. Serving over 50 million users. The exchange was founded by Star Xu, who also has been serving as its CEO. The presidency is held by Hong Fang, and the position of the executive director is occupied by Haider Rafiq. OKX is under the umbrella of OK Group, which also owns the cryptocurrency exchange Okcoin.

The OKX platform enables investors to purchase various cryptocurrencies, including Bitcoin and Ethereum. Presently, the company has branches in various countries such as Hong Kong, UAE, the Bahamas, and France, with offices in locations like Dubai, Turkey, Hong Kong, Silicon Valley, Singapore, and Australia. OKX also collaborates with various brands and sports teams, including Manchester City, McLaren, and the Australian Olympic team.

Key Features and Characteristics of the OKX Service

• The exchange offers over 400 trading pairs, with more than 100 cryptocurrencies, the listing of which is continuously expanding by adding new tokens.
• The service supports more than 30 traditional currencies, including the Russian ruble.
• Software includes version 2 of the OKEx trading terminal.
• The platform provides a user-friendly, intuitive, multilingual interface - among the 12 languages, Russian is included.
• Services: spot trading, margin trading, options, perpetual swaps, DeFi, lending, mining.
• Order types include Limit, Market, Trigger, Trail, analogous to Stop Loss.
• Features an internal coin with the ticker OKB based on the parent blockchain OKChain.
• Tech support operates around the clock every day, 24/7.
• The exchange holds a leading position and has a trust level of 8 out of 10, according to Coin Gecko.
• The company has a high market capitalization.

OKX Drawbacks: Customer Complaints

• Customer Support Quality: Many users complain about inefficient customer support, citing communication difficulties and long wait times for issue resolution.
• Account Freezes and Fund Locks: Some users have reported their accounts being frozen without clear reasons, leading to an inability to access their funds.
• Withdrawal Issues: Some clients have experienced delays or an inability to withdraw funds, raising serious concerns about the platform's reliability.
• Technical Glitches and Bugs: Users report occasional technical issues, including incorrect chart displays and problems with order execution.
• High Fees for Fiat Transactions: Depositing and withdrawing fiat currencies can incur significant fees, making these transactions less cost-effective for users.
• Limited Availability in Certain Regions: The platform is not accessible to users from the U.S. and Canada, restricting its usage in those countries.

Registration and Authorization

Registration page. Use the referral code 5PROC to receive a 5% discount on your trading commission.

To register, a valid phone number or email is required, along with code verification and a password.

Mandatory security measures for the account include a complex password, anti-phishing code, linking a phone number, activating Google Authenticator, and email verification.

The exchange requires mandatory data verification. Withdrawal of funds without verification is impossible. The identity verification procedure takes place in the client's personal account.

P2P Trading

OKX P2P is a global peer-to-peer platform that allows users to buy and sell cryptocurrency for fiat money, conducting transactions directly with other users. P2P trading on OKX is commission-free.

To post purchase ads, you first need to go through the verification process. Then, open the market and click "Create". Follow the on-screen instructions and fill out the ad details.

Withdrawal of Funds

To withdraw up to 200 BTC per day, it is sufficient to specify the country, first name, last name, type, and number of the document (passport).

To withdraw amounts exceeding 200 BTC and up to 500 BTC per day, you need to submit a colored scan of the document and your photo.

OKT Token

OKT Chain (OKC) is an EVM- and IBC-compatible Layer 1 blockchain built on Cosmos, focusing on true interoperability and maximum performance. Users can earn rewards for adding blocks and voting on the OKT chain, with payouts made directly from transaction fees.

Staking

OKT Liquid Staking is a liquidity solution for OKTC, allowing users to earn OKT staking rewards without the need to maintain infrastructure. It enables users to trade staking positions and utilize staked assets to participate in decentralized finance across the chain.

OKT Liquid Staking offers the following services:

• Provides a secure and decentralized method for staking OKT tokens.
• Allows users to trade staked shares on the secondary market.
• In the OKT Liquid Staking system, users receive stOKT after staking their OKT tokens. The system calculates the stOKT/OKT ratio and distributes the corresponding amount of stOKT to the user. The staked OKT tokens are then delegated to validators on OKTC for staking.

The staking rewards earned by users are reflected in an increased amount of OKT that can be redeemed using the stOKT they hold.

Fees

• No commission for deposit replenishment.
• The withdrawal fee is determined based on the conditions of the Blockchain network.

The commission for trading depends on the level, and also differs for regular and VIP users.

For ordinary users there are 5 levels with commissions:

• Maker (level 1) 0,08%
• Taker (level 1) 0,1%

There are 8 levels with commissions for VIP users:

• Maker from -0.005% (VIP 8) to 0.07% (VIP 1)
• Taker from 0.015% (VIP 8) to 0.095% (VIP 1)

Futures Fees

Fees depend on the user's status: regular user or VIP, as well as the level within each category. There are 5 levels for regular users and 8 levels for VIP users.

Additionally, fees may vary between the main account and subaccounts. The level of the main account is determined based on 30-day trading volume and the daily asset balance across the main account and all subaccounts. The main account’s fee level will be applied to subaccounts at 16:00 UTC after their creation.

USDT-M Futures, USDC-M Futures & Perpetual Contracts

The trading fee calculation formula for USDT-M futures, USDC-M perpetual futures, and USDC-M futures is:

Trading Fee = Fee Rate × (Number of Contracts × Multiplier × Nominal Value per Contract × Execution Price).

Crypto-M Futures & Perpetual Contracts

The trading fee calculation formula for Crypto-M futures and perpetual contracts is:

Trading Fee = Fee Rate × (Number of Contracts × Multiplier × Nominal Value per Contract / Execution Price).