Allinstation 
What is OKX?
OKX Exchange (or OKEX) is a cryptocurrency exchange providing services related to digital assets, founded by Star Xu in January 2014 in China.
OKX offers users secure, convenient, and smart cryptocurrency storage and conversion services, featuring most coins and tokens worldwide, along with top-notch security technologies.
Overview of OKX Exchange
OKX Exchange was established in April 2018, registered in Singapore by senior experts in blockchain and finance from Wall Street.
Currently, OKX Exchange has multiple representative offices globally, with over 500 employees providing trading services in various countries. Since its inception, OKX has been licensed to operate in five countries, including Switzerland, Canada, Australia, and the USA, integrating more than 10 different languages.
In 2019, OKX Exchange achieved an impressive milestone by capturing 5% of the global cryptocurrency market trading capitalization.
Some Highlights of OKX
Advantages
- High trading volume and liquidity.
- Supports 10 different languages, including Vietnamese.
- Offers various trading forms such as Spot Trading, Margin Trading, OTC, futures, and options.
- Multiple payment options for purchasing crypto, including Visa/Mastercard, bank transfer, Google Pay, etc.
- Supports trading over 250 digital assets with low fees.
- Fast transaction processing speed. Supports use with extension versions (Windows, MacOS) and mobile (Android, iOS).
- 24/7 user support through various information channels including Telegram, email, website, etc.
Disadvantages
- The interface is not very intuitive and user-friendly.
- OKX products are diverse but not particularly outstanding.
- OKX user accounts have been hacked before, raising security concerns.
- New products like OK Pool, OK Piggy may confuse some newbies.
Trading Fees
Trading Fees on OKX
OKX distinguishes between regular users and VIP users based on the 30-day trading volume for both main and derivative trading accounts.
- Regular users (with a 30-day trading volume below 10,000 BTC) are divided into 5 tiers based on the number of OKB they hold.
- VIP users are categorized by trading volume.
Additionally, OKX classifies trading fees into maker and taker fees, also known as Order Creation and Order Matching Fees.
- Maker fee ranges from 0.02% to 0.8% per transaction.
- Taker fee ranges from 0.03% to 0.1% depending on the account level.
When calculating fee tiers, users will receive discounts for the highest tier among spot markets, futures, perpetual swaps, and options.
Deposit/Withdrawal Fees on OKX
- Deposit fees on OKX: No fees for deposits. However, if depositing cash via bank transfer, fees may vary depending on the payment channel used.
- Withdrawal fees: Vary for each coin, for example: ETH is 0.01 ETH, USDT is 2 USDT, BTC is 0.0005 BTC, etc.
How to Register an Account on OKX
The process of opening an account on OKX is quite quick and convenient, including the following steps:
- Visit this link
- There are several options to create an account: Use a mobile phone number or email address. You can also log in with your existing Telegram or Google account. Here, I will guide you on how to register with an email address.
- Enter your email address and password, then click [Sign up/Register]. Note that the password must be 8-32 characters long, containing at least 1 number, 1 uppercase letter, 1 lowercase letter, and 1 symbol.
- Then you will receive a code in your email. Enter the code and your account will be successfully created.
How to Verify Your OKX Account
Step 1: On the homepage, click on the person icon and select [Verification].
Step 2: Here you will have two options: Individual account or Corporate account. If you are a regular user, choose the first option. Click [Continue].
Step 3: Fill in the information including: Country/territory of residence, First and middle name, Last name, ID type (ID card, passport, etc.), and ID number. After entering all the information, click “Submit”.
Step 4: If your information is correct, you will be notified of successful verification and can start trading.
Additionally, to experience more features and increase withdrawal limits, you can perform KYC verification as guided by the exchange.
How to Deposit/Withdraw on OKX
Depositing on OKX
Step 1: Go to Assets => Select Deposit.
Step 2: Choose the coin/token you want to deposit into the exchange.
Step 3: Select Chain => Click Continue.
Step 4: Create & Copy the wallet address or scan the QR code. If it’s your first time depositing, you need to click “Click to create address“. Copy the USDT TRC20 wallet address provided by OKX.
Step 5: Transfer USDT TRC20 to the newly created address. During the transfer, pay attention to:
- Copy & verify the wallet address accurately.
- Select the correct Blockchain network.
Once the transfer is successful and confirmed by the blockchain, you can check your balance in the OKX wallet.
Withdrawing on OKX
Step 1: Go to Assets → select the coin/token you want to withdraw, then choose Withdraw.
Step 2: Choose the token type and enter the information to withdraw:
- Address: The wallet address to withdraw to.
- Amount: The amount of coin/token to withdraw.
- Then click Continue.
- Confirm OTP to complete the withdrawal on OKX.
After clicking “Continue”, wait for the exchange to process and withdraw the funds to your wallet address. The withdrawal time on OKX is relatively fast and supports multiple networks.
How to Buy Coin/Token on OKX
Step 1: To proceed with trading, first, you need to transfer the deposited coin/token from the Funding account to the Trading account.
Click on Assets => Select My assets => Click Transfer => Choose the token to transfer => Enter the amount => Click Transfer to complete.
Step 2: On the main interface => Click on Trade => Select Basic trading.
Step 3: Search for the coin/token you want to buy and select the trading pair.
Step 4: Here, choose the type of order you want to place => Enter the number of coins/tokens you want to buy => Place a Buy/Sell order.
After placing the order, it will appear in the Open orders section => Successful purchase orders will appear in Order history.
How to Join Private Free Margin Channel
✅Step 1: Register an account on one of the 4 exchanges below using the ref link HC (mandatory)
- Bybit: hulkcrypto.com/go/bybit
- MoonXBT: hulkcrypto.com/go/moonXBT
- BitYard: http://hulkcrypto.com/go/bityard
- OKX: http://hulkcrypto.com/go/okx
✅Step 2: After registering an account, deposit a minimum of $100 into the account.
✅Step 3: Inbox UID & balance screenshot to @Jannie68 on Telegram to check and receive the link to join the private group.
Let’s get on board and make money, everyone!! ???
Important Note on Choosing an Exchange
When choosing a CEX or holding exchange coins, you must know which country the exchange is from, how many branches it has, and the team behind it… You need to know the exchange’s profile to assess its credibility.
Which Country is OKX From?
Initially, OKX was headquartered in China. However, due to China’s unpredictable regulations on cryptocurrencies, OKEx moved to Malta. OKX also has branches in Hong Kong and Canada.
Conclusion
Overall, OKX is a margin trading platform with all the basic functions similar to other exchanges in the market.
In the current exchanges, traders always strive to find exchanges with low fees and high liquidity… OKX is also a pretty good choice. With a simple, user-friendly interface and a Vietnamese version, it will help users operate more easily and quickly.
This is the entire article about OKX that Allinstation has researched. We hope that through this article, you will have a comprehensive view of OKX and know how to use the platform easily.
