In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. OKEx is recommended for experienced traders because it provides functions such as margin trading, crypto borrowing, and options trading that can be very risky and lead to huge losses.

Fees are tiered based on average 30-day trading volumes but are low even at their upper end. The highest trading fees payable for low volume accounts are a 0.15% maker fee and 0.2% taker fee. This drops as low as 0.02% and 0.05% for makers and takers fees respectively. The OKX app is one seriously powerful piece of software that fits in your pocket. This app allows trading on all markets at OKX, including their futures and spot markets and margin trading.

OKEx Exchange Review: PROS

There is also support for facial recognition verification, which can be used instead of or in addition to phone number verification. While the exchange supports the trade of 146 cryptocurrencies on the platform. The important digital coins are ETH, BTC, LTC, EOS, ETC, TRX, BCH,  XRP, TRUE, ABT, MITH, HSR, BTM, IOST, and AUTO. Based on their track record, OKEx seems to be a safe Exchange to use. But some other exchanges have insurance funds to cover any potential losses from hacks, which does not seem to be the case with OKEx. Notwithstanding this, they do have the usual security measures that you’d expect from any reputable exchange.

There are different types of market orders to help investors place a trade at predefined price and volume, and the ability to use Algo orders is specially vital for active day traders. In comparison to other cryptocurrency exchanges, the OKEx platform https://www.tokenexus.com/ is quite advanced, allowing users to trade with different types of orders. Those include market order, limit market order, advanced limit order, stop-limit order, trailing top order, iceberg and Time-weighted average price (twap) orders.

Staking your crypto on OKX

Select the cryptocurrency you wish to buy, the fiat you want to pay with, and how much you want to invest. It takes about 1-15 minutes for your funds to be credited to your account. To deposit, click on the “Assets” tab on the top right corner and select “deposit.” Then, choose the fiat you want to make your deposit with and the payment network and proceed. When you are done with the currency, you will need to select the account you want the funds to head to.

In addition, OKEx has a great FAQ section a ‘join the community’ section where you can find answers and communicate with other members on the platform. OKEx allows buying and selling of Bitcoin and six other digital assets. The service enables transactions in over 40 fiat currencies, with support for 25 payment methods. The exchange also allows for peer-to-peer transactions, although those are only available for Rupees, the Vietnamese Dong, and the Chinese Yuan.

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Hence, before you join OKEx or any other platform, it is vital to know the payment methods they support to ensure they will suit you. OKEx tries to cater to all kinds of traders in their market offering as they offer both spot and derivatives trading. Therefore, okex review regardless of how you prefer to make money with your digital assets, the platform should cater to your needs. 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.

OKX’s cryptocurrency lending platform allows users to deposit crypto assets as collateral to receive other assets as a loan paid to their OKX wallet. Crypto options contracts are a relatively new product, so it’s nice to see OKX offering them. However, options are only available on BTC and ETH, meaning that users looking to speculate on altcoins will need to use a platform like Bybit, which offers SOL-based options. Investors can start earning interest as soon as they transfer the crypto to a staking wallet, where it will generate daily returns. OKX makes the first interest payments two days after a user pledges the assets, after which rewards are paid daily. On the other hand, users will not pay fees to deposit funds but will be charged to withdraw funds.

Best Cryptocurrency Exchange in October 2023

It boasts over 20 million active users and has a global presence in more than 200 countries worldwide. It offers traders over 400 trading pairs and has one of the most user-friendly trading platforms in the industry. For customers that like to trade while on the move, OKX offers a mobile app available on iOS and Android devices. OKX is an intuitive trading platform that offers excellent analysis capabilities and several order types designed to make it easier to manage trades. The trading interface is easy to access via the top navigation bar, which provides quick links to virtual features, ensuring that OKX users can quickly get to grips with the platform’s layout.

• If you want to trade everywhere, you should definitely download the OKEx app.
• The staked funds will be locked up for a particular period (let’s say 14 days) before they are released in the spot wallet of the user with the newly minted token of the crypto project.
• Once you have selected the option you want to trade, either through option discovery or All Options, you will have a similar trading interface to the Futures and Swaps.
• It is one of the top 10 exchanges in the industry in terms of traffic, liquidity, and trade volume.
• The digital assets’ trading platform offers investors and traders to trade with BTC, ETH, LTC and other cryptocurrencies on its platform.

If you’re looking for a simpler-to-use exchange, yet one that would still provide a huge array of different features, you should check out platforms such as Binance and Coinbase. When it comes to OKEx, the platform is definitely more recommended for experienced users. Such options as margin trading, spot trading, options trading, and crypto lending and borrowing can be not only too advanced, but also very risky for newbie traders. It’s evident that OKEx comes with some really attractive features.