OKX: How Does a Crypto Exchange Work?
OKX (OKEx) is one of the largest cryptocurrency exchanges in the world. It features more than 485 instruments, as well as about 30 fiat currencies.
The OKX cryptocurrency exchange opened in Hong Kong in 2014 under the name OKEx. It is included in the same group as one of the oldest platforms on the OkCoin market. In 2018, the platform officially moved to Malta.
More than 485 trading instruments are presented on OKX for market players, as well as about 30 fiat currencies. At the same time, the platform offers not only crypto trading, but also trade futures using bitcoin, ether, litecoin, XRP, and some other virtual assets.
In January 2022, OKEx officially announced its name change to OKX and rebranding of the company. As a result of the rebranding, the design of the crypto exchange has changed, and plans for the future development of the brand have been revised.
The company also indicated that it has made significant progress in 2021. There is now a single account on the exchange, currency conversion has become possible, and an NFT platform has appeared, with which you can create your own token.
“We are building something much more than a centralized exchange. Now is the time to develop our brand to reflect what we are striving for,” the company said in the press release.
According to the company, they decided to remove the combination “Ex” from the name, which meant “exchange” as the resource has already gone beyond the standard trading platform.
“We are pushing the boundaries of the classic concept of the exchange and its capabilities by offering a wide range of services based on blockchain technology, including spot and margin trading, options, perpetual swaps, DeFi, NFT, staking, mining, and lending,” the official OKX’s statement says.
The exchange noted that the project has come a long way from a cryptocurrency trading platform to a real ecosystem.
Registration on OKX
In order to conduct transactions on the OKX exchange, users need to undergo mandatory verification. To withdraw funds, the first level of verification is required. Clients of the site must provide the following data: their first and last name, citizenship, as well as the number of an identity document.
To work with fiat currencies, the user needs to pass a more advanced verification.
At the end of December 2021, OKX introduced updated conditions for becoming a VIP client of the platform. The changes are aimed at facilitating verification as a unique site user with extended privileges, as well as reducing commission fees.
The OKX exchange offers trading in over 200 cryptocurrencies. It provides an opportunity to buy the digital assets presented on it with the help of 30 fiat currencies. To carry out the operation, the user needs to choose which cryptocurrency he wants to purchase, place an order, and confirm the payment card details.
In addition, the platform has a spot market with the possibility of margin trading, a futures market, and perpetual swaps. The last ones are divided into two subspecies – cryptocurrency and USDT.
The maximum leverage for margin trading in the spot market is x10, and it is x125 for futures and swaps. There are two modes for margin trading on the crypto exchange: cross margin and isolated margin. Similar modes are intended for futures and swaps trading.
Products of the OKX exchange
- Slot auction
- OKX Pool
Depositing and withdrawing funds on OKX
The OKX crypto exchange does not imply any restrictions on account replenishment. There is a minimum threshold for each cryptocurrency:
- Bitcoin – 0.00005 BTC;
- Ethereum – 0.01 ETH.
For the withdrawal of each digital coin, a commission is fixed: for Bitcoin – 0.0005 BTC, for Ethereum – 0.004 ETH. The withdrawal limit depends on the verification level.
Commissions are calculated using the maker/taker system. The platform has created a special system for each type of market: spot, futures, swaps, and options.
The exchange offers users to receive free bitcoins by completing certain tasks (starter or advanced). You can also compete for awards from your mobile device by downloading the OKX apps.
OKX referral program
To take advantage of the OKX referral program, the user needs to send an affiliate link to the addressee. As soon as the referral passes verification on the exchange and buys cryptocurrency or replenishes the account, the user who referred him receives 15 USDT as a discount on the commission. When an exchange client brings 5 referrals to the site, he can become an OKX partner and start earning interest on commissions. Details can be found on the crypto exchange website.
Any user can join the affiliate program and earn commissions, and promote OKX. Affiliates receive up to 60% commission every time the users they invite make transactions on the exchange. If your referral becomes an OKX partner, you can earn 10% from the rewards of a sub-partner.
Another option for additional income on OKX is to receive commissions from users of the exchange as a broker. By becoming a broker, the user can attract new users to the platform and receive a percentage of their commissions for this. The percentage of commissions is unlimited. It is calculated separately for each broker depending on its trading volume.
- Large international crypto exchange with trading volumes.
- The exchange has been operating in the market since 2013.
- Not required verification.
- Possibility of anonymous trading.
- Supporting 20 languages.
- A large list of supported cryptocurrencies.
- Supporting fiat.
- Deposit without commission.
- Available markets: spot, futures, perpetual swaps, options.
- Quick purchase of cryptocurrencies.
- P2P transactions.
- Reduced fees for VIP users and OKB token holders.
- Different types of orders.
- High security.
- Mobile application for iOS and Android.
How to start trading on the OKX exchange via the Cryptorobotics platform?
To start trading on OKX through the Cryptorobotics platform and use not only OKX, but also Cryptorobotics trading tools, users need to:
- Create an account on the Cryptorobotics platform.
- Register on the OKX exchange.
- Pass one of the types of verification on the exchange.
- Link the exchange account to the platform.
- Set up all the necessary tools for cryptocurrency trading.
- Start crypto trading.
After the user completes all these steps, he will have access to all Cryptorobotics tools for both manual and algorithmic trading (crypto trading bots, copytrading, crypto signals, autofollowing, OCOs, or smart orders, ladder smart orders to implement the grid strategy).
Crypto exchange OKX has a wide range of trading opportunities, low commissions, and high security, which is especially important for professional traders who operate with large amounts. Beginners are also quickly mastered here thanks to a convenient and simple interface, and clear site navigation. Therefore, the final choice to work on this exchange or not is up to you. It is quite possible that it is with the help of this platform that you will be able to conclude profitable financial transactions and develop and earn on cryptocurrency, at least the exchange provides a lot of such opportunities.
READ MORE: Top 6 crypto to invest in August 2022