By James Davis
Centralized exchanges are known for providing a simple way to engage in the digital asset ecosystem. OKX isn’t an exception. This detailed guide takes a closer look at OKX, one of the leading exchanges by trading volume. Learn about its features before signing up.
Exploring OKX
OKX is a top centralized exchange that supports several types of trading, including margin, derivatives, and spot trading. As of January 2024, the crypto platform is available in more than 120 countries.
Considering its simple user interface, OKX is ideal for both seasoned and novice traders who are given access to hundreds of crypto trading pairs and advanced analytical tools.
OKX’s History
OKX began its operations in 2017 as OKEx. It was established by crypto guru Star Xu, who now serves as the company’s CEO. Five years after launching it, Xu announced that his trading platform had removed the letter “E” in OKEx and rebranded it to OKX. But what fueled the change? The CEO said the E stood for Exchange, so the rebranding meant that OKX would offer other services rather than just crypto trading. Today, the platform users can trade NFTs and access several decentralized apps using OKX’s non-custodial wallet.
OKX’s Numbers
As of this writing, OKX is ranked as the fourth biggest crypto exchange by trading volume. Since the start of 2024, the platform has been processing an average daily trading volume of $1.6 billion. OKX lists over 350 digital currencies and boasts more than 550 trading pairs.
It is worth mentioning that the Exchange does not operate in the United States. Nonetheless, it still has over 55 million users, with 32 million monthly visits, according to data from CoinGecko.
OKX’s Features and Tools
A Wide Range of Supported Cryptocurrencies
As stated earlier, there are more than 350 cryptocurrencies available for trade on OKX. About a hundred of them can be bought using fiat currencies. To do this, click “Express Buy” and select any of the over 90 supported fiat currencies to pay for your crypto purchase. The accepted payment methods include Banxa, MoonPay, and Debit/credit cards.
Peer-to-Peer Trading
With OKX, you can trade directly with another user on the platform’s P2P feature. There are six cryptocurrencies available for peer-to-peer trading. OKX lets any verified user create an ad to promote their P2P offerings.
Advanced Trading Interface
OKX’s trading platform is packed with useful features. For example, it supports numerous order types, comes with an order book, and has one-of-a-kind charting tools. Moreover, you can connect your OKX account with your TradingView account to access more charting tools.
OKX Earn
If you want to invest rather than trade cryptocurrencies, you can do so on OKX. The Exchange offers its “Earn” service, which allows users to stake their digital tokens to earn yield. Additionally, you can become a lender on OKX to receive interest when someone borrows your funds.
OKX Jumpstart
Are you an investor looking for promising crypto projects to inject funds into? If so, you might want to check out OKX Jumpstart, a dedicated section for launching new projects. You need OKX’s native token, OKB, to invest in any project listed on Jumpstart. Some of the well-known projects that have been launched through OKX Jumpstart are Element Block and Sui.
Crypto Converter
You can avoid spot trading fees on OKX by using the Exchange’s Crypto Converter, which lets you swap tokens for free.
Trading Bots
It is possible to automate your trading strategies on OKX, thanks to the availability of various types of bots, including dollar cost averaging bots, arbitrage bots, and grid bots.
How to Set an OKX Account
Creating an OKX account is simple. After downloading the Exchange’s mobile app, open it and enter your valid email and phone number. Once you verify these two, you will have access to your OKX. However, you need to complete KYC checks to access all OKX features. To do this, provide a photo of your ID card and a selfie. Upon verification, you can fund your account to start trading.
Conclusion
OKX is not a common crypto exchange. Along with trading, users have access to other services, which allows them to diversify their investment fund. All said, do your research before registering with OKX.