Key Insights

• OKX combines its features as a centralized exchange with a powerful self-custody Web3 wallet.
• The platform offers some of the lowest fees in the industry, which start at 0.08% for regular spot makers.
• Its monthly Proof of Reserves and MPC technology in the wallet provide heavy protection for assets.

Over the years, OKX has gone from being a simple trading site to being a massive Web3 powerhouse. 

This means that regardless of a user’s experience level, this platform offers the tools you need. It currently serves over 50 million people across 180 countries, and this guide walks through everything a trader needs to know to get started.

Related: What happens if a crypto exchange shuts down overnight?

OKX’s History and Growth

The brand began in 2013 when Star Xu founded Okcoin, before launching OKEx in 2017 to focus on advanced trading as the market grew. A year later, the company moved its headquarters to Malta in 2018 to find better regulations.

Later on in 2022, the name of the exchange was changed to OKX, after dropping the “E” to show that it was more than just an exchange. 

OKX is one of the most popular platforms for crypto trading | source: OKX

The founding team wanted it to be a leader in the web3 space and today, the OKX exchange has become a common name in crypto discussions.

They have even partnered over the years with brands and sporting teams like Manchester City FC and the McLaren Formula 1 team.

Services on OKX

Users can find almost any financial tool they need on this platform. It also splits its services into two main areas, including the main exchange and the Web3 platform.

High-Performance Trading

The exchange is famous for its deep liquidity, and users can trade over 300 different assets here. This includes big names like Bitcoin and Ethereum, but also many new tokens in the spot market.

The derivatives section is also a popular destination for professional traders, where instruments like futures, perpetual swaps and options are available. For traders who want to go big, the platform offers up to 100x leverage on some assets. 

Anyone can also use margin trading to borrow funds and grow their positions.

Exclusive services on OKX | source: OKX

The Gateway to Web3

The OKX Wallet is also a popular tool for many. It is a self-custody wallet, which means that users hold the keys to their money. It even supports more than 80 different blockchains, including Solana, Avalanche, and Bitcoin.

Traders interested in deeper parts of the web3 space can also find an NFT marketplace within the wallet, alongside a DApp browser. 

There is also a DEX aggregator that scans many decentralised exchanges to find users the best price for swaps. It makes moving between different networks simple and fast.

Growing Your Wealth

The “Earn” section is where traders go to make money work for them, because the platform’s Simple Earn feature offers low-risk ways to earn rewards on idle coins. 

Additionally, if you want to support network security, you can try on-chain staking. And for those who like structured products, options like Shark Fin offer special ways to gain yield based on where the market moves.

The Fee Structure On OKX

Most people choose OKX because it is affordable. The platform uses a tier system based on how much users trade or how much OKB they hold.

Trading fees on OKX are some of the lowest in the industry | source: OKX

Spot and Derivatives Costs

Spot fees start at 0.08% for regular users and for makers, while they sit at 0.10% for takers. 

For some context, makers are people who add liquidity to the order books, while takers are those who buy or sell at the current price. However, if you become a VIP or hold the OKB token, these rates get even lower.

The costs are even better in the futures market because makers pay about 0.02%, and takers pay 0.05%. These low rates help high-frequency traders keep more of their profits.

Moving Your Money

There are no fees for depositing crypto, which means that when you withdraw, you only pay the network gas fee. 

Notably, this fee goes to the blockchain miners, not the exchange. Additionally, if you buy crypto with a credit card, third-party partners like MoonPay or Banxa might charge a small fee of between 1% and 3% of the total.

Standout Features Of OKX

The platform recently launched an Ethereum layer-2 network called X Layer, which helps make transactions faster and cheaper for everyone. 

Another major highlight of OKX’s business model is the Unified Account system. While most sites make you move money between different sub-accounts for spot or futures trading, OKX removes that hassle. 

It calculates your total account value to back your trades, and this makes your capital work much harder and more efficiently.

Transparency on OKX

Transparency is another area where this company truly shines. OKX uses zk-STARKs technology for their monthly Proof of Reserves. 

What this means is that users can verify that the exchange actually holds their assets, without having to expose their private data to the public. Anyone can check these reports every month to ensure that all funds are safe.

The aforementioned X Layer was also build with the Polygon CDK, and allows users to swap tokens and use apps with much lower fees. Users who prefer automation can also visit the Bot Marketplace to copy-trade successful strategies like grid bots and DCA bots. 

This is perfect for those who want to trade 24/7 without needing to watch the screen.

How To Get Started On OKX

Opening a new account on this exchange is simple, and takes very little time.

To do this, you can use the official website or download the mobile app via the App Store on Apple devices and Google Play Store on Android.

Step 1: Create Your Account

Simply sign up with your email address or a mobile phone number. Note that OKX will ask for your country of residence first. This makes sure that you see the specific services available in your region.

Getting started on OKX is as easy as can be | source: OKX

Step 2: Verification and Password Setup

Check your inbox or messages for a 6-digit verification code, after starting the process. 

Keep in mind that you have 10 minutes to enter it on the screen before it expires. Once verified, pick a strong password (at least 12 characters with a mix of letters, numbers and symbols). 

Also avoid using names or dates that others can easily guess.

Step 3: Secure Your Assets Immediately

Turn on Two-Factor Authentication (2FA) immediately, and be sure to use Google Authenticator or a hardware key like a YubiKey. 

The platform offers SMS codes, but  authenticator apps are much a much safer guard against SIM-swapping attacks.

Step 4: Enable Advanced Protections

You should also set up an anti-phishing code. This unique code will appear in every official email from OKX, and it helps you quickly spot fake emails from scammers. 

Finally, consider setting up a withdrawal whitelis to make sure that funds can only be sent to wallet addresses you have pre-approved.

Step 5: Check Out the Demo Mode

If you are new to trading, do not rush into the live markets. 

OKX offers a “Demo Trading” mode that allows you to practice with fake assets in a real-time market environment. 

It is a great way to learn how the market works without having to risk your own money.

In all, note that the platform is built for speed, but it never skips over the necessary safety checks.

Identity Verification and KYC Standards

OKX is very strict with its KYC, and it does this to prevent illegal activity. Note that you must finish the Know Your Customer (KYC) process before you can trade or deposit. 

Regulations became much tighter after 2024, which means that exchanges generally require every user to verify their identity.

Basic Verification (Level 1)

This first level is quick and usually happens right after signup. For this stage, you need to provide your legal name, your nationality and your date of birth. You also need to submit an ID number from a government document. 

This level allows you to start making small trades and withdrawals instantly.

Advanced Verification (Level 2)

Most active users choose Level 2 to unlock higher limits. For this level, you must upload a clear photo of your ID card or passport. The system will then ask for a live facial scan via your phone or webcam and use AI software to check your face against your ID photo.

Some regions might also ask for a utility bill to prove your address. 

However, once approved, you can withdraw up to $10 million daily. This level also gives you access to the P2P trading market and approval usually takes less than 10 minutes.

Frequently Asked Questions

Is the platform legal in the United States? 

Residents of the United States cannot use OKX. This is because regulatory rules prevent them from offering services there. 

Traders in the US usually choose Coinbase or Kraken instead.

What is the OKB token? 

OKB is the native coin of the platform. If you hold it, you get discounts on your trading fees. 

You also get early access to new tokens through the Jumpstart launchpad.

Can I skip the KYC process? 

No, you must complete verification to use the platform features. You can look at things like price charts without it, but you cannot move money.

How does the support system work? 

Help is available 24/7 through the Help Center and you can talk to the OKX Assistant bot for quick answers. 

If you have a bigger problem, you can open a support ticket for a human agent to review.

What are the withdrawal limits? 

Withdrawal limits depend on your verification level. 

Limits are lower for Level 1 users, but still allow for daily movement of funds. On the other hand, level 2 users can withdraw up to $10 million daily. 

Note that these limits are much higher for institutional clients who use the VIP services.

Are there fees for depositing funds? 

There are no fees for depositing crypto onto OKX. If you use a credit card or bank transfer to buy crypto, the third-party provider (might) charge a small fee. 

This usually ranges from 1% to 3%, depending on which method you choose.

Can I use the platform on my phone? 

Yes, OKX has a mobile app, and this is one of the most popular ways to use the platform. It includes every feature found on the website, including advanced trading charts and the Web3 wallet. 

You can also find it on both the Apple App Store and Google Play Store.

Is it safe to keep money on the exchange? 

While keeping money on any exchange can be risky, this platform uses institutional-grade security. 

They store most funds in offline cold storage. They also publish a monthly Proof of Reserves report so you can verify that your money is safe. 

However, for long-term storage, you should consider the self-custodial OKX Wallet.

Disclaimer: BFM Times acts as a source of information for knowledge purposes and does not claim to be a financial advisor. Kindly consult your financial advisor before investing.