In a context where centralized crypto exchange platforms (CEX) are being abused, OKX is one of the few exchanges to stay the course. Let’s see how this platform works.
- OKX, a presentation
- The services offered by the platform
- How does OKX work?
- Deposits and withdrawals on the platform
- Trading on OKX
- Sales bots
OKX, a presentation
OKX is a platform dedicated to cryptocurrenciesoffers its users advanced financial services.
Originally created under the name ofOKEx, the platform has been renamed to OKX. Depending on the OK Group group, the crypto exchange is similar to a subsidiary of OKCoin. However, since its inception, OKX has continued to grow and expand globally.
Currently, the crypto platform is the protagonist of more transactions than OKCoin. Based in Seychelles, however, OKX has millions of users in more than 100 countries.. With 5 years of experience in the sector, OKX has established itself as one of the most important platforms in the sector both in terms of its reputation and the number of transactions. According to the data shared by the platform and which can be verified by CoinMarketCap, futures (futures contracts) on OKX averaged $1,500 million in daily volume.
The pairs that contribute most of the trading volume are linked to ETH in all markets covered by OKX: Spot and derivatives (futures, options, etc.). In the Spot market, however, Dogecoin occupies a prominent place alongside Ethereum and Bitcoin. In the future, Ethereum has no real rival because the asset accounts for almost 50% of the trading volume through the ETH/USDT pair. At the same time, Bitcoin, through the BTC/USDT pair, is responsible for 30% of the volume. In the future, the two assets are neck and neck with a slight advantage for Ethereum.
At the same time, the exchange intends to continue its expansion into new geographic areas while regularizing its situation. Expansion continues this year especially in Dubai and the United Arab Emirates.with the permission of VARA (Dubai Virtual Assets Regulatory Authority) in particular.
But, for now, the exchange is not yet in possession of the status of the PSAN issued by the AMF, unlike some rival exchanges like Binance, Etoro, or Crypto.com recently. In France, the OKX exchange platform is therefore not yet regulated by the AMF, but has been operating for several years in our territory and is accessible to French investors.
The services offered by OKX
- trading bot
- Launch pad
The Seychelles exchange offers many services that attract users from all over the world. In addition to buying and selling cryptocurrencies in nearly 500 assets, trading features span multiple markets and go beyond the Spot market.
In fact, OKX has specific sections for the futures market, margin trading and the options market.
But still, the exchange tries to regularly expand the offers of earnings to make cryptocurrencies to its users if it is held with the best possible interest. The Earn section offers different types of products and is related to many crypto assets.
Among the products available, we mainly hold savings, staking, double investments or even DeFi investments.
How OKX works
First of all, must open an OKX account. Nothing is easier; with a few clicks, a new user can easily make his first investment.
- On the splash page, click “try OKX”
- Register by showing an email or phone number and password. It is recommended to use a unique email address for your OKX account, specially created for this investment account. In addition, it is important to develop your password correctly.
- Registrations are also accessible via Gmail and Telegram.
- OKX will send you a confirmation email with a code to complete the account creation.
- Certain general conditions must also be accepted by the user and prospective investor.
- KyC (Know you Customer) type identity verification is not mandatory but it becomes essential to fully exploit all the features of the platform.
Deposit and withdraw funds
At OKX, many payment methods are accepted to make quick purchases of cryptocurrency. Besides bank transfers which are also supported, Visa and MasterCard credit cards are a possibility, as are payments through Google or Apple payment platforms (Google Pay and Apple pay).
To make your first quick purchase, you need to select the FIAT currency of our choice then indicate which cryptocurrency we want to get. After indicating the amount and payment method, the purchase is made and the account is credited.
For P2P purchases, there is a very wide variety of currencies accepted on the OKX exchange, which represents an attractive payment alternative for some investors. It is interesting for investors to compare the best prices and the highest level of trust between platform users that offer P2P services.
Bank deposits, for their part, take a little longer (possibly a few days) while P2P or bank card transactions are instantaneous.
Trading on OKX
OKX is a first choice platform to execute its crypto trading operations. Indeed, at first glance, very low transaction fees of 0.10% very encouraging, like the ease of buying cryptocurrencies on the Spot market and other markets.
Depending on the volume of trading, transaction fees may fall, but also if investors own the native token of the OKX platform, the OKB token. It is a cryptocurrency that has also been very lively in recent months if we compare its performance with the native tokens of the rival exchanges of OKX such as Binance’s BNB, Crypto.Com’s CRO or the KCS from Kucoin.
Different trading experiences are offered to users of the Seychelles crypto exchange, with a simplified form and fewer options for beginners. However, Intermediate or experienced traders can also find what they are looking for, with more advanced tools for their financial operations, and financial products that match their profile. The crypto exchange has an interesting plus; Trading options are well separated on the platform, which saves new traders from making mistakes.
More advanced traders can benefit from several features such as stop and limit orders. In any case, OKX is on the Spot market, where investor orders are executed immediately, but also in the derivatives market (Futures, Options, etc.) is very complicated at first glance for new traders. In addition, since these markets can provide more profits to investors, they are also more risky.
To better guide its users, OKX exchange shares some useful guidelines or advice when resorting to its trading options. But still, there are guidelines for any other product or feature that OKX offers.
There is also OKX own trading bot to help you in your first steps in the way of investing in the stock market. While each investor or trader can design his Trading Bot according to his financial profile, “grid” type Bots perform regular operations by seeking profit by selling high and buying back low that cost.
Some of the OKX bots are designed more for progressive investing, so limit risks and uncertainties in the market.
the DCA bots thus can represent a relevant alternative for investors who want to reduce the risks of an extremely volatile and uncertain market. Settings can also be set regarding the investment amount and the frequency of purchases/sales of assets.
Finally there is too Arbitrage Bots which looks for the best purchases in the market to sell them in a short period of time in other markets, and thus takes advantage of the price differences that exist between the markets to make a profit.
For all Trading Bots offered by OKX and its users, a performance indicator is shown to determine the gains of each strategy, to finally decide and copy one of the winning strategies. On the other hand, if an investor is not satisfied with the strategies already implemented by some OKX users, there is always the possibility to create your own Operations Bot, choosing the strategy you like.
All information contained on our website is published in good faith and for general informational purposes only. Any action taken by the reader based on the information on our website is at his own risk. In the Learning section, our priority is to provide high quality information. We take the time to identify, research and create educational content that is useful to our readers. To maintain this level of quality and continue to produce valuable content, our partners may pay us a commission for placements of our articles. However, these commissions do not affect our processes for creating objective, honest and relevant content.