Practical Guide to Using the OKX Exchange

OKX, formerly OKEx, started as a platform for cryptocurrency swaps. As it gained popularity, it expanded its services to become a full-scale exchange, supporting the buying and selling of a wide range of crypto assets.

In January 2022, the platform rebranded, simplifying its name by removing the “Ex” for “Exchange.” This rebranding signaled its evolution into a next-generation crypto exchange, positioning itself as a leader in the market.

What is ОКХ, and How to Use It

When was the OKX exchange founded, aside from its rebranding? OKX, launched in 2017, was founded by Star Xu, who has served as CEO since 2023. The platform underwent rebranding to strengthen its position, and by August 2024, it ranked 3rd among spot cryptocurrency exchanges.

OKX gained widespread popularity with traders by introducing its own L2 blockchain (OKB Chain), a Web3 wallet, a native DeFi token, and an NFT marketplace. Today, the platform offers over 350 cryptocurrencies and approximately 500 trading pairs, with a daily trading volume of $800 million. The exchange serves a global user base of around 20 million people.

One of OKX’s key advantages is its intuitive interface, which is especially welcoming to beginners. To support new users, the platform features an “Academy” section filled with educational resources, cryptocurrency trading guides, and market analytics.

To get started with OKX, users need to create an account. Registration is available via email, Google account, or Telegram. After signing up, users must complete a mandatory verification process, which includes:

• KYC1 – Providing personal details and proof of address.
• KYC2 – Uploading photos of your ID and a selfie.

Verification takes just a few minutes. Once completed, you can fund your account, purchase cryptocurrencies, or trade crypto futures.

Trading Options Available on OKX 

ОКХ provides a variety of trading options, including spot, margin, and futures trading.

1. Spot Trading

OKX has quickly established itself as one of the leading platforms for buying and selling assets with instant settlement. Spot trading on the platform is straightforward. Simply go to the “Buy Crypto” section, select the “Basic Trading” tab, and choose the “Spot” option. From there, you can explore the list of available trading pairs and pick the one that suits your needs. All active trades will be visible in the “Assets” tab of your profile.

Please note: spot trading comes with a 0.08% maker fee and a 0.1% taker fee.

Related: Market Makers vs Market Takers

2. Margin Trading

Margin trading on OKX builds on the spot market by allowing users to borrow funds from the exchange to enhance their trading positions. The platform offers two types of margins: isolated and cross margin. With an isolated margin, your risk is limited to the specific amount allocated to a single trade. Cross margin, however, uses your entire cryptocurrency wallet balance for an order, which increases the risk of potential losses.

Please note: A 1% fee is applied to the borrowed amount when using leverage. Maker and taker fees remain the same as those for spot trading.

Related: How Does Crypto Margin Trading Work?

3. Futures Trading

Futures contracts allow traders to agree on a fixed price and terms for buying cryptocurrency at a future date. On OKX, futures are settled on a weekly, bi-weekly, or quarterly basis. 

Please note: All futures contracts use USDT trading pairs. The platform offers leverage of up to 125x, with fees set at 0.02% for makers and 0.05% for takers.

Related: How Crypto Futures Trading Works

OKX Exchange: Pros and Cons

OKX provides a variety of bonuses for new users and supports seasoned traders with robust earning programs.

OKX stands out for its low trading fees (0.08%–0.1%), extensive selection of tokens and trading pairs (over 500), and attractive staking opportunities. The platform also offers referral programs and bonuses, such as mystery boxes for new users who complete account funding and verification. Other notable features include a multi-currency wallet, copy trading, an NFT marketplace, and a Web3 wallet that supports DeFi protocols. The OKX mobile app has received praise for its user-friendly interface, with Lite and Pro versions tailored to different levels of trading expertise.

One key downside is the lack of support for fiat currencies for direct deposits and withdrawals. Additionally, the mandatory KYC verification process may discourage users who prioritize anonymity, although it enhances security. Some beginners may also find OKX’s wide range of features and trading tools intimidating.

Related: What is KYC and Why Is It Important?

Here’s a concise summary of the key points to consider:

👍Advantages:

• Low fees (0.08%-0.1%)
• Access to over 500 trading pairs and a wide selection of cryptocurrencies
• Bonuses and referral programs, including mystery boxes
• Advanced features such as staking, copy trading, an NFT marketplace, and futures trading
• Intuitive and user-friendly mobile app
• High security with a multi-currency wallet

👎Disadvantages:

• No support for fiat currencies
• Mandatory KYC verification

How to Withdraw Funds from OKX to a Bank Account

OKX, like most platforms, is designed to adapt to the needs of its users. Typically, withdrawals on OKX are processed in cryptocurrency.

To withdraw crypto to your wallet, go to the “Assets” section and click on “Withdraw.” Select the token, specify the amount, and choose the network. Then, enter your crypto wallet address in the transaction field. While OKX doesn’t charge withdrawal fees, you will need to cover the blockchain network fee, commonly referred to as a gas fee.

Direct withdrawals to a bank account are not supported, as OKX does not facilitate fiat deposits. However, you can convert your cryptocurrency to fiat through P2P trading. To do this, navigate to the “Buy Crypto” section and select “P2P Trading.” Choose your desired fiat currency and payment method.

Important: Always verify that the funds have been credited to your bank account before confirming receipt. Additionally, in addition to bank accounts, you can opt to receive funds via PayPal, AdvCash, or Wise.

Is OKX a Good Choice for Traders?

After thoroughly evaluating OKX as a platform, we can confidently say this crypto exchange is a great option for traders. The exchange offers everything you need to trade digital tokens smoothly, manage and grow your assets, and advance your skills in the cryptocurrency space.

OKX is a secure and user-friendly platform, making it a reliable choice for safe and efficient trading.

FAQ

What is OKX?

OKX is a cryptocurrency exchange that facilitates trading and exchanging digital tokens. It supports popular cryptocurrencies like ETH (Ethereum), BTC (Bitcoin), LTC (Litecoin), ADA (Cardano), and many others. With over 20 million users, OKX ranks 9th globally in spot trading volume.

Can I withdraw funds from OKX?

Yes, you can withdraw funds in both fiat and cryptocurrency. However, fiat withdrawals are only available through the built-in P2P marketplace. Cryptocurrency withdrawals can be sent directly to your external wallet.

What makes OKX a good exchange?

OKX offers low trading fees (starting at 0.1%) and discounts for high trading volumes or staking its native token, OKB. The platform also provides high liquidity, over 500 trading pairs, futures with up to 100x leverage, and advanced trading tools, including bots, DCA, grid trading, and trailing stops.

Is OKX trustworthy?

Yes, OKX is a reliable platform. It employs industry-standard security measures such as cold wallets and mandatory two-factor authentication (2FA). Additionally, users can enable anti-phishing codes and set withdrawal passwords for extra protection.

Which countries support OKX?

OKX is available to users worldwide, including Hong Kong, the UAE, the Bahamas, France, Ukraine, Germany, Turkey, Italy, Poland, the UK, and other European countries.

Which is better, OKX or Bybit?

The choice between OKX and Bybit depends on your trading needs. Bybit is ideal for experienced traders who are looking for a wide range of assets, high liquidity, and advanced trading options. OKX, on the other hand, is more beginner-friendly with lower fees, less risk, and an easier-to-use platform. It’s also a great choice if you're interested in trading Web3, DeFi, or NFT tokens.

How can I withdraw my funds from OKX?

To withdraw fiat funds from OKX, you can use the built-in P2P marketplace. Simply go to the “Buy Crypto” section, select “P2P Trading,” and click on “Sell.” Choose the cryptocurrency you want to sell and specify your payment method. Withdrawals are typically completed within 3 to 7 minutes. Be sure to verify that the amount matches your order before confirming the transaction to ensure the crypto is sent to the buyer. Additional withdrawal options include PayPal, AdvCash, and Wise.

What are the fees on OKX?

OKX offers low trading fees starting at 0.1%. For spot trading, makers pay a 0.08% fee and takers pay 0.1%. These fees can be reduced with higher trading volumes or by staking OKX’s native token, OKB. When withdrawing cryptocurrency, a gas fee is applied, which varies depending on the blockchain's current state and congestion at the time of the transaction.