EXCHANGE REPORT – OKX

OKX is a globally recognized cryptocurrency exchange, trusted by over 50 million traders. Established in 2017 and led by CEO Star Xu, OKX has expanded its reach to serve users in 180 countries.
Unlike traditional banks, OKX operates as a non-custodial exchange. This means you have full control over your private keys and assets. You can access OKX via web browsers, mobile apps, and web interfaces.
Signing up on OKX is straightforward and completely free. You won’t incur any charges for downloading the mobile app. However, keep in mind that there might be fees for on-chain withdrawals and network transactions.

Key Features:

Token Exchange: OKX has two native tokens, OKB and OKT. OKB grants access to various platform features, helps compute trading fees, and allows for staking and voting. OKT serves as the base currency for OKChain’s DPOs Consensus.

Asset Variety: OKX offers a range of digital asset classes. From utility tokens like Link and UNI to stablecoins such as USDT and USDC, and even derivatives like futures and perpetual swaps, you’ll find diverse assets with different settlement periods.

Cryptocurrency Selection: OKX supports 340+ cryptocurrencies, including big names like Bitcoin and Ethereum.

Staking Rewards: By staking OKT and participating in validator voting, you can earn rewards based on your staked amount, duration, and historical rewards.

Hardware Compatibility:
OKX’s web wallet extension works smoothly with popular browsers like Chrome, Brave, and Edge. If you value extra security, you can pair the hot wallet with hardware wallets like Ledger Nano X or Trezor Model T.

Validation:
OKX employs the Delegated Proof of Stake (DPOS) Consensus Algorithm, which ensures secure transaction validation and block generation.

Pros:

Wide support for 350+ cryptocurrencies and numerous currency pairs.

Integration with TradingView simplifies trading.

Accepts multiple payment options.

Zero deposit fees and reasonable withdrawal fees.

Offers a demo trading feature for skill improvement.

Provides educational resources through OKX Academy.

Hosts OKX Pool for cryptocurrency mining.

Features a secure NFT marketplace.

Offers a convenient mobile application for trading on the go.

Cons:

Restrictions apply to U.S. and Canadian residents.

Certain withdrawal limitations exist.

Liquidity may be limited for specific currencies, impacting trading opportunities.

Who Should Use OKX:
OKX is designed for a diverse user base. Beginners can explore the Lite version for straightforward buying, selling, and converting of cryptocurrencies, while experienced traders will find advanced features to suit their needs.

Find a list of legal countries for OKX – here –

To set up your OKX account follow this detailed guide:

Step 1: Visit the OKX Website
Head to the main OKX website on your laptop, or if you prefer, you can download the OKX app for Android or iOS.

Step 2: Click on “Sign-Up”
At the top of the page, you’ll find the “Sign-Up” button. Click it to start the registration process.
You have the option to register using either your phone number or email address. Choose your preferred method.
If you have a referral code, you can enter it during registration.

Step 3: Verify Your Humanity
Complete a simple captcha verification to confirm that you’re human.
4. Verification Code:
After passing the captcha, a verification code will be sent to either your phone number or email address. Enter this code to finalize your registration.

Step 5: Basic Access
With these basic verification steps completed, you’ll gain access to the essential features of the platform. However, to proceed further, you’ll need to complete Know Your Customer (KYC) verification, which requires additional details like your ID and a selfie.
Unlocking Transaction Abilities: Before you can engage in transactions, ensure you’ve passed the first and second levels of verification. The first level involves verifying your email address and phone number, while the second level requires submitting a scanned copy of your ID and a selfie for authenticity verification.

Depositing Funds:
Now that your account is set up, you may want to deposit funds. Follow these steps to make a deposit into your OKX wallet:

Step 1: Log in and Access Assets
Log in to your OKX account and navigate to the “Assets” section.
Choose “Deposit.”

Step 2: Select the Cryptocurrency
Pick USDT as base currency and select the appropriate network.
Verify that these details are accurate before proceeding by clicking “Next.”

Step 3: Generate Deposit Details
The system will generate deposit details for you.

Step 4: Choose Account and Address
Select your OKX account type when prompted.
Decide that you want to receive the cryptocurrency in your Trading account.
You can copy the deposit address or scan the QR code provided.

Step 5: Complete the Deposit
Go to your wallet and initiate the cryptocurrency transfer.
Specify the amount and paste the wallet address provided.
Double-check all details for accuracy before confirming the deposit.
The deposit will be verified within minutes.

Withdrawing Funds:
Should you wish to make a withdrawal from your OKX exchange account, follow these steps:

Step 1: Log in and Access Assets
Log in to your OKX account on the main website and hover over the “Assets” icon.
Step 2: Initiate Withdrawal
Click on the “Withdraw” button next to the cryptocurrency you intend to withdraw.
Step 3: Provide Withdrawal Details
Fill in the withdrawal method, the amount of cryptocurrency you want to withdraw, and the network.
Tap “Continue.”
Step 4: Enter Destination Address
Copy the address from your receiving wallet and paste it in the designated field.
Ensure all details are accurate before clicking “OK.”
Step 5: Confirm and Authenticate
The system will prompt you to provide the necessary authentication, such as a password, email confirmation, SMS code, or Google authentication.
Confirm all details once more and click “Send.”
Step 6: Verification and Transfer
The system will validate your request and execute the cryptocurrency transfer to your wallet.

Payment Methods:
OKX supports a wide range of payment methods, totaling more than 430 options. These include bank transfers, mobile wallets, credit cards, and debit cards. Popular methods and dApps supported by the site include ApplePay, GooglePay, Mastercard, Visa, Simplex, Banxa, Coinify, and many others.

Safety and Legitimacy:
OKX operates under Malta and Hong Kong registrations and complies with the VAA guidelines. With a user base of 50 million, it’s recognized as a secure and legitimate exchange. OKX prioritizes security, employing token security based on the private key encryption core algorithm. Both hot and cold wallets are highly secure against hacking and phishing attacks. User feedback generally reflects a positive experience with the platform.

Security Measures:
OKX’s compliance with Malta’s Virtual Financial Asset Act ensures a secure environment. The platform has never experienced a hack, making it one of the most secure options for trading and storing cryptocurrencies. Security features such as 2FA Authentication further enhance the protection of user accounts.

Having trouble with the setup?
Maybe the OKX setup guide can help you.