To facilitate the investment process, it is essential for anyone involved in the crypto market to be proficient in using various trading platforms. In previous articles, Coivn98 guided you on using several trading platforms such as Binance, FTX, MEXC, Gate, …
Continuing with this series of articles, today I will introduce you to a familiar exchange originating from China, which is OKX.
So, when was OKX established, and what are its prominent features? Let’s find out in this article!
Let’s get started!
Sign up for an account here OKEX
What is OKX (OKEX) Exchange?
OKX is a cryptocurrency exchange founded by Star Xu in January 2014 in China. OKX received investments of millions of USD from major venture capital firms around the world, such as Giant Network Group, Longling Capital, Ceyuan Ventures, Qianhe Capital Management, eLong Inc, and VenturesLab (co-founded by Tim Draper).
In essence, OKX was formerly known as OKEX and was a subsidiary of the OKCoin platform. In January 2022, this exchange officially changed its name to OKX. However, in 2018, amid China’s tightening regulations on cryptocurrencies, OKX had to relocate its headquarters to the island nation of Malta.
Currently, OKX ranks as the second-largest derivatives exchange, second only to Binance. Furthermore, the platform boasts over 20 million users across 180 reliable markets and supports trading for more than 250 cryptocurrencies.
Review of OKEX (OKX) Exchange
Advantages:
- The exchange has a large trading volume and high liquidity.
- Supports 10 different languages, including Vietnamese.
- Offers various trading options such as Spot Trading, Trade Margin, OTC, futures, and options.
- Provides multiple payment options for buying crypto, including Visa/Mastercard, bank transfers, Google Pay, etc.
- Supports trading for over 250 digital assets with low fees.
- Processes transactions relatively quickly.
- Supports usage through browser extensions (Windows, MacOS) and mobile apps (Android, iOS).
- Offers 24/7 customer support through various channels like Telegram, email, and the website.
Disadvantages:
- The exchange interface is not very intuitive and may not be user-friendly.
- Despite a variety of products, OKX has not yet truly stood out.
- OKX user accounts have been targeted by hackers in the past, raising concerns about the platform’s security.
- The exchange introduces new products like OK Pool and OK PiggyBank, which may confuse newcomers.
- Overall, the OKX exchange interface has various sections, and this article will explain the specific features of the exchange in more detail.
Overview of OKX Exchange Interface
At the main interface of the OKX exchange, you can see various sections at the top of the screen. In this article, I will explain in detail the key features of this trading platform one by one.
(1) Exchange: This refers to the trading platform, where it will display charts showing the fluctuations in the value of your assets.
(2) MetaX: It’s the place where you connect with the Web3 world of the platform, including NFTs, dapps, etc., through linking your crypto wallet.
(3) Buy Crypto: It displays the feature for buying and selling crypto and the P2P trading on the exchange.
(4) Discover: Here, you can explore the crypto market, rankings of various coins based on different factors to find opportunities and connect with the community.
(5) Trade: It includes features for basic trading, margin trading, conversion, trading bots, and block trading.
(6) Grow: This section offers features such as earning, loans, jumpstart, providing ways to make money, and information about token sales for users.
(7) Build: Here, you will be connected with platforms like bridges, oracles, swaps, developers, etc.
(8) Learn: With this section, the platform will provide you with useful information about the exchange and how to use OKX features.
(9) More: It will include various sections such as rewards, pools, OKB (OKX’s native token), referrals, brokers, etc.
(10) Assets: This section contains information related to your assets, functions for depositing/withdrawing funds, trading fees, etc
- Account: It includes sections like verification, security settings, sub-accounts, API access, etc.
- Download Arrow: Clicking on it will display a QR code for you to download the mobile app.
- Notifications: This includes notifications about the exchange’s activities.
- Question Mark: This is where you can seek support when needed through the exchange’s communication platforms.
- Language: It will display the languages and fiat currencies supported by the exchange.
Guide on How to Register an OKX Account:
Step 1: Access the link below:
[OKX Account Registration](provide the actual registration link here)
Step 2: On the main interface, click on “Sign up” to register your account.
Step 3: You can choose to register using your phone number or email. In this article, I will choose to register using email.
Please fill in the following information:
- Email address: your email address.
- Password: enter your password.
Next, click on “Sign up.” OKX will then send a verification code to your email. Please enter the code to complete the registration.
Guide on Verifying and Securing your OKX Account
Identity Verification (KYC) on OKX
Step 1: On the main screen, click on your account => Select Verification.
Step 2: To verify your individual account, select “Individual account” => Click Continue.
Please provide the following information and click “Submit”:
- Country: Your current country.
- Full name: Your full name.
- ID number: Your ID card number.
Step 3: If you are using a corporate account, select “Corporate Account” => Click Continue.
Then, proceed to verify Level 1 => Fill in the required information as shown in the image => Click Submit.
Complete KYC Level 1 => You can proceed to complete KYC Level 2 to increase your trading limits.
Phone Number Verification on OKX
Step 1: Click on your account => Select Security Settings.
Step 2: Create a Mobile Verification section => Click Set.
Step 3: Enter the following information as shown in the image:
- Phone number.
- New phone number (if applicable).
- SMS code: the code sent via text message.
- Email code: the code sent via email.=> Click Confirm to complete the process.
Register your account here OKEX
Activating 2FA Security on OKX
First, download the Google Authenticator app to your mobile phone. If you don’t know how to download this app, please refer to the instructions here.
Step 1: In the “Authenticator app” section => Click Set.
Bước 2: Open the Google Authenticator app on your phone to scan the QR code or enter the displayed key.
Bước 3: Enter the Email code and Authenticator app code => Click Confirm.
Bước 4: In the “2FA” section => Click Turn on.
Creating an Anti-phishing Code on OKX
Step 1: In the “Anti-phishing code” section => Click Set.
Step 2: Create your own code => Enter the code sent to your email => Click Confirm.
Register your account here OKEX
Guide on Depositing and Withdrawing Funds on OKX
Depositing Funds into OKX
Bước 1: In the “Assets” section => Select Deposit.
Bước 2: Choose the coin/token you want to deposit into the exchange.
Bước 3: Select the Chain => Click Continue => Copy the wallet address or scan the QR code.
Withdrawing Funds from OKX
Bước 1: In the “Assets” section => Select Withdraw.
Bước 2: Choose the coin/token you want to withdraw => Select the withdrawal method => Choose the chain => Click Continue.
Bước 3: Fill in the following information => Click Continue.
Bước 3: Fill in the following information => Click Continue.
- Wallet address.
- Wallet name.
- Amount of tokens to withdraw.
Đăng ký tài khoản tại đây OKEX
Guide on Buying and Selling Coins/Tokens on OKX
Step 1: To start trading, you need to transfer coins/tokens from your Funding account to your Trading account.
Click on “Assets” => Select “My assets” => Click “Transfer” => Choose the token you want to transfer => Enter the quantity => Click “Transfer” to complete the process.
Step 2: On the main interface => Click on “Trade” => Select “Basic trading.”
Step 3: Search for the coin/token you want to buy or sell and choose the trading pair.
Step 4: In the order book, select the type of order you want to place => Enter the quantity of coins/tokens you want to buy or sell => Place the Buy/Sell order.
After you place the order, it will appear in the “Open orders” section => Successfully executed orders will be displayed in “Order history.”
How to Use API Keys on OKX
Step 1: Click on your account => Select “API” => Click “Create API key.”
Step 2: Fill in the following information:
- API name: Set a name for the API to distinguish it from others.
- Passphrase: Set a security passphrase.
- IP address: Enter the IP address.
- Permissions: Choose the API permissions for withdrawals, trading, or account monitoring.
- Email code: The code sent to your email.
- SMS code: The code sent to your phone.
=> Then click Confirm.
Note: You should securely store your API security keys and not share them with others. Additionally, choose reputable applications when connecting to your trading account to avoid the risk of hacking.
How to Get a Referral Link on OKX
Step 1: In the “More” section => Click on “Referral.”
Step 2: Copy the referral link to share with your friends or enter the email addresses of those you want to invite.
When the invited person registers an account and successfully completes KYC, you will receive a commission. Specifically, you will receive a 30% commission from their trading fees. This can be a good source of passive income if you invite many people!
Frequently Asked Questions about OKX
What are the trading fees on OKX?
As far as I know, the trading fees on OKX vary based on different levels.
- Trading accounts with less than 500 BTC in 30 days => Level 1 => The exchange charges a 0.1% fee per trade.
- Trading accounts with over 500 BTC in 30 days => Level 2 => The exchange charges a 0.08% fee per trade.
For more information about trading fees on OKX, you can refer to this link
Nạp/rút coin trên OKX có cần trả phí không?
Tương tự các sàn giao dịch khác, OKX không thu phí nạp coin. Tuy nhiên, phí rút coin sẽ được sàn tính tùy thuộc vào các loại coin khác nhau.
Is OKX safe, and has it been hacked before?
According to previous reports, OKX has experienced security breaches in the past. Specifically, in October 2017, a user’s OKX account was hacked, and up to 200 BTC was stolen.
Subsequently, other users also reported similar attacks. The estimated total amount lost was 600 BTC. However, OKX promptly reported and addressed these incidents.
Since then, OKX has strengthened its security measures by requiring users to set up fund passwords and security features like 2FA. The platform also has a bounty program that rewards those who find vulnerabilities.
Does OKX issue its own token?
OKX is one of the exchanges that has issued its own token, known as OKB. Currently, the price of OKB is approximately $11.37 USD according to CoinGecko.
Additionally, the OKB token is used to purchase tokens in IEOs on OK Jumpstart. Holders of OKB may also receive reduced trading fees on the exchange.
Conclusion
OKX is one of the largest cryptocurrency exchanges, offering many convenient features for users and an attractive commission policy. Furthermore, it supports a wide range of coins/tokens and provides easy access to dapps, NFTs, and the Web3 world for users to explore.
That concludes the comprehensive guide on how to use OKX. I hope this information helps you access and experience the platform’s standout features more easily! If you have any questions during the process, please feel free to leave a comment below the article or ask the admins in the group chat.
Đăng ký tài khoản tại đây OKEX
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