To facilitate the investment process, it is essential for everyone involved in the crypto market to be proficient in using various trading platforms. In previous articles, Coivn98 has provided guidance on using multiple trading platforms such as Binance, FTX, MEXC, Gate, and more.
Continuing this series of articles in this category, today I will introduce readers to a relatively familiar exchange platform from China, known as OKX.
So, when was OKX established, and what notable features does it have? Let’s explore these questions in this article!
Let’s get started!
Đăng ký tài khoản tại đây OKEX
What is OKX (OKEX) Exchange?
OKX is a cryptocurrency exchange established by Star Xu in January 2014 in China. OKX received investments of millions of USD from major venture capital funds worldwide, 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. However, in January 2022, this exchange officially changed its name to OKX. Nevertheless, 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, trailing only Binance. Furthermore, the platform serves more than 20 million users across 180 reliable markets and supports trading for over 250 cryptocurrency assets.
Review of OKEX (OKX) Exchange
Advantages
- High trading volume and liquidity.
- Supports 10 different languages, including Vietnamese.
- Offers various trading options, including Spot Trading, Trade Margin, OTC, futures, and options.
- Provides multiple payment options for buying crypto, including Visa/Mastercard, bank transfers, Google Pay, and more.
- Supports trading of over 250 digital assets with low fees.
- Processes transactions relatively quickly.
- Supports use on desktop (Windows, MacOS) and mobile (Android, iOS).
- Offers 24/7 customer support through various channels, including Telegram, email, and the website.
Disadvantages:
- The exchange’s interface may not be very intuitive or user-friendly.
- OKX offers diverse products but lacks a standout feature.
- The exchange has faced security breaches in the past, raising concerns about its security.
- Some of OKX’s unique products like OK Pool and OK PiggyBank may confuse newcomers.
Overview of the OKX Exchange Interface
In the main interface of the OKX exchange, you will notice various fields at the top of the screen. In this article, I will explain in detail the key features of this trading platform.
- Exchange: This section displays charts that show the price fluctuations of your assets.
- MetaX: MetaX connects you to the Web3 world of the exchange, including NFTs, dApps, and more, through your crypto wallet.
- Buy Crypto: This feature allows you to buy and sell cryptocurrencies and engage in peer-to-peer trading on the exchange.
- Discover: In this section, you can explore the cryptocurrency market, view coin rankings based on various factors, and discover opportunities while connecting with the community.
- Trade: This includes basic trading features, margin trading, conversion, trading bots, and block trading.
- Grow: Here, you will find features such as earning, lending, Jumpstart, which provide ways to earn money and information about token sales.
- Build: In this section, you can connect with platforms like bridge, oracle, swap, developers, and more.
- Learn: This section provides useful information about the exchange and how to use its features.
- More: This section contains various items like rewards, pools, OKB (the exchange’s native token), referrals, brokers, and more.
- Assets: This section includes information about your assets, deposit/withdrawal options, and trading fees.
- Account: This section includes categories such as verification, security settings, sub-accounts, and API access.
- Download Arrow: Clicking this will display a QR code for you to download the mobile app.
- Notifications: This section contains notifications related to the exchange’s activities.
- Question Mark: This is where you can seek support when needed through the exchange’s communication platforms.
- Language: This displays the languages and fiat currencies supported by the exchange.
How to Register an OKX Exchange Account
Step 1: Access the link below:
Step 2: On the main interface, click “Sign up” to create your account.
Step 3: You can choose to register with your phone number or email. In this guide, we will use email registration.
Please provide the following information:
- Email address: Your email address.
- Password: Enter your desired password.
Then, click “Sign up.” OKX will send a verification code to your email. Enter this code to complete the registration process.
Guide for Account Verification and Security on OKX Exchange
Identity Verification (KYC) on OKX Exchange
Step 1: On the main screen, click on your account => Select “Verification.”
Step 2: To verify your individual account, select “Individual account” => Click “Continue.”
You should provide the following information and then click “Submit”:
- Country: Your current country of residence.
- Full name: Your full legal name.
- ID number: Your national ID number or passport 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
” Once you’ve completed KYC Level 1, you can proceed to complete KYC Level 2 to increase your trading limits.
Phone Number Verification on OKX Exchange
Step 1: Click on your account => Select “Security Settings.”
Step 2: Create a “Mobile Verification” section => Click “Set.”
Step 3: Fill in the following information as shown in the image:
- Phone number.
- New phone number (if applicable).
- SMS code: the code sent to your text messages.
- Email code: the code sent to your email.
=> Click “Confirm” to complete the process.
Depositing Funds into OKEX
Activating 2FA Security on OKX Exchange
Firstly, download the Google Authenticator app to your phone if you haven’t already. If you’re unsure how to download this app, you can find more information here.
Step 1: In the “Authenticator app” section, click “Set.”
Step 2: Open the Google Authenticator app on your phone to scan the QR code or enter the displayed key.
Step 3: Enter the “Email code” and “Authenticator app code” => Click “Confirm.”
Step 4: In the “2FA” section => Click “Turn on.”
Creating an Anti-Phishing Code on OKX Exchange
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.”
Đăng ký tài khoản tại đây OKEX
Guide for Deposits and Withdrawals on OKX Exchange
Depositing Funds into OKX Exchange
Step 1: In the “Assets” section => Select “Deposit.”
Step 2: Select the coin/token you want to deposit into the exchange.
Step 3: Choose the blockchain (Chain) => Click “Continue” => Copy the wallet address or scan the QR code.
Withdrawing Funds from OKX Exchange
Step 1: In the “Assets” section => Select “Withdraw.”
Step 2: Choose the coin/token you want to withdraw => Select the withdrawal method => Choose the blockchain (chain) => Click “Continue.”
Step 3: Fill in the following information => Click “Continue.”
Step 3: Fill in the following information => Click “Continue.”
- Wallet address.
- Wallet name.
- Amount of tokens to withdraw.
For trading account registration, please follow the instructions on the OKEX website.
Đăng ký tài khoản tại đây OKEX
Guide for Buying and Selling Coins/Tokens on OKX
Step 1: To start trading, you need to transfer the 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/sell and select the trading pair.
Step 4: In the order book, select the type of order you want to place => Enter the amount of coin/token you want to buy/sell => Place the Buy/Sell order.
After you place your order, it will be displayed in the “Open orders” section, and successful trades will be shown in the “Order history” section.
Using API Key on OKX
Step 1: Click on your account => Select “API” => Click “Create API key.”
Step 2: Fill in the following information:
- API name: Name your API to differentiate it from others.
- Passphrase: Set a security passphrase.
- IP address: Your IP address.
- Permissions: Specify the permissions you want to grant the API, such as withdrawal, trading, or account monitoring.
- Email code: The code sent to your email.
- SMS code: The code sent to your phone.
=> Click “Confirm” to complete. Remember to securely store your API keys and only use trusted applications to connect to your trading account to avoid hacking incidents.
Obtaining 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 people you want to invite.
When the invited person successfully registers and 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!
FAQs about OKX Exchange
What are the trading fees on OKX?
As far as I know, the trading fees on OKX vary based on different trading levels:
- Trading accounts with less than 500 BTC in 30 days are classified as Level 1, and the exchange charges a 0.1% fee per trade.
- Trading accounts with over 500 BTC in 30 days are classified as Level 2, and the exchange charges a 0.08% fee per trade.
For more information on trading fees on OKX, you can refer to this link.
Are there any fees for depositing or withdrawing coins on OKX?
Similar to other exchanges, OKX does not charge fees for depositing coins. However, withdrawal fees vary depending on the type of coin.
Is OKX Exchange safe, and has it been hacked before?
According to previous reports, OKX Exchange has experienced a hacking incident. Specifically, in October 2017, a user’s account on the platform was hacked, resulting in the theft of up to 200 BTC.
Subsequently, other users also reported similar attacks. It was estimated that the total loss was 600 BTC. However, the exchange promptly addressed and resolved these issues.
Since then, OKX has strengthened its security measures by requiring users to set up fund passwords and additional security measures like 2FA. The exchange also has a bug bounty program to reward those who discover platform vulnerabilities.
Does OKX Exchange issue its own token?
Yes, OKX is one of the exchanges that has introduced its own token, known as OKB. Currently, OKB is priced at $11.37 USD according to data from CoinGecko.
Additionally, OKB tokens are used to purchase tokens in IEOs on OK Jumpstart. Holders of OKB can also enjoy reduced trading fees on the exchange.
Conclusion
OKX Exchange is one of the largest cryptocurrency exchanges, offering many convenient features for users and an attractive referral program. It also supports a wide range of cryptocurrencies and provides access to dApps, NFTs, and the Web3 world.
With this detailed guide, I hope you can easily access and explore the prominent features of OKX Exchange. If you have any questions during the process, please leave a comment below the article or ask the administrators in the group chat.
Đăng ký tài khoản tại đây OKEX
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