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Founded in 2014 by Star XU, the Belize-based OKX exchange is an exchange and investment platform for digital assets. This exchange is the second largest exchange in the world in terms of volume of transactions and provides advanced financial services to traders all over the world through blockchain. The activities of this exchange are outside of Hong Kong and it has significant support. The exchange and its partner OKCoin were originally based in China and moved to Hong Kong after the Chinese government banned ICO token trading and are now internationally prominent.
OKX Exchange is a spin-off from OKCoin as a brand aimed at advanced cryptocurrency traders. OKCoin is a simpler exchange that only focuses on buying and selling cryptocurrencies and ICO tokens. But OKX offers more sophisticated features that are more similar to traditional stock exchanges.
It is listed as one of the largest international cryptocurrency exchanges in the world by the prestigious website CoinMarketCap and claims to have a daily turnover of $1.5 billion from its Bitcoin futures alone. However, recently there have been doubts about this exchange and other well-known Chinese-owned cryptocurrency exchanges as to whether the actual turnover figures are as true as reported among the exaggerated claims of the providers.
In a move that is similar to other major Chinese exchanges such as Binance and Huobi Pro, the OKX exchange also launched its own digital currency called OKB in early 2018. The total balance of this token is 1 billion. rate increases and dedicated customer support.
Proprietary tokens seem to be the latest trend in cryptocurrency exchanges. This is actually the pattern created by the Binance ICO, which within a month of its launch made the exchange the world’s largest international exchange. The creators of OKX are rumored to be ambitiously planning to launch their own Ethereum-like public blockchain platform, though no official announcement has been made.
The platform of this exchange is available both in the browser and in the form of a desktop application, Android and iOS. Since trading platforms are fairly heavy software, the downloadable version that can withstand the most pressure is a tool designed to avoid the risk of browser memory leaks and possible processing and blocking issues. Also, the more professional nature of the OKX platform compared to other cryptocurrency exchanges creates a greater need for more powerful hardware.
The most important currencies available in this exchange are: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Polkadat (DOT), Solana (SOL), Chain Link (LINK), Phantom (FTM), Ripple (XRP) ) File Coin (FIL), Internet Computer (ICP), dydx (DYDX), Shibaino (SHIB), Harmony (ONE), Avalanche (AVAX), Maker (MKR), Pancake Swap (CAKE), Aave (Aave), Chiles ( CHZ) and…
Transaction fees and transactions in the OKX exchange
The maximum commission of the order maker (Maker) The maximum commission of the order taker (Taker)
0.15% 0.2%
The amount of fees mentioned in the table can be reduced by 0.02% for ordering and 0.05% for ordering.
Low transaction fees are OKX’s main strength, and the exchange prides itself on being among the lowest-fee exchanges in the cryptocurrency market. Fees are tiered based on average 30-day trading volume, but are still low even at significant trading volumes.
As one of the world’s leading cryptocurrency exchanges backed by some major investors, OKX’s cybersecurity architecture meets the industry’s best standards. The exchange itself lists capabilities such as GSLB, distributed server clusters, and cold storage multi-signature wallets as its existing security measures. In October 2017, a number of OKX account holders complained that their accounts had been hacked and their cryptocurrency holdings stolen. Is. Sarafi attributed this to the inability of account holders to secure their accounts and make passwords available to other people and unauthorized access to the system. At the time, suggestions that the exchange’s own security levels were insufficient were dismissed and new instructions were issued to customers regarding account and wallet security.
The Coin Gecko website offers a new service in which it gives a Trust Score to different exchanges. This score is determined by examining things such as the volume of daily transactions, the depth of the order book, cyber security, the exchange team, the incidents that have happened to the exchange and how the exchange has dealt with them, etc.
Feedback on the exchange’s support levels has been reported with some online complaints about slow response speeds or failure to resolve users’ issues. Overall, the exchange seems to be quite inflexible in its systems and approach; But users who understand this and act accordingly report fewer problems.
OKX is a well-supported exchange with significant global strategies. For more experienced traders, there are not many cryptocurrency exchanges that can implement a professional trading platform with advanced functions and trading formats in both financial and traditional markets like OKX offers. Low trading fees are another big advantage that will appeal especially to more experienced traders.
While the exchange’s strategies can be expected to change in the fairly near future, the fact that CNY is the only fiat currency supported on the platform means that OKX is still heavily skewed towards the Chinese market.
