OKEX Review Accepted Countries, Payment Methods, Coins & User Reviews

OKX also supports bank transfers, iDEAL, Advcash, ApplePay, SEPA, Sofort and Google Pay, depending on your location. It is used to ensure that the perpetual swap price is anchored to the spot market. When the funding rate is positive, longs pay shorts; when it’s negative, shorts pay longs.

OKX Trading Tips for Beginners

However, while OKX is transparent about these trading fees, it lacks clarity regarding fiat withdrawal and deposit fees. This ambiguity likely stems from the exchange’s operations across over 100 countries, making maintaining a consistent fee structure globally tricky. In our review of spot fees, we examine spot fees across three distinct tiers, focusing on the fees for different trading volumes.

OKX Vs Other Exchanges

However, if you’re a newcomer seeking a more user-friendly experience with easier fiat deposits, exploring other options might be prudent. However, due to some inconsistencies, unclear information, and past customer experiences, it’s a good idea to proceed with caution. Ensure you’re using the best security features OKX offers to keep your account and funds as secure as possible. If you’re comfortable with online financial products and follow security best practices, you’ll likely have a positive experience with OKX. Once logged in, you can view your account balance and access features for spot, futures, options, and other trading needs.

OKX Withdrawal Methods

OKX also enables peer-to-peer lending services with flexible terms. You can also select «Margin Trading.» This will allow you to use leverage to try to amplify returns when trading in futures, advanced options, and perpetual swaps. The advanced service allows professional traders to engage in sophisticated transactions involving multi-currencies to maximize profits. Yes, to utilize your account, users must undergo identity verification to satisfy Know Your Customer (KYC) regulations.

Customer Support

OKX is one of the cheapest exchanges out there, you probably won’t find it much cheaper. The range of coins you can trade is pretty huge, it’s well into the hundreds. And of course all of the major coins, such as Bitcoin and Ethereum. It’s a platform where you don’t need to know anything about crypto to get started (unlike some others). You’ll be walked through everything (if you choose to be), and you can be buying your first crypto coins within minutes. Plus, you can earn interest on your crypto if you want to, or get a loan backed by your crypto.

• A maker fee is the fee charged when you propose an order for other traders to take.
• Consult with a qualified professional before making any financial decisions.
• The original exchange was a spot crypto trading exchange that has expanded rapidly since its launch.
• Unfortunately, OKX is not available to US residents and the exchange has a reputation for offering little in the way of customer service.
• According to the AI chatbot, fiat withdrawals are not supported in the UK, which explains why some withdrawals did not work.

OKX has never experienced a public security breach in its seven years of operation. However, it’s disappointing that insurance does not cover user funds, so third-party insurance is advisable. OKX supports okex review hundreds of tokens and coin pairs on its trading site to buy, sell, or trade using leverage or your own on-chain portfolio. OKX is not currently available in the U.S., but its sister platform, OKCoin, is.

It wasn’t written very clearly, and understanding it required knowledge from other articles that weren’t linked. Although Shark Fin appears to have no downside, it may not be a good choice unless you’re absolutely certain you know where the market is going. While your money is locked up for a chance at a 10% return, you can make a guaranteed 10% or more through savings and staking. Next, there’s something called “Shark Fin,” a uniquely bizarre offering. Spot trading for all products, including margin and futures contracts, looks largely the same. Unlike KuCoin, which Americans can still use in a limited fashion, OKX is fully inaccessible in both countries (however, it’s not illegal, and you can still make trades with USD).

• Users can register for a new OKX account through the mobile app or the webpage using the ‘Sign Up’ button.
• Users can deposit funds, place orders, and engage in spot, futures, and options trading.
• It supports more than 340 cryptocurrencies, offers low fees, has strong security and helpful customer support, and allows crypto lending and borrowing.
• Well, if you are interested in NFTs, high APYs, HODLing, GameFi, and crypto trading with low fees, then you can’t really go wrong with this all-in-one platform.
• This is thanks to its liquidity and trading volume, as well as the competitive fees offered by a vast global user base.
• For those with access to its services, it could be a good choice for buying, staking, and trading a large number of currencies.
• OKEx fees are super low, it supports more than 340 cryptocurrencies and over 650 trading pairs.

• What is more, you can find the blockchain glossary on the same page.
• OKX Exchange (previously OKEX, more on that later), is a large and massively popular cryptocurrency exchange and one of the OG’s in the crypto space, established all the way back in 2016.
• Binance is trusted by millions of users worldwide and the insurance fund has been used for customer account breaches in the past.
• Binance has 10 tiers of accounts that are determined by VIP level.
• I’m interested in DeFi, L1s, L2s, rollups, and cryptoeconomics and how these innovations shape the blockchain industry as a growing global product.

Binance offers its users “European-style” Vanilla Bitcoin Options contracts, which are offered intending to give users more choices to diversify their portfolios and manage their market exposure. Users can both buy the options for hedging and trading, as well as write and sell options as an issuer. BNB is Binance’s native cryptocurrency and has been revolutionary for the exchange. It was one of the first native exchange tokens to be launched and had a pivotal impact on the operations of the exchange. BNB was initially issued as an ERC-20 token but was later transferred into the Binance Chain network.