Still, OKX is a scam or a safe platform that allows you to make decent money on cryptocurrency trading? How can you make transactions with a large number of coins and pay a modest fee? The answers to these and other questions can be found in the detailed review of the exchange below.

Why OKX?

Cryptocurrency exchange OKEx is a subsidiary of a large Chinese platform OKCoin. OKX began its work in 2014 under its strict control, and in 2017, having separated from it, it became an independent service. It is a convenient platform with a desktop version downloadable to the trader’s computer. It is also possible to perform all trading operations in the mobile application. The site supports English, Chinese, and also one of its dialects – Cantonese. The mobile app works only in Chinese. On the official website okx.com all information is presented as simply as possible so that even a minimal knowledge of English is sufficient to understand it. If necessary, you can run a browser-based translation of the material.

The platform offers to change the color scheme of the terminal, adding indicators, security settings, and much more. C2C trading (customer to customer) can be conducted between traders, which is designed to facilitate intermediation between the two parties involved in the transaction. Here we are not talking about selling products, but only about facilitating a transaction between a buyer and a seller. For the purchase of electronic coins, it is possible to use a single fiat currency – the Chinese yuan. Professional traders, who operate with large amounts of money, do not often work with the exchange now, which is explained by the low volume of transactions. It could be higher if transactions at the site were available to residents of the U.S., Sudan, North Korea, Bolivia, etc.

The beginning of work on the site is the registration process. It does not require any special skills or special knowledge: you specify the country where the user is located and his phone number, which must be valid, as an SMS code is sent to it. There is a second option of registration when instead of the phone number you specify the e-mail address, which must be checked after clicking “Send SMS”. Keep in mind that the system email may end up in the spam folder. By completing registration, the user agrees to the rules of the exchange okx.com, after which they are redirected to their personal cabinet.

Verification in the system is also simple – just enter the surname, first name, and serial data of any identity document. In addition, you will need to upload photos of your documents, including the unfolded passport in your hands. The face must be visible, as well as passport data. Here it is easy to do without verification, in this case, free access will be all the services of the site, except one – “purchase of tokens for fiat currencies”. Also, the client will be able to increase an account only with cryptocurrencies, will able to sell and buy tokens and work with leverage, which will allow a client to attract more funds to trade than there is on the deposit.

OKX platform offers a convenient and fast exchange of cryptocurrencies and fiat money to electronic coins (how to make decent money on cryptocurrency? read here). The site has several built-in cryptocurrencies. The lists of currencies paired with Bitcoin are extensive and even include exclusive tokens (Yoyow, Waltonchain, Viuly, Tron). There are three options for conducting transactions. To proceed to the simplest one, you need to enter the “Token Trading” window. The top part specifies the main cryptocurrency with which other cryptocurrencies are acquired. In the left column, there are digital pairs, from them you need to choose one to work with. To buy a coin, press the button “Buy”, to sell it – “Sell”.

Another option is “Fiat to Token”. With its help, it is possible to buy altcoins through fiat money, but first, you have to transfer them to yuan. You can also use futures, which will allow you to create contracts to hedge risks. Hedging means executing transactions on one market and covering risks on the other market. Many traders use this way, in this case, a low commission and margin trading are waiting for them on OKX.

Crypto Exchange offers trading with the market and pending orders. To make a purchase, select the appropriate type of order and enter the required amount. The volume of redeemed electronic coins is automatically recalculated. If the customer intends to buy a token at a certain price, its value is additionally indicated. If, for example, the user believes that the current Bitcoin price of 12,000 USD will fall to 11,000 USD shortly before rising again, a pending bid should be selected. As soon as the value drops to that mark, an automatic transaction will occur. The platform also offers margin trading, where traders specify the credit percentage at once. The maximum allowable leverage difference is 20 to 1.

The commission fee at the exchange is one of the most modest. For futures trading it varies from -0.01% to 0.05%. When calculating the fee, the client’s ranking is taken into account, which changes depending on the number of trades they have made over past months. The Exchange offers API integration, enabling quick receipt of market update data, studying sales depth information, controlling request volumes and frozen amounts, checking active orders, and facilitating easy currency buying and selling. To work with API you need to press the “Apply API” button, so apiKey will be available, which is an access key, provided by exchange to clients. There is also secretKey – this is the private key, needed to sign the parameters of the request. It is strictly forbidden to disclose these two keys to anyone because they determine the safety of the account. Details on working with API can be found on the official website of the exchanger. The resource support team works around the clock. Residents of Hong Kong, Singapore, Ireland, and Canada can contact managers by phone, which is listed separately for each of these countries.

Deposit and Withdrawal

Topping up your cryptocurrency wallet on the OKX exchange is not difficult. First, click on the button “Account”, and then select the section “Deposit”. In the window that opens, all the data on the personal wallet is placed. For each currency, you need to start your own crypto-purse, which is used for further exchange. To proceed, navigate to the “Currency” section, select a digital currency, and copy the designated receiving address for depositing funds. If the wallet you use does not provide opportunities for transactions with multicurrency accumulators of funds, you will have to run an additional address for transactions. You can find out about the capital receipt in the “Spot trading account” tab.

Withdrawal of funds is made through the option “Withdraw”. Before you can run it, you have to verify it. You will also need the administrator password, which is created in the “AdminPassword” section. Confirmation of any passwords will require authentication. The password must be complex so that it protects the personal account from being hacked by fraudsters. You can complete its creation by pressing the “Submit Password” button. The e-mail will also have to be verified. Using the “Transfer” button, you can deposit funds to your trading accounts from My Wallet. You can use bank transfers (VISA, MasterCard). Deposit and withdrawal options are still few, but the exchange has not been operating for a long time, and, perhaps, the developers will expand this list soon. Currency transactions are available to users within 24 hours after authentication and verification. Withdrawal of funds will take from a few minutes to a week.

Complaints About OKX

The OKEx exchange has established itself as a comfortable platform for digital coin transactions, as it has many advantages. Market competitors offer higher transaction fees than OKX, where these figures are among the lowest, if not the most modest. Fraudsters have repeatedly tried to hack the platform, but always triggered reliable protection, which can not be weak because the site is a subsidiary of the well-known service OKCoin. The platform has versions for both stationary devices and mobile gadgets. The terminal can be installed on your computer, which allows you to exchange digital coins without going to your browser. Traders have comfortable leverage, and with competent margin trading, even exchanging modest amounts, it is possible to earn good money.

Clients of the exchange note a few moments that make it difficult to work with it. Sometimes the site “hangs”, so it is not possible to get into the personal cabinet. In such cases, reloading the resource page helps. Withdrawals do not always come to the wallet immediately, then users contact support. Deposits also sometimes encounter delays. If you work on the exchange for several hours in a row, then every 120 minutes you will have to re-enter the password. Information in English is simple and accessible. It is only possible to deposit funds into the account in Chinese yuan, which will be automatically converted to another currency on the site, which is also very convenient.

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Exchange Regulation

Chinese OKX crypto exchange is registered as Okex Technology Company Limited and was created after the country’s authorities banned trading in cryptocurrency futures. Belize was chosen for registration, but all correspondence was sent to the headquarters in China. Initially, OKX was supposed to be a trading platform for cryptocurrency assets, later its functionality was expanded. Activities of the crypto exchange are fully compliant with Belizean legislation.

The administration of the exchange expects integrity from users, any fraudulent transactions are considered inadmissible here, and withdrawal of funds by third parties is prohibited. The security service monitors all suspicious transactions to prevent terrorist financing. User accounts are blocked for any attempts to violate the platform’s rules. Full service rules are accessible on okx.com.

The exchange allows you to set your security settings by going to the “Settings” tab, where there is a “Security” section. For example, here the client can choose a two-factor authentication when logging into the account. All personal data are encrypted, because of this, it is a little complicated to work with the account (the system hangs up). Those who already have an account on OKCoin can do so without registration on OKX.

Read the “OKX Privacy Policy” on the exchange website
Read the “Terms of Use of the Exchange” on the OKX website

Regulators

OKX has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services. The license is fully operational, it has the “Active” status (check regulator).

Moreover, OKX has applied for Regulatory Approval in France to become a registered Digital Asset Service Provider (DASP) under the requirements set out by Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) (check regulator).

Is OKX a Scam?

OKX Crypto Exchange appeared quite recently but has already managed to prove itself as a resource that deserves the attention of traders. The platform is quite stable and reliable, which does not leave experienced market players indifferent. Another advantage is the leverage trading and the ability to hedge risks. In addition, a modest fee is charged for transactions. The toolkit of the exchange is one of the most diverse, as well as the list of cryptocurrencies offered for investment (read the whole truth about cryptocurrency here).

The protection of the site is provided at a high level. Each user undergoes compulsory registration and verification. The password is requested separately for the withdrawal of funds, and if you work for a long time, you will have to enter it every 120 minutes. It is worth taking into account that the site okx.com is adapted primarily for Chinese users, although there is also an English version, it is not available in the mobile application. There are several restrictions on cooperation with the resources for residents of different countries. Users praise the exchange for stability, fast transactions, the ability to work with fiat money, the availability of the option of leverage, etc. From time to time they complain about the slow response of support service and the failures of the resource.

Still, can the OKX crypto exchange be considered a scam? Real reviews of traders, mostly in English, show that the site has many advantages. There is no reason to call OKX a scam or fraud. The service has managed to prove itself as a safe and profitable platform for investing in cryptocurrencies.

Conclusion

OKX cryptocurrency exchange has several advantages that make it attractive for traders. The revieweek.com has taken great care to ensure the reliability of the platform and offer users excellent functionality and a wide range of digital coins. Although the service is focused mostly on Chinese users, it is simple and convenient, so there are many traders.

While Revieweek will not consider OKX to be a scam, the appearance of negative feedback from new traders about the platform may affect its ranking in our project and alert users to any potential issues with the service.