OKX is a crypto exchange platform that launched in 2017. Although it has been around less than five years, it attracted more than 20 million users from over 100 countries. 

With over 400 trading pairs and options available, OKX is a great choice for beginners and advanced users. Apart from buying and trading crypto, you can earn interest from loans or holding assets in your account. Here is a detailed overview of this exchange and its available features!

OKX Exchange Details

• Established: 2017
• Mobile apps: Android, iOS
• Decentralized: No (Hybrid)
• Main location: Seychelles
• Users: 20+ million

OKX Pros and Cons

Pros

• Spot, margin, and derivative trading are all available
• More than 400 trading pairs on the site
• DeFi options allow exploring and managing decentralized finance
• Excellent trading tutorials and knowledge base
• You can buy more than ten cryptos with fiat currencies
• Earning options for HODL strategies
• A referral bonus and a reward scheme are available

Cons

• Limited customer support if you don’t log into your account
• The fee structure might seem complex to some users
• Not possible to make a direct crypto purchase from some countries, including the United States

How Does OKX Work?

The first thing you notice on OKX is the platform’s modern design. It has a clean layout with an intuitive interface. The registration process is fairly simple, and the guides help when navigating around the site. It won’t take long to figure out that you can choose from over 400 trading pairs. The impressive range of options will give plenty to explore to both beginners and advanced traders.

If you want to buy crypto, you can use more than 100 fiat currencies. However, you can buy around ten crypto assets. The good news is that it includes all big names, such as Bitcoin.

OKX also has dedicated mobile apps for iOS and Android. They are free to download and very reliable to use. That makes trading and using other platforms’ features easy even when you are on the move.

How To Use OKX Exchange? – Beginners Guide (Credit: CryptoFirend YouTube Channel)

OKX Features

Guided Tour and Useful Tutorials and Articles

OKEx is an advanced platform, but it does its best to make newbies feel comfortable using it. Once you enter the trading section, you can take a guided tour to explore all relevant features. The exchange also has an Academy, which is filled with video guides and useful articles related to the crypto market.

Basic and Margin Trading with Adjustable Leverage

If you are a beginner, you might want to start with simple options and spot trading. But if you are looking for something more, you’ll appreciate margin trading. It offers adjustable leverage up to 125x, and there are many other options to set to your preference.

Profit from Saving or Staking Your Assets

OKX offers low-risk deals that allow you to generate interest by keeping certain crypto. The estimated annual rate varies from 0.5% to 30+% and depends on the currency you choose. You also have the option of borrowing money with a certain daily interest rate. The rates vary but are quite generous when compared to other platforms.

Multiple Decentralized Finance Products Available

If you are looking for an additional challenge, OKEx also offers DeFI products. Those vary from lending pools and staking to subscribing to decentralized exchanges as a liquidity provider. These deals come with no fees and generous returns but with a high risk.

Bonus Deals for Referring Friends and Completing Tasks

OKEx has a tempting loyalty program for those with a competitive spirit. The reward scheme allows you to earn fee rebates or actual BTC by completing certain tasks. They might involve depositing or buying certain crypto or downloading and using the OKEx app.