What is OKX?

June 11, 2024 at 15:17 GMTModified date: June 11, 2024 at 15:17 GMT
June 11, 2024 at 15:17 GMT

OKX ($OKB) stands as a significant player in the crypto exchange world, with it facilitating over $13 billion worth of daily trading volume. The crypto exchange offers a broad spectrum of services well beyond the typical buy and sell.  Based in the Seychelles, this platform extends its reach globally, although it notably excludes some of its…

OKX ($OKB) stands as a significant player in the crypto exchange world, with it facilitating over $13 billion worth of daily trading volume. The crypto exchange offers a broad spectrum of services well beyond the typical buy and sell. 

Based in the Seychelles, this platform extends its reach globally, although it notably excludes some of its services for users from the U.S. and UK. With competitive exchange fees, OKX positions itself as an appealing choice for cryptocurrency traders around the world.


Initially emerging from OKCoin, OKX was designed with the advanced cryptocurrency trader in mind. OKCoin caters to the basics of buying and selling cryptocurrencies and ICO tokens. In contrast, OKX offers a more sophisticated platform, drawing parallels with traditional financial securities exchanges.

Since its founding in 2017 and setting up its headquarters in Seychelles, OKX has grown to be recognized as one the largest cryptocurrency exchanges by volume, according to CoinMarketCap. The platform boasts over 20 million users across more than 100 countries, though it steers clear of the U.S. market due to regulatory and compliance issues.

The rebrand from OKEx to OKX in October 2023 marked a significant transition, aiming to propel the company into a future of greater decentralisation and exploration of digital and financial frontiers. The “X” in OKX was said to standfor the unknown, signalling the company’s commitment to exploring untapped opportunities in the digital asset space.

What is OKX?

OKX has positioned itself as a one-stop shop for anyone diving into the crypto space, now ranking among the world’s largest crypto exchanges. Its official website said: “OKX is an innovative cryptocurrency exchange with advanced financial services. We rely on blockchain technology to provide everything you need for wise trading and investment“. OKX is not just for the seasoned trader, it also provides avenues for newcomers to the trading world to develop their skills. This includes options like copy trading and a well-funded demo account. 

The exchange is competitive in its trading fees and supports over 320 cryptocurrencies, aligning it with giants like Binance. The OKX wallet, supporting 77 blockchains, offers a gateway to DeFi apps, making it a versatile tool for crypto users. However, it’s worth noting that UK and US retail customers face restrictions on accessing derivative-related services due to stringent cryptocurrency regulations.

Diving deeper into OKX features

OKX breaks down its offerings into spot, margin, and derivatives markets. The exchange constantly updates its list of available cryptocurrencies and trading pairs, catering to a wide range of investment interests. Beyond trading, OKX Earn offers an avenue for clients to earn extra by funding crypto-margin loans at competitive interest rates. 

For those keen on digging deeper into the crypto yield ecosystem, there’s the chance to earn tokens through mining pools, staking on the Web3 Yield platform, and engaging with decentralised exchanges and lending platforms. Additional features include dual investment options, crypto-collateralised loans, and the ability to bridge crypto across blockchains.

Market dominance

At the time of writing, OKX is the third largest derivatives cryptocurrency exchange with its daily trading volume of $12bn. Meanwhile, it is the tenth largest spot exchange, with its $1.3bn daily trading volume, according to CoinMarketCap.

The OKB token

$OKB is the exchange’s native cryptocurrency. At the time of writing, $OKB was trading hands for $48.09 and ranked 29 by its market capitalisation of $2.8bn. Investors are incentivised to hold onto $OKB tokens as it can mean enjoying up to a 40% discount on your trading transactions, with the discount rate directly tied to the amount of $OKB you have. 

OKX categorises its users into two groups: the regulars and the VIPs. Your stash of $OKB determines your rank as a regular user, while your trading volume decides if you’re VIP material. With commissions recalculated daily, your level dictates the discount you receive, ensuring rewards are always aligned with your platform engagement.

But the benefits of $OKB extend beyond just saving on fees. Token holders have the opportunity to rake in some passive income through OKX Earn, a feature designed to bolster your asset growth. Plus, $OKB serves as a gateway to the OKX Jumpstart platform, where registered users can dive into exclusive sales, facilitated through MixTrust. To ensure $OKB remains appealing to holders and to continually inject value into the token, OKX engages in a quarterly ritual of burning $OKB tokens, using 30% of transaction fee income for this purpose. This token burn event is meticulously documented on the official website, showcasing OKX’s commitment to maintaining the token’s value. New users aren’t left out of the loop, either, as they’re greeted with welcome bonuses, adding another layer of allure to joining the OKX community.

OKX advantages

In the fiercely competitive arena of cryptocurrency exchanges, OKX distinguishes itself through a myriad of advantages that cater to both seasoned traders and crypto newcomers. At the heart of its appeal is the platform’s expansive offering of trading products, including an impressive range of cryptocurrencies, futures, options, and perpetual swaps. This diversity enables users to engage in various trading strategies, from hedging against market volatility to speculative trading, all under one roof.

OKX’s commitment to innovation is present in its user interface, which balances sophistication with user-friendliness, ensuring that both novice and experienced traders can navigate the platform with ease. The integration of advanced trading tools, real-time data analytics, and customisable charts empowers users to make informed decisions swiftly. The exchange’s proactive approach to regulatory compliance has enabled it to forge a path of legitimacy and trust in an industry often scrutinised for its regulatory challenges. By actively engaging with regulatory bodies and adhering to stringent compliance standards, OKX has managed to expand its services across multiple jurisdictions, further cementing its position as a global leader in the cryptocurrency exchange space.

OKX disadvantages

Despite its numerous strengths, OKX is not without its challenges. One of the primary concerns is the regulatory landscape, which, while OKX navigates with diligence, remains a double-edged sword. The platform’s efforts to comply with various jurisdictions mean that its services are not uniformly available worldwide. This selective availability can frustrate users in regions where OKX cannot offer its full suite of services due to regulatory constraints.

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