OKX is the world's third-largest cryptocurrency exchange by daily trading volume. Its millions of users from over 100 countries can buy, sell, stake and trade cryptocurrencies and derivative products like futures and options.
OKX was launched as OKEX in 2017 and is owned by the OK Group, which was founded in 2013 by Mingxing “Star” Xu. Star Xu currently serves as the company's CEO. OKX is a globally recognized cryptocurrency exchange headquartered in Seychelles.
What services does OKX offer?
OKX offers a comprehensive suite of financial services tailored to retail and institutional investors in the cryptocurrency market.
The platform has various trading options, including spot trading, where users can buy and sell cryptocurrencies, and margin trading, which offers leverage options up to 125x on certain assets. OKX's derivatives trading platform features both futures contracts with various expiration dates and perpetual swaps that do not expire, allowing traders to speculate on future prices or hedge their existing positions. OKX also offers options trading to its users.
OKX has integrated certain DeFi features that allow users to earn passive income through staking under its “Earn” section. Users can stake their cryptocurrencies directly on the platform, earn rewards for participating in network validation processes, or engage in yield farming by providing liquidity to decentralized exchanges or other DeFi protocols in exchange. Users can also use their crypto assets for loans to earn fixed-interest returns.
What's required for an OKX account?
To create an OKX account, users must undergo a registration process similar to that of other exchanges. Initially, users can provide their email address and create a password. Enabling two-factor authentication is recommended for enhanced security.
Users must complete a Know Your Customer (KYC) verification process to access higher withdrawal limits and more advanced trading features. This involves providing personal information, such as full name, date of birth, and a government-issued ID. Depending on local legislation, the requirements will vary from region to region.
What fees does OKX charge?
OKX has a tiered fee structure based on each user's trading volume and the type of trading they are engaged in.
For spot trading, fees are generally lower for higher volume traders, with maker fees ranging from 0.14% to -0.010% and taker fees ranging from 0.23% to 0.03%.
Margin trading incurs additional interest fees based on the borrowed amount and duration.
Futures and perpetual contracts have their own fee structures, varying trading fees depending on the contract type and user's trading volume.
OKX also charges withdrawal fees, which vary depending on the withdrawn cryptocurrency. The platform occasionally offers promotions and fee discounts to incentivize trading activity. OKX accounts themselves are free.
What is OKB?
OKB is the native utility token of the OKX ecosystem, which aims to enhance the platform's functionalities and user experience.
Issued by the OK Blockchain Foundation, OKB is an ERC-20 token that facilitates various operations within the OKX exchange. One of its main use cases is to give holders discounts on trading fees, which can significantly reduce the cost of transactions on the platform.
Additionally, OKB tokens can be used to participate in token sales on the OKX Jumpstart platform, which offers early access to promising blockchain projects. OKB holders also enjoy other privileges, like voting rights on platform decisions, high-yield staking program eligibility, and special promotions and rewards.
How OKX has grown over the years
Since its launch in 2017, OKX has rapidly grown into a prominent cryptocurrency trading platform. In its first year, OKX introduced futures trading, significantly boosting its user base and trading volume by offering the advanced derivatives products.
By 2018, the platform had expanded globally, establishing offices in various countries. In 2019, OKX launched its native utility token, OKB, which provides users with discounts on trading fees as mentioned earlier, and began integrating DeFi features, allowing users to stake cryptocurrencies and engage in yield farming. In 2020, OKX rebranded from OKEx to OKX.
In 2021, OKX introduced new financial products like dual investment options and flexible savings accounts and strengthened its security measures with multi-signature wallets and advanced encryption. By 2023, OKX had achieved significant user growth, with its trading volumes consistently ranking among the highest in the industry. The platform implemented advanced trading tools and features, catering to both novice and experienced traders.
As of 2024, OKX continues to innovate by integrating new blockchain technologies and expanding its DeFi offerings, maintaining its position as a leading player in the cryptocurrency industry.
OKX's regulatory battles
Like many exchanges, OKX has navigated a complex regulatory landscape and faced challenges since its establishment. In 2018, the exchange began encountering regulatory scrutiny as global authorities tightened their oversight of cryptocurrency exchanges. This intensified in October 2019 when China's crackdown on cryptocurrency trading and ICOs affected many exchanges, including OKX.
In September 2020, OKX suspended all cryptocurrency withdrawals due to one of its private key holders cooperating with a public security bureau in China. This situation escalated in October 2020 when Star Xu, the founder of OKX, was reportedly questioned by Chinese authorities about the platform's operations and regulatory compliance. OKX resumed withdrawals in November.
Despite being initially headquartered in Beijing, by 2021, OKX announced its plans to cease operations in China entirely due to general regulatory pressure on crypto trading.
