While DEXes (Decentralized Exchanges) like Uniswap and PancakeSwap are worth exploring if you do not like sharing your personal information in order to trade cryptocurrencies, CEXes (Centralized Exchanges) cannot be beaten when it comes to familiarity and ease of use. Among the leading centralized exchanges is OKX. In this guide, we will cover everything you need to know about this CEX. Keep reading to learn more.
With a presence in more than 100 countries, OKX is a top cryptocurrency exchange offering a variety of services such as margin, spot, and derivatives trading. Moreover, it has its own non-custodial wallet, which gives users access to decentralized finance, all while retaining total control over their digital assets.
OKX comes with an easy-to-understand interface, making it ideal for both experienced and beginner traders. The exchange does not cater to active traders only. Those who wish to earn passively can participate in crypto staking and lend their tokens in exchange for high interest.
History of OKX
OKX entered the market in 2017 as OKex. It is operated by OK Group, a prominent blockchain company founded by Star Xu. In February 2022, the exchange ditched the letter “E,” rebranding itself to OKX. According to Xu, rebranding was necessary as the exchange aimed to offer more services to the crypto community, not just trading. Since then, OKX has added more services on the platform that cater to everyone within the crypto walls.
As of this writing, OKX is available in 150 countries. The exchange supports more than 250 cryptocurrencies and has over 490 trading pairs, each with considerably high liquidity. Over the past year, OKX has been averaging a 24-hour spot trading volume of $640 million, data from CoinGecko shows. Moreover, the exchange boasts 50 million users. That’s despite not offering its services to Americans.
OKX’s Tools and Features
A Vast Pool of Cryptocurrencies
As mentioned, there are over 250 cryptocurrencies listed on OKX, thus giving users an opportunity to diversify their investment portfolios. What’s more, most of these digital assets can be bought using fiat currencies through OKX’s on-ramp feature, which lets you link your debit/credit card or even make a bank transfer.
If you wish to buy a crypto asset on OKX using fiat money, simply go to the “Express buy” tab, then select your preferred payment method and the token you want to purchase. If you use credit/debit, the transaction will be completed within seconds.
Peer-to-peer trades have become popular among traders in recent years. To cater to crypto users who prefer this type of trading, OKX has its own P2P platform, allowing traders to quickly purchase or sell six cryptocurrencies, such as Bitcoin and USDT.
Futuristic Trading Platform
Crypto trading on OKX has been made simple thanks to the exchange’s fully packed trading platform, which comes with tools that allow you to analyze the market correctly. Moreover, you can enter positions using various types of orders like limit and market.
As stated earlier, you can earn money from OKX without participating in active trading. The exchange offers its Earn service, which makes it possible for users to stake their cryptocurrencies to receive yearly yields. Also, you can lend your funds to earn interest.
Are you interested in investing in crypto projects early? Well, OKX Jumpstart gives you that opportunity. By owning the exchange’s native token OKB, you get access to this feature, which lets you inject funds into promising crypto projects. Some of the successful projects that have been launched through OKX Jumpstart include Element Black, Taki, and Sui.
With OKX, you don’t need to go to the spot market to exchange tokens. Instead, you can use the exchange’s “Crypto Convert” feature to swap digital currencies at zero charges.
OKX plays a key role in onboarding people to crypto. It does this by providing a wide range of services to ensure no one is left behind. Whether you want to participate actively or passively in crypto, you can do that on OKX.
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