OKX, previously called OKEx, is a cryptocurrency exchange based in Seychelles, founded by Star Xu in 2017. It has grown rapidly and is now among the top three cryptocurrency exchanges globally, offering a platform for buying Bitcoin, Ethereum, and other cryptocurrencies. The company operates in various markets, including Hong Kong, UAE, The Bahamas, and France, with offices in several countries.
The company has built partnerships with well-known brands and sports teams, including Manchester City and McLaren. It has been a sponsor of the Tribeca Film Festival since 2022 and engages in advertising through various events.
In its early years, OKX became the largest exchange by reported turnover in 2018. The exchange faced new regulatory rules in Hong Kong and continued to expand its reach. In 2022, OKEx rebranded as OKX and expanded its services, notably rejecting calls to stop Russian crypto trading. The company also received a virtual asset license in Dubai, aiming to establish itself as a regional hub.
Recent developments include major milestones such as a significant trading volume increase in early 2021 and plans to grow its staff in The Bahamas. In 2023, OKX released proof of reserves reports showcasing strong asset management, indicating a reliable platform for investors. The exchange applied for licenses in Hong Kong to comply with new trading regulations and opened new offices in different regions, including plans for expansion into Europe.
The company engages actively in sponsorship deals and advertising campaigns. For instance, it collaborated with Manchester City for promotional events and sponsorship, creating unique experiences for fans. In 2023, OKX also made a multi-million dollar advertising push with notable athletes to enhance brand visibility.
Despite its success, OKX has faced criticism, including allegations regarding token listing fees and security issues, along with regulatory challenges in China. The exchange has withdrawn from the Chinese market and restructured its operations to comply with international regulations while continuing to grow its presence in the crypto world.
What Is OKX?
OKX is a global company offering exchange and Web3 services with offices in Hong Kong, Singapore, the UAE, Silicon Valley, and the Bahamas. OKX exchange services are offered by its Seychelles-incorporated and Bahamas-registered entities. OKX offers Web3 services in the United States and has an office in Silicon Valley, but it does not offer exchange services in the United States. The exchange offers basic trading including spot and simple options, and derivatives including margin, futures, perpetual swaps and options. Other products include: trading bots, block trading, OKX Earn (savings, stablecoins, DeFi, staking, ETH 2.0 and more), crypto loans and Jumpstart, the exchange’s launchpad.
OKX wallet claims to be the “portal to Web3,” offering a crypto hot wallet, decentralized exchange (DEX), a NFT marketplace and decentralized applications (DApps). The wallet supports over 30 networks, including major blockchains like Bitcoin, Ethereum, BNB Chain, Solana, Polygon, Avalanche, Fantom and more.
OKX also has its own native blockchain — X Layer and native token — OKB, which allows builders and projects to deploy DApps and developers to use infrastructure like OKX Oracle and more.
In January 2022, OKEx was rebranded as OKX, with a new branding and roadmap.
Who Are the OKX Founders?
OKX (formerly OKEx) is owned by OK Group.
The company was founded by Mingxing “Star” Xu back in 2013 in China. Xu is a Chinese entrepreneur. He holds a Bachelor’s degree in Applied Physics from the University of Science and Technology Beijing. Star Xu is CEO of OK Group.
The present CEO of OKX is Star Xu.
When Did OKX Launch?
The exchange, formerly known as OKEX, was launched in 2017.
OKX Restricted Countries
The project is supported in over 200 countries. However, residents of the United States don’t have access to the platform’s services.
What Coins Are Supported on OKX?
The exchange lists over 350 cryptocurrencies and supports more than 500 trading pairs. The platform lists major tokens including BTC, ETH, OKB, AAVE, SOL, MATIC, XRP, DOGE, SHIB, and DOT.
How Much Are OKX Fees?
The fee structure is based on market taker and maker model. Trading fees on the platform start at 0.10% and decrease as trading volume increases. For regular users, fees depend on the number of OKB (native currency) in the OKX ecosystem, while for advanced users, fees are based on their 30-day trading volumes.
Is It Possible To Use Leverage or Margin Trading on OKX?
OKX offers margin trading with leverage up to 10X. For derivatives, OKX also offers futures trading and perpetual swaps with up to 125X leverage. Traders can also leverage through crypto options, including BTC, ETH and more.
Is OKX a good exchange?
OKX is a leader in the low-cost space, along with the most popular exchange in the world, Binance. Together, OKX, KuCoin, and Binance offer incredibly low trading fees while Coinbase remains on the higher end.
What type of exchange is OKX?
Okcoin (now OKX) is one of the largest cryptocurrency exchanges in the world. Its mission is to make cryptocurrency trading and investing easily accessible to anyone, regardless of where they are. Keep reading to learn about the platform, concerns, and current operations.
Can I use OKX in Iran?
OKX doesn’t work in Cuba, Iran, North Korea, Syria, and other places where there is political unrest or international bans. This also includes Crimea, Donetsk, and Luhansk regions. Also, you can’t use OKX in some U.S. areas, like Puerto Rico, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands.
Is OKX better than Binance?
Binance and OKX are the two leaders among exchanges that offer an “all-in-one” platform for everything crypto. Binance edges out a slight win here as they have a better selection of products with more features available, but much of this will come down to personal user preference and the needs of the trader.
Is OKX safe to use?
OKX uses industry-standard security practices, including cold storage for most customer assets. It also offers additional features like the ability to set up a withdrawal password and anti-phishing codes.
Which country owns OKX?
Seychelles
OKX, formerly known as OKEx, is a Seychelles-based cryptocurrency exchange. It was founded by Star Xu in 2017, who is also the CEO as of 2023. The President is Hong Fang and the CMO is Haider Rafique. OKX is owned by OK Group, which also owns the crypto exchange Okcoin.
What countries are blocked by OKX?
Fully Banned Countries
- United States and its territories (Puerto Rico, American Samoa, Guam, Northern Mariana Islands, U.S. Virgin Islands)
- Belgium.
- France and its territories.
- Japan.
- The Bahamas.
- The Netherlands.
- Bangladesh.
- Bolivia.
Can I withdraw money from OKX?
The only way to withdraw crypto to fiat from OKX is by using its built-in P2P Marketplace. To do this, add a payment method to use on the P2P marketplace or connect your bank account, sell your crypto peer-to-peer to another cryptocurrency user, and withdraw the fiat amount to the connected e-wallet or bank account.
Can I use OKX without KYC?
Yes, you can use OKX without KYC for basic trading features. However, to access higher withdrawal limits and more advanced features, completing KYC verification is required.
Is OKX banned in Syria?
Section 2.2 of OKX’s Service Agreement also prohibit use in countries facing political instability or international sanctions, including Cuba, Iran, North Korea, Syria, and regions like Crimea, Donetsk, and Luhansk. In Hong Kong, the platform restricts derivatives trading.
Who is the owner of OKX exchange?
Star Xu – Founder – OKX | LinkedIn.
Is OKX better than Bybit?
OKX is ahead of Bybit when it comes to Web3, DeFi, and NFT innovation, and has an impressive number of products and features, better fiat support, lower fees, and offers a more user-friendly and aesthetically pleasing interface.
Does OKX support USDT?
Aptos USDT Support: OKX now supports USDT on Aptos, a Layer 1 blockchain that uses the Move programming language.
Does OKX need ID?
We’re required to regularly request that customers verify their identity information.
Is OKX legal in the US?
The OKX digital asset trading platform for United States customers is provided by OKCoin USA Inc. OKCoin USA Inc. is licensed in the U.S. jurisdictions listed below and is registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Does OKX have a wallet?
OKX Wallet is also the most secure self-custody wallet to support tokens from more than 100 chains. To learn more, visit OKX’s Support Center. OKX is a technology company with a mission to organize the world’s blockchains and make them more accessible and useful.
How to make money on OKX?
- Buy and sell crypto with ease.
- Trade perpetual and expiry futures with leverage.
- Options. Capitalize on market volatility with options.
- Pre-market Futures. Get early access and trade upcoming crypto.
Is Okex available in Iran?
OKEX is another popular platform in Iran, known for its high liquidity and advanced trading tools. It offers a diverse range of digital assets and has become a favorite for traders looking for a global trading experience with local support. Key Features: Supports both fiat-to-crypto and crypto-to-crypto transactions.
Is OKX allowed in UAE?
OKX’s entry into the UAE market as a licensed crypto exchange marks a significant step in the region’s adoption of virtual assets. Coupled with VARA’s stringent regulatory measures to eliminate unlicensed operations, these developments signify a maturing virtual asset ecosystem in Dubai.
Can I use OKX with VPN?
Yes, you can use OKX with a VPN. Many people use VPNs to access crypto exchanges that may be restricted in their region. Using a reliable VPN can also enhance security and privacy when accessing OKX.
What is the daily limit on OKX?
User’s 24-hour withdrawal limit is calculated daily at 4:00 PM UTC based on the fee level. All crypto held by the user will be converted to USD, and the total converted amount must not exceed the withdrawal limit of the corresponding level. For example. Your 24-hour withdrawal limit is 300 USD.
Is OKX P2P safe?
As part of our escrow service we provide to safeguard our user’s P2P transactions, we’ll hold crypto for the buyer during the transaction. The purchased crypto assets will only be released to the buyer after the seller confirms that payment has been received.
Do you use Binance or OKX?
Both platforms offer competitive fee models, but OKX has slightly lower trading fees than Binance. Binance has an extensive decentralized ecosystem with the BNB chain serving as the foundational platform. Binance supports more than 400 crypto assets, whereas OKX supports over 300 crypto assets.
Can I transfer money from OKX to bank account?
OKX offers various payment methods for withdrawing funds, such as bank transfers and electronic wallets. The processing times for withdrawals can vary depending on the selected method, with bank transfers typically taking longer than electronic transfers.
Can OKX reverse a transaction?
(b) while OKX may, at its sole discretion, reverse a Trade under certain extraordinary conditions (including but not limited to breaches of the Applicable Laws and Regulations or Financial Crime), a User does not have a right to a reversal of a Trade.
Is OKX a good exchange?
OKX is a leader in the low-cost space, along with the most popular exchange in the world, Binance. Together, OKX, KuCoin, and Binance offer incredibly low trading fees while Coinbase remains on the higher end.
Does OKX work in Russia?
On August 29, 2023 one of the world’s largest crypto exchanges, OKX, closed the possibility for customers to carry out transactions using the Russian ruble on its P2P platform.
Is OKX good for beginners?
Like many large cryptocurrency exchanges, OKX offers a simple trading interface that works well for beginners alongside an active trading platform for intermediate to expert traders.
How secure is OKX?
Key Takeaways: OKX is a safe crypto exchange with advanced security measures like 2FA, cold storage, withdrawal address whitelisting, anti-phishing codes, multi-signature wallets, OKX Risk Shield, PoR, and regular external audits.
What countries can use OKX?
OKX is a platform where investors can buy Bitcoin, Ethereum, and other cryptocurrencies. It currently operates in global markets including Hong Kong, United Arab Emirates, The Bahamas, and France. OKX has offices in Dubai, Turkey, Hong Kong, Silicon Valley, Singapore, and Australia.
What countries are blocked by OKX?
Fully Banned Countries
- United States and its territories (Puerto Rico, American Samoa, Guam, Northern Mariana Islands, U.S. Virgin Islands)
- Belgium.
- France and its territories.
- Japan.
- The Bahamas.
- The Netherlands.
- Bangladesh.
- Bolivia.
