OKX (formerly OKEx) Review, Usage Tips and Referral Benefits

OKX Logo

[Dec 2021]: OKX appears to have stopped providing their services to users in Singapore.

For international audience, do scroll down to discover our exclusive sign up offer.

Usual referral offer

  • Claim rewards up to USD$50 when you sign up with OKX with the referral link or referral code: 8850659149 and complete qualifying transactions:
    • Buy crypto: Receive $10 in free BTC when you complete your first crypto purchase of $100 or more via Buy/Sell.
    • Deposit funds: Get a 20 USDT rebate card after depositing funds for $100 in total.
    • Trade: Get a 20 USDT rebate card after trading for $100 in total.

Exclusive offer on our site

  • on top of the usual referral offer, receive additional 20% commission rebate on spot and derivatives trades.
  • applicable for new sign-ups from 9 Jan 2022.
OKX Referral Commission Rebate

Terms and conditions apply.

Table of Contents

Company

OKX is a Seychelles-based cryptocurrency exchange founded in 2017 that provides a platform for trading various cryptocurrencies. OKX is owned by Ok Group which also owns crypto exchange Okcoin.

OKX lists over 250 digital assets and has long held the #1 rank for cryptocurrency futures trading volumes. Recently (Jan 2022), it became the second largest cryptocurrency spot trading platform in the world.

In 2021, total trading volume on the platform, including spot and derivatives instruments, grew over 700%, while the number of trades executed on the platform increased over 480%.

Global ad campaign Youtube video (Sep 2022) with appearances from:

  • Manchester City F.C. Coach Pep Guardiola
  • F1 driver Daniel Ricciardo
  • Olympic medalist snowboarder Scotty James
  • Golfing legend Ian Poulter.

Key metrics

  • 20+ million users [Sep 2021]

Notable developments

  • Rebranding from OKEx to OKX [18 Jan 2022]

Presence in Singapore

Unknown

Regulation by Monetary Authority of Singapore (MAS)

Unknown Status

Ecosystem

DeFi Hub

DeFi Hub is a decentralized digital asset ecosystem. The platform currently features two core products:

  • NFT Marketplace
    • via the platform, anyone can buy, sell and trade NFTs directly, with zero fees paid out to OKX.
    • anyone can use the platform to mint their own NFTs of any kind, using the OEC (previously known as OKExChain) or Ethereum blockchains.
    • creators are given the flexibility to set their own royalty fees. Royalty fees for creators are then paid out to them in every subsequent transaction on NFT Marketplace’s secondary market.
    • NFT Marketplace also lets users import NFTs that have been generated on other supported platforms.
  • DeFi Dashboard
    • offers a way to view and manage decentralized assets across major blockchain networks and DeFi protocols.
    • displays both a full portfolio view, as well as a separate view for digital collectibles.

To use DeFi Hub, like any decentralized application, users need to connect their decentralized wallet to the platform. One option is OKX’s own multi-chain, decentralized wallet, OKX Wallet.

Jumpstart

Launched in March 2019, OKX Jumpstart is a platform that enables its users to farm (i.e liquidity mining) DeFi, GameFi and other new-to-market tokens, while supporting chosen projects by staking OKB, OKX’s ecosystem token.

Some marketing material present Jumpstart as a ‘token sale platform’, thus I was initially mistaken that it is a platform to take part in Initial Coin Offerings (ICO).

OKB: OKX utility token

OKB is a cryptocurrency released by the OK Blockchain Foundation and OKX. OKB is the OKX utility token that enables users to access the crypto exchange’s special features. The coin is used to calculate and pay trading fees, grant users access to voting and governance on the platform, and reward users for holding OKB.

OKX Earn

OKX Earn is an aggregation of ways to earn interest on your crypto portfolio. There are options from OKX, decentralized finance, and staking so that you can maximize your earning potential options.

Staking, savings and DeFi offerings via OKX Earn saw over $5.1 billion deposited by users, and paid out over $314 million in passive income in 2021.

My personal experience has been positive, as the feature is easy to use, and I have received payouts as high as 22% APY for staking my MINA assets. To my knowledge, another plus point is that there is no minimum value required for subscription.

DOT&KSM Slot Auction

You can also take part in DOT&KSM slot auctions to earn rewards.

Risk Disclosure: OKX accesses third party DeFi protocols, and only provides related services such as project display and revenue distribution, and does not take responsibility for any asset losses caused by potential risks such as contract vulnerabilities, hacking incidents, or termination of business, bankruptcy, abnormal suspension or cessation of trading of third party DeFi platforms or projects.

OKX Loan

Loan USDT or BTC by using your assets as collaterals.

✔️ Unique Selling Proposition (USP)

Industry leading low trade commission

Trading fees are different for regular and VIP users. Regular users are divided into tiers by total OKB holding. VIP users are divided by 30-day trading volume. The tier calculation is updated daily.

Fees begin at 0.1% for the most basic regular user, and fall to as low as 0.06% for the highest tier regular users.

For the higher tiers of VIP, some fees are even negative, meaning OKX pays you to trade with them.

Social login

Conveniently login with Google and Telegram accounts.

Usage Notes and Tips

Meme altcoins

OKX is comparatively fast in listing meme altcoins, which might interest the punter and speculators.