What is OKX?
OKX is a top 5 cryptocurrency exchange in the market. It was established in 2017, currently headquartered in Seychelles (an island nation located in the Indian Ocean).
OKX ranks first in the world by trading volume, it provides a platform to buy and sell 826 coins & 366 tokens.
- At this time, OKX is present in over 200 countries.
- OKX has over 20 million users by 2022.
- The total 24-hour trading volume on OKX is more than 17 billion USD.
- The exchange’s liquidity is rated 542 on a scale of 1000.
What is OKX’s foundation team?
OKX exchange was founded by Mingxing Xu (also known as Star Xu), who was born in 1987 in China. Mingxing Xu is known as a man of outstanding ability, and the youngest billionaire in the crypto world. The OKX exchange was founded by him when he was only 30 years old.
OKX’s CEO is Chris Lee. His leadership helped OKX overcome the most difficult period in history, there was a time when it surpassed even Binance.
The OKX CEO Andy Cheung is also a highly regarded person in the crypto market. He and Chris Lee helped OKX become the top 5 cryptocurrency exchanges in the market. Andy is also known as the founder of ACDX exchange.
Risk Management Director Tim Bryun, who though not mentioned too much, also plays a very important role in giving the right direction for OKX.
What are the products on the OKX exchange ecosystem?
The person that wants to study the market often asks questions such as what is OKX? How to trade OKX? What is the ecosystem of the OKX exchange? Perhaps, they will have the complete answer when they understand the products that OKX offers, or in other words, the transactions that they can do on OKX.
What is the OKX Spot? Trade OKX Spot (commonly known as spot trading) provides the trade with over 800 currency pairs and 300 different tokens.
What is OKX Margin? Margin trading on OKX allows participants to use a loan based on the amount of capital they have with financial leverage many times the account.
What is OKX Futures? Futures contracts trading with high leverage make it possible for players to make huge profits compared to their capital.
What is P2P OKX? Users can use Peer-to-Peer trading to buy and sell cryptocurrencies like BTC, BNB, and USDT directly with others via bank transfer using VND, USD, and EUR.
What is Earn OKX? Users can participate in making money with OKX exchange through products such as Saving, Staking, DeFi, ETH2.0, etc.
What is Pool OKX? Users can join the coin mining platform, which provides crypto Mining Pool services from the OKX exchange.
What are the advantages and disadvantages of the exchange OKX?
The advantages of OKX
- High liquidity and trading volume.
- Support multi-language.
- Support many types of transactions such as OKX Margin, OKX Futures, OKX Spot, etc.
- The transaction fee is cheaper than other exchanges in the market.
- The limit of transactions is up to 300 BTC/day.
- There are applications on 3 main platforms: Android, IOS, and Windows.
The disadvantages of OKX
- There are not many outstanding features on OKX.
- The OKX use is restricted in some countries.
- The security of the exchange is still a concern.
The history of OKX’s establishment and development
- The company was founded by Star Xu in 2017 and is headquartered in Seychelles.
- In April 2018, the company announced its expansion to Malta, in the country’s attempt to provide a streamlined regulatory framework for blockchain businesses and digital asset exchanges. In May of the same year, OKX became the world’s largest revenue cryptocurrency exchange.
- In September 2018, the exchange suddenly experienced a crash, in which users are unable to log in to the platform and unable to view contracts. After that, many investors gathered in Beijing, where the headquarters were at the time, to protect their interests. On the evening of the 10th of September, the founder of the exchange, Star Xu was summoned by the Shanghai public security agents to assist in the investigation of alleged cryptocurrency fraud.
- On November 19, 2019, the crypto exchange declared that it had previously opened a Telegram group in India a year ago before opening operations in India.
- On October 16, 2020, OKX suspended withdrawals after the founder’s arrest. However, a month later OKX announced that the withdrawal will reopen and continue to work.
- February 2021, OKX recorded the largest trading volume in its history, up 26% month over month to $188 billion.
- In January 2022, OKEx changed its name to OKX.
- In March 2022, OKX rejected calls to ban Russian cryptocurrency trading. In the same month, the Manchester City F.C football team announced a partnership with OKX as their official crypto partner. OKX has signed a sponsorship contract with McLaren as the major partner.
