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What is OKX?

What is OKX?

OKX crypto exchange, formerly known as OKEx, is one of the leading exchanges in terms of trading volumes. Users can trade in cryptocurrencies and fiat, as well as in contracts. The exchange has its own wallet and token and is actively developing an ecosystem based on the Web 3.0 concept.

Full name of the company: Aux Cayes FinTech Co. Ltd

Foundation date: 2014

Founder: Star Xu (PRC)

Capitalization: more than $755 million

Legal status: registration in Seychelles

Market geography: the exchange doesn't provide services to citizens of the USA, Malaysia, Canada, Malta, Kyrgyzstan, Iran, Hong Kong, Bangladesh, and Puerto Rico.


Company products

OKX is the new name of the OKEx cryptocurrency exchange. It is a trading platform offering transactions for buying and selling virtual and fiat assets, as well as derivatives (futures and options).

More than 480 pairs, as well as 30 fiat currencies, futures on BTC, ETH, LTC, XRP, and other altcoins are available among the trading tools. The most popular trading pairs are BTC/USDT, OKB/USDT, ETH/USDT, DOT/USDT, LUNA/USDT, and THETA/USDT.

The exchange has a mobile app that can be installed on smartphones running on iOS or Android.

There are no limits for deposits, but there is a minimum threshold for the selected cryptocurrencies: 0.00005 BTC and 0.01 ETH. There is a 0.0005 BTC and 0.004 ETH fee when withdrawing profits. The calculation of commission values is done according to the maker-taker system.

The following market orders are available:

  • Limit – the trader sets the price of the asset, and when the price is reached, the deal is executed; 
  • Market - the deal is executed at a price automatically selected by the exchange, which is relevant to the market at the moment;
  • Trigger - when the asset quote reaches the stop price level, the order will be executed, which is placed for buying or selling with specific volume and cost parameters;
  • Trail - the trader can set the stop price at a fixed rate below the market value with the final amount included. When the price goes up, the value of the stop price will also increase, and if it goes down, it remains unchanged, and then the order will be executed when the target value is reached.

The following markets are available to OKX traders:

  • spot - trading transactions at market prices;
  • margin - leverage option up to 1:5;
  • participation in mining pools;
  • futures - purchase of contracts for BTC, ETH, LTC, XRP calculated in USDT;
  • options - deals with BTC/USD pair;
  • perpetual swaps - futures-like transactions, but with the possibility to bet on different assets in the long and short term with daily settlement;
  • P2P - a platform for fiat-to-cryptocurrency exchange and vice versa.

OKX crypto exchange offers users a referral program that allows you to invite new people and receive a percentage for their registration on the website.

OKB is an in-house utility token of the trading platform. Coin's purpose in the OKX ecosystem is:

  • getting discounts of up to 40% on ongoing transactions;
  • usage in the OKX Earn program to generate passive income;
  • participation in sales of promising crypto projects with Jumpstart tokens;
  • new opportunities in the OKC ecosystem.

OKB tokens are regularly burned (every three months) so as to maintain the value of the coin.

MetaX is a non-custodial cryptocurrency wallet released as part of the OKX trading platform. It supports multiple blockchain functions with 15 different blockchains and over 1000 DeFi protocols. It is suitable for storing NFTs in order to sell them later using decentralized applications.

You can install MetaX as a web extension in your browser or download a mobile version.

OKExChain is the crypto exchange's own blockchain, which acts as a smart contract platform for DeFi-applications. It runs on Tendermint and dPoS (Delegated Proof-of-Stake) consensus and features low cost and 100% compatibility with Ethereum Virtual Machine. It's developer-friendly, thanks to the open source and full Oracle support.

OKT is an OKC blockchain token. Coin owners can participate in community polls, benefit from staking, and get discounts on fees. It is available for use in DeFi-applications within the OKExChain network.


History

2014 – the launch of a cryptocurrency exchange in Hong Kong called OKEx. The exchange is part of the structure of the Chinese company OkCoin. The founder of the trading platform is Star Xu.

2017 – the company moved its headquarters to Seychelles.

A P2P trading platform for supporting digital and fiat assets was launched.

2018 – crypto exchange started developing its own token OKB.

In the spring, a division was opened in Malta, as the country features a favorable environment for blockchain business and encourages the exchange of digital assets.

OKEx launched its own cryptocurrency index fund called OK06ETT so customers would be able to invest in a package of six cryptocurrencies through the fund, and its shares would be traded on the exchange.

Then, there was the launch of the CoinAll cryptocurrency platform, which involved a white label scheme (production of generic brand products and services for another company to use them under its own brand). The new platform allowed participants to use all the features of the crypto exchange, namely, the clearing system, wallets, etc.

OKEx crypto exchange broke records in terms of daily trading volumes and ranked first in the rating ($648 million).

OKEx project Info service was launched as part of the trading floor, being an information portal to provide data on token issuance, coin advances, and publication of roadmaps for new crypto projects.

2019 – the OKB token was officially launched on the public blockchain, allowing owners to withdraw coins to their cryptocurrency wallets. The token met the ERC-20 standard with an issue amount of 300 million coins.

2021 – the OKEx exchange recorded the largest trading volume of $188 billion.

The OKExChain main network was launched with the issuance of 10 million OKT tokens. Users got a chance to deposit OKT tokens and trade BTC, ETH, and USDT.

Layer 2 Lightning Network solution was implemented to speed up transactions and reduce commission costs.

OKEx launched a platform for creating, selling, and storing non-fungible NFT tokens, as well as a DeFi Dashboard as part of the DeFi Hub ecosystem. NFT creators got the opportunity to set royalties (a commission to the author for secondary market transactions) on their works.

2022 – at the beginning of the year, the crypto-exchange was rebranded and is now called OKX, thus emphasizing its commitment to the Web 3.0 ecosystem and the development of the cryptocurrency industry.

A partnership agreement was made with the Manchester City FC soccer team, followed later by a sponsorship agreement with the McLaren brand.

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