It wasn’t written very clearly, and understanding it required knowledge from other articles that weren’t linked. Finally, you’ve got the option to fund decentralized finance (DeFi) projects for decent returns — similar to staking, but going beyond blockchain infrastructure itself. OKX includes a separate tab that lists all the highest-yield opportunities currently available, playing to its main strength of connecting users with unexpected deals. If you plan to acquire a coin for a certain price at a certain time, you can make a dual investment and guarantee that you’ll get extra USDT if you have to pay more than market rate. It’s a hedge to ensure you don’t lose principal even if you misjudge the market. Next, there’s something called “Shark Fin,” a uniquely bizarre offering.
The SAFU fund acts as insurance and is an account funded by Binance from taking 10% of all trading fees generated and setting them aside for security breaches. Binance has 10 tiers of accounts that are determined by VIP level. A user can upgrade the VIP level by two methods, either by achieving a set trade volume in the margin or spot account or by buying and holding a certain number of BNB tokens.
OKX (Previously OKEx) Spot Trading Fee
Binance Earn offers users products such as staking, opening a savings account, liquidity farming, BNB vault, etc. Various Earn products provide users with the option to invest in a fixed or flexible time frame. Personally, I do prefer the OKX layout from a simple aesthetics point of view as the team and artists did an incredible job designing an absolutely beautiful layout and design. OKX is definitely the “prettiest” crypto exchange, but these platforms didn’t reach the massive levels of success that they have by offering anything less than near perfection by nearly every metric. Summing this section up, both Binance and OKX offer a massive number of products and features, suitable for crypto traders regardless of what they are looking to do with their crypto.
If you already have crypto and want to deposit, you will have to generate an address. Then, you will select the applicable token, which will generate a deposit address. The quickest and most convenient method to purchase crypto with fiat is by using a debit or credit card. OKX also supports bank transfers, iDEAL, Advcash, ApplePay, SEPA, Sofort and Google Pay, depending on your location. I encourage you to check out the OKX page that covers the VIP levels and fees to learn more.
OKX Review 2024
While OKX’s fees start out low, users can reduce them even further by climbing up the ranks of a somewhat convoluted tier system. An OKX executive openly admitted to wash trading on the exchange, but blamed it on users trying to game https://www.tokenexus.com/ftm/ the fee structure. At this stage, you can select from a variety of deposit methods to fund your account. Per the above image, the platform’s deposit screen allows you to choose a cryptocurrency you’d like to deposit into your account.
- Every day, five new "learning missions" are posted to the app, which require watching a video or reading an article.
- Additionally, customers can access drawing tools and 70+ technical indicators for performing analysis.
- Our UK team takes a methodical approach to reviewing online brokers.
- Like many large cryptocurrency exchanges, OKX offers a simple trading form that works well for beginners alongside an active trading platform for intermediate to expert traders.
- OKEx and Binance are top cryptocurrency platforms that offer some of the most competitive trading fees in the crypto space.
- BNB was initially issued as an ERC-20 token but was later transferred into the Binance Chain network.
For basic verification, the lifetime withdrawal limit is 1000 USD. However, for advanced or stage 2 verification with a selfie, the crypto exchange allows you to withdraw 1,00,00,000 USD per day. As of early December 2023, OKX has okex review its wings spread out across 150 nations. It supports over 300 cryptocurrencies with 500+ trading pairs in sight. It has over 700 crypto markets — pairs with liquidity — and a 24-hour spot trading volume of almost $644 million.
Crypto Assets on OKX
Crypto is highly volatile and prone to steep crashes that can wipe out your savings. The risk is even greater if you delve into margin trading (which the OKX exchange permits). Before putting any money into a cryptocurrency exchange, make sure you have a safety net and an exit plan.
OKX's complicated fee schedule is divided into two tiers, with multiple levels within each tier. Below are the tiers only for spot trading, to provide an example of the fee scheduling complexity. OKX also has a unique loyalty program that rewards regular use of its mobile app. Every day, five new "learning missions" are posted to the app, which require watching a video or reading an article.
Fees
With all these measures in place, unauthorised access to user funds would be very unlikely, and OKX has a fantastic security track record. In the event hackers did somehow manage to swipe funds, users can be further confident knowing that OKX has an insurance fund in place to reimburse customers. The largest downside to OKX is that it does not natively support crypto purchases or facilitate wire transfers. All fiat transactions on the platform are done through third-party payment processors integrated into the site. Binance places a strong emphasis on the security and safety of funds. On top of all this, there are also crypto loans, an array of institutional services, the Trust Wallet, Binance Labs incubator, the Binance DEX, Research and Binance Learn, and more.
- However, you must still KYC if you want to scale beyond the daily deposit and withdrawal caps.
- However, we found it difficult to get past the bot, and with an average response time of 10 hours, those needing speedy help could be disappointed with OKX's service.
- Using this, users can earn Bitcoin and Rebate cards for completing the tasks and free Bitcoin learning missions.
- You can experience every OKX feature either on the web interface or via the mobile application — available for both iOS and Android.
- To do this, you need to complete a few questions to make sure you are familiar with futures trading.
- You can get this in your account by heading over to your username and then hitting "API".
- The market has seen the rise and fall of many exchanges over the years, prompting crypto traders to be critical when analysing and selecting what exchange is safe and can meet their needs as a trader.