OKX exchange introduction key points
important! The newly registered user Jin Ling’s million-dollar bonus trading competition is now underway!
Originally known as OKEx, the Chinese name is Ouyi. In 2022, the brand will be upgraded and renamed OKX
Founded in 2017, registered in Seychelles, supports more than 300+ currencies, and provides spot/leverage/contract/strategy/copying and other transactions
According to Coinmarketcap data, OKX ranks third in spot trading volume and second in derivatives trading volume.
There are also chains outside the exchange, including OKTC (Layer 1 chain) built using Cosmos SDK, and X1 (Layer 2 chain) built using Polygon SDK.
2023 Launch of OKX web 3 wallet, decentralized, non-custodial, multi-chain (ˊ70+), supports MPC technology without private keys, supports AA smart contracts
OKX main features: Top ranking, complete functions, web-oriented 3, contract and strategy trading
OKX main functions: buying coins/trading/financial management/Launchpad/DeFi wallet/beginner academy
Limited-time event for new registered users! OKX Golden Bell Treasure Trading Competition – Competition for Millions of Prizes!
Trading competition period: 2023/11/01 - 2023/11/30
For the trading competition for newly registered users, the registration qualifications are as follows:
If you haven’t registered for the OKX exchange yet, you can take advantage of this opportunity. Use the Biyan recommendation code to register and enjoy a lifetime fee discount. At the same time, you can participate in the trading competition and have a chance to win prizes. There are event details at the end of the article.
Daily Biyan OKX exchange recommended registration link:
https://www.okx.com/hk/join/cw21515
Register with OKX through Daily Biyan’s exclusive invitation code: "CW21515" to get a lifetime 20% handling fee discount!
OKX newly registered user Jinling Treasure Trading Competition page:
OKX profile
Exchange name: OKX, Chinese name is Ouyi
Exchange platform token: $OKB (at the time of writing, OKB ranks as the 22nd largest cryptocurrency by market value in CMC)
OKX self-initiated public chain:
OKTC - L1 public chain built using Cosmos SDK (the public chain token is $OKT)
X1 - Use Polygon SDK to create zkEVM Layer 2 chain X1, which will use $OKB as the native token on the chain. At the time of writing - 20232023202320232023-1 - it has risen by more than 30% and continues to hit new highs.
OKX Founder: OKX was formerly known as OKEx, and its founder was Star Xu from China.
OKX Exchange listing date: OKEx was launched on 2017/10/31 and was registered in Seychelles. In 2021, the Chinese name "OUYI" was launched. In 2022, in response to the brand upgrade, it was completely renamed OKX.
OKX exchange ranking: According to data on CMC, spot trading volume ranks third and derivatives trading volume ranks second.
Number of OKX currencies: Supports more than 300 cryptocurrencies.
Official website: https://www.okx.com/hk
Official Twitter: https://twitter.com/okx
Official Chinese Twitter: https://twitter.com/okxchinese
OKX Daily Coin Research recommended registration invitation link: https://www.okx.com/hk/join/cw21515
Register with OKX through Daily Biyan’s exclusive invitation code: "CW21515" to get a lifetime 20% handling fee discount!
Is OKX exchange a scam? is it safe?
OKX is a real cryptocurrency exchange that has gone through two rounds of bulls and bears. It is not a scam, but you must make sure to use the correct official website link to register. You can directly use the recommended registration link above to register. Then remember to add the URL to my favorites, so you can directly register in the future. Bookmark links ensure that you are linked to the correct website every time and avoid the risk of clicking on phishing websites.
As for security, we evaluate it from three parts: ranking, asset reserve, and user security fund.
OKX Exchange Ranking
According to CoinFecko information, OKX's Trust Score is the highest score of 10 points, ranking the second largest exchange in terms of 24H trading volume.
According to information on Coinmarketcap, 24H spot trading volume ranks third and derivatives trading volume ranks second.
Coinmarketcap / CoinGecko are two major cryptocurrency information websites. On both websites, OKX ranks in the top ranks and is one of the top cryptocurrency exchanges.
OKX exchange asset reserve certificate
We have heard of exchanges going bankrupt in the past. After we deposit our assets into the exchange, we have no way of knowing whether the exchange has diverted them to other places? Are there enough assets reserved for users to withdraw?
The exchange's asset reserve certificate (POR) represents the exchange's ability to withstand customers' cash withdrawals. Whether it can provide POR is one of the important indicators used to evaluate the security of the exchange.
Here are two channels through which you can check the exchange’s asset reserve status online at any time:
DeFiLlama CEX Transparency
DeFiLlama is mainly used as an on-chain information platform for DeFi and also provides exchange asset reserve information. Here you can see the ranking, amount and change status. If you want to check the asset reserve details, please refer to the next tool.
Certik Exchange Audit
https://skynet.certik.com/analyzers/exchange
Certik is a well-known blockchain security company. In addition to providing blockchain project security scores and analysis, Certik Skynet website also provides information on exchange asset reserves. Here you can view details, including which coins the exchange holds, On which chains it is distributed, which wallets hold it, etc., you can also check the security score of each currency. The security score is the main business of the Certik Skynet website.
OKX is one of the top exchanges in terms of trading volume and provides complete proof of asset reserves (POR). It is also one of the top two or three leading exchanges based on the amount of asset reserves. In addition, OKX also has a withdrawal mechanism for user security funds:
Ouyi Wanquan Fund
The asset risk reserve fund established by OKX to protect user assets continues to allocate a certain proportion of platform revenue to protect user assets when digital currency security risks arise.
According to the latest official monthly report , the size of Ouyiwanquan Fund has exceeded US$1 billion.
OKX exchange account security settings
The above three points of ranking / reserve certificate / user security fund are the exchange's own security assessment. The other part is the user's security. If the exchange can provide complete security settings, it can also greatly improve security.
One part is login security to reduce the chance of account being stolen. The most basic 2FA must be set up. Anti-phishing codes are also very important to reduce the chance of being phished by fraudulent emails.
Another part is the security of currency withdrawal. Even if it is really stolen or hacked, the whitelist mode can buy yourself time, and hackers will not be able to withdraw the currency within one day.
To summarize, there are two parts to the security of exchanges. One is the security of the exchange itself, which can be evaluated from rankings/asset reserves/user security funds, etc.; the second is the security of use, which is the use of Users should make various security settings to reduce the risk of account theft.
What are the features of OKX exchange?
Several main features of OKX exchange:
Top ranking + complete functions (the most important feature)
The ranking part is as shown in the previous paragraph, and there will be more explanations in the next paragraph of the functional part. OKX provides very complete functions, whether it is financial management or trading.
A strong attempt to move towards web 3 (own public chain + OKX web 3 multi-chain private key-free AA smart contract wallet)
OKX is a centralized exchange, but it is not just a centralized exchange. It built the OKTC public chain a few years ago and chose the Cosmos SDK to try to create a broader ecosystem for its cross-chain flexibility. Recently, it has been the first to launch a multi-chain private key-free OKX Web 3 wallet, which significantly lowers the threshold for wallet use. It has also noticed the potential of Bitcoin inscriptions very early, and started cooperation in the early stage and participated in the research and development of BRC-20. In this wave During the inscription craze, OKX accounted for more than half of the market share, and the number of users of OKX web 3 wallets also experienced significant growth.
Reference reading: Why did OKX become the biggest winner of BRC-20? -Juheng
The earliest exchange to start providing contracts (leading in depth of contract trading, providing simulated trading and copy trading)
OKX is the first exchange to start providing contract trading business. After several years of accumulation, it has certain advantages in terms of user interface and trading market depth. For inexperienced novices, it also provides simulated trading services to familiarize themselves with functional operations and market fluctuations. , and provides copy trading and the latest signal trading, making it easier to execute strategic trading.
Reference reading: The world’s leading contract depth, a quick look at the 8 major advantages of OKX contract trading- ABMedia
Introduction to the main functions of OKX exchange
If you use Biyan’s OKX registration link to register, you will see this after clicking in:
The registration of OKX is extremely simple. You can register directly using a Google/Apple/Telegram account, or basically use an email to register. The registration is very fast, but you need to complete identity verification before you can start trading.
Identity verification (KYC) simply means that you must prove your identity and that you are operating it yourself. You usually need to prepare documents (ID card, driver's license, passport) and a selfie of yourself. Just upload the corresponding documents according to the instructions. If you use a mobile phone to operate, you can take a photo directly. Uploading is more convenient.
OKX basic function one: buy coins
Depositing money is the first step in investing in cryptocurrency. How to buy coins with money? Newbies are recommended to use Quick Coin Buying. You can directly pay with your card to buy coins. You can settle in Taiwan dollars. It is the simplest and fastest way to buy coins.
The currencies supported by direct currency buying are limited, and it is usually not possible to directly buy the cryptocurrency you want to invest in. The recommended method is to purchase BTC or USDT first, and then use the trading function to exchange for the cryptocurrency you want to invest. The reason to buy BTC or USDT first is that these two coins have the largest number of trading pairs.
Example:
I want to invest in SOL coins, but there is no SOL option in the quick coin purchase. Buy USDT first, and then go to the transaction menu to find the SOL/USDT trading pair exchange. If you buy BTC first, then go to the SOL/BTC trading pair to exchange.
C2C transactions involve buying coins with other individuals or currency dealers. The advantage is that sometimes there is a better exchange rate. The disadvantage is that the operation is a little more troublesome than quick currency buying, and the risk is higher. It is recommended to consider this method after you are slightly familiar with cryptocurrency. Way.
OKX Basic Function 2: Trading
Cryptocurrency trading is the core business of an exchange, and is usually the main purpose for putting assets on the exchange. There is even a saying: "If you don't want to trade, don't put your assets on the exchange."
It is called currency-to-crypto trading. The transaction is to exchange a certain currency for another currency. The most common trading pair is the ???/USDT trading pair, which refers to using USDT to buy and sell another currency. The transaction is to try to Earn the price difference by buying low and selling high, which can be divided into the following categories:
Spot/Contract/Option/Strategy/Following/Simulated Trading
The so-called spot trading refers to the real buying and selling of coins, buying or selling an Ethereum coin, and instant delivery. You can do as many transactions as you have at the moment; flash swap is another service provided by the exchange, which can be changed. Fast and lower-cost exchange, but the exchange rate may be slightly different from the current market conditions, so be sure to confirm before trading.
Ex.
If you buy an Ethereum coin for $2,000 in spot trading, you have to pay $2,000 USDT directly to get an Ethereum coin. This Ethereum coin can be withdrawn and transferred to an external wallet, and can be pledged.
As for contract trading, it does not actually buy or sell coins, but buys and sells a contract. It does not actually buy coins, but settles the price difference based on the transaction results or expiration. The concept is very similar to index futures in the stock market.
The contract is traded on margin, and the size of the transaction that can be determined is determined based on the leverage multiple to be opened and the margin to be invested.
Ex.
For contract trading, buy an Ethereum for $2000. Assuming that the leverage is 20 times, you only need a margin of 2000 / 20 = 100. The price difference will be settled according to the situation at the time of sale. You will not actually get an Ethereum and cannot withdraw cash. When transferred out, it cannot be pledged.
Options can be said to be a more advanced contract. It is an option. Commodities related to options are usually also called structured commodities. This is a more advanced financial operation. It is not recommended for novices to directly To use, it’s best to do some homework before trying it.
Please refer to: OKX Options Contract Introduction
Ex.
Taking the simplest call option as an example, assuming that you are optimistic that Bitcoin will rise rapidly, you buy a Bitcoin call option for, for example, $40,000. When the Bitcoin price expires, the price of Bitcoin is less than 40,000, and the call option will be reset to zero, and the maximum risk will be lost. But if Bitcoin really rises and exceeds 40,000, 45,000, 50,000, etc. at expiration, you can get dozens or hundreds of times of rewards, with limited risks and unlimited profits.
Trading is troublesome. You have to pay attention to the market at all times. Human factors may also affect the current decision-making of the transaction. Strategic trading is a mechanism that automatically trades according to set conditions. It is sometimes called a trading robot in other exchanges.
OKX provides a variety of strategy options, such as grid, martingale, fixed investment, Tunbibao with automatic rebalancing, etc. Recently, signal trading has also been launched, which can automatically follow the signals of professional traders. single transaction.
Related news: OKX exclusively launches Signal Square, with massive high-quality signals for flexible selection - Juheng
Copy trading involves directly letting other traders bring orders. The website will list specific return rates, historical performance, currently ongoing orders and other information for reference.
Or try simulated trading to familiarize yourself with trading operations and market fluctuations before investing real money. OKX is one of the few exchanges that provides simulated trading functionality and is very friendly to novice traders.
OKX basic function three: financial management
Even if you don't trade, you can still make money on the OKX exchange.
To put it simply, financial management means using coins to earn coins, rather than using transactions to earn coins.
Basically it can be divided into three parts:
Earn coins simply: lend coins to the exchange, and the exchange will lend them to others and return the interest to you.
Earn coins on the chain: pledge coins on the chain to earn staking income on the chain or participate in DeFi protocols
Structured products: options products, take more risks and get more potential rewards
Earning coins is really simple, just like this in the picture:
The operation is similar to a bank deposit. You deposit coins to receive interest. Usually it is a demand deposit and you can withdraw it at any time. The interest rate will change according to the market conditions.
Earning coins on the chain is as simple in operation as it is conceptually a little more difficult.
The operation is the same as pressing Subscription and receiving interest after investing coins. The difference lies in the different sources of profit. The profits from simple currency earning come from the internal capital market of the exchange, and the profits from earning currency on the chain come from the income from on-chain, staking or DeFi protocols.
Structured products are the options mentioned earlier. The difference is that they are not individual trading options, but a combination of options designed by the exchange to obtain different rewards in response to different market trends. Because it is a combination product, it can achieve a certain degree of capital preservation, unlike individual buying and selling options, which often bear the risk of zeroing out.
OKX basic function four: JumpStart - be the first to participate in potential projects
Basically this is a service that other exchanges call Launchpad, a product that participates in the issuance of new project tokens. You need to hold the platform token OKB to participate.
To simply understand, this is a bit like the listing of new stocks. When some projects want to issue new coins, through exchanges to help promote them, participants can usually participate in subscriptions at lower prices or directly mine. When the new coins are listed, There is an opportunity for substantial gains.
Past projects and performance can be viewed on the Jump Start page.
Because you usually have to hold platform tokens to participate, the performance of this product is often highly correlated with the price performance of the platform token. If the exchange can often find high-quality potential projects to cooperate with, the demand for platform tokens will be high, and the price will also be Being pushed up, holding platform tokens can earn both the profit from participating in Launchpad and the profit from the rise of the platform token itself.
OKB is not only an exchange platform token, but also serves as the native token for handling fees of the new Layer 2 chain X1 issued in cooperation with Polygon, further increasing the demand and usage scenarios of OKB coins. Recently, the price of OKB has continued to hit new highs.
OKX basic function five: multi-chain private key-free Web 3 DeFi wallet
Traditional cryptocurrency wallets are most troubled by at least the following points:
Not supporting too many chains
It is necessary to back up and seed phrase, and we are very afraid of leakage or loss.
Different chains need to prepare different tokens for handling fees
These problems do not exist in OKX's Web 3 wallet. It supports multiple chains at the same time (currently more than 70), uses MPC technology to eliminate the need for private keys (actually there is still a private key, but it is much more convenient to use), and supports AA smart contract account can use stable currency to pay gas fees, and there is no need to prepare native tokens of each chain. The official also announced that the social recovery function will be supported in the future, and you can log in to the wallet using email or mobile phone.
Using a web 3 wallet, you can manage your own crypto assets, participate in DeFi protocols, and are not restricted by exchanges, nor do you need to bear the risks of the exchange itself. If you add the OKX exchange, you can explore the two major markets of CeFi and DeFi at the same time.
Related news: OKX sets an industry precedent and becomes the first Web3 multi-chain wallet to support BRC-20 transactions - Juheng
OKX wallet was the first to support BRC-20 transactions and took a leading position in the recent wave of inscription craze. It not only occupied a large market share, but also attracted a large number of wallet users.
The transaction volume has also reached almost 90% of the market, becoming the leader in the inscription market recently.
Chart source: DUNE Analytics - [OKX DEX] Overview
OKX Basic Function 6: Novice Academy
Exchanges serve as a bridge between ordinary people and the cryptocurrency field. The first stop for many people to come into contact with cryptocurrency is the exchange. For those who are new to cryptocurrency, many functions and principles of exchanges are vague. .
In response to this, there is also a corresponding page on the OKX website. The Beginner Academy provides a lot of explanations and teachings. Whether it is the basic operating procedures of the exchange or the explanation of the principles of new products, you can find answers to almost all kinds of questions.
The OKX Jinling Treasure Newly Registered User Trading Competition is underway – a million-dollar prize competition!
OKX Jinling Treasure Newly Registered User Trading Competition is underway! In addition to rich individual account rewards, the trading competition launched by OKX this time will also unlock corresponding products for all participants to redeem when the total trading volume accumulated by all participating users reaches a certain threshold during the event period! The current total cumulative transaction volume has reached 13 million USDT
If you haven’t registered for the OKX exchange yet, you can take advantage of this opportunity.
⏰ Trading competition period: 2023/11/01 - 2023/11/30
For the trading competition for newly registered users, the registration qualifications are as follows:
If you haven’t registered for the OKX exchange yet, you can take advantage of this opportunity and use the Biyan recommendation code to register to enjoy a lifetime discount on handling fees. At the same time, you can participate in trading competitions and have a chance to win prizes.
For new users who register for OKX during this event, after meeting certain conditions, the following rewards will be waiting for you to redeem.
Depending on the transaction volume, you can also get corresponding redemption coupons.
Daily Biyan OKX exchange recommended registration link:
https://www.okx.com/hk/join/cw21515
Register with OKX through Daily Biyan’s exclusive invitation code: "CW21515" to get a lifetime 20% handling fee discount!
OKX newly registered user Jinling Treasure Trading Competition page:
Summary- If you want to do your job well, you must first sharpen your tools. A good exchange is almost a must-have tool for making money in cryptocurrency.
For those who are new to cryptocurrency, it is still difficult to directly use cryptocurrency wallets, back up private keys, authorization contracts, operate DeFi, etc. The exchange plays a bridge and entrance here, allowing people to more easily Enter the cryptocurrency space and connect the real and crypto worlds.
Of course it is easier in a bull market, but regardless of bull market or bear market, there are opportunities to invest and make money in the cryptocurrency field. A simpler and better tool will be more helpful to seize these opportunities, such as providing various trading strategies, more Financial management and coin-earning services, channels for participating in the listing of new coins, etc.
That is because exchanges are so important, and the market is full of various exchange scams. You must be careful when selecting and operating exchanges, make sure to only choose exchanges that are safe enough, and make relevant security settings. At the same time, remember never to Put all your eggs in one basket, don't bet on the same exchange, don't be all in contracts, and open high leverage. You must do risk management well in order to survive in this fast-fluctuating market for a long time.
