We are happy to announce the OKX Exchange has been added in between the other cryptocurrency exchanges (Binance and Coinmate) enabled to connect with the BTC DCA App. Let’s introduce a bit of the benefits of the OKX exchange not just by connecting it using API with BTC DCA. We will have a look at how the OKX exchange works meaning what its benefits are in comparison to the other crypto exchanges.
Table of Contents
What does OKX mean?
To explain the meaning and origin of OKX formerly known also as OKEX is quite simple. OK is a representation of the originally founded cryptocurrency exchange OKCoin in 2013. OKEX was another part of the exchange focused more on advanced trading features and derivatives.
So this is a bit of background and a very brief history of the OKX exchange. Well, we have not said what happened after. OKX exchange basically rebranded from the OKEX to OKX. While OKCoin focuses on the US market, OKX operates worldwide except in the US.
User account security
OKX Exchange has been added due to its high level of customer account security (2-factor authentication – 2FA, Withdrawal addresses Allowlist – whitelisting, new address 24-hour withdrawal lock, Passkey verification, antiphishing code, etc.).
Low fees & Lightning network
Except for the account security, OKX provides a challenging low fee structure to the other integrated exchanges and sooner than others came up with the BTC lightning network deposits and withdrawals (we plan to integrate the LN Invoices for automated withdrawals ASAP).
Benefits of the OKX Exchange
Being on the market for such a long time means a lot of work for OKX exchange in behind and also some benefits. This is not that important for Bitcoin maximalists and Bitcoin DCA strategists, nevertheless, if you like to speculate with altcoins, you will find here a diverse range of cryptocurrencies.
Advanced Trading Tools and Features
Having said OKX and formerly OKeX focused on advanced tools and derivates, these advanced trading tools and features are available at OKX at the moment. These are Options trading, Futures trading, Liquid marketplace, Earn program, or e.g. Institutional features.
High Liquidity and Fast Transactions
Considering the exchange has operated on the market since 2013, they gained a lot of users from all the countries around the world. This brings the benefit of high liquidity for the transactions and in conclusion, these transactions are fast without the necessity to wait long to find their counterparty.
Rewards Programs
Thanks to the OKX Reward Center, all the users can benefit from the usage of its features and receive extra tokens and additional cryptocurrency by following simple tasks including referrals or using their payment card and getting cashback.
Competitive low fees
Last but not least we should not avoid low fees. The level of the fee structure is competitive with the other giant exchanges like Binance. Especially for crypto trading. Crypto exchanges usually motivate users to deposit crypto and FIAT money to their platforms so that these fees are usually close to zero or even none. Just be aware of withdrawal fees, especially in the case of crypto, those might be a bit higher, but it depends from coin to coin. Anyway in the case of Bitcoin, you can use Lightning Network for a very low fee close to zero.
Trades starting from 1 USDT
The great advantage compared to Binance and Coinmate, OKX can execute the trades in pairs of a stablecoin (USDT, EURT, USDC) with as low an amount as 1 USDT, etc. This means the users can invest in Bitcoin in very low amounts daily, hourly, or even every 15 minutes and scale this way the risk of buying high the whole once per month or a week amounts to more frequent lower purchases.
Thanks to these reasons we strongly believe the OKX exchange will be a great choice for your recurring DCA Bitcoin purchases.
OKX Exchange Review: User Feedback and Testimonials
Let’s have a look at OKX Exchange from the user review perspective. Here it was useful to let ChatGPT do the user reviews analysis of the last years out of the the user feedback and testimonials.
Generally, the user feedback is positive. They highlight several key features along with some common criticisms.
Most of the positive aspects were already mentioned before. Those are a User-friendly interface, low fees, diverse trading options, advanced trading features, security, ease of use, and quick transactions.
In between the criticism or let’s say areas of improvement can be found a complexity for beginners, regulatory concerns, limited community support in certain languages, and missing more promotions and incentives.
Comparisons with Other Major Exchanges
In comparison with other major exchanges and to be fair, we take the biggest competitor, the Binance. Let’s skip the similarities and move to the differences.
Regarding fees, Binance offers slightly lower fees for higher VIP levels of the fee structure.
According to the Coin Bureau, the Binance exchange provides more educational content to help users navigate through their platform than OKX.
You might notice a difference between the extensive asset support at Binance compared to OKX and in my personal experience, the user support was usually better in Binance as well.
Other than that both of the platforms are quite similar and the choice depends on individual preferences and trading needs.
What products or services does OKX offer?
From the features perspective, except for Spot trading, OKX offers Futures, Options trading, Earn, Liquid Marketplace, Web3 wallet, Copy trading, Institutional trading options, Learn center, referral, affiliates, and much more. Considering asset support, there are many options with USDC and EUR as the main underlying assets.
How do I buy Bitcoin on OKX?
Buying Bitcoin with OKX could be as simple as using Express Buy using Visa, Mastercard, or other payment options. Furthermore, you can cause a quick conversion using a zero trading fee and no slippage. Other than that there is an advanced option of Spot market trading or you can use regular purchases using the BTC DCA app.
Is OKX better than Binance?
Hard question. OKX is very leveled with Binance considering its features and asset availability. There are some differences with pros for Binance. Nevertheless, those will not be most probably noticed by the majority of the users. On the other hand, there are some advantages to using OKX rather than Binance e.g. for its Earn program or amount of 1 USDT to start trading.
Final summary of OKX exchange
The final summary just highlights the key points mentioned above. OKX is one of the biggest cryptocurrency exchanges a an important competitor of the Binance. There are not many disadvantages and not too significant. OKX offers to start trading from 1 USD and supports the Lightning network for Bitcoin. Their huge advantage over the smaller exchanges is the low trading fees. All these points including a great level of security were reasons to add this crypto exchange as an option to start stacking sats using the DCA strategy at the BTC DCA app.