Is OKX a formal trading platform?

OKX, operating in over 100 countries and regulated in multiple jurisdictions, meets the criteria of a formal trading platform, providing a secure and compliant trading environment.

Oct 08, 2024 at 09:05 am

Is OKX a Formal Trading Platform?

1. Background

OKX, formerly known as OKEx, is a cryptocurrency exchange founded in 2017. It is headquartered in Malta and has operations in over 100 countries. OKX claims to be the world's largest spot and derivative crypto exchange by trading volume.

2. Regulatory Status

OKX is registered with the Malta Financial Services Authority (MFSA) under the Virtual Financial Assets Act. This registration allows OKX to operate as a regulated crypto exchange within the European Union. OKX has also obtained regulatory approval in several other jurisdictions, including:

• Dubai Virtual Asset Regulatory Authority (VARA)
• Cayman Islands Monetary Authority (CIMA)
• Cyprus Securities and Exchange Commission (CySEC)

3. Security Measures

OKX employs a range of security measures to protect its users' assets, including:

• SSL encryption
• Two-factor authentication (2FA)
• Cold storage for majority of user funds
• Regular security audits

4. Trading Fees

OKX charges trading fees based on the tier of its customers. The fees decrease as the trading volume increases. Here is the breakdown of the fee structure:

• Tier 1: 0.10% - 0.15%
• Tier 2: 0.09% - 0.14%
• Tier 3: 0.08% - 0.13%
• Tier 4: 0.07% - 0.12%
• Tier 5: 0.06% - 0.11%

5. Customer Support

OKX offers 24/7 customer support through live chat, email, and phone. The company also has a comprehensive knowledge base and FAQ section on its website.

6. Conclusion

Based on its regulatory approvals, security measures, and customer support, OKX can be considered a formal trading platform. The exchange operates in compliance with relevant laws and regulations and provides its users with a secure and user-friendly trading environment.