The cryptocurrency investment fever continues to grow stronger in Pakistan. Fortunately, multiple exchanges have stepped in to facilitate the growing demand of Pakistani investors.
One such exchange that continues to draw millions of users worldwide (Pakistan inclusive) is OKX. It’s the 18th largest cryptocurrency exchange with over 20 million users in more than 100 nations.
But what makes OKX exchange so special? Is it accessible, safe, and legal for Pakistanis? What are its unique features?
Read along to find out!
What is OKX?
OKX Exchange is a digital asset trading platform that offers a wide range of crypto-to-crypto trading pairs, cryptocurrencies, tokens, and other digital assets. The cryptocurrency exchange is situated in Seychelles and is accessible to people all over the globe, including Pakistanis. The exchange is known for its user-friendly interface that makes it easy for users to navigate and is accessible to both novice and experienced traders.
The trading dashboard displays all the necessary information in real-time, making it easy for users to keep track of their trading activities. The platform also offers different order types, including market, limit, and stop-limit orders, allowing Pakistani customers to customize trading strategies to suit their needs. It offers a secure, easy-to-use environment and a reliable way to buy, sell, and store digital assets. OKX also provides its users with advanced trading tools and low transaction fees.
OKX provides its users with the tools needed to manage their digital assets in one place, including a comprehensive range of order types, market data, and charts. Furthermore, OKX has implemented a range of safety measures to ensure the security of its users’ funds.
OKX comes up with a simple and intuitive trading form for beginners, as well as an active trading platform for intermediate and expert traders. It also allows Pakistanis to buy crypto using a card, bank account, or digital wallet with ease. The site also supports margin borrowing, earning cryptocurrency through staking and savings, cryptocurrency-backed loans, and advanced products like mining pools and its own blockchain called OKC.
Who created OKX?
OKX is a cryptocurrency platform created by OKEx, one of the world’s leading digital asset trading platforms. Founded by Star Xu in 2017, OKX is based in Seychelles and offers spot trading services for a wide range of digital assets, including Bitcoin, Ethereum, Litecoin, and more.
What are the Primary Objectives of OKX?
In a nutshell, here are the primary aims and objectives of the OKX exchange:
OKX offers advanced financial services and a wide array of trading options, including spot, margin, and derivatives trading. Furthermore, it also provides decentralized finance (DeFi), lending, and crypto mining services.
On the OKX platform, you can buy and sell cryptocurrencies, earn money by storing tokens, provide funds for margin trading, and access new DeFi projects via liquidity mining.
OKX also offers a mobile application that allows users to trade on-the-go. The app is available on both iOS and Android and offers all the features of the web-based platform.
Pakistanis have access to OKX’s native wallet feature that supports 36 digital assets, and it integrates seamlessly with the main OKX trading app.
Is OKX Safe For Pakistanis?
The safety of using OKX in Pakistan depends upon the security measures adopted by the cryptocurrency exchange. Fortunately, OKX is considered to be a safe and reliable digital asset trading platform.
The best part is that OKX has integrated extensive security features on its platform, such as TFA, anti-phishing codes, and frequent security audits. Using a multifactor authentication software with strong, site- and app-specific passwords will help prevent hackers from accessing your wallets.
Furthermore, OKX uses cold storage, a common and reliable method for keeping its customers’ valuables safe. Pakistani users can also set up a withdrawal password and deploy anti-phishing codes. OKX exchange also employs a multi-signature process for all transactions, which helps ensure that all transactions are secure.
In addition, OKX follows strict Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements which are designed to prevent money laundering and terror financing. This also maintains the authenticity and reputation of the exchange. The additional risk management practices further ensure the safety of its users.
As mentioned earlier, OKX is a fully compliant exchange that adheres to the regulations set by the relevant authorities. This means that Pakistanis can be confident that their assets and information will be safeguarded in accordance with the highest safety standards.
Pros and Cons of OKX for Pakistani Traders
- Some of the noteworthy benefits of OKX exchange for Pakistanis are as follows:
- Low trading fees: Trading fees start at 0.10% and reduce if the investor trades in high volume or has extensive holdings of OKB tokens – OKX’s native currency.
- Staking rewards: By staking some cryptocurrencies, users have the opportunity to earn an attractive annual interest rate.
- Deposit and withdrawal options: Pakistanis have the option to purchase cryptocurrencies by using their debit/credit card or through a bank transfer. Additionally, you can purchase from the P2P marketplace or swap PKR for USDT.
- Sign-up bonus: If the user sign-up using a referral code, OKX gives about $10000 worth of mystery box as a signup bonus. Additionally, users can get a 20% discount on the trading fee.
- Low Liquidity of some coins: Trading in certain currencies is characterized by a low degree of liquidity, even though the exchange is ranked among the top 20 exchanges in the world.
- OKX scam: A few reviews on the online platform regarding OKX Exchange reveals that it has lazy customer service and some users have lost their money.
- However, most of the reviews are positive. Why? Because one of the critical features of OKX is its security measures. Additionally, OKX has a dedicated customer support team that is available to help users with any issues or queries they may have.
Platform & Features for Pakistanis
OKX offers tremendous ground-breaking features for Pakistanis. The OKX exchange interface is made to serve beginners and experts alike. It is helpful for those just getting their feet wet in the cryptocurrency world and looking to buy their first Bitcoin, Ethereum, or any other cryptocurrencies supported.
OKX’s conversion form is a simple way to trade currencies, including stablecoins. The functionality is identical to a standard market transaction on the live trading platform, but the form and interface have been streamlined for your convenience.
Some of the key features of OKX platform are as follows:
Active Trading Platform
The OKX exchange’s active trading platform appeals to more experienced Pakistani traders since it allows creating market, limit, and stop orders. Furthermore, traders can execute complex conditional trades, create an open order book for supported currencies, and access customizable market charts.
After logging in, Pakistanis can modify the templates to suit their needs better. OKX’s active trading platform lets traders select from multiple pre-existing layouts or create their own.
Margin trading or any other advanced technique may benefit from using the advanced platform. In addition, it comes equipped with a trading bot that may execute orders under a user’s specifications.
Fiat to Cryptocurrency
OKX produces over 400 trading pairs and allows you to change your fiat currency into cryptocurrency via Apple Pay, Visa, Mastercard, bank transfer, Alipay, WeChat pay, and other payment methods. The best part? It’s totally easy to purchase cryptocurrency with PKR on OKX.
You can use PKR fiat to deposit and trade on the application. In addition to this, the exchange supports more than 30 other fiat currencies, including the Canadian dollar (CAD), the Chinese yuan (CNY), the euro (EUR), the Japanese yen (JPY), the Hong Kong dollar (HKD), and the Chilean peso (CLP), among others.
If you want to generate additional passive income from your cryptocurrency holdings, you have access to various financial options on the exchange.
Loan, jumpstart token staking function, mining pool, OKX bridge feature, OKB utility token, and OKX Ventures are just some of the possibilities that are accessible. Still, the selection is extensive and among the most comprehensive in the business.
Extra Layers of Protection
The best part about OKX is that it’s safe for Pakistanis. The exchange emphasizes the security aspect and has integrated features such as two-factor authentication, mobile verification, Google Authenticator integration, and anti-phishing code.
Option for trading on a decentralized exchange (DEX) OKX’s decentralized platform provides traditional DEX trading in addition to swap trading, liquidity pools, farm pools, and a decentralized wallet.
These facilities are geared toward those who prefer to trade on a decentralized platform. In general, OKX will allow you to delve deeply into the cryptocurrency ecosystem by providing you with alternatives that you may test. The marketplace functions as a “one-stop shop” – thanks to this platform.
Fees and Commissions for Pakistanis
OKX classifies currencies into pricing tiers, where fees can fluctuate based on trading volume and account balances. Spot transactions carry a maximum transaction fee of 0.10% for Pakistanis.
If you trade in high-volume or have a large holding on the exchange, you can get further discounts on the fee. One major flaw of OKX is that it does not disclose its deposit and withdrawal fees. Some of the fee details are as follows:
|Regular Pakistani users|
|Tier||Maker Fee||Taker Fee|
|VIP Pakistani Users|
|Tier||Maker fee||Taker fee|
Deposit and Withdrawal Methods
The deposit method is quite straightforward. Just go to the “Deposit” tab and choose your preferred fiat currency, i.e., PKR for Pakistani users. Select Next and you’ll be able to complete the transfer.
The withdrawal procedure of OKX, however, has a significant disadvantage. You can only withdraw your cryptocurrency, even though the costs are minimal. Furthermore, you cannot even convert your cryptocurrency holdings into fiat currency to withdraw your funds.
This tie-up demonstrates that the platform’s primary emphasis is on functioning as a cryptocurrency-to-cryptocurrency exchange for “next-gen finance.”
What Can You Trade On OKX?
Given that OKX supports over 350 distinct digital currencies and over 500 trading pairs, it would be impossible to include them all in this evaluation. A quick look at some of the most actively traded currencies on OKX is as follows:
- Shiba Inu
How to create & open an OKX account in Pakistan?
Pakistanis can quickly and easily open a new account on OKX. If you have prior experience registering another cryptocurrency exchange or stock market firm, you will find it easy to register since the process is quite similar.
Creating an account using your personal contact information is the first step in getting started. It would be best if you satisfied the KYC (know your customer) standards of OKX to have access to all the trading capabilities it provides. Oh, and not to forget, there are different levels of KYC verification.
So, a level One KYC-verified account requires inputting essential information, such as a passport or CNIC. The second level makes the users upload a photo for verification along with a selfie via the partner service Netverify. Level three KYC involves accepting a disclaimer.
Moreover, unverified accounts have a daily withdrawal restriction of up to 10 Bitcoin and a transaction limit of up to $500. On the other hand, if you verify your ID, you’ll get a significant reduction in your withdrawal and transaction restriction.
Here are the steps to follow to create an account on OKX.
- Gather the necessary information & Go to the OKX website
- You will need to have certain information on hand, such as your full name, date of birth, email address, and a government-issued identity such as a CNIC or passport.
- Visit the OKX website (https://okx.com/) and click on the “Sign Up” button in the top-right corner of the page.
- Select Country & Verification & Terms and Conditions
- Select your country as Pakistan, and enter your mobile number.
- After that, a verification code will be sent to the mobile number. Enter this code in the verification box to complete your registration.
- Accept the Terms and Conditions and then press the Sign Up button.
- Fill out the registration form & ID verification
- Fill out the registration form with the information that you have gathered. This will include your full name, date of birth, email address, and password. You have to verify your email address as well.
- To prove your identification, upload a copy of your government-issued CNIC card.
- Complete account setup & Wait for account activation
- Follow the instructions provided by OKX, such as setting up TFA and passwords, to complete the account setup process.
- OKX will review your account and activate it within 1-2 working days. You will receive an email notification once your account is active and you can start using the platform.
OKX Customer Support For Pakistanis
There are multiple customer support channels available for Pakistanis. Here are the common ones offered by OKX:
- Email Support: Users can contact OKX via email and expect a response within 24 hours.
- 24/7 Live Chat: It’s available on the website and Pakistanis can get instant support from the service team.
- Social Media: The exchange has pages on top social media handles. Users can receive updates and ask for help from their social media pages.
- Help Center: OKX has a comprehensive help support centre and FAQs page which lets you find answers quickly.
OKX and McLaren
OKX exchange announced a strategic partnership with McLaren, a luxury sports car manufacturer. As part of the partnership, OKX and McLaren will work together to create a unique and engaging experience for users.
OKX will offer exclusive access to McLaren events and experiences, as well as the opportunity to purchase unique McLaren merchandise with crypto.
McLaren and OKX also plan to collaborate on a number of initiatives designed to promote education and awareness of blockchain technology and digital assets. This includes educational events and content, as well as opportunities for OKX users to participate in blockchain-related research and development projects.
The partnership between OKX and McLaren is a significant step forward for the crypto space and demonstrates the growing mainstream acceptance of digital assets. It also highlights the potential for collaborations between traditional industries and the crypto world to create mutually beneficial opportunities.
The logo of OKX Exchange features a black square with the letter “X” in the centre, resembling a checkerboard. These represent the four main features of OKX: security, speed, liquidity, and convenience.
The letter “X” is representing knowledge and understanding of the digital asset market while symbolizing excellence in trading services. Together these elements create a simple yet powerful logo that conveys OKX Exchange’s commitment to providing customers with an excellent trading experience.
History Of OKX
OKX launched in 2017 and is headquartered in Seychelles. The corporation also has outposts in virtually every country.
OKX has risen to the position of the world’s 18th-largest cryptocurrency exchange. People from more than a hundred different nations are supposedly using the website. It’s also popular with Pakistanis, all thanks to the intuitive user-friendly interface and vast trading order features.
Best of all, Pakistanis can open an account with the exchange and begin trading 343 different spot currencies.
In addition to this, OKX allows its users to borrow bitcoin on margin, earn bitcoin through staking and savings, obtain cryptocurrency-backed loans, and utilize novel services like mining pools and the OKX Chain network.
What is the OKX API?
OKX API is a set of programming instructions that allows developers to access and use the features and functionality of OKX Exchange in their own applications or software. In short, OKX offers an API for developers to build their own applications on the platform. The API allows for programmatic access to the exchange’s trading engine, account management, and other features.
Using the OKX API, developers can create custom trading bots, automate trading strategies, and integrate the exchange into their own platforms or applications. The API supports both REST and WebSocket protocols, providing a high-performance and low-latency connection to the exchange’s trading engine.
The API also includes a variety of tools and resources, such as sample code, documentation, and libraries, to help developers get started quickly and easily. By leveraging OKX’s API, developers can quickly build and deploy trading applications that are secure and reliable. The API also supports multiple programming languages, making it easier for developers to create custom solutions for their users.
OKX is an excellent cryptocurrency exchange for Pakistanis. The lucrative trading features, extensive cryptocurrency options, and the easy-to-use intuitive platform makes OKX a deal-breaker for Pakistanis.
Whether you’re a beginner or a pro trader, it’s time to diversify your portfolio by kickstarting your cryptocurrency trading journey on the renowned OKX platform.
Get Started Today!
Is OKX regulated in Pakistan?
There are no specific regulations on cryptocurrency exchanges in Pakistan. The government has not introduced laws pertaining to cryptocurrency use in Pakistan. Pakistanis can trade cryptocurrencies on different platforms on their own will.
On the other hand, OKX is heavily regulated by international authorities, such as the Virtual Financial Asset Act (VFAA). When it comes to security, it is among the best cryptocurrency exchanges available.
Does OKX require KYC?
No! Without KYC, you can still access the OKX exchange but the features are limited.
For example, a Level 0 KYC account will allow you to deposit and engage in spot trading and futures trading. However, the withdrawals will be limited to a daily maximum limit of 10 BTC. Plus, Pakistanis who still need to complete their KYC verification cannot trade on the P2P marketplace.
Can I buy OKX with Everdome (DOME)?
Yes, you can buy an OKX coin with Everdome (DOME) token on the OKX exchange.
To do this, simply login to your OKX account, go to the trading page and search for the OKX/DOME pair. Once you find the pair, you can place a buy order to purchase OKX with your DOME tokens. You can also use the OKX Crypto Calculator to estimate the real-time price of the pair.
Is OKX suitable for beginners?
The platform's accessibility allows inexperienced and seasoned investors to participate in bitcoin trading.
Over 140 distinct digital tokens and over 400 different BTC/USDT pair combinations trade on this platform. OKX supports several types of payment systems, including the more common ones and some less common ones like Google Pay and wire transfers.