Today I’m going to explain everything about OKX – a crypto exchange used by tens of millions of people around the world. If you’re just getting to know crypto and don’t know where to start, you’re in the right place. You won’t find empty theory in this article. Instead, I’ll show you concrete steps for how you can use OKX as your first step into the world of earning with crypto.
Before we continue, one small tip: if you’d like me to personally explain everything from the beginning, you can sign up for free for my webinar, where I show step by step how I approach earning with crypto. Sign up for the free webinar here.
What Is OKX, Anyway?
OKX is a cryptocurrency exchange. That means it’s an online platform where you can buy, sell, and trade cryptocurrencies – similar to buying stocks on a traditional exchange. But instead of stocks, here you buy digital currencies such as Bitcoin or Ethereum.
OKX is currently one of the three largest exchanges in the world by trading volume. It’s used by tens of millions of people in more than a hundred countries. The platform holds a license to operate in the European Union, which means it can operate in a regulated manner for Slovenian users as well.
Personally, the first thing that convinced me about OKX was its transparency. Every month, the exchange publishes what’s known as a proof of reserves – a publicly verifiable report showing that the exchange actually holds as many assets as its users hold in their accounts combined. Put simply: you can check whether your money is really “in stock” and not just on paper.
Why Would a Beginner Choose an Exchange Like OKX?
If you’re a complete beginner, the world of crypto probably seems complicated and full of incomprehensible terms. That’s why I’ll explain every term I use.
A cryptocurrency exchange is a website or app where you can buy cryptocurrencies with euros (or another currency). Just like you’d swap euros for dollars at a currency exchange office, here you swap euros for Bitcoin, Ethereum, or another digital currency.
There are several reasons why I decided to recommend OKX to my readers:
- Low fees. The basic trading fee is among the lowest of the major exchanges. This means that with every purchase or sale you keep more of your money, instead of the exchange “eating” it.
- Wide selection of cryptocurrencies. A huge variety of cryptocurrencies is available, so you won’t need to use several different platforms.
- Security. Funds are mostly kept in what’s called cold storage – a storage method where the funds aren’t connected to the internet, which makes them much harder for hackers to steal.
- Easy starting mode. OKX has a special “lite” (simple) mode in the app, designed specifically for beginners, before you move on to more advanced tools.
How OKX Keeps Your Money Safe
With crypto, security is always the first thing you should check before trusting your money to any platform. With OKX, I liked the following measures:
Two-factor authentication (2FA) – this is an additional layer of protection where, besides your password, you also enter a code from a special app on your phone when logging in. That way, nobody can log in to your account with just a stolen password.
Cold storage – as I mentioned, most users’ funds aren’t stored on online servers but out of the internet’s reach. This means that even if someone tried to break into the system, they wouldn’t be able to get to those funds.
Anti-phishing code – this is a personal code that you set up and that appears in every official email from OKX. If you receive a message without this code, you know it’s a fake (phishing) message intended to steal your data.
Withdrawal controls – you can set up what’s called a “whitelist” of addresses, meaning a list of addresses you can withdraw funds to. This prevents someone from sending your money to their own address, even if they get into your account.
My personal tip, which I also emphasize in the free webinar: right after registering, turn on all the security features, and only then start making purchases.
How to Start Using OKX – Step by Step
Let me show you what the whole process looks like so you don’t get lost.
Step 1: Registering an Account
On the website, you register with an email address or phone number. Then you set a strong password – I recommend a combination of letters, numbers, and special characters that you don’t use anywhere else.
Step 2: Identity Verification (KYC)
KYC (know your customer). This is a process where you use an ID document and a short selfie to prove that you really are the person opening the account. It’s a standard procedure required by every serious, regulated exchange – and it’s a good sign, not a bad one. Exchanges that don’t require it are actually riskier.
Step 3: Turn on your security settings
Right after verification, turn on two-factor authentication and the anti-phishing code I wrote about above.
Step 4: Your first purchase
You can add funds to your account in several ways, depending on what’s available in your region. Then you simply choose the cryptocurrency you want to buy and confirm the purchase.
If this process looks complicated to you, I recommend signing up for my free webinar, where I show the whole thing live, step by step.
Ways you can start earning with crypto on OKX
Now we get to the part you’re most interested in – the practical ways to earn. Let’s go through them one by one, from the simplest to the more advanced.
Buying and holding long term (classic trading)
The most basic form is spot trading – this simply means you buy a cryptocurrency at the current price and hold it until it goes up. It’s the easiest to understand and the least risky approach for beginners, since you actually own the cryptocurrency – you’re not using borrowed money or leverage.
Regularly investing smaller amounts every month (DCA)
One of the strategies I personally recommend most to beginners is so-called DCA (dollar-cost averaging). It’s a simple technique: instead of investing the entire sum at once, you invest a smaller, equal amount regularly (for example, every week or month). This way you avoid the risk of putting all your money in on the very day the price is at its highest.
OKX has built-in tools for this – so-called DCA bots that automatically make a purchase at a preset time, without you having to manually click “buy” every time.
OKX Earn – passive income on your crypto
OKX Earn is a collection of tools that let you “put your crypto to work” instead of just letting it sit in your account. The most common form is staking, which means you “lock up” your cryptocurrency for a certain period and receive a reward in return – similar to interest on a bank savings deposit, except the returns can be considerably higher, and the risk is correspondingly greater as well.
There’s also so-called flexible savings, where you can withdraw your funds at any time, and fixed savings, where you commit for a set period and usually receive a higher reward.
Convert – easy swapping of cryptocurrencies
Convert is the feature for when you want to quickly swap one cryptocurrency for another, without a complicated trading interface. It works much like a currency exchange – you enter how much you want to swap, and with one click you get the new cryptocurrency, with no additional trading fees.
OKX Card
For those of you who already own crypto and would like to actually spend it, OKX also offers a payment card that lets you pay directly with stable cryptocurrencies (so-called stablecoins – cryptocurrencies whose value is pegged to a real currency, such as the dollar, so their price doesn’t fluctuate the way Bitcoin’s does) anywhere Mastercard is otherwise accepted.
OKX Web3 Wallet – a step beyond the exchange
Once you’re a little more confident in the world of crypto, you’ll probably come across the term wallet. Put simply, a wallet is a place where you store your cryptocurrencies – it can be part of an exchange, like OKX, or a so-called self-custody wallet, where the keys to your funds are held exclusively by you.
In addition to the exchange, OKX also offers its own Web3 wallet, which supports hundreds of different blockchain networks. Put simply, a blockchain is a digital ledger in which all cryptocurrency transactions are recorded – the records are public, immutable, and not controlled by a single institution, such as a bank.
The advantage of this wallet is that it also lets you access the world of so-called DeFi (decentralized finance) – that is, financial services that operate without traditional intermediaries such as banks. For a complete beginner this isn’t the first stop, but it’s good to know that OKX offers this option too, for when you’re ready to take the next step.
How OKX compares to other exchanges
You’re probably wondering why you should choose OKX and not some other exchange. Let me briefly compare the key differences I’ve noticed myself.
Compared to smaller or lesser-known exchanges, OKX has a big advantage when it comes to regulation – the exchange operates with several official licenses in different parts of the world, which means a higher level of trust and oversight. It also has one of the most transparent practices among its competitors of publishing proof of reserves every month, something many exchanges don’t do at all.
When it comes to the range of cryptocurrencies and additional tools, such as DCA bots and Earn products, OKX is among the more comprehensive platforms, which means that later on, as you advance, you won’t have to switch exchanges and get used to a completely new interface.
What market capitalization is and why it matters
Because I want you to truly understand this article from start to finish, let me explain one more term you’re sure to come across – market capitalization (market cap). It’s the total value of all units of a particular cryptocurrency that are currently in circulation. It’s calculated by multiplying the price of one unit by the total number of units.
Why does this matter? Cryptocurrencies with a higher market cap, such as Bitcoin and Ethereum, are considered more stable and established, while smaller cryptocurrencies with a low market cap can fluctuate more in price – upward, but unfortunately also downward. So for a beginner, it’s a good idea to always check a cryptocurrency’s market cap before deciding to buy.
What fees you can expect
Cost transparency is key when choosing an exchange, so let me explain how it works. In trading, there are two types of fees:
- Maker fee – you pay it when you place a limit order that isn’t executed immediately (for example, when you’re waiting for the price to reach a chosen value).
- Taker fee – you pay it when you place a market order, which is executed immediately at the best currently available market price.
OKX has one of the lower base rates among the major global exchanges, and the fee is reduced even further if you have a higher trading volume or hold their native token, OKB. When you withdraw cryptocurrencies from your account, you also pay what’s known as a network fee – this isn’t a fee charged by OKX, but a cost charged by the blockchain network itself for processing the transaction.
My advice: before you make your first larger purchase, always check the currently applicable fee in the app, as it may change from time to time.
Common mistakes beginners make
Since I’ve been working in this field for a long time, I’ve seen many mistakes made by those who are just starting out. Let me list them so you can avoid them:
- Investing money you urgently need. Cryptocurrencies are volatile, which means their price can fluctuate considerably in a short time. Only invest money you can live without.
- Using too much leverage. Some platforms offer so-called leverage – the ability to trade with borrowed money, which increases both potential profit and potential loss. As a rule, I advise beginners against it.
- Inadequate account security. Without two-factor authentication and an anti-phishing code, your account is considerably more vulnerable.
- Making decisions too quickly based on emotions. Panic when the price drops or euphoria when it rises often leads to bad decisions. That’s why a strategy like the DCA mentioned above is so popular – decide once, then stick to the system.
- Lack of basic knowledge. That’s exactly why I prepared a free webinar, where I explain all the basics a beginner needs before investing their first euro.
How to choose your first cryptocurrency
Beginners often ask me which cryptocurrency they should buy first. Personally, I recommend that you first get acquainted with the two largest and most established ones – Bitcoin and Ethereum.
Bitcoin is considered a kind of “digital gold” – its purpose is primarily to store value over time. Ethereum, on the other hand, is a platform on which thousands of other projects and applications run, so it plays a somewhat different role in the ecosystem.
Before venturing into smaller, riskier cryptocurrencies (so-called altcoins – all cryptocurrencies other than Bitcoin), I advise you to first thoroughly understand how these two largest ones work.
Frequently asked questions about OKX
Is OKX suitable for complete beginners? Yes, OKX has a special simple mode designed specifically for newcomers. Still, I recommend that you get well acquainted with the basics before your first purchase – that’s why I also prepared a free webinar.
Do I have to complete identity verification on OKX? Yes. The KYC process is standard for all regulated exchanges, and it’s actually a sign that the exchange operates by the rules, not something you should be afraid of.
How much money do I need to get started? On OKX, you can start with small amounts. That’s exactly why a strategy of regular monthly investing (DCA) is so popular among beginners – you don’t need to have a large sum all at once.
Is trading cryptocurrencies risky? Yes, cryptocurrency prices can fluctuate quite a bit. That’s why one rule always applies: only invest as much as you can afford to lose, and educate yourself well before investing.
Where can I learn more about practical strategies for earning with crypto? Everything I’ve learned on my journey so far, I’ve condensed into a free webinar, where I explain step by step how I approach this topic myself.
What’s the difference between an exchange and a wallet? An exchange like OKX is a platform where you buy, sell, and swap cryptocurrencies. A wallet is a place where you store your crypto when you’re not trading it – it can be part of the exchange or a completely separate, standalone app.
Can I withdraw my funds at any time? With flexible products, such as your basic account balance or flexible savings, you can withdraw your funds at any time. With some Earn products, where you commit for a set period, you’ll have to wait until the end of that period if you want to receive the full reward.
Do I need trading experience to use OKX? No. The app’s simple mode is designed so that even a complete beginner can make their first purchase without any trouble. Advanced tools, such as futures and leverage, are available only when you decide you want them – no one pushes you into them.
My Closing Advice
The world of cryptocurrency sounds complicated until someone explains it in an understandable way. I hope this article has given you a clearer picture of what OKX actually is, why it’s considered one of the more reliable exchanges, and how you can take your first steps with it.
My personal recommendation is always the same: start slowly, invest only money you can afford to miss, take care of your account’s security, and keep educating yourself. If you’d like me to guide you through this process personally, join my webinar on earning with crypto for free – there I explain everything I’ve learned on my journey in a clear and practical way.
