OKX cryptocurrency derivatives
OKX cryptocurrency derivatives trading platform is one of the many cryptocurrency exchanges that allow you to make money by speculating on rates of digital assets. It is on the list of time-tested exchanges.
In addition to traditional spot trading, OKX also offers futures trading, including leveraged trading. This makes the platform popular with both beginners and experienced traders alike, as it allows you to customise its functionality to suit your needs.
OKX crypto derivatives trading platform was created in 2014 by Chinese developer Star Xu. Initially it operated under a licence issued in Hong Kong, but after the creator decided to change registration. The platform is available to trade 278 cryptocurrencies in 633 trading pairs.
The company that launched the OKX exchange is called OKCoin, and it was established in California. However, at the time, the US was characterised by overly strict rules on the oversight of the cryptocurrency industry, so the site decided to move to Hong Kong.
However, in 2018, as China continued to increasingly "tighten the screws" on cryptocurrency companies, following Binance, OKX moved to Malta, arguing that it shares the Maltese government's views on crypto-trading transparency and compliance with KYC rules.
According to the official website, OKX's mission is standard to develop blockchain technology and create a trading environment that is accessible to everyone.
OKX's interface is flexible and suitable for both experienced and novice traders. However, it is mainly popular with beginners, as the interface on the start page looks simpler than that of other exchanges.
The site's header contains links to the site's basic features.
When hovering over the stock exchange logo, two sections can be selected in a pop-up window:
- OKX access to the trading terminal;
- DeFi access to tools for earning in decentralised finance.
OKX offers trading on two markets:
- Basic trading speculation on cryptocurrency rates in the spot and plain options markets;
- Margin trading leveraged trading, options and futures, open-ended swaps.
There are three ways to earn cryptocurrency on OKX without resorting to trading:
- Passive income earning interest for staking;
- Loans lending to other users and earning money from it. It is also possible, on the contrary, to take a loan in case of need;
- Jumpstart participation in IEO projects of the OKX exchange and investment in new promising tokens.
There is also a quick registration option on the home page, which simply requires entering your address or phone number.
Next are the cryptocurrency quotes, with the option of sorting the coins popular, new, best.
The platform then offers a concise introduction to OKX, including a short video tutorial.
You can also download mobile apps for Android or iPhone right on the home page. There is also a link to the API documentation. A derivative is a financial contract between two or more parties based on the future price of the underlying asset.
What are the main forms of OKX cryptocurrency derivatives in Qatar?
There are 4 main types: futures, forwards, swaps and options:
- Futures and forwards are somewhat similar. They oblige the buyer (or buyers) to buy an asset at a future date at an agreed price. The difference is that futures are traded primarily on exchanges, so standardised and somewhat simplified.
- Forwards, in this regard, are more flexible, because they allow traders to customise the terms to their needs. Therefore, they are traded predominantly on OTC platforms, so it is worth additionally considering the risks associated with counterparties.
- Options offer their holder the right in future to buy or sell the underlying asset at the agreed price. But only a right, not an obligation, which distinguishes them from futures.
- Swaps are a type of derivative that allows two parties to exchange similar financial flows between themselves. Most commonly, these are interest rates and exchange rates. Usually a fixed cash flow is exchanged for a "floating" one. That is, a trader can use an interest rate swap to switch from a variable rate loan to a fixed rate option, or vice versa.
How to register to start trading OKX crypto derivatives in Qatar?
To register, go to the official OKX website. On the home page, the exchange will prompt you to sign in, create an account or go straight to buying cryptocurrency.
To start registration on the main page, click on the "Create account" button at the top right.
A form to register your account will open. Enter the email address and password that will be used to sign in to the account. If you want to use your phone number, switch to another form by clicking 'Phone' in the top right corner of the form.
Make sure that the system marks the password as 'secure'. Use upper and lower case letters, numbers and special characters. Once you have entered your credentials, click "Create account".
Then solve the captcha and enter a one-time code which will arrive in an email, then click "Continue" to complete registration.
Registration is successfully completed. After that OKX exchange will offer to deposit or buy cryptocurrency for fiat with a bonus. We will consider making a deposit.
How to make a deposit to start trading OKX derivatives in Qatar?
To do this, immediately after registering, click on the 'Deposit Crypto' button shown in the image above to quickly make a deposit. This can also be done through the 'Assets' context menu. Select 'Deposit' to go to the deposit page.
You will be taken to the recharge page. Select the cryptocurrency from the drop-down list that you want to deposit. OKX will then give you the address to which you want to transfer the coins. Copy it or open a QR code to scan it by clicking on the appropriate button. The minimum deposit amount is indicated on this page. For bitcoin it is only 0.00005 BTC.
Once coins have been credited to your account, they will appear in the Assets section. Where you will see a list of the coins available to you. How to withdraw funds.
To withdraw cryptocurrency from your account, click on "Withdraw funds" button shown in the previous screenshot under "Assets" or select "Withdraw" from the context menu of the same section.
To withdraw funds you must go through a simple verification, providing your personal details and residential address, and set up a 2FA verification. Once the withdrawal option is available, you need to provide your crypto wallet address and request a withdrawal.
There are three levels of KYC verification:
- Basic verification. At this stage, all you need to do is specify your nationality, full name, and type and number of identification document. After basic verification, you need to set up a 2FA and password to access the funds, after which withdrawal access will open.
- Advanced verification. upload a photo or scan of your passport and take a selfie with your document. After that we will expand the withdrawal limits up to 500 BTC per day.
- Video verification. Gives access to all functions of the platform and increases withdrawal limits.
The cryptocurrency exchange has advanced functionality and advanced tools for traders, making it one of the most popular exchanges in the world. But these are not the only advantages of the platform. Let's look at the main advantages of the OKX platform.
- Simple and intuitive user interface. Even a beginner can easily understand the basic functions of the platform and the process of OKX cryptocurrency derivatives trading on the cryptocurrency spot market.
- A wide range of tools for traders. More experienced traders can try OKX crypto derivatives trading in futures contracts and leveraged margin trading. Beginners are not recommended to try leverage trading because it carries a high risk of losing money.
- Additional financial services. OKX derivatives trading platform is not just a crypto exchange, but an entire platform with a developed infrastructure similar to Binance and some other major platforms. OKX allows users to earn by earning interest on deposits, lending to other traders or buying cloud mining contracts.
- High liquidity. This avoids long delays in the execution of buy or sell orders and order slippage during trading.
- Large number of OKX derivatives trading pairs. There are 391 trading pairs on the exchange, which provides traders with great diversity.
- Low commissions. The exchange commission is 0.1% for a maker and 0.15% for a taker, and may go down as trading volumes increase to 0.06% and 0.09% for regular users. For VIP users the commission for buying can even become negative and go up to -0.01%.
- Prompt and quality support. When you are considering OKX for trading, user reviews speak of fairly fast and knowledgeable customer support.
- The ability to purchase cryptocurrency for fiat via a peer-to-peer (P2P) platform. Through its partners, OKX supports over 40 fiat currencies. We discussed how to buy and sell cryptocurrencies for roubles, euros, dollars, and other fiat currencies in our blog post about exchanging cryptocurrencies for fiat.
Overall, OKX is a great option for regular cryptocurrency trading that will appeal to users who value their security and wish to have access to a wide range of tools and an extensive list of cryptocurrencies.