OKX Fees and Minimum Deposit - TU Expert review
Assessing the size of the fees is the second most important factor for choosing a broker after reliability. The lower the fees, the more diverse their structure, the more beneficial it is to trade with the broker. Minimum deposit is another important factor that may tip the scale in favor of a certain broker. This is particularly important for novice traders, who cannot afford to invest a lot at the beginning. Traders Union analysts have prepared an analysis of OKX fees and also assessed the size of its minimum deposit.
Short introduction of OKX
OKX (aka OKEX) is an international cryptocurrency exchange that has been providing financial services since 2017. On the OKX platform, you can buy and sell cryptocurrencies and earn money by storing tokens and providing funds for margin trading. The cryptocurrency exchange offers over 100 cryptocurrencies such as BTC (₿), LTC (Ł), ETH (Ξ), XRP, etc.), several ways to make passive income, and a base with educational materials.
| 💰 Account currency: | BTC, USDT, ETH, LTC, OKB, BCH, BSV, ETC, USDK, 1INCH, 1ST, AAC, AAVE, and other cryptocurrencies |
| 🚀 Minimum deposit: | 0.00005 BTC / 0.00000001 USDT |
| ⚖️ Leverage: | Margin trading is available |
| 💱 Spread: | $0.1 |
| 🔧 Instruments: | Cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
OKX Pros and Cons
👍 Advantages of trading with OKX:
•The availability of various investment programs.
•Proprietary educational academy with useful materials.
•Wide range of cryptocurrencies.
•The exchange is multilingual and available in 20 languages.
•A mobile app is available.
•The exchange uses cold and hot wallets with a high-security level.
•The company offers cryptocurrency listing services.
👎 Disadvantages of OKX:
•Trading and depositing in fiat currencies are not available.
•Few ways to contact client support
•The company is unlicensed and unregulated.
Key types of fees on Crypto
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
-
Spread – the difference between the buy and the sell price of an asset.
-
Commission per lot.
-
Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
OKX Commissions and Fees
The Traders Union specialists examined the OKX cryptocurrency exchange for trading, non-trading, and hidden commissions. The level of trading commission (for trade execution) depends on the type of trade and user status. For example, the exchange offers fixed rates for spot trading, as well as trading futures, options, and open-ended swaps. The amount of fees is calculated as a percentage and varies from 0.1% to -0.010%. There are no commissions for opening a trading account, its maintenance, using a terminal, or other non-trading activities.
| Account type | Spread (minimum value) | Withdrawal commission |
| Real account only | $0.1 | No data |
Why is it important to assess minimum deposit?
It is important for beginners and traders with limited financial capabilities to assess the minimum deposit of the broker. Different brokers offer different levels. Some companies focus on working with professional traders and their entry threshold is usually in the thousands or tens thousands of US dollars. Brokers that work with beginners offer low minimum deposit. It could be $500 or $100, or even $1.
In addition minimum deposit may differ depending on the account type. This is also an important factor to analyze. If a broker offers a low entry threshold, traders can get better conditions and still not spend too much money on funding their account.
Brokers similar to OKX
When analyzing OKX, it is important to compare it with other similar companies. Before you choose a broker, it is important to compare its trading conditions with competitors. Traders Union analysts have prepared a comparison of the minimum deposit and other trading conditions of OKX and other brokers.
Comparison of OKX with other Brokers
Expert Opinion
Analysis of the OKX trading conditions has shown that it is beneficial to work with the broker. The level of fees is low. Also, the company offers a low minimum deposit, which makes OKX a good choice for beginners. The company offers good trading conditions even compared to competitors.
Conclusion
Analysis of the OKX trading conditions has shown that it is beneficial to work with the broker. The level of fees is low. Also, the company offers a low minimum deposit, which makes OKX a good choice for beginners. The company offers good trading conditions even compared to competitors.
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FAQs
If the fees are low, how does a broker make money?
As a rule, brokers with low fees earn on the fees thanks to high trading volume and also non-trading fees.
Are the fees charged on a demo account?
Yes, but they are written off the virtual funds you use for trading on the demo account. This allows you to learn the level of the fees.
Can you cover the fees with bonuses?
Yes, it is possible. Some brokers offer a welcome or deposit bonus that can be used to cover the fees.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.