Okex is a cryptocurrency exchange that was created in 2014 by Star Xu. It is a highly reputable exchange, the issue is United States residents or citizens can’t use Okex, because of the exchange restrictions.
The Okex platform offers multiple trading pairs, multiple cryptocurrency, deposit in fiat currency, and more.
On Okex traders can take advantage of margin trading, Margin trading allows users to borrow fund and increase their amount of money used to trade up to 100 times.
How to use Okex in US summary
Follow these steps to use Okex.com in the United States:
- Get a VPN (Surfshark VPN)
- Connect to the VPN and change your IP location to another country
- Create an Okex.com account
- Deposit Bitcoin or Ethereum to your Okex account
- Get a multi-cryptocurrency wallet
- Withdraw your coins
What is Okex and why is it better than US exchanges?
Okex is a leading cryptocurrency exchange that supports multiple cryptocurrencies, users can trade almost any cryptocurrency on the exchange. The Okex trading platform a well-known and reputable cryptocurrency exchange.
Margin trading lets traders borrow up to 100 times their money, eg if a user is trading with $100 and uses leavage trading and it’s set to 100x, the trader trading balance would be $10,000. Margin trading is not for everyone, it’s risky and anyone can easily get liquidated.
Staking has quickly become a trend in the crypto community, staking cryptocurrency can give up %300 per year, although it strongly depends on the coin you are staking and the staking network. The Okex platform integrated staking into its platform allowing users to earn passive income holding cryptocurrency.
The Okex peer-to-peer is similar to localbitcoin.com, users can sell cryptocurrency with someone in exchange for PayPal money or a bank transfer. Using a peer-to-peer exchange gives an extra layer of security because escrow is integrated.
On the Okex exchange, traders can collect loans, the exchange would require collateral in Bitcoin. For Eg if I want to borrow $500 worth of USDT, I will have to pay $1000 worth of Bitcoin. The interest rate is up %5 per year.
Follow these steps to use Okex in the United States
The next step is to create an account with Okex as your VPN is activated and you are connected to another country outside the United States, Example: Canada, Germany, etc.
Step 1 – Get a VPN
If you live in the United States and want to use Okex, you would need a VPN to change your IP location. This way the exchange would believe you are located in another country if you choose the desired location you want to connect to. If you need a secure VPN, I recommended you use Surfshark VPN.
Step 2 – Connect to a VPN location
Once you have a VPN subscription activated the next step is to connect to the VPN, on Surfshark VPN you can choose different locations, you will have to choose a VPN location that is not restricted by Okex.com, eg: Germany, Canada.
Step 3 – Create an Okex.com account
Visit the official Okex website, Okex.com, click the sign up, and fill in your details. After filling in your email you would have to verify your email account.
Step 4 – Deposit Bitcoin or Ethereum into your Okex account
You should buy Bitcoin from coinbase.com or localbitcoins.com. Go to your Okex dashboard and find your Bitcoin deposit address and send your BTC or ETH to your Okex account.
Step 5 – Get a multi-cryptocurrency wallet
You will need to have a wallet that supports multiple cryptocurrencies, this way you can easily purchase any altcoin and send it to the wallet address. Here is a list of cryptocurrency wallet that supports multiple cryptocurrencies.
- Ledger Nano X (very secure wallet)
- Trezor One (Popular hardware wallet)
- Trust wallet (Desktop and mobile)
- Exodus wallet (Desktop and mobile)
Step 6 – Send the coins to your wallet
If you have purchased the altcoin you want to own, the next step is to send it to your wallet address. It’s not a good option to store your cryptocurrency on an exchange, because it can easily get hacked.
Conclusion – Is it worth using Okex in the United States?
Yes, Okex is one of the largest cryptocurrency exchanges in the world, they support multiple cryptocurrencies. Other US exchanges don’t support as much cryptocurrency when compared to Okex.com.
Always use a VPN if you are trading on Okex.com in the United States.