OKX, formerly known as OKEx, is one of the largest cryptocurrency exchanges by market capitalization, founded in 2017. OKX claims to have over 20 million users and based on what we could gather, the exchange has never been hacked. On OKX, users can buy, sell, and trade over 600 cryptocurrencies, participate in cryptocurrency staking and other passive income-generating schemes, and trade NFTs through OKX’s built-in NFT marketplace. OKX has a native token, OKT, that provides users with benefits, such as trading fee discounts and increased staking rewards.
The main difference between Zengo and OKX is that OKX is primarily a cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies. Although users can store their digital assets at OKX, they aren’t in control of their private keys. In contrast to this, Zengo is a fully non-custodial wallet, meaning that you are in total control of your private keys, and you, therefore, own the cryptocurrencies in your wallet. Apart from acting as a non-custodial crypto wallet, Zengo also functions as a gateway to Web3, NFTs, metaverse gaming, Daaps, and decentralized finance.
Apart from charging trading fees based on a maker/taker pricing model, based on the information we gathered online, the exchange also charges withdrawal fees on a per-cryptocurrency basis. Note that standard miner fees may apply when withdrawing cryptocurrencies from OKX.
Users who own less than 500 OKB tokens can withdraw up to 500 entire BTC per 24 hours. Higher VIP tiers can withdraw more, whilst users who haven’t completed the KYC procedure yet (and are KYC Level 1) can ‘’only’’ withdraw 200 BTC per day.
Whenever you submit a withdrawal request at OKX, the withdrawal will pass through several stages of approval, including awaiting withdrawal, request submitted, now pending confirmation, manual verification, being processed, and withdrawal successful. If your withdrawal doesn’t come through within 48 hours of submission, we recommend contacting the cryptocurrency exchange’s support.
When you have just purchased (your first) crypto on OKX, it can be that your account is subject to a short holding period in which you won’t be able to withdraw it to external wallets such as Zengo. For this reason, we recommend logging in to your OKX account to see whether this is the caste. Other commonly known problems that can occur regarding crypto withdrawal from OKX include entering the wrong receiving address and the wrong blockchain network. We, therefore, recommend always double-checking these details before confirming any withdrawal request.
The only way to withdraw crypto to fiat from OKX is by using its built-in P2P Marketplace. To do this, add a payment method to use on the P2P marketplace or connect your bank account, sell your crypto peer-to-peer to another cryptocurrency user, and withdraw the fiat amount to the connected e-wallet or bank account. Alternatively, you can send your funds to Zengo and withdraw them as needed in fiat while your assets are safe and completely in your control.
