As a new user at OKX, you can benefit from various welcome bonuses. Here you will discover what those bonuses are.

OKX is a very large international exchange with over 50 million users worldwide. OKX even has more active users than Bybit. The exchange has been around since 2017 and is currently active in more than 100 countries. OKX’s marketing is less aggressive than other exchanges. It offers almost all trading options you can think of and offers a good app.

Interestingly, OKX, formerly known as OKEx, tries to comply with all the rules in Europe. They don’t allow users from countries they cannot offer services in. This shows OKX’s tactic, they are not aggressive with marketing, but try to enter the market the right way.

With an OKX referral code, you receive a lifetime 20% additional discount on the already low fees. In addition, you can claim two mystery boxes, each worth up to $50.

Overview of the bonus with the OKX referral code

Referral Code	20CASHBACK
Link to OKX	https://www.okx.com/join/20CASHBACK
Bonus	2 mystery boxes worth $50 each
Trading fee discount	20% lifelong discount (commission sharing)
Number of coins	350+

What is an OKX referral code?

With an OKX referral code, OKX can see which bonus should be assigned to whom. A bonus is linked to the code, which the owner of the code can choose.

We own the referral code “20CASHBACK“, with which you get a 20% discount on all trading fees. Keep in mind that as the owner of the code, we also receive a part of the commission. At OKX this is 15% (so a total of 35%). It is not possible to share more than 20% commission, but more on that later. You therefore receive a bonus and we receive a bonus.

The 20% discount cannot be adjusted later, so you can be sure you will get this.

After creating an account, you can find your own code on the referral program page and select a discount for it yourself. Share your code with friends and family to also give them a discount.

How to apply the code?

We will explain step by step how to apply the referral code, when you get a mystery box, and how to activate the 20% discount.

Step 1: Register at OKX with a referral code

If you want to trade with a discount at OKX, it is necessary that you create an account with a referral code. This can only be entered during the registration of an account. Simply visit the OKX exchange registration page and enter your details. On that page you can enter the code in the Referral Code field.

The great thing about OKX is that you can immediately verify that you actually get 20% discount on all trading fees. This is shown when you use the link.

Make sure you copy the code correctly, because you won’t get a discount if you make a mistake. To be able to trade at OKX, it is required to complete the KYC proces, as OKX needs to know who you are. OKX is being audited frequently to prevent money laundering.

The process to verify your identity is fully automatic and takes no longer than 5 minutes. In some cases, an employee must look at your request, and it may take a little longer.

Step 2: Claim your first mystery box

At OKX, as a new user, you can claim two mystery boxes. You can claim the first mystery box after you have successfully verified your identity. You will get a popup notifying you that you can claim a mystery box. How you can claim the second box will explained later.

Step 3: Receive a lifetime 20% discount on all fees

This is an exclusive OKX deal which is only available with this referral code. When you enter the code, you will receive a 20% discount on all trading fees charged by OKX, and this is valid for a lifetime. It will be automatically activated.

Below you can read how it works.

How does the OKX 20% fee discount work?

The OKX fee discount is part of the OKX referral program. To become a bigger player in Europe, OKX eagerly wants new European users and is willing to pay for this in the form of a commission. The person who refers a user receives a percentage of the trading fees, which is 35% at OKX.

But the great thing about OKX is that they give you the choice to share commission with the users you refer. This makes it a win-win situation. We have decided to give away the full 20% commission, and only keeping 15% commission for ourselves. In the image below, you can see that we receive 15% and you will get 20%.

Many users of the partner program keep the full 35% for themselves, but we believe this should be shared. It is not possible to adjust this percentage at a later time, so you are assured of 20% discount on all trading fees. This is as long as OKX does not change the rules. You receive the discount after each trade.

This discount can be combined with the OKB discount of 10% or higher (up to a maximum of 40%). For this, you must hold at least 100 OKX in your wallet.

Transaction example

When you, as a new user, execute your first spot trade, you pay a standard fee of 0.10% (assuming you do not hold any OKX). If you buy for example $100 of Solana (SOL), you would normally pay $0.10 in fees. With the OKX referral code, which gives you a 20% discount, you will later receive $0.02 back in your wallet.

In this example, we are using a small amount, but when you trade with high volumes, these fees can add up significantly.

2 OKX mystery boxes

OKX handles welcome bonuses a bit different and provides bonuses in the form of a mystery box. Less effort is required, but you will receive less than from MEXC or Bybit. Overall, it’s a fun bonus that helps you get started with crypto.

The first mystery box is given immediately after verifying your identity. This box contains a crypto reward up to $50. Keep in mind that OKX itself determines how much you receive, so it will be a low amount very often.

The second mystery box is received when you deposit at least $50 (about €47) on the platform. This can be either crypto or euro, but it must be done within 7 days of registration. This box is also automatically received once you complete the task, and the reward can be up to $50.

This means you can receive $50 twice, but in practice, it’s usually lower. OKX may decide not to allow users from your country to participate in this action.

What is OKX and why use this platform?

With over 50 million users, OKX is one of the largest exchanges in the world. The platform offers a variety of trading opportunities such as spot trading, a web3 wallet, Earn products, futures, and options trading (not available in Europe) and the ability to pay with credit card, bank transfer and other populair payment methods.

OKX has currently a registration in The Netherlands and a virtual financial asset service provider license in Malta. OKX also has its Proof of Reserves online, so you know they are liquid and actually have your crypto.

The exchange, like Binance, has its own native currency: OKB, with which you can get up to 40% discount on trading fees, participate in token sales, and stake OKX for a passive income.

The advantages of OKX:

• Low costs and extra benefits with OKB and the referral code.
• Deposit euros with credit card, bank transfer, PayPal and more.
• Web3 app and very well-functioning mobile app.
• VASP license in Malta
• Main sponsor of the McLaren Formula 1 team and Manchester City.

Disadvantages of OKX:

• Only 330 coins with 550 trading pairs (less than Crypto.com, Bybit, and other exchanges).
• Limited services for some European countries, including the Netherlands and Belgium.
• Phone support is not available, but this is typical in the crypto market.

Conclusion about OKX

OKX may seem like a small player but is actually very large. The website, the app, and the entire platform are well put together and built from the perspective of the user. With OKX, you also have your decentralized web3 wallet to trade and manage your NFT”s. All in one convenient app.

OKX does everything by the rules and waits for approval first. This is a positive sign. Most exchanges use aggressive marketing and high bonuses, but then leave when they do not get approval. OKX takes a much more sustainable approach.

The fees at OKX are very low, especially with the 20% discount with the referral code and the OKB discount which can go up to 40%. All this can also be combined. The 20% referral code discount can be verified during registration.

All in all, OKX is a great exchange to trade with many tools, low fees, and a high chance that they may continue to operate Europe.