Although OKX is not the largest cryptocurrency exchange on the blockchain, it performs well in supporting a large number of currencies and a wide range of services. If you want to manage your cryptocurrency activities with a single login, OKX can meet your needs. Here, we remind everyone that investing in cryptocurrencies, decentralized finance (DeFi), and other initial coin offerings (ICO) carries high risks and is speculative; the market can be extremely volatile. Please consult a qualified professional before making any financial decisions. Many investors are still unaware of the differences in the OKX deposit networks before depositing on the OKX exchange. Below, I will provide a professional explanation of the OKX deposit networks.
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OKX registration link: https://www.okx.com/join/OK234
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Binance registration link: https://www.binance.com/zh-CN/join?ref=587926281
What are the differences in the OKX deposit networks?
- Omni-USDT has the best security, but the transfer speed is too slow.
If you have large orders that are not urgent, you can prioritize Omni-USDT. USDT was born on the Bitcoin network in 2014 and officially launched on several major exchanges in February 2015.
Before 2018, there was only one transfer path for USDT, which was Omni-USDT based on the Bitcoin network. Omni-USDT is stored on Bitcoin addresses, so each transfer requires a Bitcoin miner fee. Omni-USDT is on the Bitcoin network's chain, and the cost of hacking is high, so the asset is relatively secure. However, its transaction speed is very slow and cannot meet the demands of today's cryptocurrency trading market, but many large transactions still tend to use Omni-USDT.
- ERC20-USDT has medium security and transfer speed.
It is suitable for frequent trading in the digital currency market. If you often engage in short-term trading, you can prioritize ERC20-USDT. In 2018, the Ethereum network became popular, and blockchain applications expanded widely, leading to the emergence of ERC20-USDT.
Like Omni-USDT, using ERC20-USDT also requires paying miner fees, but the transfer speed has significantly improved. Due to its good security and fast transfer speed, ERC20-USDT is widely accepted in the market, and its issuer, Tether, has also started to support the more efficient Ethereum ERC20. It is relatively popular on mainstream trading platforms due to its comprehensive index.
- TRC20-USDT has the fastest transfer speed, and on-chain transfers incur no fees, but its security is relatively low.
It is suitable for friends who need quick deposits, and small amounts are recommended. A typical transfer usually only takes a few minutes.
Is OKX safe?
OKX (investors without an account can click to register) is a safe exchange. First of all, OKX has never been hacked. I believe this fully demonstrates our security measures. Now, to gain a deeper understanding of our security features, OKX has established a proprietary trading monitoring model to combat market manipulation and illegal activities. We decided to build our own system because we found that current third-party tools lack the ability to identify the wide range of manipulation types in the crypto space. Some examples of behaviors flagged by OKX's internal tools include users participating in large amounts of fake trading and self-matching.
We also hired Hacken to conduct third-party penetration testing on our system, and we have been verified. Our Cert.live vulnerability bounty program continuously tests security and resilience. Hacken has also verified this. OKX has over 1 million NFTs displayed and traded on its platform. So far, approximately 300,000 NFTs have been traded just in 2022.
Through the above professional explanation of the OKX deposit networks, investors should now understand the differences in the OKX deposit networks. In fact, OKX also offers margin trading in the spot market, allowing you to leverage your returns while trading. This margin trading uses a loan agreement to increase your effective capital. If you deposit $100 and use 2x leverage, if the price changes, you will earn double the profit. Conversely, if the price drops, you will incur double the loss. For more advanced traders, OKX offers various futures contracts, using popular cryptocurrencies like Tether, Bitcoin, Ethereum, Ripple, and Litecoin as collateral.