OKX Review: Features, Safety and Fees

This comprehensive review will delve into OKX, a globally recognized cryptocurrency exchange renowned for its low fees and advanced Web3 features.

OKX is a world-famous crypto exchange, renowned for its low fee structure and Web3 features.

Despite its unavailability to users based in the US, it remains a reliable option for individuals seeking to purchase, stake, and transact a vast portfolio of currencies, but other digital assets, such as NFTs.

This review will comprehensively examine the features, fees, advantages and disadvantages of this exchange, providing a detailed analysis.

๐Ÿ‘‰ Click here to open an account on OKX and get a 10% discount on fees with the BLOCKDYOR code.

๐ŸŒ Website okx.com
๐Ÿ™๏ธ Location Seychelles
๐Ÿ“… Year Founded 2017
๐Ÿ’ฐ Primary Token OKB
๐Ÿ“ˆ Listed Crypto 98
๐Ÿ’ฑ Trading Pairs +300
๐Ÿ’ต Supported FIAT 94 Fiat Currencies
๐ŸŒ Supported Countries Excluding the United States
๐Ÿ’ฐ Minimum Deposit Varies based on the deposit method
๐Ÿ’ธ Deposit Fees Varies based on the deposit method
๐Ÿ’ฐ Daily Buying Limit Varies based on verification level
๐Ÿ’ฑ Trading Fees Low fees
๐Ÿ’ธ Withdrawal Fees Varies based on the withdrawal method
๐Ÿ“ฑ Mobile App iOS, Android
๐Ÿ’ฌ Customer Support Twitter and Telegram channels

OKX overview

OKX overview
OKX overview

OKX is a crypto exchange that lets you buy, sell, and trade different cryptocurrencies and digital assets.

You can buy crypto on OKX with a credit card, bank account, or mobile wallet. You can also earn high rewards through staking and saving features.

OKX supports many cryptocurrencies and has a diverse array of services. However, as we already said, it's not available in the United States.

If you want to manage all your crypto activities in one place, OKX might be right for you.

OKX: brief history

OKX is headquartered in Valletta, Malta, and is one of largest platform of its kind in the world.

With a user base spanning more than 100 countries, the exchange claims to have over 20 million clients. However, it does not serve clients based in the United States due to regulatory restrictions.

OKX offers a comprehensive suite of services to its eligible clients, including the ability to trade over 340 spot currencies and access to margin borrowing, staking, savings, cryptocurrency-backed loans, and advanced offerings such as mining pools and its proprietary blockchain, OKXChain.

Star Xu, founder of the OKGroup.
Star Xu, founder of the OKGroup.

Established by Star Xu (real name: Mingxing Xu) in 2017, OKX emerged from the successful foundation of its predecessor, OKCoin, founded by Xu in 2013 in China.

Star Xu, CZ and He Yi at OKCoin
Star Xu, CZ and He Yi at OKCoin

Prior to establishing Binance, CZ and He Yi grew up in the crypto world by also spending some time at OKCoin, which is now widely known as OKX.

Under Xu's leadership, the OKCoin exchange evolved into the OK Group, a company dedicated to providing blockchain infrastructure.

However, OKX, the Malta-based exchange, operates as a separate entity from the OK Group. Despite his pivotal role in founding the OK Group, Xu holds no affiliation with OKX, serving solely as the CEO of the OK Group.

For those seeking a multi-faceted platform for their cryptocurrency needs, OKX may be a suitable choice as a complementary exchange or a primary hub for all things crypto.

OKX Quick Review

Category Feature Score
๐Ÿ” Privacy & Security (22/50)
๐Ÿ•ต๏ธ Non-KYC The exchange enforces the KYC to every user 1/10
๐Ÿ” Non-Custodial The exchange is fully custodial, users can withdraw their funds 2/10
๐Ÿ‘ฅ Peer To Peer The exchange doesn't offer P2P trading 5/5
๐ŸŒ Decentralization The exchange is centralized 1/5
๐Ÿ”’ Encryption The exchange encrypts all confidential data transfers 5/5
๐ŸŒ TOR Connection It's not possible to connect to the exchange with TOR 1/5
๐Ÿ“‚ Open Source Some software used by the exchange is open source 2/5
๐Ÿ“ฑ 2FA The exchange offers two-factor authentication 5/5
๐Ÿš€ Features (38/50)
๐Ÿ–ฅ๏ธ User-Friendly UX The platform can be challenging and confusing for beginners 3/5
๐Ÿ’ต Fiat Onramp/Offramp Fiat onramp and offramp methods are many 4/5
๐Ÿ’ธ Taker Fee From 0.10%, it decreases as the trading volume increases 4/5
๐Ÿ’ธ Maker Fee From 0.08%, it decreases as the trading volume increases 4/5
๐Ÿ’ธ Withdrawal Fee For BTC (Bitcoin Network) the commission is 0.0004 BTC 5/5
โ˜Ž๏ธ Customer Service Available via chat and ticket 5/5
๐Ÿ“š Documentation Plenty of documentation on the official website 5/5
๐Ÿšฎ Altcoins Several altcoins and NFTs supported 5/5
โšก Lightning Network Withdrawal/Deposit The exchange supports the possibility to withdraw/deposit Bitcoin using the lightning network 1/5
๐Ÿ’ง Liquid Network Withdrawal/Deposit Not possible to withdraw or deposit Bitcoin with the liquid network 1/5
๐Ÿงฑblockdyor Score (60/100)

Setting up an OKX account

OKX Create an Account page
OKX Create an Account page

Setting up an OKX account is a simple process that can be completed in a few quick steps.

  • Visit the OKX website and click the "Sign Up" button located in the top right corner.

๐Ÿ‘‰ Click here to open an account on OKX and get a 10% discount on fees with the BLOCKDYOR code.

  • Fill in the registration form by entering your personal information, including name, email, and a secure password with a mix of letters, numbers, and capitalization.
  • Upon submission, you will receive an email from OKX. Click the activation link in the email to activate your account.
  • For added security, enable two-factor authentication using Google Authenticator or Authy.
  • To deposit funds, remember that you must complete the KYC verification process, which involves providing personal information and documentation.
  • After successful verification, you can deposit funds and access more features on the platform.

By following these steps, you will have a fully operational OKX account and can start trading crypto. Remember to keep your account information and login credentials safe.

OKX funding methods

To start operating on OKX, you must first deposit funds into your account. There are two ways to do this:

  1. Purchase cryptocurrencies using fiat currencies through the Buy Crypto channel.
  2. Transfer your existing cryptocurrency assets from another source to your OKX Funding Account.

Buy/Sell Crypto

At OKX, buying/selling crypto is facilitated through an extended list of convenient methods.

  • Firstly, one can purchase cryptocurrency using their debit/credit, with a broad spectrum of over 94 currencies supported and an array of cards accepted, including VISA, Mastercard, and Apple Pay. Also Curve is supported.
  • Secondly, OKX offers P2P trading, which enables you to create your own marketplace and transact with others, using your preferred local currency and payment methods, such as Revolut or Wise to mention two.
  • Lastly, OKX has partnered with third-party payment providers, such as Mercuryo, Simplex, Banxa, and Moonpay, to streamline the buying and selling of cryptocurrency.

Trade Crypto

The OKX active trading platform caters to the needs of experienced traders, offering market, limit, and stop orders; advanced conditional trades; real-time updates on supported currencies; and customizable charting options.

The platform also allows for personalization, giving users the option to create custom layouts and integrate a built-in trading bot to implement trade strategies with precision.

In the trading section of OKX, a range of options are available for users, including:

  • Conversion: fast conversion with zero fees and no slippage;
  • Basic Trading, which includes the options of Spot or Simple Options;
  • Derivatives and Margins Trading, offering a comprehensive range of contracts and margin products, including Futures, Margins, Options, and Perpetual Swaps;
  • Trading Bots, offering multiple automated strategies through a Marketplace, and the ability to create a custom bot;
  • The Liquid Marketplace, allowing for instant trading of spot OTC, futures spreads, and options strategies at the preferred price.

Is OKX Safe?

OKX Security
OKX Security

Having established its roots in Hong Kong, OKX has since expanded its reach to Malta, where it operates under the stringent regulations of the local government to ensure the utmost security for its users. We will deep dive in the regulations topic in the next paragraphs.

The platform's security measures are similar to the ones of the other popular exchanges such as Coinbase and KuCoin, including bank-level SSL encryption, KYC (know-your-customer) verification, email verification codes, 2-factor authentication, withdrawal passwords, and mobile verification codes, which altogether ensure a smooth and secure overall experience.

OKX implements several security features to ensure the safe storage and handling of cryptocurrencies. One of these features is offline storage, where cryptocurrencies are stored in a secure location that is not connected to the internet. This ensures that the crypto assets are protected from potential online hacking or security breaches.

Additionally, OKX also has online storage, where cryptocurrencies are stored on servers that are protected by multiple layers of security.

The OKX Risk Shield is another security feature that provides real-time monitoring and protection against potential security threats. Together, these security features provide a comprehensive and secure environment for storing and handling cryptocurrencies.

Despite past controversies and negative reviews, OKX has persevered and has taken steps to increase the security of its infrastructure, protecting its reputation and ensuring the safety of its users.

OKX Proof of reserves

OKX Copy Trading
OKX Copy Trading

OKX takes pride in its commitment to ensuring the safety and security of its customers' assets.

The company maintains a 1:1 reserve of all customer assets on its platform and provides full transparency regarding to its reserves and the funds of its customers.

The safety and security of funds is considered the company's greatest responsibility and top priority. OKX's reputation for best-in-class security is further reinforced through the implementation of Proof of Reserves (PoR).

The company's on-chain wallet holdings are made publicly available, allowing customers to verify that their funds are backed 1:1 by real assets.

OKX also regularly publishes Proof of Reserve audits, making it easy for customers to confirm that their assets are securely held in the company's reserves.

OKX Regulations

As said, OKEx is registered in both Hong Kong and Malta, and offers VFAA compliant trading services.

As a regulated authority under Malta Financial Services, the Virtual Financial Asset Act, or VFAA, ensures the trustworthiness of OKX. With a proven track record of security and favorable user experiences, OKX is widely regarded as one of the safest crypto trading platforms globally.

OKX Fees

OKX offers a comprehensive fee structure for its users, covering various aspects of trading, deposit/withdrawal, staking and more.

Trading fees

The fees for trading on the platform vary for regular and VIP users.

Regular users are grouped based on their total holdings of OKB, while VIP users are classified by their 30-day trading volumes and daily asset balances.

These tiers are reviewed daily. If a user meets the requirements for different fee tiers, including spot trading volume, total trading volume of futures and perpetual contracts (USDT-margined, USDC-margined, and crypto-margined), options trading volume, and total assets, they will receive the highest fee tier discount.

For example, if a user's 30-day spot trading volume is 20,000,000 USD (VIP 2), 30-day total trading volume of futures and perpetual contracts is 200,000,000 USD (VIP 3), 30-day options trading volume is 5,000,000 USD (VIP 1), and their total assets as of today are 5,000,000 USD (VIP 4), they will receive discounts in all markets as a VIP 4 user.

OKX has an interesting fee structure, with market makers paying from a 0.08% fee and market takers from a 0.10% fee, placing the exchange among the most cost-effective options.

Spot trading fees structure example for USDT/USDโ“ˆ/Crypto pairs.

Tier Total OKB holding Assets (USD) 30-day trading volume (USD) Maker fee Taker fee 24h withdrawal limit (BTC)
Lv1 < 500 < 100,000 < 10,000,000 0.080% 0.100% 500
Lv2 โ‰ฅ 500 < 100,000 < 10,000,000 0.075% 0.095% 500
Lv3 โ‰ฅ 1,000 < 100,000 < 10,000,000 0.070% 0.090% 500
Lv4 โ‰ฅ 1,500 < 100,000 < 10,000,000 0.065% 0.085% 500
Lv5 โ‰ฅ 2,000 < 100,000 < 10,000,000 0.060% 0.080% 500

Deposit/Withdrawal fees

Additionally, OKX's withdrawal fees are also low, with a 0.0005 BTC fee for Bitcoin withdrawals, making it a cost-efficient option.

As a no-fiat exchange, OKX does not charge any deposit fees for funding accounts with cryptocurrencies.

Overall, OKX is a worthy consideration, especially for low market cap altcoin investments.

Cryptocurrencies available

OKX supports a comprehensive range of cryptocurrencies, offering access to over 350 digital assets and over 500 trading pairs.

The platform has a diverse portfolio of tokens, including well-established cryptos such as:

  • Bitcoin (BTC);
  • Ethereum (ETH);
  • OKB (OKX Utility Token);
  • Aave (AAVE);
  • Solana (SOL);
  • Cardano (ADA)
  • Polygon (MATIC)
  • Ripple (XRP)
  • Dogecoin (DOGE)
  • Shiba Inu (SHIB)
  • Polkadot (DOT)

OKX Features

OKX boasts several features that offer unique insights into the cryptocurrency realm.

This section will highlight the key features of OKX beyond trading and purchasing cryptocurrency, including copytrading, earning, loaning, the Web3 wallet, and a particularly uncommon feature - demo trading.

OKX Copy Trading

OKX Copy Trading
OKX Copy Trading

With this tool, users are able to share their successful trading strategies and earn profits or learn from professional traders from around the world through copying their trades.

By becoming a lead trader, users can earn an additional 12% profit share from those who follow their trades. Copy Trading offers a unique opportunity for users to learn from top traders and enhance their own trading experience.

OKX Earn

OKX offers numerous possibilities for users to obtain crypto, including their complimentary Bitcoin offer, services such as OKX Pool, and decentralized finance offerings within MetaX.

Additionally, there are also off-chain options for generating passive income. OKX Earn serves as a centralized hub for all earning opportunities on the OKX platform.

Currently, OKX Earn offers eight products that allow users to earn passive income with their crypto assets:

  • Staking;
  • Savings;
  • Dual Investment;
  • DeFi;
  • DOT and KSM slot auctions;
  • ETH 2.0 staking;
  • Jumpstart;
  • P2P lending.

Web3 Wallet

OKX Web3 Wallet
OKX Web3 Wallet

The OKX Wallet is an advanced and secure digital asset management solution, offering a noncustodial platform for the storage of multichain assets.

It's an all-around platform that gives the functions of a crypto wallet, decentralized exchange, Non-Fungible Token marketplace, and yield generation.

It is available as either a browser extension or a mobile/web application, this wallet provides you with complete control over your Web3 Wallet and the crypto assets stored within.

As the custodian of your funds, you are the sole owner of the transfer of assets on any supported network, with no other participant, including OKX, having any authority over your wallet.

OKX Demo Trading

OKX Demo Trading
OKX Demo Trading

OKX offers an unparalleled opportunity to sharpen your trading skills through the utilization of a fully-functional demo trading platform.

With access to the entire portfolio of tokens offered on the real exchange, you are provided with an unlimited range of possibilities to practice and familiarize yourself with the various functions of the cryptocurrency market, both manual or bot trading. On spot or futures contracts.

This valuable opportunity serves as an excellent training tool for when you are ready to invest real money in the world of crypto. In order to use the demo trading account, you just need to open an account. No KYC needed.

๐Ÿ‘‰ Click here to open an account on OKX and get a 10% discount on fees with the BLOCKDYOR code.

OKX Trading Platforms

OKX presents three distinct modes of access to its trading platform: a convert super-simple platform or a straightforward web application or mobile applications for both Android and iOS devices.

Let us examine each of these options in greater detail to gain a deeper understanding of the functionality and features offered by OKX.

OKX Convert Trading Platform

The OKX Convert interface.
The OKX Convert interface

The Convert platform by OKX is the epitome of simplicity in trading.

With the ability to seamlessly exchange top cryptocurrencies and stablecoins with zero fees and minimal price deviation, the Convert platform streamlines the trading experience for users of all levels.

By simply selecting the desired conversion pair, OKX takes care of the rest, ensuring that trades are executed promptly and efficiently.

Although this option may be more costly than others, as trades are executed at market price rather than a set limit, it remains an excellent choice for novice traders seeking a straightforward and user-friendly solution.

OKX Advanced Trading Platform

The OKX active trading platform caters to the needs of seasoned traders with its sophisticated features, including support for market, limit, and stop orders, advanced conditional trades, and flexible market charts.

The platform also offers a comprehensive open order book for supported coins on the OKX exchange.

The added convenience of being able to choose from multiple available layouts or build custom ones, enhances the overall trading experience for advanced users.

Additionally, the platform comes equipped with a built-in trading bot, allowing users to execute trades with a set of predefined rules, making it ideal for margin trading or executing other advanced strategies.

OKX Mobile Apps

The OKX mobile applications for iOS and Android offer a simplified trading experience while providing the flexibility to trade cryptocurrencies on-the-go.

The apps grant access to a diverse range of features, including margin and derivative trading, a Non-Fungible Token marketplace, a decentralized finance wallet, and much more, all from the comfort of your mobile device.

The seamless integration of these essential tools into one centralized platform enhances the overall trading experience for users seeking a more convenient and accessible solution.

OKX Opinions

OKX Trustpilot
OKX Trustpilot

OKX has received a blend of opinions on consumer review platforms. While patrons commend its seamless online interface, prompt transactions, and minimal fees, detractors lament the lackluster customer support, missing funds, and sluggish withdrawal speeds.

On Trustpilot, OKX holds a moderately impressive average rating of 3.3 stars out of five, based on nearly 450 evaluations, a score well above average for cryptocurrency exchanges.

OKX Alternatives

Suitable alternatives for OKX represents exchanges with a lot of altcoins, NFT and power user functions. We reviewed some of them, so you might be interested to check them out.

OKX KuCoin Binance
๐Ÿงฑ blockdyor Total Score 60/100 57/100 60/100
๐Ÿ•ต๏ธ Non-KYC No No No
๐Ÿ” Non-Custodial No No No
๐Ÿ‘ฅ P2P No Yes No
๐Ÿ’ต Fiat Onramp/Offramp Yes Yes Yes
๐Ÿ’ธ Taker/Maker Fees From 0.26%/0.16% From 0.10%/0.10% From 0.40%/0.30%

KuCoin: Positioned as one of the major Asian exchanges, KuCoin offers the buying and selling of Bitcoin and a multitude of other cryptocurrencies. If you have a preference for altcoins and reside outside the USA or Canada, KuCoin could be a suitable option, provided you are comfortable with KYC requirements, which they implemented relatively late compared to others. Explore more details in our comprehensive KuCoin review.

Binance: Despite the challenges involving its founder Changpeng Zhao and the discontinuation of its fiat partner Paysafe, Binance remains the largest exchange globally in terms of liquidity. Considering its extensive range of features and trading instruments, it remains a noteworthy consideration. Delve deeper into our detailed Binance Review for a more thorough understanding.

OKX Pros and Cons

Pros Cons
Low trading fees, with most trades incurring 0.08% or less Currently inaccessible to users in the United States
Generous high-interest staking options Limited liquidity for some cryptocurrencies
Effortless acquisition of cryptocurrency via credit/debit card, bank account, or digital wallet Mixed feedback from previous users

Bottom Line

OKX is one of the biggest cryptocurrency exchange out there, Malta-regulated and widely trusted by a substantial number of users.

It offers a straightforward and convenient platform for individuals of all levels of cryptocurrency proficiency, allowing for the purchase, retention, and exchange of a diverse array of popular cryptocurrencies, all at competitive transaction fees.

However, some previous inconsistencies, ambiguous information, and customer complaints should prompt a cautious approach. To ensure maximum security for your account and assets, it is advisable to utilize OKX's advanced security features.

With a familiarization of online financial products and adherence to security best practices, one can expect a positive experience with OKX.

OKX Evaluation

With a blockdyor Score of 60 out of 100, OKX emerges as a satisfactory solution for crypto investments.

Reputation: OKX has cultivated a strong reputation, bolstered by significant investments in marketing. However, it is noteworthy that the exchange has experienced security breaches in the past.

Technology: Known for its diverse functionalities, OKX is actively exploring and promoting NFTs and emerging blockchain technologies.

Customer Service: OKX offers responsive and supportive customer service primarily through chat and tickets.

Fees: While OKX provides low trading fees, it also maintains low withdrawal fees.

Ease of Use: The OKX platform may not be particularly user-friendly, appearing more tailored for expert traders. The interface can be overwhelming initially, and beginners might find the app a more accessible starting point, given its streamlined options compared to the desktop web app.

๐Ÿ‘‰ Click here to open an account on OKX and get a 10% discount on fees with the BLOCKDYOR code.

Frequently asked questions (FAQ)

Is OKX safe?

OKX employs security measures such as cold storage for a majority of customer assets, and offers additional protection through options like a withdrawal password, two-factor authentication and anti-phishing codes.

What is the OKX giveaway?

It's a promotion to mark the launch of the OKX brand campaign, they are giving away $100,000 in BTC. By entering your email, individuals will find out if they are a winner.

What is OKX?

OKX, previously named OKEx, is a cryptocurrency and derivatives exchange based in Malta. Established in 2017 by Star Xu, it is a subsidiary of OK Group, which also operates the cryptocurrency exchange Okcoin. The CEO is Jay Hao, and the CMO is Haider Rafique.