Welcome to our comprehensive OKX Review, where we delve into the features, benefits, and user experiences of one of the leading cryptocurrency exchange platforms available today. Whether you’re a seasoned trader or just starting your crypto journey, understanding the intricacies of OKX can help you make informed decisions.
In this OKX Review, we will highlight the platform’s user-friendly interface, advanced trading tools, and the innovative features that set it apart from other exchanges. We will also discuss the safety.
Key Takeaways:
- OKX is a secure crypto exchange that offers advanced charting tools and trading features such as spot trading, futures contracts, copy trading, and margin trading.
- The platform charges low trading fees, starting at 0.08% for makers and 0.1% for takers, making it cost-effective.
- OKX has integrated decentralized finance (DeFi) services through its Web3 wallet, allowing users to access various DeFi protocols directly through its platform.
OKX Review: General Information
| Type | Cryptocurrency spot and derivatives exchange |
| Founded | 2017 |
| Founder | Star Xu |
| Global Offices | Hong Kong, Singapore, the UAE, Silicon Valley, and the Bahamas |
| Countries | 100+ countries |
| US Availability | No (separate OKCoin exchange) |
| Key Trading products | Spot trading, futures trading, margin trading, staking, copy trading, NFT marketplace, OKX Wallet |
| Native token | $OKB |
| Trading fees | 0.08% maker and 0.1% taker |
| Supported Cryptocurrencies | 350+ coins and 556 trading pairs |
| Number of users | Over 50 million globally |
| Licenses | Provisional virtual-asset license in Dubai |
| OKX App | Android and iOS |
What is OKX?
OKX is a popular crypto exchange platform formerly known as OKEx. Star Xu launched it in 2017 and belongs to the OK Group. It offers many trading products, such as futures trading, DeFi, lending, NFTs, and OKX Wallet. The exchange now has over 50 million users in 100+ countries, and it has become one of the largest crypto exchanges by trading volume after Binance and Coinbase.
With OKX, you can access over 350 crypto tokens and 556 trading pairs on different markets, from spot, futures to options. It also makes buying and selling crypto easy for new users with various payment methods, such as Apple Pay, Visa, Mastercard, MoonPay, and bank transfers.
Additionally, OKX also has its own public chain, OKT Chain, which works with Ethereum Virtual Machine (EVM) and Inter-Blockchain Communication (IBC) protocols.
Pros of OKX
- Competitive trading fees of only 0.08% maker and 0.1% taker or less with OKX holdings
- Potential for high returns through coin staking, up to 100% APR
- Access to a wide range of crypto trading tutorials and articles for all skill levels in the “Learn” section
- Opportunity to access the new DeFi projects and earn their tokens by staking OKB
- User-friendly OKX mobile app for Android and iOS devices
Cons of OKX
- Restricted access for users in certain countries, including the United States
- Law market cap coins or some new projects may not be available for trading.
OKX Fees
OKX uses a maker-taker fee system for spot trading and futures trading. The fee rates also depend on your VIP level, which is based on how much OKB you have, how much you trade in 30 days, or how many total digital assets you hold. The higher your tier level, the lower your fee rate.
The maker fee is charged when you place an order that adds liquidity to the order book. The taker fee is charged when you place an order that matches an existing order and removes liquidity from the order book.
OKX Spot Trading Fees
The base rates start at 0.08% for makers and 0.1% for takers. You can significantly reduce these fees by having a high trading volume.
| Tier | 30-Day Trading Volume | OKX Spot Maker Fees | OKX Spot Taker Fees |
| VIP 0 | – | 0.08% | 0.1% |
| VIP 1 | ≥ 5,000,000 | 0.045% | 0.05% |
| VIP 2 | ≥ 10,000,000 | 0.04% | 0.045% |
| VIP 3 | ≥ 20,000,000 | 0.03% | 0.04% |
| VIP 4 | ≥ 100,000,000 | 0.02% | 0.035% |
OKX Futures Trading Fees
Similar to spot trading, OKX uses a tiered system for futures fees. The maker fee starts at 0.02% per contract, and the taker fee starts at 0.05% per contract.
| Tier | 30-Day Trading Volume | OKX Futures Maker Fees | OKX Futures Taker Fees |
| VIP 0 | – | 0.02% | 0.05% |
| VIP 1 | ≥ 50,000,000 | 0.01% | 0.03% |
| VIP 2 | ≥ 100,000,000 | 0.008% | 0.03% |
| VIP 3 | ≥ 200,000,000 | 0.005% | 0.025% |
| VIP 4 | ≥ 600,000,000 | 0.002% | 0.02% |
You can check the full OKX fee structure here.
OKX Deposit Fees
You don’t pay OKX platform fees when you deposit crypto. For fiat deposits, some payment methods may charge you fees, like banks or credit cards. For example, if you deposit fiat money with Visa or Mastercard, you may pay a 2.49% fee.
OKX Withdrawal Fees
OKX charges a network fee when you withdraw cryptocurrency. The network fee is based on the blockchain network’s congestion and changes according to the market.
The network fee (gas fees) goes to the miners or validators who process the transactions on the blockchain. OKX doesn’t charge any extra fees for withdrawals.
Number of Supported Cryptocurrencies on OKX Trading Platform
OKX supports over 350 cryptocurrencies and more than 556 trading pairs. It has various crypto trading pairs like BTC/USDT, ETH/USDT, BTC/ETH, and more. Some of the popular crypto coins on the platform are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Dogecoin (DOGE)
- OKB (OKB)
- Shiba Inu (SHIB)
- Polygon (MATIC)
- Fantom (FTM)
- Notcoin (NOT)
- Cardano (ADA)
- Aptos (APT)
- Arbitrum (ARB)
- Cosmos (ATOM)
- PEPE
OKX Review: Critical Features
Demo Account
OKX offers a demo account for practice where you can learn trading without using real money. The demo account simulates real market conditions with real-time Bitcoin and crypto prices. This way, you can see how trades would perform in real life.
The OKX demo account offers all the features of a real account. You can access market charts and trading tools. You can place different types of orders. This includes limit orders and market orders. You can also set stop-loss and take-profit levels. These features help you manage your trades better.
Practising with a demo account significantly builds confidence. It helps you prepare for real trading, making demo trading a great way to start trading.
OKX Jumpstart
OKX Jumpstart is a launchpad that helps you discover and invest in new crypto projects. To participate in Jumpstart, you need to stake your OKB tokens and then receive tokens from the projects you support. You can also learn about the project details, such as the team, the vision, the roadmap, and the tokenomics of those projects through OKX Jumpstart events.
Sometimes, you can get tokens from the projects at a discounted price and enjoy the potential price increase when they are listed on OKX or other exchanges. Currently, 14 projects have been launched on OKX Jumpstart, with a total volume of $3.81 billion locked for the projects.
OKX DeFi
OKX DeFi is a decentralized finance (DeFi) platform. At its core, OKX DeFi allows you to engage in on-chain activities such as lending, borrowing, staking, and trading digital assets.
OKX offers all these DeFi services through its Web3 wallet. You can easily connect to DeFi protocols through this wallet and engage in all these activities. It supports various cryptocurrencies on 70+ blockchain networks. It has all the basic crypto wallet tools. You can store, send, and receive cryptocurrencies securely.
The wallet also includes a feature for swapping crypto at the best prices. Using their advanced DEX & Bridge aggregator, you can swap across 20+ networks, 400+ DEXs, and 20+ cross-chain bridges. This ensures you get the best rates and a seamless swapping experience.
OKX DeFi also provides access to NFTs. You can trade NFTs on over 11 networks, such as Ethereum, Solana, OKT Chain, Binance Smart Chain, Polygon, Immutable X, and more. You don’t pay any fees to OKX when you trade NFTs on the marketplace. You only pay the network fee for the blockchain you are using.
OKX Copy Trading
OKX establishes itself as the best platform for novice cryptocurrency traders through its copy trading functionality. This feature allows you to replicate the investment strategies of successful traders, potentially mirroring their profits.
You can follow the trades of experienced traders who have good results and high performance. OKX provides transparency through its portfolio composition, transaction history, profit and loss (PnL) data, and risk level indicators, allowing you to make informed decisions about whom to copy.
If you are an experienced crypto trader, you can also gain more profit by enrolling in the lead trader program to share your trading strategies with others and earn a portion of the followers’ profits.
OKX offers a profit-sharing structure that incentivizes participation. You receive up to 10% commission on each copy trader’s profits, supplemented by an additional 2% from OKX itself, culminating in a total of 12% for every trade copied from your strategy.
OKX Earn Products
OKX offers several earn products to help you grow your cryptocurrency holdings.
- Simple Earn. It is designed for ease and flexibility. You can deposit your crypto and earn interest. The interest rates (APR) vary depending on the cryptocurrency and market conditions. The terms can be flexible, allowing you to withdraw your funds at any time or fixed, where your funds are locked for a set period.
- Shark Fin: It provides returns based on an asset’s predefined price range. For example, if you invest in a Shark Fin product for Bitcoin (BTC) with a price range of $60,000 to $70,000, and the BTC price stays within this range until the product’s maturity, you receive higher returns. If the BTC price goes above or below this range, your returns are lower but still positive.
- Dual Investment: You can earn high rewards by selecting a cryptocurrency’s target price and settlement date. For example, you choose to invest in BTC with a target price of $50,000 and a settlement date one month from now. If BTC reaches or exceeds this target price by the settlement date, you receive your returns in BTC. If BTC stays below the target price, you receive returns in the other selected currency, like USDT, at a predetermined interest rate.
- Loans: OKX also offers a loan product that allows you to borrow funds against your crypto assets. This will enable you to maintain your crypto holdings while accessing liquidity.
Trading Bots
With OKX Trading Bots, you can set automatic trades using different strategies and algorithms. You can also “copy” existing parameters for bots and strategies based on their PnL on the marketplace.
There are many different trading bots on the market based on strategies such as grid, DCA, and arbitrage.
- Spot Grid Bot: This bot buys low and sells high within a set price range. It helps take advantage of market volatility by placing multiple buy and sell orders.
- Futures Grid Bot: Similar to the Spot Grid Bot, but used for futures trading with leverage.
- DCA: This bot implements a dollar-cost averaging strategy, buying cryptocurrencies at regular intervals to spread out the investment over time. It helps reduce the impact of volatility on the overall purchase price.
- Arbitrage: This bot takes advantage of price differences between different markets like spot and futures.
You can also find and copy the best bots on the OKX Bot Marketplace, or share your bots and earn extra income. Additionally, you can set your own buying and selling prices, use stop loss to minimize risks, and modify the existing parameters set by other pro traders based on your requirements.
OKX Security
OKX uses several security measures to protect user accounts and funds:
- Passkeys: OKX allows you to log in without a password by using your device’s biometric data, like a fingerprint or facial recognition. This method is more secure than traditional passwords because it’s harder for attackers to replicate your biometric data.
- Authentication app: This is another key security measure used by authentication apps like Google Authenticator. This app generates a unique, time-sensitive code that you must enter when logging in or performing certain actions on your account. This adds an extra layer of security, as someone would need access to your phone to get the code.
- Anti-phishing code: This code will appear in every email sent from OKX. This helps you verify that the email is genuinely from OKX and not a phishing attempt. If an email doesn’t have your anti-phishing code, you should be suspicious and avoid clicking.
- Device management: You can see which devices are currently logged into your account and their locations. If you notice any unfamiliar devices, you can revoke their access immediately.
- Withdrawal address whitelisting: It lets you specify trusted blockchain addresses for withdrawals. You can only send funds to these pre-approved addresses, making it much harder for attackers to steal your funds, even if they gain access to your account.
- Freeze account: If you suspect any suspicious activity, you can freeze your account. This stops all trading and withdrawals until you can verify your account’s security. It’s a quick way to protect your funds if you think your account has been compromised.
- Mandatory KYC: KYC (Know Your Customer) procedures ensure that every user verifies their identity. This involves providing personal information and documents, which helps prevent fraud and ensures that users are who they claim to be.
- SSL encryption: SSL is used to protect data transmitted between your browser and OKX servers. This encryption ensures that any data, like login credentials or personal information, is secure and cannot be intercepted by malicious actors.
- PoR: Proof of Reserves (PoR) ensures transparency by verifying that the exchange holds sufficient cryptocurrency assets to cover all user balances. This process involves regular third-party audits and public disclosure of reserve data. You can check OKX PoR data here.
OKX has also established a presence within regulated cryptocurrency environments through licenses obtained in both Singapore and Dubai. In Singapore, OKX secured in-principle approval for a license under the Payment Services Act from the Monetary Authority of Singapore (MAS). This signifies authorization to provide compliant cryptocurrency services within the jurisdiction.
Similarly, OKX was granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Assets Regulatory Authority (VARA).
How to Get Started with the OKX Crypto Exchange?
Step 1: Create an OKX Account
First, you need an OKX account. Go to their website and click “Sign Up” in the top-right corner. You can use your email or phone number to sign up.
Next, you need to secure your account. OKX offers many security options, such as password, mobile verification, Google Authenticator, 2FA, and anti-phishing code. You can find these options by clicking “Security” in your profile section on the top menu.
Step 2: Verify Your Identity (KYC)
KYC verification is mandatory. You need to prove your identity. OKX will ask you for some personal details and documents, like your name, birthday, nationality, ID number, and a photo of your ID card or passport. You can do this by clicking “Verification” in the same profile section or the “Verify Now” button in the “Overview” section.
Step 3: Deposit Funds
After proving your identity, you can choose how to deposit funds on OKX. There are two main ways in the “Buy Crypto” section: Express Buy and P2P Trading.
The Express Buy feature lets you buy crypto fast with fiat currencies using different payment methods, like bank transfer, credit card, PayPal, and more. To use this feature, click “Express Buy” on the top-left corner, choose the crypto and the fiat you want to use, pick the amounts of money and crypto, pick your payment method, and confirm your payment. The crypto you bought will go to your OKX exchange wallet automatically.
The P2P Marketplace lets you buy or sell crypto with other users using fiat currencies. To use this feature, again click “Buy Crypto” and pick “P2P Trading” in the sub-menu, pick the fiat you want to use, choose either Buy or Sell, select a user you want to trade with and follow the instructions on the screen to finish the trade.
Step 4: Start Trading Crypto
On the OKX homepage, locate the “Trade” section and select your preferred trading interface. OKX offers “Spot Trading” for buying and selling cryptocurrencies and “Margin Trading” for borrowing funds to leverage your trades (involves higher risk). We’ll focus on spot trading for this guide.
Select the cryptocurrency you want to buy (e.g., Bitcoin – BTC) and pair it with the currency you’ll use to buy it (typically Tether – USDT). You’ll see a list of available trading pairs on the interface. Decide on the order type (Market or Limit) based on your preference. Market orders ensure a quicker execution, while Limit orders offer more price control.
Enter the amount of cryptocurrency you want to buy (e.g., 0.01 BTC) or the total amount you want to spend (e.g., 100 USDT). For limited orders, specify the price at which you want to buy.
Double-check all the order details (amount, price, trading pair) before confirming your trade. Once confirmed, your order will be placed on the market. If it’s a Market order, it should be executed immediately at the prevailing market price. For Limit orders, your order will wait in the order book until the market price reaches your specified limit.
Payment Methods
Deposits Methods on OKX
OKX supports various payment methods for depositing funds into the exchange. You can use Visa and Mastercard debit or credit cards to buy crypto directly. It also supports direct bank account transfers in some jurisdictions like the UAE.
In the P2P market, OKX supports more than 100 local funding methods:
- Wise
- Payoneer
- AirTM
- Payeer
- Perfect Money
- ABA Bank
- Revolut
- Zinli
You can also deposit cryptocurrencies from external wallets to your OKX account. This involves sending the crypto from your personal wallet to your OKX wallet address.
Withdrawal Methods on OKX
Generally, OKX offers two withdrawal methods:
- On-chain withdrawal: Transfers crypto via a network to a wallet or exchange
- Internal transfer: Transfers crypto instantly with no fees to other OKX users
However, you can also withdraw fiat currencies with some limits:
| Method | Minimum | Max. Cumulative Deposit | Max. Cumulative Withdrawal | |
| EUR | SEPA | €1 | €100,000 daily and €1,000,000 per 30 days | €1,000,000 daily and €10,000,000 per 30 days |
| EUR | iDEAL | €1 | €100,000 daily and €1,000,000 per 30 days | N/A |
| BRL | Pix | $10 | $20,000 daily and $50,000 per 30 days | $20,000 daily and $50,000 per 30 days |
| AUD | Bank transfer | $10 for deposit and $5 for withdrawal | KYC Level 1: $10,000 Daily and $20,000 Weekly KYC Level 2: Unlimited | KYC Level 1: $10,000 Daily and $20,000 Weekly KYC Level 2: Unlimited |
OKX Customer Support
OKX customer support offers a few ways to get help with your cryptocurrency trading questions. They have a self-service “Help Center” where you can find answers to frequently asked questions (FAQs) on various topics like account management, security, deposits, withdrawals, and trading.
If you can’t find what you’re looking for in the FAQs, you can contact OKX support directly through email (support@okx.com). OKX also offers live chat support alongside its other support options. This means you can get real-time help with cryptocurrency trading issues by chatting with a customer service representative.
OKX vs Other Crypto Exchanges
Some of the best OKX alternatives are Binance, Bybit, and MEXC. These are all trusted cryptocurrency exchange apps with robust security measures and multiple trading features. Here is a quick comparison:
| OKX | Binance | Bybit | MEXC | |
| Launched Date | 2017 | 2017 | 2018 | 2018 |
| Supported Coins | 350+ | 380+ | 1200+ | 2400+ |
| Trading Fees | Maker: 0.08%, Taker: 0.1% | Maker: 0.1%, Taker: 0.1% | Maker: 0.1%, Taker: 0.1% | Maker: 0%, Taker: 0.1% |
| Futures Trading | Yes | Yes | Yes | Yes |
| Maximum Leverage | 100x | 125x | 100x | 200x |
| Copy Trading | Yes | Yes | Yes | Yes |
| NFT Marketplace | Yes | Yes | Yes | – |
We have our detailed comparison guides, check out OKX vs Binance, OKX vs Bybit, and OKX vs MEXC.
OKX Exchange Review: Final Verdict
To conclude our OKX review, It is a comprehensive cryptocurrency exchange offering a variety of features for both new and experienced traders. It provides a secure platform with robust safety measures like encryption, multi-factor authentication, and cold storage.
OKX supports hundreds of cryptocurrencies and has low trading charges, making it attractive for traders. The platform also offers diverse earning opportunities through staking, copy trading, and automated trading bots. However, it has restricted access in certain countries, including the US.
Frequently Asked Questions
Is OKX legit and safe?
Yes, OKX is a legitimate and safe cryptocurrency exchange. It is one of the largest crypto exchanges in the world, with over 50 million users globally. The exchange prioritizes user asset security by implementing robust security measures. These safeguards include advanced encryption protocols, multi-factor authentication for account access, and cold storage for the majority of user funds. This comprehensive approach minimizes the risk of unauthorized access or security breaches.
Furthermore, OKX demonstrates its commitment to security through regular updates to its security protocols and independent audits. Beyond its in-house security practices, OKX has secured licenses in various jurisdictions, including Singapore and Dubai, signifying its dedication to complying with international regulations.
Which is better, OKX or Binance?
OKX stands out due to its lower spot maker fees than Binance (0.08% vs 0.1%). However, Binance has a larger user base of 190 million compared to OKX’s 50 million. Moreover, Binance’s robust security measures, including the Secure Asset Fund for Users (SAFU), offer reassurance to users concerned about the safety of their funds. Binance also offers higher leverage of 125x compared to OKX’s 100x.
Additionally, Binance provides advanced features like Binance Pay and the Binance Visa Card, which may appeal to some users. However, both exchanges support all basic features, such as spot trading, P2P trading, futures trading, and margin trading.
Can you make money with OKX?
Yes, you can make money with OKX. The exchange has various passive income options, including:
- Earning Interest: OKX Earn offers multiple products such as staking, shark fin, dual investment, and more that let you earn interest on your cryptocurrency holdings. This can be a good way to generate passive income, but the interest rates can fluctuate.
- Trading Bots: Use automated trading bots to implement trading strategies and potentially increase profits.
Has OKX been hacked?
OKX centralized exchanges haven’t faced any large-scale hacking incidents so far. However, OKX DEX got hacked in December 2023. Hackers stole $2.7 million worth of crypto. The exchange has taken steps to secure user funds and reimburse affected users.
Is OKX legal in India?
No, OKX ceased operations in the Indian market in early 2024 due to regulatory hurdles. The Indian government’s stringent compliance requirements and warnings issued to various foreign cryptocurrency exchanges created a challenging operating environment.
Consequently, OKX users in India were notified to close their accounts and withdraw funds. The unclear regulatory landscape in India continues to pose challenges for foreign exchanges seeking to operate within the country.
