You’ll need a safe and secure place to store your cryptocurrencies, and that’s where crypto wallets come in. The OKX Web3 Wallet is the second most secure wallet in the DeFi space, after MetaMask, according to Certik. This makes it one of the best choices for your DeFi needs. In this OKX Wallet review, we will explore its features, security measures, and whether it’s the right fit for you.
Key Takeaways:
- The OKX Web3 Wallet supports over 70 decentralized networks and 400 decentralized exchanges for versatile crypto management.
- The Wallet supports various features including cross-chain swaps, portfolio management, and trading NFTs across multiple marketplaces.
- OKX Web3 Wallet offers various DeFi services, including staking, saving, and yield farming, to help you earn passive income on your digital assets.
Introduction about OKX
What is OKX (Formerly OKEx)?
OKX is a popular centralized cryptocurrency exchange and trading platform, offering 320+ digital assets for investing and trading. The OKX exchange operates as a subsidiary of OKCoin, which OK Group owns. Founded in 2017, the platform serves over 50 million users in 100+ countries, with an average daily trading volume of over $1 billion (Source: CoinMarketCap).
The platform is known for its advanced trading features. It offers spot trading, futures contracts with 100x leverage, margin trading, and options trading. OKX also provides other financial products such as staking, savings, and lending, allowing you to earn interest on your idle crypto assets. For those who like to use external automated trading bots, OKX offers an API.
For more information, read our detailed OKX review here.
What is OKX Web3 Wallet?
OKX Web3 Wallet aims to be a user-friendly tool for managing your digital assets in decentralized finance (DeFi). This wallet allows you to access over 70 decentralized networks for trading, storing, and earning from your digital currencies. With OKX Wallet, you can swap cryptocurrencies across 20+ blockchain networks and 400 decentralized exchanges (DEXs). This ensures you get the best prices without slippage through its advanced DEX and bridge aggregator.
For NFT fans, it allows you to create and trade NFTs on 11 different networks. Plus, the Web3 portfolio dashboard gives you a complete picture of your digital assets, how your portfolio is performing, and your transaction history, making managing your investments clear and easy.
For those interested in earning passive income, the wallet offers various DeFi services like saving, staking, liquidity pools, and farming. Developers can also benefit from the wallet by integrating their DApps through OKX’s APIs and SDKs, connecting with millions of users.
Pros of OKX Web3 Wallet
- Supports over 70 decentralized networks and 400 decentralized exchanges (DEXs)
- User-friendly interface for swapping crypto assets
- Comprehensive Web3 portfolio dashboard
- Easy NFT creation and trading across 11 blockchain networks
- Highly secure with advanced safety measures including biometric authentication
Cons of OKX Web3 Wallet
- Advanced DeFi tools might have a learning curve
- The OKX Wallet extension is not available for Firefox and Safari browser users
OKX Wallet Review: Key Features
Web3 Portfolio Dashboard
The OKX Web3 Portfolio Dashboard is a powerful tool for tracking your cryptocurrency investments across various wallets. The dashboard shows a summary of your portfolio’s value. It updates in real-time, so you always know how much your assets are worth.
One of the best features is the ability to put multiple addresses for tracking. This means you can see all your holdings across different blockchains without jumping from one wallet to another. Let’s say, you have some BTC in one wallet, ETH in another, and maybe some smaller tokens scattered around, the dashboard pulls all this information together by just putting the blockchain address.
Another great feature is the detailed analytics. You’ll see graphs and charts that track your portfolio’s performance over time. This is super helpful for spotting trends and making informed decisions.
You can also dive deep into each asset. Click on any token, and you’ll get a detailed view. This includes its price, trading volume, and any recent transaction history. If you’re trying to decide whether to buy more of a particular crypto or sell some off, these insights are invaluable.
Cross-Chain Swaps
The OKX Web3 Wallet’s cross-chain swap feature allows you to trade cryptocurrencies across different blockchain networks with ease. You can seamlessly swap tokens from one network to another without needing to manage multiple wallets or use different exchanges. Let’s say that you have USDT on the Ethereum network (ERC20) but want to trade it for a token on the BNB Chain, the OKX Wallet will find the best route and execute the trade for you.
OKX uses the “X-Routing algorithm” for cross-chain swaps. This feature uses an advanced decentralized exchange (DEX) and bridge aggregator. By connecting to over 20 blockchain networks and more than 400 DEXs, the wallet ensures you get the best prices for your trades without slippage and higher network costs.
DeFi Yield Aggregator
DeFi yield aggregators are tools that automatically find the best platforms to earn interest on your crypto assets. They combine data from different sources to provide the highest returns (APR) possible.
These aggregators create “vaults” where they collect assets and then move them around to maximize profits. They do this by constantly searching for the best opportunities, such as staking or providing liquidity to decentralized exchanges. The whole process is managed by smart contracts, so you don’t have to do anything once you’ve deposited your funds.
One of the main benefits of using a yield aggregator is that it simplifies your experience. You avoid the hassle of searching for the best interest rates. Plus, yield aggregators help save on gas fees by optimizing transactions. They can batch multiple transactions into one, reducing the total cost of interacting with the blockchain.
NFT Trading
OKX Wallet has several features to help users with NFTs. You can upload images, videos, or audio files to mint as NFTs. You can choose the blockchain to mint your NFT, such as Ethereum, Polygon, or BNB Chain. There is also an option called “lazy minting” which lets you mint NFTs without upfront network costs. Plus, you don’t have to pay any OKX service fee to buy or sell NFTs.
You can also connect your OKX Wallet to various NFT marketplaces like OpenSea, LooksRare, X2Y2, Magic Eden, Element, ImmutableX, and CryptoPunks. This lets you explore and trade digital collectibles across different platforms and blockchain networks.
The wallet also has a feature called “NFT Launchpad”. It offers features like allowlists and airdrops, which can give you early access to new NFTs. Here, you can also invest in rare selected NFTs at a discount price.
OKX Wallet Alternatives
MetaMask and Trust Wallet are two of the best alternatives to the OKX Web3 Wallet. Here is a quick comparison:
| OKX Web3 Wallet | MetaMask | Trust Wallet | |
| Platform Availability | iOS, Android, Web | iOS, Android, Web | iOS, Android, Web |
| Certik Security Score | 87.35% (#2) | 89.79% (#1) | 86.81% (#4) |
| Supported Blockchains | 70+ | Add custom blockchains | 100+ |
| Multi-chain Support | Yes | Yes | Yes |
| DApp Integration | Yes | Yes | Yes |
| NFT Marketplace | Yes | Yes | Yes |
| Backup & Recovery | Seed phrase, iCloud backup | Seed phrase | Seed phrase |
| DeFi Yield Aggregator | Yes | No | No |
| Cross-chain Compatibility | Yes | Yes | Yes |
| Transaction Fees | Varies by network | Varies by network (Customizable) | Varies by network |
| Mobile App | Yes | Yes | Yes |
| Ease of Use | Very Easy (integrated with OKX exchange) | Not recommended for beginners | Easy |
Steps to Create OKX Wallet
Create your OKX Wallet on the Website
- Go to the OKX website and slide the toggle toward “Wallet” and click on “Connect Wallet”. You will need to download the extension from the Google Chrome Webstore.
- If you don’t have a wallet yet, choose the option “I don’t have a wallet”. Then, pick “Seed phrase/Hardware wallet” to create a new one.
- Create a password to protect your wallet and your private information. Click on “Confirm” to finish setting up your wallet.
- Now, click on “Back up now” to see your seed phrase. It’s very important to keep this phrase safe and not share it with anyone.
- After writing down your seed phrase, click on “I’ve backed up” to check and confirm your seed phrase. This completes the backup process.
- Your wallet is now ready to use. You can send, receive, and trade cryptocurrencies.
Create your OKX Wallet on the OKX App
- Open the official OKX Web3 website and click on “Download App”. Alternatively, you can search for OKX in the App Store or Google Play Store to find and download the app.
- Once you have the wallet, select “I don’t have a wallet”. Then, choose the type of wallet you want to create: “Keyless wallet”, “Seed phrase”, or “Hardware wallet”.
- You will have the option to enable Face ID for easier access to your wallet. You can either select “Enable now” to set it up immediately or choose “Maybe later” if you prefer to set it up another time.
- Create a password for your wallet to keep your information private and secure. After setting your password, click on “Confirm” to finish creating your wallet.
- To back up your wallet, click on “Back up now”. You can choose to back up your wallet to iCloud or write down your seed phrase on paper for safekeeping.
- After you have backed up your seed phrase, click on “Done, next step” to verify your seed phrase. This step is important to ensure you have written it down correctly and to complete the backup process.
- All done. Now, you can use the OKX Web3 wallet on your smartphone device.
Conclusion
To sum up OKX Wallet review, it excels in providing a secure, versatile, and user-friendly platform for managing digital assets. With support for over 70 decentralized networks and 400 DEXs, it offers seamless cross-chain swaps and a comprehensive portfolio dashboard.
The wallet’s robust DeFi services, including staking and yield farming, allow you to earn passive income effortlessly. Its NFT capabilities and advanced security features further enhance its appeal.
OKX Web3 Wallet Review: FAQs
How safe is the OKX Wallet?
The OKX Wallet ensures top-level security by not storing your wallet password and recovery phrase, and it never transmits these details to any external source.
For added protection, it features face recognition and biometric authentication. It is also the 2nd most secure wallet in the crypto industry, according to Certik Skynet Security Score.
Is OKX Wallet a browser extension?
Yes, the OKX Wallet is available as a browser extension. However, it is not currently supported on Firefox and Safari, but you can use it with other major browsers like Chrome.
Is OKX Web3 Wallet good for beginners?
Yes, the OKX Web3 Wallet is designed with a user-friendly interface, making it suitable for beginners. Its integration with OKX exchange simplifies the process of managing and trading digital assets, although some advanced DeFi features might require a learning curve.
