If you’re looking for a new crypto exchange to trade on, you might have heard of OKX. OKX is one of the largest and most popular platforms in the world, with over 400 trading pairs, low fees, and high security.
But is it really worth your time and money? In this blog post, I’ll give you an honest and unbiased OKX review, based on my personal experience and research.
I’ll cover its features, pros and cons, and how it compares to other exchanges. By the end of this post, you’ll have a clear idea of whether OKX is the right choice for you.
Key Specifications:
- Trading Types: Spot, Options, Derivatives and Margin Trading, Trading bots
- Payment Methods: Visa, MasterCard, P2P, Simplex, MoonPay, and many other third-party services
- Fees: 0.1% for new users
- No. of Supported Cryptocurrencies: 324 (check the full list on Coinmarketcap)
- Fiat currencies Supported: AED, ARS, AUD, GBP, and 40+ more
Why You Should Choose OKX Crypto Exchange: 5 Reasons
- You pay less: OKX has super low fees for trading. You only pay 0.1% for the spot and 0.02%-0.05% for futures. That’s a great deal.
- Zero Price slippage: OKX has a strong and fast matching engine. It can process 1.5 million orders per second. That means no delays or glitches for you.
- Secure API Connectivity: It has awesome APIs for pro and institutional traders. You can use REST, WebSocket, FIX, and CCXT to connect to OKX easily and quickly.
- Advanced trading features: OKX is not just an exchange, but a whole crypto platform. You can do spot, margin, futures, options, perpetual swaps, DeFi, lending, mining, and more. You can also find new and exciting crypto projects.
- Beginner-friendly: OKX has the best user interface and an easy-to-use app that lets you buy crypto for just $5. You can also trade like a boss with advanced tools and features. And you can learn from the best with OKX Academy. Plus, you can always reach out to its support team anytime via chat or email.
What is OKX: An Overview of Crypto Platform
OKX has a large selection of tokens and trading pairs that you can trade on different markets, from spot to futures to options.
You can also connect your Web3 wallet to OKX and manage all your DeFi crypto assets in one place. Plus, you can earn passive income by using OKX’s various products, such as Simple Earn, On-chain Earn, Structured Products, and Loan.
You can also find new and exciting projects on OKX through Jumpstart and OKX Ventures. And if you want to explore the world of Web3, you can use the OKB Chain and the OKT Chain, which are compatible with Ethereum and other blockchains.
OKX has everything you need for crypto trading and earning, with low fees, fast transactions, powerful APIs, and more.
Key Features of OKX
- Trade over 400 cryptocurrencies with low fees and high liquidity
- Access a variety of decentralized applications and services on OKExChain
- Earn passive income by staking, lending, or mining on OKX Earn
- Enjoy fast and secure transactions with OKX Wallet
- Participate in exclusive events and promotions on OKX Jumpstart
Pros and Cons
| Pros | Cons |
|---|---|
| High liquidity, allowing for efficient trades | Not Available in the USA |
| Wide variety of supported cryptocurrencies | Limited payment options for deposits and withdrawals |
| Advanced trading features, such as margin trading and stop-loss orders | |
| Strong security measures, such as two-factor authentication |
OKX Crypto Exchange Review: The Complete Beginner’s Guide
OKX, also known as OKEx, is a Malta-based cryptocurrency exchange that has been in operation since 2017.
Trading Features Review
OKX offers a variety of trading features to its users, including:
- Spot Trading: OKX allows users to buy and sell cryptocurrencies at the current market price. Users can place both limit and market orders, and the platform offers a wide range of trading pairs.
- Derivative & Margin Trading: OKX offers both derivative and margin trading, allowing users to trade with leverage. This means that users can trade with more capital than they have in their account, allowing them to potentially make larger profits.
- Trading Bots: It also offers trading bots that can help users automate their trading strategies. These bots can be customized to match different trading styles and can help users take advantage of market movements more efficiently.
- Simple Options: OKX provides simple options trading, which allows users to speculate on the future price of an asset without having to own it. This allows for flexible trading strategies, and users can choose from several expiration times and strike prices.
Fees Review
OKX is a cryptocurrency exchange that offers competitive trading fees for its users. The exchange charges a flat trading fee of 0.1% for both buy and sell orders, making it one of the most cost-effective options in the market.
Here is the complete OKX Fee Structure: (Source: OKEx)
This is for Regular Customers having a Trading volume of less than $10,000,000.
| Level | OKB Holding | Maker Fees | Taker fees | Withdrawal Limit (BTC) |
|---|---|---|---|---|
| 1 | < 500 | 0.080% | 0.10% | 500 |
| 2 | ≥ 500 | 0.075% | 0.095% | 500 |
| 3 | ≥ 1,000 | 0.070% | 0.090% | 500 |
| 4 | ≥ 1,000 | 0.060% | 0.080% | 500 |
User Experience Review
The OKX exchange offers a smooth and user-friendly experience for its users. The platform has a clean and easy-to-navigate interface, making it accessible for traders of all experience levels.
The exchange also has a mobile application that allows for trading on the go, which is a great feature for traders who want to stay connected to the market at all times.
It also offers a wide range of charting and analysis tools that help traders make informed decisions.
The platform also offers a variety of trading pairs, which is great for traders who want to diversify their portfolios.
Supported Cryptocurrencies Review
OKX Supports 400 digital currencies with more than 796 trading pairs, Here are some popular cryptocurrencies supported by OKX Exchange-
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Dogecoin (DOGE)
- Cardano (ADA)
- XRP (XRP)
- Solana (SOL)
- Uniswap (UNI)
- Polkadot (DOT)
- Polygon (MATIC)
Security Review
The exchange implements multi-level security measures, including Two-factor authentication (2FA) and Email verification.
These measures provide an added layer of protection against unauthorized access to users’ accounts.
OKX also utilizes cold storage for the majority of the assets, this means that the majority of the assets are kept offline, making them less vulnerable to hacking attempts.
The platform also regularly conducts security audits to ensure the safety of users’ assets.
Is OKX Solvent?
The solvency of an exchange is the ability of an exchange to meet its financial obligations, including the ability to pay out its customers’ funds in case of a market crash or when requested.
The solvency of an exchange is a crucial aspect to consider when choosing a platform to trade on.
According to Defillama, OKX is a 100% solvent exchange with a total of $7.6 billion in reserve assets.
Here is the list of Assets in Reserve-
- Ethereum: $4.8 billion
- Bitcoin: $2.22 billion
- Tron: $384.51m
- Optimism: $76.1m
- Avalanche: $41.29m
- Arbitrum Ecosystem: $21.33m
Customer Support Review
The exchange has a dedicated customer support team that can be contacted via email or through the platform’s social media channels.
The support team is available to assist users with any issues they may encounter, including account-related issues, technical issues, and general inquiries.
In addition to its customer support team, OKX also offers a detailed FAQ section that answers many common questions. This is a great resource for new traders who may have questions about the platform or trading in general.
OKX’s customer support team is known for being quick to respond and helpful in resolving any issues that may arise.
Payment Methods Review
OKX offers a variety of payment methods for its users to deposit and withdraw funds. It supports fiat currency deposits and withdrawals, such as USD, EUR, and GBP.
The platform also supports credit/debit card payments like Visa, Mastercard, etc. P2P Trading makes it easy for users to deposit funds instantly and start trading right away.
Users can also use third-party payment gateways like Simplex, MoonPay, Mercuryo, etc.
Accepted Countries Review
OKX is available in more than 180+ countries including Australia, Canada, the United Kingdom, France, Germany, India, and many more.
Please Note: Currently, OKX is not available in the United States due to regulatory Concerns.
OKX NFT Marketplace Review
You can find NFTs from Ethereum, Solana, Binance Smart Chain, Polygon, and more. You can also explore NFTs from other big marketplaces like OpenSea, Magic Eden, Blur, and more.
Here are some cool things you can do on OKX NFT Marketplace:
- Trade for free: You don’t have to pay any extra fees to sell your NFTs.
- Make AI art: You can use easy tools to create amazing AI art for your NFTs.
- Buy in bulk: You can add many NFTs to your cart and buy them all at once.
- Check rarity: You can see how rare each NFT is based on its features and traits.
- Join Launchpad: You can join exclusive NFT drops from quality projects.
- See Stats and Rankings: You can see real-time data on the blockchain to help you make smart choices.
OKX Trading Bots Review
OKX is one of the best crypto trading bots. These are smart tools that let you set up different trading strategies automatically.
You can choose from various bots depending on what you want to achieve and how much risk you can take.
For example, you can use grid bots to buy low and sell high, or DCA bots to average your costs over time. You can also learn from other OKX traders by copying their successful strategies from the Bot Marketplace.
How to Register on OKX Exchange: New User SignUp Guide
To register on OKX Exchange as a new user, follow these steps:
- Go to the OKX Exchange website and click on the “Register” button.
- Fill in the required information, including your email address and a strong password.
- Click on the “Sign Up” button to create your account.
- Check your email for a verification link and click on it to verify your email address.
- Log in to your account using the email address and password you provided during registration.
- Complete the account verification process by providing a valid government-issued ID and proof of address.
- Once your account is verified, you can start trading on OKX Exchange.
Best OKX Alternatives
- Supported Cryptocurrencies: 325+
- Fiat currencies: USD, EUR, GBP, and 3+ more
- Payment methods: Debit cards, Credit cards, P2P
- Fiat-to-Crypto Conversion Fees: 0.01%- 0.06%
OKX vs Binance
You might have wondered, Which is better, OKX or Binance. Well here is your answer.
| Key Point | OKX | Binance |
|---|---|---|
| Supported cryptocurrencies | Over 400 | Over 350 |
| Native token | OKB | BNB |
| Supported fiat currencies | 46 | 11 |
| Fees | 0.08% maker and 0.1% taker | 0.1% |
| Funding methods | Debit/credit cards, third-party payment channels, P2P trading | Debit/credit cards, direct bank transfers, third-party payment channels, P2P trading |
| Withdrawal methods | P2P trading, third-party payment channels | Direct bank transfer, P2P trading, third-party payment channels |
| Regulation | Provisional virtual assets license by the Dubai World Trade Centre Authority | Licenses and/or registrations in various countries, but also facing regulatory investigations |
| Visa card | None | Yes |
| NFT marketplace | Yes | Yes |
| Launchpad | OKX Jumpstart | Binance Launchpad and Binance Launchpool |
| Copy trading | Directly from OKX Leaderboard | Through 3rd party platforms like Cryptohopper |
Related:
Conclusion
To sum up OKX review, It is a reputable crypto exchange that offers a wide range of trading pairs and supports multiple languages.
Its user-friendly interface and advanced trading tools make it a great option for both novice and experienced traders.
The exchange also places a strong emphasis on security and compliance, providing users with added peace of mind. Overall, OKX is a solid choice for anyone looking to buy, sell, or trade cryptocurrencies.
Note: Do Your Own Research before putting your money into any exchange.
OKX Review: FAQs
Is OKX safe to use?
OKX Exchange has implemented several security measures such as two-factor authentication (2FA) for account login and withdrawal, cold storage for the majority of its digital assets, and SSL encryption for the website.
However, it’s not clear if they have any insurance to cover any losses in case of a hack or other security breach.
In addition, it is recommended to not leave large amounts of funds on any exchange and to use a hardware wallet to store your digital assets offline.
Can I withdraw money from OKX?
Yes, you can withdraw money from OKX in two ways: network withdrawal or peer-to-peer transfer. Network withdrawal means sending crypto to another wallet or exchange through the network. Peer-to-peer transfer means moving crypto to another OKX user for free.
You need to sign in to your account, pick the crypto and the method, enter the amount and the address, and confirm the withdrawal.
Has OKX been hacked before?
No, OKX has never been hacked before. It is one of the most secure and compliant crypto platforms in the world.
However, in October 2020, OKX stopped withdrawals for a month due to a police investigation involving one of its private key holders. This caused some panic and confusion among users, but OKX resumed normal operations in November 2020.
Can I withdraw from OKX without KYC?
No, you cannot withdraw from OKX without KYC. KYC stands for Know Your Customer, which is a process of verifying your identity and address. OKX requires KYC for all users to ensure the safety and compliance of its platform. You need to complete KYC before you can withdraw any funds from OKX.
Does OKX have copy trading?
Yes, OKX has copy trading, a new feature that lets you share or follow trading strategies from pro traders. You can copy trade with over 600+ trading pairs on OKX and make money or learn from the best. You can also use the Bot Marketplace, where you can copy the settings of excellent strategies shared by other OKX traders.
What is the Maximum withdrawal on OKX?
The minimum and maximum withdrawal on OKX depends on your verification level and the crypto you want to withdraw. For KYC-verified Level 1 accounts, the maximum withdrawal is 500 BTC per day.
