OKX Review: Is OKX Exchange Legit & Reliable?

OKX is a Malta-based cryptocurrency exchange founded in 2014 that has been serving millions of users in over 100 countries in the world, ranking 4th in terms of the trading volume as per our research and OKX review. Apart from cryptocurrencies, OKX also offers spot trading, futures trading, and derivatives trading. As such, it is considered the largest spot and derivatives exchange in the world (also in terms of trading volume). The present CEO of the OKX trading platform, JayHao, had a profound interest and expertise in game development before he joined the cryptocurrency trading platform.

The exchange started its journey from Hong Kong and later expanded its operations to Malta after the Maltese government adopted an altogether friendly approach to cryptocurrency investment and trading. Over the years, OKX got the support and investment advice from leading venture capitalists and investment companies like Ceyuan Ventures, VenturesLab, Longling Capital, eLong Inc, and Qianhe Capital Management which helped the digital assets exchange to reach the pinnacle where it is now. So read this OKX review further, know all the insights of this exchange, and start exploring!

OKX Summary

Official Website https://www.okx.com/
Headquarters Hong Kong
Found in 2014
Native Token Yes
Listed Cryptocurrency 350+
Trading Pairs 500+
Supported Fiat Currencies USD, CNY, RUB, JPY, VND, INR & More
Supported Countries 200+
Minimum Deposit No fiat deposit is allowed So Traders trade using cryptocurrencies
Deposit Fees 0
Transaction Fees Low
Withdrawal Fees 0
Application Yes
Customer Support 24/7

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OKX Platform Interface
OKX was born out of its sister company OKCoin which is a simpler crypto exchange USA that mainly targeted professional crypto traders. OKCoin only focussed on cryptocurrency trading (buying and selling) and ICO tokens, whereas OKX offers a more sophisticated platform for other financial securities like spots, options, derivatives, and leverage trading apart from only cryptocurrencies. OKX launched its own ‘utility token’ OKB in 2018.

The token can be either used to settle trading fees on the OKX platform or to pay for “exclusive services including customer support services and enhanced API rates. Before registering on the platform, it is recommended that the traders go through the various OKX reviews available for a thorough knowledge about how the exchange works.

OKX - The One-stop Destination for Crypto Traders

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Features of OKX Exchange

The OKX trading platform hosts some of the innovative features that make it one of the leading cryptocurrency exchanges in the world.

  • Easy to use interface allows both beginners and more experienced traders to trade crypto on the platform.
  • Offers a huge selection of trading assets – more than140 digital tokens and over 400 BTC and USDT pairs.
  • Allows multiple payment options like debit card, credit card, wire transfers, Google Pay,  etc.
  • Offers a wide range of crypto trading solutions like spot trading, margin trading, DEX trading, futures, options, perpetual swap, quick trade (one-stop marketplace).
  • Low fee structure based on market taker and market maker model.
  • Zero deposit fees and also low withdrawal fees.
  • Robust security measures.
  • Excellent 24/7 customer service.
  • OKX academy provides a great education section for beginners.

OKX Academy

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OKX Advanced Financial Services

Apart from the above features, OKX exchange boasts of the following special features and advanced financial services that it offers to its registered traders.

OKX Pool

Join the OKX Pool and Earn More!

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OKX pool is a mining pool with a shared group of crypto miners who combine their computational resources over a specific network to mine cryptocurrencies. The OKX pool supports Proof-of-work (PoW) mining of 9 major crypto assets, which allows users to offer their computer hash rate required to mine cryptocurrencies, and in return, they will earn an additional income.

Algo-order Options

There are various types of orders available in the market that help investors to place a trade at a predefined volume and price. Algo orders are such special orders that are extremely vital for active day traders. Unlike most other crypto exchanges, OKX allows its registered users to trade with different types of orders like a limit market order, stop-limit order, advanced limit order, iceberg, trailing top order, and TWAP or Time-weighted average price orders.

OKX Review: Pros and Cons

OKX, like all other exchanges, has its own advantages and disadvantages.

Pros Cons
Low trading fees. US citizens are not allowed.
Zero OKX deposit fees. Demo account not available.
Accepts multiple payment methods. There are limitations for withdrawals.
Huge selection of crypto coins.
Allows an extensive range of pro-trading options like spot, futures, and derivatives trading. Also, offer margin trading.
It has an easy interface together with a separate mobile application.

OKX Exchange Registration Process

Registration on the OKX platform is not a menace and is completed within a few minutes. Here is a step-by-step guide to the OKX login process and how to register and start trading on the OKX exchange.

Creating Account

For creating a trading account on the OKX exchange, users first need to log in to the official website of OKX and click on the Sign-Up tab, which will open a registration form bearing mandatory fields like an email address (or phone number) and password. Users should create a strong password because these are the credentials that they will need every time they log into their accounts on OKX.

Next, a 6-digit pin code (which is more like an OTP) will be sent to the given email address and phone number that has to be entered to proceed with the registration process further. No KYC is required at the time of registration on OKX, which sets the exchange apart from most of its competitors. However, if any trader wishes to withdraw over 100 BTC in 24 hours, the exchange might ask to submit KYC documents.
Registration Process of OKX Crypto Exchange

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Deposit Funds

After the account verification is done with the 6-digit pin code now, the users will have to fund their respective accounts. OKX allows multiple crypto coins to make the deposits, and therefore users can choose from their preferred cryptocurrencies to fund their accounts. There is a separate tab named “Assets,” clicking which the pop-up menu will appear, and users can select the “deposit” option to make the deposits. This will open the various cryptocurrencies allowed on the platform, and their users can choose their preferred ones.

However, this is to be remembered that users are allowed to transfer a specific type of cryptocurrency to the wallet deposit address only that they receive on the selected cryptocurrency. Copying the wallet address into the users’ own digital wallet and then transferring the crypto coins will end this step of funding his trading account on OKX. The minimum amount required to fund a trader’s account and begin trading is 10 USDT or any other crypto assets of an equivalent amount.

Start Trading

OKX allows both crypto-to-crypto trading as well as fiat-to-crypto trading. In the case of crypto-to-crypto trading, traders can directly start doing that once they have funded their trading accounts on the OKX exchange. OKX allows multiple types of trading options like spot trading, margin trading, futures trading pairs, options, DEXs, or perpetual swaps.

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However, in the case of fiat-to-crypto trading, users need to click on the “Quick Trade” option that allows them to buy cryptocurrencies with fiat. On clicking the “Quick Trade” option, traders are asked what they want to do- buy or sell. In case they select the “buy” option, next, they will have to select any one of the supported fiat currencies and set the amount of a specific crypto that they wish to buy with the fiat. Users will then be directed to a separate page where OKX offers the best prices for cryptocurrencies provided by a third party.

OKX Review- Quick Trade

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OKX Fees

OKX charges the following fees from traders registered on the platform.

Deposit and Withdrawal Fees

There are no OKX deposit fees as such charged from the traders, but there is a small withdrawal fee charged from traders, but that is also very low as compared to what other similar cryptocurrency exchanges charge from their registered traders; 0.0005 BTC in the case of bitcoin, 0.01 in case of Ethereum, and 0.15 in case of Ripple. These are sometimes called work fees instead of withdrawal fees, as they are determined by the blockchain load of each digital asset on the exchange.

Trading Fees

OKX is one of the top crypto spot and derivatives exchanges in the world, and therefore the trading fee structure of OKX is slightly different from other crypto exchanges. OKX’s trading fee structure is dependent on whether a trader is a market maker or a market taker. However, the majority of crypto traders are market takers rather than market makers because of the huge number of securities needed to validate a trader as a market maker.

The trading fees for market takers charged by OKX are a maximum of 0.15% for spot trading for traders with less than 500 OKB tokens. However, the maker/taker fee can be reduced to 0.06% and 0.09%, respectively, if the traders hold over 2,000 OKB tokens within the OKX wallet.

The maker and taker fees for futures and other perpetual markets begin at 0.02% and 0.05%, respectively, which can also be reduced depending on the OKB tokens held in the trading account. Thus, OKX trading fees are more competitive. High net worth traders with a huge trading volume during a 30-day period can also avail of further rebates and trading fee discounts.

Margin Fees

OKX offers margin trading, which means that the platform allows its registered traders to borrow funds from their crypto exchanges. It is a tool that allows traders to open a position with more capital than what was initially deposited. OKX provides a margin trading ratio (or leverage ratio) of 10:1 and 20:1, and 100:1 when traders choose to buy tokens through the perpetual swap contracts. Therefore, the platform charges a fixed interest on any position that is held overnight. OKX charges a margin interest rate whenever tokens are borrowed. To know full fee details of this exchange click here.

Margin Trading by OKX

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OKX Payment Methods

The following payment methods are available to traders registered on the OKX exchange.

OKX Deposits

Though OKX supports trading with both fiat currencies and cryptocurrencies, it allows only cryptocurrencies to deposit funds into a trader’s account; there is no OKX fiat deposit allowed on the platform. Traders either purchase cryptocurrencies on the website with a credit card or can transfer cryptocurrencies from other exchanges or any best crypto wallet (or hardware wallet). Once their accounts are funded, they can directly start trading on the OKX platform.

For buying cryptocurrencies, traders can use multiple payment methods like bank transfer, debit card, credit card, Google Pay, IMPs, or PayPal. After creating an account, new users can fund their wallets and start trading cryptocurrencies.

OKX Withdrawals

Traders can withdraw their preferred cryptocurrencies from the OKX platform with a small withdrawal fee of 0.0005 BTC in the case of bitcoin, 0.01 in the case of Ethereum, and 0.15 in the case of Ripple.

User Experience on OKX Exchange

The users are happy and satisfied with the world-class features that the OKX platform offers. The website’s interface is very easy and anyone, even if without prior experience of operating on such platforms, can easily execute trades on OKX. The security, usability, competitive trading fees, excellent customer service, and high liquidity are some of the points which have yielded commendable performances for OKX, and thus, it has become best Singapore crypto exchange and best in the world.

OKX Mobile App Experience

OKX offers a user-friendly mobile application that can be easily downloaded from Apple Store or Google Play. During the OKX review, we decided to find out the advanced features of the OKX mobile app and what we found out is that the OKX mobile app serves as an all-in-one crypto trading crypto platform for traders.

It allows traders to buy and sell cryptocurrencies in all forms available – be it spot or derivatives, provides a real-time view of streaming quotes, allows storage of crypto coins on its own built-in digital wallet, allows for easy deposit and withdrawal of funds, and also provides a subscription to updated crypto news. Moreover, the app has easy-to-use interface that attracts both the newbies as well as professional traders.

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OKX Supported Countries

OKX is available to more than 100 countries in the world with the following exceptions – Hongkong, US, and its territories, North Korea, Sudan, Malaysia, Cuba, Ecuador, Iran, Syria, Bangladesh, Bolivia, and Kyrgyzstan.

OKX Regulation and Security

OKX is registered in Hong Kong and Malta and offers trading services that are VFAA compliant. VFAA or the Virtual Financial Asset Act is a regulated authority under Malta Financial Services. As for security, it is one of the safest crypto trading platforms in the world that has never been hacked and thus does not have any negative reviews against it.

OKX Security Measures

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The token security at OKX is based on the core ‘private key encryption, algorithm, with the hot and cold wallet technology developed on the basis of advanced privacy encryption technology. Moreover, to secure traders’ accounts from unauthorized access, OKX uses 2-factor authentication, Email verification codes, and Mobile verification code for withdrawal of funds as well as for other security settings.

OKX Customer Support

OKX offers 24/7 online customer support to its registered users to help them solve any technical or trading issues as per our OKX review. The customer support team can be contacted via phone, email-based ticketing, WhatsApp, or live chat available on both desktop and mobile apps.

Moreover, there is a great FAQ section and another interesting section called “join the community,” where users can get their issues answered and communicate with other members of the community.

OKX Customer Support

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OKX Review: Our Verdict

OKX is one of the best crypto exchanges in Singapore and in the world that caters to the needs of both beginners as well as professional traders. The competitive fee structure at OKX serves as a plus point for the exchange. OKX’s orientation towards the Chinese market is evident because it supports CNY (Chinese Yuan), encryption which helps OKX evolve stronger in the international markets, thereby catering to wider audiences.

FAQs

Is OKX a Good Exchange?

Yes, OKX is a very good exchange for cryptocurrency trading in all forms, be it spot, derivatives, futures contracts, options, etc.

Does OKX Require KYC?

OKX does not require KYC verification at the time of registration, but if any trader wishes to withdraw more than 100 Bitcoins within 24 hours, then the exchange might ask for KYC compliances.

Can US Citizens Use OKX?

No, US customers cannot use OKX due to strict regulations that are beyond the exchange’s control.

Is OKX Safe to Use?

Yes, it is one of the safest cryptocurrency exchanges with the most advanced encryption technology that secures the platform from hackers.

Can I Deposit Fiat on OKX?

No, OKX only allows cryptocurrency deposits to its exchange.

How Do I Get My Money Back From OKX?

Money can be withdrawn by the traders any time they wish to by filling out a withdrawal form and paying the required withdrawal fees.

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