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, ranking 4th in terms of trading volume per our research and OKX review. Besides trading popular cryptocurrencies, OKX also offers spot, futures, and derivatives trading. As such, it is considered the world’s largest spot and derivatives exchange (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 to Malta after the Maltese government adopted a friendly approach to cryptocurrency investment and trading. Initially known as OKEx exchange, it got 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 |
OKX was born out of its sister company OKCoin, a simpler crypto exchange USA that mainly targets professional crypto traders. OKCoin only focuses on cryptocurrency trading (buying and selling) and ICO tokens. In contrast, 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 provided 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 of how the exchange works as per their independent research procedure.
Features of OKX Exchange
The OKX trading platform hosts some of the most innovative features that make it one of the top cryptocurrency exchanges in the world.
- Easy-to-use interface allows beginners and more experienced traders to trade crypto on the platform.
- Offers a huge selection of trading assets – more than 140 digital tokens and over 400 BTC and USDT pairs.
- Allows multiple payment options like debit card, credit card, wire transfers, Google Pay, bank transfer, etc.
- Offers a wide range of crypto trading solutions like spot trading, margin trading, DEX trading, futures, options, perpetual swaps, and quick trade (one-stop marketplace).
- Low fees structured 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 Advanced Financial Services
Besides the above features, OKX exchange boasts of the following key features and advanced financial services it offers its registered traders.
OKX Pool
This OKX exchange review even covers how traders can earn a passive income through mining pools. Introducing OKX’s Mining Pool.
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 mining 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. In return, they will earn an additional passive income.
Algo-order Options
Various types of orders available in the market help investors place a trade at a predefined trade 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 cryptocurrencies with different types of orders, such as:
- Limit market order
- Stop-limit order
- Advanced limit order
- Iceberg
- Trailing top order
- TWAP or Time-weighted average price orders
OKX Review: Pros and Cons
OKX, like many exchanges, has its advantages and disadvantages.
| Pros | Cons |
| Low trading fees. | US citizens are not allowed. |
| Zero OKX deposit fees. | A demo account is not available. |
| Accepts multiple payment methods, such as a bank transfer. | There are limitations to withdrawals. |
| Huge selection of crypto coins. | |
| Allows a range of pro-trading options like spot, futures, and derivatives 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
To create 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 they will need every time they log into their accounts on OKX.
Next, a 6-digit pin code (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 cryptocurrency exchange apart from most competitors. However, if any trader wishes to withdraw over 100 BTC in 24 hours, the exchange might ask to submit KYC documents.
Deposit Funds
After the account verification is done with the 6-digit pin code, 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 on the platform, allowing users to 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 when they receive the selected cryptocurrency. Copying the wallet address into the user’s 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 digital 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 trading options like spot trading, margin trading, futures trading pairs, options, DEXs, or perpetual swaps.
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, thus setting their trading conditions. In case they select the “buy” option, they will have to select any of the supported fiat currencies and set the amount of specific crypto that they wish to buy with the fiat currency. Users will then be directed to a separate page where OKX offers the best prices for cryptocurrencies provided by third party services.
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 world’s top crypto spot and derivatives exchanges, and therefore the trading fee structure of OKX is slightly different from other crypto exchanges. OKX’s trading fee structure depends on whether a trader is a market maker or a market taker. However, most 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 fee/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 fee and taker fee 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 exchange fees are more competitive. High net worth advanced 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 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 crypto tokens through perpetual swap contracts. Therefore, the platform charges fixed interest rates on any position held overnight. OKX charges margin interest rates whenever tokens are borrowed. To know full fee details of the OKX cryptocurrency exchange, click here.
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 digital currencies, it allows only cryptocurrencies to deposit funds into a trader’s account; there is no OKX fiat deposit allowed on the platform. Traders can either purchase cryptocurrencies on the OKX 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 begin trading on the OKX platform.
For buying cryptocurrencies, traders can use multiple payment methods like bank account transfer, debit card, credit card, Google Pay, Apple 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 trading features that the OKX platform offers. The website’s user interface is very easy, and anyone, even if they don’t have prior trading experience, can operate on such platforms and can easily execute trades on OKX. The security, usability, competitive trading fees, excellent customer service, and high liquidity are some points that have yielded commendable performances for OKX. Thus, it has become the best crypto exchange 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 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 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 an easy-to-use interface that attracts newbies and professional traders.
OKX Supported Countries
OKX is available to more than 100 countries with the following exceptions – Hongkong, the 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 VFAA compliant trading services. VFAA, or the Virtual Financial Asset Act, is a regulated authority under Malta Financial Services. The OKX exchange is trusted by the users that use its great features. 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 is safe to use as it practices token security based on the core “private key encryption” algorithm, with the hot and cold wallet technology developed based on advanced privacy encryption technology. Moreover, to secure traders’ accounts from unauthorized access, OKX uses Two Factor Authentication, Email verification codes, and Mobile verification code to withdraw 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, 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 users.
OKX Review: Our Verdict
The OKX exchange is one of the best cryptocurrency exchanges in the world that caters to the needs of both beginners and professional traders. This positive review points out that 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 cryptocurrency exchange markets, catering to a wide array of 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, trade options, etc.
Does OKX Require KYC?
OKX does not require KYC verification at the time of registration. Still, if any trader wishes to withdraw more than 100 Bitcoins within 24 hours, then the cryptocurrency exchange might ask for KYC compliance.
Can US Citizens Use OKX?
No, US customers cannot use OKX due to strict regulations beyond the exchange’s control.
Is OKX Safe?
Yes, the OKX platform is safe to use thanks to its hot and cold storage implementation based on advanced encryption technology, which secures the platform from hackers.
Is OKX Legit?
Yes, the exchange is widely trusted by traders because of its security, features, customer service, and its positive reviews over the years.
Can I Deposit Fiat on OKX?
No, OKX only allows cryptocurrency deposits to its exchange.
How Do I Get My Money Back From OKX?
The traders can withdraw money any time they wish to by filling out a withdrawal form and paying the required withdrawal fees.