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OKX crypto exchange review and features

OKX crypto exchange review and features

  • 2 March 2022
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OKX is a cryptocurrency exchange that allows users to buy, sell and trade supported assets. It also offers lending and borrowing of specific cryptos and the ability to join proof-of-work mining pools to earn crypto as a miner. Over 100 cryptocurrencies are currently offered on the OKX crypto exchange, with a huge range of crypto trading pairs (like BTC-ETH).

We reviewed OKX’s platform, fees, user experience, customer service, available cryptos, and more to see if it’s a good option for crypto investors and traders.

OKX crypto exchange Advantages and disadvantages

Advantages

  • Large selection of crypto
  • Advanced security features
  • Margin and futures trading
  • Native wallet service
  • Proof-of-work mining opportunities

Disadvantage

  • The trading interface can be too complicated for new users
  • Complex fee structure
  • Not available in the US

OKX crypto exchange Company overview

OKX was founded in 2017 by Mingxing “Star” Xu as a spin-off from sister company OKCoin. OKCoin has been forced to move its headquarters from Beijing to Hong Kong as China has cracked down on trading Initial Coin Offering (ICO) coins on any platform. In response, the OKX crypto exchange was formed and its headquarters moved to the Republic of Seychelles for more regulatory flexibility. OKX now operates in over 100 countries worldwide but is not available in the US.

OKX offers advanced charting, multiple order types, margin and futures trading, and competitive (albeit complex) trading fees.

Cryptocurrencies traded on OKX crypto exchange

OKX provides access to over 100 cryptocurrencies as well as hundreds of trading pairs like ETH-BTC. Popular cryptocurrencies offerings include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), and Shiba Inu (SHIB). New cryptocurrencies are added regularly and you can check out the full list of all support assets.

OKX also offers its exchange token (OKB) and also supports U.S. Dollar Coin (USDC).

OKX crypto exchange Trading experience

The OKX offers an easy way to buy crypto directly through its mobile or desktop interface, Buy Coins, allowing users to shop with a linked bank account, debit card, credit card, or through a range of online payment methods such as Google and Apple Pay. OKX crypto exchange supports over 30 “Fiat” currencies such as the United States Dollar (USD) and Turkish New Lira (TRY).

Those interested in trading crypto have a choice of base trading or leveraged trading. However, even the basic trading option offers a wide range of advanced order types, charting and analysis tools, and access to live order books. Beginners may feel overwhelmed by the options in basic trading as it is designed for advanced crypto traders and investors.

For leveraged trading, the OKX crypto exchange offers margin trading, options contracts, and derivatives trading in the form of perpetual swaps with up to 125x leverage. These types of trades require account activation and a user agreement to be signed.

OKX crypto exchange Fees

OKX crypto exchange offers relatively low fees for buying, selling, and trading crypto, but its fee structure is complex. Due to a large number of trading options available, OKX has multiple fee plans depending on the type of trade, the type of currency used, the volume associated with a trader’s account, and whether or not a user holds OKB.

Overall, OKX charges 0.10% or less per trade for most users. Credit and debit card purchase fees are also likely to apply. These fees are generally lower than many other exchanges.

OKX Trading Fees

OKX calculates trading fees based on a maker-taker fee model as well as user volume and total OKB Coin native balance in a user account. Pricing is based on a sliding scale, with discounts available as users make more transactions and hold more OKB coins.

In general, a “taker” is someone who places an order that is filled immediately, while a “maker” places an order that is placed in an order book (until a match is found). Fees charged for transactions vary based on the maker or taker classification (as shown in the table below).

Here is the OKX fee structure:

OKX Trading Fees

Volume discounts apply to more active accounts with a 30-day trading volume of $10 million (or more):

OKX Trading Fees

There are separate trading fee tables for margin trading, options trading, and perpetual contracts. View the full OKX fee schedule.

OKX crypto exchange Security

OKX offers advanced security features to protect user accounts, including private keys stored on various offline computers and the use of a proprietary network communication protocol to transmit user data over long distances.

Here are some of the unique security features OKX offers:

  • Multi-signature hot wallet: The private keys of the OKX hot wallet manages by three separate private key managers in geographically distributed locations.
  • Mandatory Two-Factor Authentication: OKX crypto exchange allows users and traders to require two-factor authentication (2FA) via Google Authenticator for fund withdrawals and account logins.
  • Anti-Phishing Code: Users can enable an anti-phishing code that will be provided in all OKX email communications to prove that emails are authentic and to avoid phishing scams.
  • Cold Storage: OKX keeps 95% of all crypto assets in cold storage vaults that are offline, and the private keys for these vaults keeping in geographically distributed locations.
  • Funds Password: OKX allows users to set up a funds password to be used when withdrawing funds.

Opening an OKX crypto exchange account

To sign up for an OKX crypto exchange account, you should use a valid phone number or an email address. Users can also log in with a Telegram login or use their Google credentials. Once new accounts have been verified via email or SMS, users need to set up two-factor authentication.

OKX crypto exchange has four different account verification levels. Higher tiers give users access to more features on the OKX crypto exchange.

  • Unverified: Unverified accounts are limited to a daily withdrawal limit of 10 BTC and cannot buy cryptocurrency with fiat currency.
  • Stage One: The basic verification requires users to enter their nationality, name, and document identification number. This increases the daily withdrawal limit to 200 BTC and allows users to buy crypto with fiat currency. There is also a $500 cumulative P2P transaction limit.
  • Tier Two: This verification requires users to verify their identity with a photo ID. You will also need to do face verification through Net verify. This increases the daily withdrawal limit to 500 BTC and a cumulative P2P transaction limit of $10,000.
  • Stage Three: This review only requires users to read and agree to the OKX Disclaimer via the mobile app or website after going through the previous two steps. This has the same daily BTC withdrawal limit as stage two, but a higher cumulative P2P transaction limit of $100,000.
OKX crypto exchange Platform

The crypto broker offers a platform that is easily accessible via the Internet. Once you have your credentials, you can open the online platform through the OKX website.

With a clean interface and intuitive dashboards, customers can view real-time crypto prices, buy and sell bitcoin and other digital assets with a few clicks, and set up live price change notifications for the coins they follow.

The platform also allows you to compare token prices across exchanges and analyze volume data. For mobile traders, users can download iOS and Android applications from the respective app store. With the same features as its desktop counterpart, users can make price predictions and make money with the broker’s suite of products.

Customer reviews of the platform are positive, highlighting its reliability and hassle-free connection process. The broker’s demo account is also available in the mobile application.

OKX crypto exchange Platform

OKX crypto exchange Deposits and Withdrawals

OKX accounts must be funded with digital currencies – fiat currency deposits are not accepted. Customers can purchase cryptos using a credit card or transfer tokens from a hardware wallet address or alternative exchange. Crypto transfers usually only take a few minutes.

When purchasing digital assets, customers can choose from a range of payment options including credit and debit cards, bank transfers, Google Pay, and PayPal. Among others, USD, GBP, and EUR are supported.

While there are no deposit fees, users must pay withdrawal fees, which vary by crypto. The minimum and maximum deposit and withdrawal limits also vary by token – visit the broker’s website for a comprehensive list. The OKX also offers a My Wallet feature that allows clients to manage funds across their various trading accounts and tokens.

OKX crypto exchange Deposits and Withdrawals

OKX crypto exchange Customer service

OKX offers customers 24/7 phone support, which is unique for a cryptocurrency exchange. It also offers live chat support through its official Telegram channel. In addition, OKX provides basic customer service through Twitter and other social media channels.

OKX crypto exchange offers an extensive library of help articles on its support center, as well as educational articles and tutorials on its website.

Customer satisfaction

OKX receives mixed reviews. Some customers have complained about losing access to funds and customer service issues. While this seems to be a common complaint about most crypto exchanges, it is still a concern. Other reviews were indeed positive. It is important to understand the withdrawal process as well as know-your-customer (KYC) user identification protocols for account verification before depositing funds into a cryptocurrency exchange.

Overall, the OKX crypto exchange provides a variety of support options for users, including 24/7 phone support and various social channels to connect.

OKX Account management

OKX crypto exchange is a web-based platform and it allows users to buy, sell and trade cryptocurrencies, as well as stake crypto to earn interest and join miner pools to earn crypto rewards. Users can log into their account through a web browser and simply deposit funds and start buying crypto.

OKX also has a mobile application for access to live trading, portfolio monitoring, and account management. The advanced charting and trading tools on the OKX mobile app are almost identical to the tools on the web-based trading platform.

OKX Safety & Security

As a legal cryptocurrency exchange, the OKX crypto exchange uses a sophisticated security architecture. The OKX crypto exchange uses distributed server clusters in addition to cold storage multi-signature wallets.

2FA via Google Authenticator can also use for providing an extra layer of security for funds.

Before customers can withdraw winnings, they may need to pass the exchange’s various KYC identity verification levels. This is an increasingly common practice on crypto platforms and designs to reduce fraud and money laundering.

Despite these precautions, no crypto exchange is truly secure by bypassing reports of hacking issues and account passwords. The company has since issued new security policies, but we’d still advise caution when investing in the crypto space.

How OKX compares to other cryptocurrency companies

OKX crypto exchange is a great option for experienced cryptocurrency traders who want access to margin, futures, and options trading with very low trading fees. Also, OKX offers multiple ways to deposit funds and supports over 30 fiat currencies around the world.

OKX offers a wide range of cryptocurrencies to buy and trade and even allows users to join mining pools to earn crypto. Although not available in the US, OKX is available in well over 100 countries worldwide.

Here’s how OKX compares to Coinbase, a popular crypto exchange in the US.

OKX vs Coinbase

OKX crypto exchange and Coinbase crypto exchange are two of the largest crypto exchanges in the world and both support many cryptocurrency trading pairs. Each offers secure cold storage of most crypto assets and over-the-counter (OTC) services for companies and fund managers.

But while OKX is designed for advanced traders who want access to margin, futures, and options trading, Coinbase is designed for new investors looking for an easy way to get started buying crypto. Coinbase offers an intuitive mobile app and trading interface, while OKX offers advanced charts, order types, and trading pairs.

Here are a few more differences between OKX and Coinbase:

  • The Coinbase mobile app provides breaking news and instructional videos on each supported crypto token.
  • OKX offers access to perpetual swap trading, which is a derivatives product
  • Coinbase is available in the US, but OKX is not.

OKX crypto exchange offers active crypto traders access to a huge range of trading instruments and options, as well as the ability to trade on margin. Coinbase, on the other hand, offers simple trading tools and charts for beginners and is ideal for users who are new to crypto investing.

Conclusion

OKX is a great platform for non-US residents who want sophisticated trading tools and low fees. OKX crypto exchange provides some unique trading options as well as the ability to mine crypto.

The OKX crypto exchange offers a wide range of security features, including offline cold storage with geographically distributed private keys. It also offers multi-signature hot wallets, and anti-phishing codes for email communications.

While OKX does receive complaints about user funds being locked into accounts, with 24/7 phone support, customer service is always available. Overall, OKX is a decent option for active traders who value security and want access to a wide range of crypto trading options.


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