OKX Review 2024: Features, Fees, Security & More

Supported Coins & Countries

The OKX exchange provides a broad range of trading options for crypto enthusiasts worldwide. With 368 different coins available, customers can buy and sell assets with over 90 fiat currencies, including USD, AUD, NZD, THB, CAD, EUR, and BGP. It also offers over 800 markets, which will appeal to many traders.

While OKX caters to a global client base, certain jurisdictional restrictions prevent individuals from certain countries from using its services. These locations include Hong Kong, Cuba, Iran, North Korea, Malaysia, Crimea, Sudan, Syria, the United States (including all U.S. territories), Ecuador, Bangladesh, Bolivia and Kyrgyzstan.

OKX Payment Methods

Although OKX facilitates trading with both fiat and digital currencies, it only allows deposits of cryptocurrencies into a trader’s account (no fiat deposits are supported on OKX). Traders can buy cryptocurrencies on the OKX website using a credit card or transferring them from other exchanges or a hardware wallet. 

Once their accounts are funded, traders can begin trading directly on the OKX platform. They have several payment options: bank account transfer, debit card, credit card, Google Pay, Apple Pay, IMPs, or PayPal. 

When traders wish to withdraw their preferred cryptocurrencies from the OKX platform, they will be charged a small withdrawal fee. For instance, a fee of 0.0005 BTC applies to bitcoin, 0.01 to Ethereum, and 0.15 to Ripple.

OKX Fee Structures

OKX charges the following infrastructure fees to registered traders.

Deposit & Withdrawal Fees

OKX does not charge deposit fees to traders. But there is a small fee to withdraw money, which is much less than what other similar crypto exchanges charge traders who are signed up. The withdrawal fee is typically based on the blockchain load of each digital asset. The fee amounts to 0.0005 BTC for bitcoin, 0.01 for Ethereum, and 0.15 for Ripple.

Trading Fees

As one of the world’s top crypto spot and derivatives exchanges, OKX has a unique trading fee structure compared to other crypto exchanges. The fee is based on whether a trader is a market maker or a market taker. However, most crypto traders are market takers due to the significant number of securities required to become a market maker.

OKX charges market takers a maximum of 0.15% for spot trading if they hold less than 500 OKB tokens. However, traders with over 2,000 OKB tokens in their OKX wallet can reduce their maker fee to 0.06% and their taker fee to 0.09%.

For futures and other perpetual markets, the maker and taker fees start at 0.02% and 0.05%, respectively, and can also be reduced depending on the number of OKB tokens held in the trading account. 

Advanced traders with a high net worth and significant trading volume over the past 30 days may also be eligible for additional rebates and fee discounts.

Margin Fees

OKX’s margin trading enables registered traders to borrow funds from the exchange and open positions with more capital than initially deposited. Traders can avail of a margin trading ratio (or leverage ratio) of 10:1 and 20:1, which increases to 100:1 when buying crypto tokens via perpetual swap contracts. The platform charges fixed interest rates on overnight positions, and margin interest rates are applied whenever tokens are borrowed.

Trading Experience

OKX has an easy-to-use trading form for beginners and a busy trading platform for intermediate and advanced traders. It’s intuitive and ideal for users who want to purchase their first Bitcoin, Ethereum, or any other supported currency.

For those who want to swap currencies easily, including stablecoins, OKX provides a conversion form that functions like a simple market trade on the active trading platform but with a more user-friendly form and interface.

The active trading platform, which supports market, limit, and stop orders, advanced conditional trades, an open order book for supported coins, and customisable market charts, is available to advanced traders. Users can also personalise layouts according to their needs.

OKX Trading Products

Spot trading

Spot trading is the most straightforward type of trading available on OKX. When you make a spot trade, the transaction is settled immediately at the current market price, regardless of whether the cryptocurrency price fluctuates before delivery.

OKX offers spot trading for over 350 cryptocurrencies across various trading pairs. Once a spot account is funded, you can start trading their preferred assets. Additionally, advanced traders can use OKX’s spot trading order types, which include market, limit, and trail orders, to trade more efficiently.

Margin trading

OKX offers a feature called “margin trading,” which lets crypto traders increase their trading power by borrowing money and multiplying their assets. This can lead to more significant gains or losses, depending on how the trade goes. The process involves transferring assets from the funding account to the margin account to begin trading with leverage.

Perpetual Swap

To trade perpetual swaps, you will find a user interface similar to that of futures instruments on OKX, with the only exception being that you cannot adjust the expiry time. Before you make any trades, you must monitor the constantly changing funding rate.

It’s also essential to pay attention to the position tier guides and how they affect the margin requirement, particularly for higher tier limits, which differ slightly from futures.

Trading bot

OKX offers customised trading bots to help cryptocurrency traders execute automated trading strategies. These bots can trade cryptocurrencies automatically in spot grid, futures grid, smart portfolio, recurring buy strategies, arbitrage, iceberg, and TWAP modes. Some modes are more complex and have higher risks, so they may best suit experienced traders.

OKX Yield Generation

OKX provides users with various passive income opportunities, regardless of their trading experience. These earning products include:

Staking

One of the ways to earn passive income on OKX is through staking. Users can get rewards by locking their assets on the platform.

Over 80 assets can be staked on OKX for durations of 15, 30, 60, 90, or 120 days, and the staking rewards vary depending on the asset and duration selected. Staking rewards can range from 1.5% to 72%.

Savings

Another option for earning on OKX is the Savings feature, which offers a lower Annual Percentage Yield (APY) than staking. It is a value-added product that enables users to earn interest on their assets every hour.

OKX’s Savings feature is versatile, allowing users to deposit and withdraw cryptocurrency at leisure. There are over 150 assets available for saving, with the APY ranging from 1% to 36.50%, depending on the asset being deposited. The rewards are paid out in the form of the deposited asset.

Dual Investment

Dual investment is a high-risk, high-reward option offered by OKX that enables traders to invest in cryptocurrencies such as BTC, ETH, or USDT. Traders can register for any term-based deal and sell their assets for USDT at a higher price or receive more cryptocurrency. However, market volatility can significantly impact the profit, and the final amount of profit can only be determined at the offer’s expiration date.

DeFi

OKX provides access to DeFi services, allowing users to benefit from earning opportunities on popular DeFi platforms such as Sushiswap, Compound Finance, and Aave. Users can avoid the steep learning curve of DeFi protocols by using this product. They can also generate passive income by staking, lending pool liquidity, and participating in decentralised exchanges. As this is a non-custodial service, it is less risky than traditional custodial services.

Flash Deals

The OKX website occasionally features high-yield flash deals, which are time-limited offers. To participate in these offers, traders must deposit their cryptocurrency into the project in the order they sign up.

Participants will receive interest based on the amount they deposited, and paid within 24 hours after the project ends.

It is important to note that you cannot opt out of a flash deal once you subscribe to it. Therefore, participants should carefully consider this before joining.

OKX Token (OKB)

The Seychelles-based OKX exchange introduced OKB, a token with a utility function, in 2017. The token primarily serves as a means of payment for trading fees. It also enables users to participate in platform governance and development through voting. 

Holders can stake OKB for rewards and access other platform incentives. OKX may offer transaction discounts of up to 40% depending on the amount of OKB tokens held.

OKB is a deflationary token with a maximum supply of 300 million shares. OKX promises to buy back and burn shares every three months, ensuring that the number of tokens in circulation does not increase, which is believed to drive up demand and value.

Proof-of-Reserves

OKX provides users with comprehensive information to ensure their funds are secure on the platform. It boasts a 1:1 asset backing for deposits and conducts proof of reserves (PoR) to disclose on-chain and off-chain assets and liabilities.

Users can easily access the most recent audits completed by logging into their accounts and selecting “Audits” and “Details.” OKX also offers a guide for those interested in participating in the verification process.

Users’ assets in the exchange and OKX’s wallet addresses and assets are used for verification.

MetaX Web3 Wallet

MetaX is a smart wallet that enables multichain functionality across 15 blockchain networks and over 1000 DeFi protocols. OKX’s goal was to create a versatile platform that simplifies navigation in the world of DeFi, all from one place. 

Anyone familiar with DeFi knows the challenges of switching between various DeFi platforms and crypto-wallets. MetaX is a one-click solution connecting multiple DEXs, allowing users to create, manage, trade NFTs, and explore over a thousand DApps. This level of convenience could be a significant catalyst for driving mass crypto adoption. 

One of the primary hurdles in crypto adoption and DeFi is the learning curve and complexity, so OKX’s creating a bridge that connects user-friendly CeFi interfaces with the powerhouse of DeFi is a noteworthy achievement.

OKX Mobile App

The OKX mobile app is a powerful and convenient trading tool that can fit in your pocket. It provides access to all OKX markets, including futures, spot, and margin trading. In addition, users can explore NFTs and GameFi apps and stake and farm on the app.

The app offers the same comprehensive features as the browser version, ensuring a safe and transparent trading experience. Interactive charts enable in-depth analysis, and one-touch ordering simplifies trade execution.

The app is available for iOS and Android and has received positive user feedback. The OKX team has promptly addressed any complaints.

OKX Security

As one of the world’s major cryptocurrency exchanges with significant capital backing, OKX is expected to maintain top-tier cybersecurity standards. The exchange employs various security measures, such as GSLB, distributed server clusters, and cold storage multi-signature wallets.

OKX has not experienced any major security breaches or exchange hacks. However, several account holders reported in October 2017 that their OKX accounts had been compromised and their crypto holdings had been stolen. 

The exchange attributed the theft to the account holders’ failure to secure their accounts adequately, including making their passwords and logins accessible. OKX denied that its security wasn’t good enough and gave its clients new rules about keeping their accounts and wallets safe.

Customer Support

For the most part, managing your OKX account will be a self-service task, as you’ll be responsible for handling your trades and account updates on your own. However, if you require additional assistance, OKX offers a help page, chat support, and a phone number listed on the OKX website.

Most of the information is available in a comprehensive help centre, which covers using, updating, and maintaining your account.

Consumer reviews of OKX are mixed, with positive feedback praising the platform’s easy-to-use interface, fast transactions, and low fees. 

Negative reviews, on the other hand, have criticised poor customer service, lost funds, and slow withdrawals. According to Trustpilot, OKX has an average rating of 3.4 stars out of five, based on nearly 300 reviews, which is relatively high for a cryptocurrency exchange.

FAQs About OKX

What is OKExChain Token (OKT)?

The OKExChain token, also called OKT, is the main token in the OKExChain ecosystem. It gives users the ability to vote, stake, and pay transaction fees for decentralised exchanges and other DeFi applications on the network. During the OKT genesis block, 10 million OKT tokens were initially created and distributed to OKB holders who staked their OKB on OKEx Jumpstart. OKT follows a halving model where its block reward is halved approximately every three years.

Is OKX crypto exchange legit?

Yes. OKX has its headquarters in Seychelles and is regulated in multiple countries, including Hong Kong and Malta. It follows the Virtual Financial Asset Act (VFAA) in Malta, Money Laundering Prevention Law in Hong Kong, and the Financial Action Task Force (FATF) guidelines. OKX implements a rigorous KYC/AML process to ensure its users’ safety and compliance..

Does OKX require users to complete KYC?

Upon registration, OKX does not mandate KYC verification. However, unverified accounts can only withdraw up to 10 BTC daily and trade up to $500. To unlock full access to OKX’s trading features, completing the KYC (know your customer) requirements is necessary.

Is my cryptocurrency safe with OKX?

OKX is a good cryptocurrency exchange that takes the safety of client information and funds seriously. The platform uses several security measures, such as cold storage wallets, to keep hackers out and prevent breaches. It’s worth noting that in 2017, there was reportedly a potential hack after a significant amount of Bitcoin was transferred out of OKX.

Does OKX have a demo account?

Yes. Individuals can use OKX’s free demo crypto account to practice trading cryptocurrencies without risking real money. This is one of the best trade spot, margin, or futures demo websites.

Final Thoughts:

OKX is a centralised cryptocurrency exchange headquartered in Seychelles, providing a wide range of features such as four types of trading, staking options, and an IDO launchpad. OKX boasts some of the lowest trading fees, starting from 0.1%, and supports over 368 cryptocurrencies The exchange is regulated under the Virtual Financial Asset Act (VFAA) in Malta and the Money Laundering Prevention Law in Hong Kong and conducts strict KYC/AML procedures to ensure user security and compliance.