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OKX Review in 2024: Pros, Cons, and Features

Last Updated January 18, 2024 3:18 PM
Justin Murphy
Last Updated January 18, 2024 3:18 PM

Are you looking for a reliable and reputable crypto exchange that offers a wide range of assets?

OKX  is among the top recommended cryptocurrency exchanges.

In this OKX review, we’ll outline the pros and cons of this crypto exchange.

We’ll also highlight some of the key aspects that stand out, including its low trading fees and diverse trading features. Whether you’re a seasoned or a beginner investor, read on to find out if OKX is the right exchange for you.

Disclaimer: The information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.

Affiliate disclosure: This website may contain affiliate links, which means we may earn a commission if you click on a product link and make a purchase/register.

Key Takeaways
  • Pros and cons of OKEX crypto exchange
  • Trading and leading fees
  • Supported banking methods
  • Cryptocurrencies and trading pairs
  • NFTs and trading bots
  • Key security features

Pros of OKX Crypto Exchange

  • Low fees: OKX has some of the lowest trading fees in the market. They start at 0.1% and go up to a maximum of 0.2%. It all depends on your monthly trading volume.
  • Advanced trade types: OKX offers advanced trade types such as margin trading, futures, and trailing stop orders. It is ideal for experienced traders.
  • Crypto staking and lending: OKX offers a staking program that allows users to earn rewards on their cryptocurrency holdings. It also offers lending services that allow users to earn interest on their cryptocurrency loans.
  • High liquidity: OKX has very high liquidity. It is a good choice for traders who want to buy or sell large amounts of cryptocurrency.
  • High staking APYs: OKX offers high staking APYs, which means investors can earn more interest on their staked tokens.
  • Hundreds of mining pools: OKX offers 11 proof-of-work mining pools to choose from, including Bitcoin, Ethereum, and Litecoin, along with tutorials on how to join each. This makes it easier for investors to mine cryptocurrencies.
  • Fiat currency deposits: OKX allows users to deposit fiat currency, such as USD, into their accounts.

Cons of OKX Exchange

  • Complicated fee structure: OKX has a complicated fee structure that can be difficult to understand for new investors.
  • Security concerns: In 2020, OKX suspended withdrawals for several weeks due to a security incident.
  • Not beginner-friendly: OKX is a complicated platform best for experienced traders. It offers advanced financial services built on blockchain technology, which can be overwhelming for new investors.
  • Limited customer support: OKX has limited customer support, which can make it challenging for you to get help when you need it.

Brief Overview of OKEX

okx homepage desktop

OKX  is an online platform designed to make it easy for you to explore the world of cryptocurrency trading. This cryptocurrency exchange offers a range of services, making it a one-stop shop for anyone looking to get involved in crypto. Here are some of the services that this exchange offers:

OKX allows you to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, and more. It supports hundreds of tokens and coin pairs on its trading site to buy, sell, or trade using leverage or your own on-chain portfolio.

You can purchase cryptocurrencies using various payment methods, including Apple Pay, Visa, Mastercard, MoonPay, and bank transfers.

When it comes to trading, you’ll have the following options:

  • P2P trading
  • OKX Convert
  • Mining pools
  • TradingView Platform

When and why was OKX founded?

OKX has a rich history. This platform was founded back in 2013 when cryptocurrencies were still a relatively new concept. Its creators saw the potential of digital currencies and believed in making them accessible to everyone. Their vision was to simplify cryptocurrency trading and make it secure, convenient, and user-friendly.

Key founders and developers

When it comes to the brains behind OKX, it’s essential to mention some key figures. Star Xu, a prominent figure in the world of crypto, is one of the co-founders. He’s been instrumental in driving OKX to where it is today.

He is always pushing for innovation and security. The team behind OKX consists of experts in various fields. The areas include blockchain technology, finance, and cybersecurity. The team makes sure the platform remains at the forefront of the industry.

OKX’ position in the market

OKX is a heavyweight in the world of cryptocurrency exchanges. It has a significant trading volume and a vast user base. Therefore, it is a go-to platform for many crypto enthusiasts. It is essential to remember that the crypto market is highly competitive.

But OKX has consistently held its ground and established itself as a trustworthy and reliable exchange.

Compared to competitors, OKX often ranks among the top exchanges, both in terms of trading volume and user satisfaction. This speaks volumes about its credibility and performance.

Notable achievements and partnerships

OKX has been on a journey of continuous growth and improvement. Over the years, the platform has achieved remarkable milestones. It’s gained recognition and respect from both its user base and the industry.

Heybit partnership

In July 2023, OKX partnered with liquidity provider Heybit  to offer the ‘Alpha on OKX’ automated trading service to global users. Heybit’s proprietary auto-trading strategy, Alpha, constantly monitors the market and seeks profits based on short-term price fluctuations, allowing the strategy to deliver consistent returns even during volatile market conditions.

Institutional trading platform

OKX has become one of the best exchanges for institutions and is a preferred trading venue for clients. It has highly competitive fees, deep liquidity, and multiple account margin types.

CoinRoutes partnership

In August 2023, OKX expanded its partnership with CoinRoutes  to serve institutional users. Institutional users with an OKX account can now trade on OKX through the CoinRoutes interface, which offers advanced trading algorithms, market data, and best execution.

SignalPlus partnership

In May 2023, OKX partnered with SignalPlus to bring advanced options trading tools to its users. This partnership enhanced the options trading experience for OKX users by providing them with access to SignalPlus’ all-in-one dashboard.

Komainu Connect

In June 2023, OKX became the first client to use Komainu Connect , a Nomura-backed regulated settlement and custody system that offers 24/7 trading.

Expansion to Turkey and France

In May 2023, OKX announced plans to open an office in Turkey in the coming months. In the same month, it also set up shop in Paris and sought regulatory approval.

Exclusive partnership with Quantower

In September 2023, OKX formed an exclusive partnership with Quantower , offering all traders free access to Quantower’s premium features with the OKX connection. This collaboration provides advanced tools to assist traders in making informed decisions and achieving better results.

OKX: Features and Services

features okx

In this section, we’ll explore the features and services offered by OKX. These include its user-friendly layout, available trading pairs, and order types. We’ll help you understand how to use the platform effectively and make the most of your crypto experience.

A user-friendly interface and layout

OKX’ user interface is designed with simplicity in mind. Hence, it is a great choice for both beginners and experienced traders. When you first step into the platform, you’ll be greeted by an intuitive and clean layout.

Navigating OKX is very easy. The platform offers a straightforward way to buy, sell, and manage your cryptocurrencies. You can quickly locate the essential functions and tools. These are conveniently placed within easy reach.

Certainly, many cryptocurrency exchanges are overwhelming for newcomers. But OKX goes the extra mile to keep things simple. However, some parts of the platform can be complicated to master, especially for new investors.

Variety of trading pairs

One of the exciting aspects of OKX is the extensive range of trading pairs it offers. Trading pairs represent the exchange rate between two cryptocurrencies. OKX provides a broad selection. So you can diversify your crypto portfolio or focus on your favorite digital assets.

How many trading pairs are there

OKX supports over 350 cryptocurrencies and more than 500 trading pairs. Some of the notable trading pairs include, but are not limited to:

  • AAVE/USDT
  • SOL/USDT
  • MATIC/USDT
  • XRP/USDT
  • DOGE/USDT
  • SHIB/USDT
  • DOT/USDT

Order types available at OKX

OKX offers a variety of order types to suit different trading strategies . Below are the available order types at OKX:

Market order

A market order is an order to buy or sell an amount of cryptocurrency immediately at current market prices. This is the simplest type of order and is executed at the best available price.

Limit order

A limit order is an order to buy or sell an amount at a specific price or better. After the order is placed, the system will post it on the order book. It will then be executed when the market reaches the specified price.

Stop order

A stop order is a type of order that has a trigger price where a second order is executed. When you place a stop order, you’re choosing the level you want to trigger the order. The system will execute the order when the market reaches that level.

Trailing stop order

A trailing stop order is similar to a stop order. But the trigger price is adjusted as the market moves in your favor. This allows you to lock in profits while still giving your position room to grow.

Trigger order

A trigger order is an order that is executed when a specific condition is met, such as a certain price level being reached. This can be useful for traders who want to automate their trading strategies.

Advanced limit order

OKX’ advanced limit order offers three more order options than a regular limit order. They include “Post Only,” “Fill or Kill,” and “Immediate or Cancel.” These options give traders more control over their orders and can help them get better prices.

Lending and borrowing features at OKX exchange

OKX offers lending and borrowing features to its users. Here are the details you should know:

Lending tools

  • OKX allows users to lend their cryptocurrency assets to earn interest.
  • The interest rate varies depending on the asset and market conditions.
  • Users can earn up to 98% per year by staking OKB, the coin of OKX.
  • The staking periods vary depending on the asset and can range from a few days to several months.
  • There may be limitations on the amount of cryptocurrency that can be lent, depending on the asset and market conditions.

Borrowing tools

  • OKX offers a loan service that allows users to borrow money using its cryptocurrency assets as collateral.
  • You can choose between single-collateral loans and multi-collateral loans.
  • With single-collateral loans, users can borrow up to 65% of their cryptocurrency’s value at a low interest rate starting at 1%.
  • With multi-collateral loans, users can pledge different assets as collateral for a single loan.
  • You can repay the loan whenever you want without any extra fees.

There may be limitations on the amount of cryptocurrency that can be borrowed. It depends on the asset and market conditions.

Overall, OKX’ lending and borrowing features offer users the opportunity to earn interest on their cryptocurrency holdings. Users can also borrow money using their assets as collateral.

The interest rates and staking periods vary depending on the asset and market conditions. There may also be limitations on the amount of cryptocurrency that can be lent or borrowed.

Supported wallets

OKX knows the importance of keeping your cryptocurrencies secure. That’s why it offers a variety of wallet options to cater to different needs and preferences. Below is a breakdown of the supported wallets:

OKX wallet

First, OKX provides its very own wallet for its users. This wallet is directly integrated into the platform. This ensures seamless access to your funds for trading.

The OKX wallet is user-friendly and easy to manage. It’s a fantastic choice for beginners since it supports over 50 networks including Bitcoin, Ethereum, OKC, and Tron. It eliminates the need for transferring funds to an external wallet before trading. Your digital assets are readily available when you need them.

External wallets

For those who prefer an extra layer of security or wish to store their assets independently, OKX allows you to link your external wallet. This offers you more control over your funds.

OKX supports various external wallets. These include hardware wallets like Ledger and Trezor, as well as software wallets like Trust Wallet, MetaMask, and more. This gives you the flexibility to choose a wallet that aligns with your security preferences.

The process of linking an external wallet is straightforward. You can think of it as connecting your bank account to a financial app. This option provides more security and control over your assets.

Supported coins

OKX is your gateway to a world of cryptocurrencies. It offers a substantial selection of digital assets. At any given time, OKX supports a wide range of well-known and emerging cryptocurrencies. The number of supported coins can vary. But, you can typically find dozens of options to diversify your portfolio.

Limitations and exclusions

OKX offers a vast selection of trading options, digital currencies, and tools. But you must be aware of some limitations and exclusions. Not every cryptocurrency is available on the platform. Certain coins may be excluded due to factors like regulatory considerations or market demand.

Additionally, the availability of specific coins may vary depending on your location. Regulatory compliance is a top priority for OKX, and they ensure that they meet the necessary legal requirements in different regions.

In terms of limitations, some cryptocurrencies may have trading restrictions. Also, they may not be available for trading on the platform.

Before making any investments, always check OKX’ current list of supported cryptocurrencies to ensure that they align with your trading goals.

OKX’ commitment to providing a wide array of cryptocurrencies, including new and unique ones, is a testament to its dedication to offering diverse opportunities for traders. Their cautious approach to exclusions ensures a secure and compliant trading environment for all users.

Supported NFTS

OKX offers NFT support through its OKX NFT Marketplace, which is a one-stop platform for multi-chain NFT trading. You can buy, sell, and transfer NFTs on the platform using a wide range of networks. Some of the supported networks include:

  • Ethereum
  • Solana
  • OKC
  • Polygon
  • BNB Chain
  • Avalanche C
  • Immutable X
  • Aptos
  • Arbitrum One
  • Optimism
  • Klaytn
  • Arbitrum Nova
  • zkSync Era

Does OKX have trading bots?

Yes, OKX offers several trading bots to help you automate your trading strategies. These bots can analyze market data, detect trends, and execute trades with precision and speed, without constant manual supervision.

Here is an overview of the trading bots offered by OKX:

Spot grid trading bot

OKX’ spot grid trading bot is an easy-to-use method of automating buys and sells. The bot can analyze market data, detect trends, and execute trades.

Futures grid trading bot

This is a powerful tool that allows you to automate their futures trading strategies.

DCA trading bot

This trading bot is a simple and effective way to automate your crypto purchase. It allows you to buy a fixed amount of cryptocurrency at regular intervals, regardless of the market price.

Smart portfolio trading bot

OKX’ smart portfolio trading bot is a sophisticated tool that allows you to automate your portfolio management.

Recurring buy trading bot

This recurring buy trading bot is a simple and effective way to automate your crypto purchase. It buys a fixed amount of cryptocurrency at regular intervals, regardless of the market price.

Arbitrage trading bot

Automate your arbitrage trades with a bot that analyzes market data and executes trades with precision.

Is OKX Safe?

OKX is a secure cryptocurrency exchange that takes the security of its users’ funds and data seriously.

Key security features

Here are some key security features:

  • Two-factor authentication (2FA) is required for all accounts
  • OKX uses cold storage to store the majority of users’ funds offline
  • The exchange has a bug bounty program that rewards users for reporting security vulnerabilities
  • OKX has a team of security experts who monitor the platform 24/7

Methods used to secure user funds and data

OKx uses the following methods to secure user funds and data:

  • Investors are responsible for keeping, protecting, and safeguarding their login credentials and other sensitive information.
  • OKX processes users’ personal data to maintain the security of their accounts and the exchange.
  • The exchange uses SSL encryption to protect users’ data during transmission.
  • OKX complies with KYC/AML requirements and verifies users’ identities before allowing them to trade on the platform.

Regulatory framework and licenses

OKX complies with KYC/AML requirements. It verifies users’ identities before allowing them to trade on the platform.

OKX has obtained licenses to operate in multiple countries, including the United States, Singapore, and Malta. The exchange is also registered with the Financial Crimes Enforcement Network (FinCEN) in the United States.

OKX Fees, Interest Rates, and Lending Rates

OKX has a tiered fee structure with trading fees ranging from 0% to 0.20%. Your tier is based on your 30-day trading volume with the exchange.

The fee table also has a maker-taker model. You pay a taker fee on orders that are filled immediately and a maker fee on orders that aren’t.

Deposits and withdrawals on OKX are free of charge when made through a bank account. But, there is a 3.99% fee when depositing funds using a debit card.

Margin interest rates fluctuate in real time between the highest and lowest possible daily rates. It all depends on supply and demand.

OKX also lets you earn interest on your crypto holdings by staking or lending them. Interest rates depend on the cryptocurrency, with several offering an APY of over 5%, and a few offering over 10%.

Note that fees vary by tier, and there is no account minimum. This can make it challenging for investors to calculate their trading costs.

Tier Total OKB holding Assets (USD) OR 30-day trading volume (USD) 24h withdrawal limit (USD) Maker Fee Taker fee
Lvl 1 < 100 < 100,000 or < 5,000,000 10,000,000 0.080% 0.100%
Lvl 2 > 100 < 100,000 or < 5,000,000 10,000,000 0.075% 0.090%
Lvl 3 > 200 < 100,000 or < 5,000,000 10,000,000 0.070% 0.080%
Lvl 4 > 500 < 100,000 or < 5,000,000 10,000,000 0.065% 0.070%
Lvl 5 < 1,000 < 100,000 or < 5,000,000 10,000,000 0.060% 0.060%

Spreads for Regular Users

Tier Assets (USD) or 30-day trading volume (USD) Maker fee Taker fee 24h crypto withdrawal limit (USD)
VIP 1 > 100,000 or > 5,000,000 0.060% 0.050% 12,000,000
VIP 2 > 500,000 or > 10,000,000 0.050% 0.045% 16,000,000
VIP 3 > 2,000,000 or > 100,000,000 0.030% 0.040% 20,000,000
VIP 4 > 5,000,000 or > 100,000,000 0.020% 0.035% 24,000,000
VIP 5 > 10,000,000 or > 200,000,000 0.000% 0.030% 30,000,000
VIP 6 —                  > 500,000,000 – 0.002% 0.025% 36,000,000
VIP 7 —                  > 1,000,000,000 – 0.005% 0.020% 40,000,000
VIP 8 —                  > 5,000,000,000 – 0.005% 0.015% 40,000,000

Spreads for VIP Users

Restricted Countries

OKX is available in over 100 countries worldwide, including regions such as Asia, Europe, Africa, the Americas, and Oceania. However, this crypto exchange is restricted in the following countries:

  • United States
  • Malaysia
  • Singapore
  • Bahamas
  • Canada
  • Netherlands
  • Cuba
  • Iran
  • North Korea
  • Syria
  • Crimea
  • Donetsk
  • Luhansk

Deposit and Withdrawal Methods

OKX supports several deposit and withdrawal methods, including bank transfers, debit cards, and cryptocurrencies. Deposits and withdrawals on OKX are free of charge when made through a bank account.

There is a 3.99% fee when depositing funds using a debit card. Cryptocurrency deposits and withdrawals are free of charge.

OKX supports several cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and others. Fiat currencies supported by OKX include USD, EUR, and SGD.

OKX supports cash deposits and withdrawals via bank transfer. Users can connect their bank accounts securely and buy crypto assets easily.

Efficiency of Customer Support

OKX offers several customer support channels. They include email, phone, and a help center. Here are some details on the availability and responsiveness of customer support channels and user experiences with customer support:

Availability and responsiveness

OKX’ customer support team is available 24/7. Users can contact customer support via email or phone. The OKX help center provides answers to frequently asked questions and allows users to submit support tickets.

Overall, OKX appears to offer several customer support channels and is generally responsive to user inquiries. However, some users have reported slow response times from customer support.

OKX Mobile app

OKX offers a mobile app for both iOS and Android devices. The OKX mobile app is secure and easy to use. You can buy, sell, trade, and earn crypto on the app. The app allows you to buy, sell, and stake over 30 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and Shiba Inu.

You can view your portfolio, check your earnings, and see a breakdown of the assets you own in one place. The app makes it easy for anyone to be part of DeFi.

The OKX mobile app offers real-time market data from the main site, including up-to-date price information and 24-hour volumes from all major exchanges on one page.

You can monitor market trends in an easy-to-read format. You can also set price alerts for market movements on any major exchange.

The app allows investors to deposit BTC and/or LTC into their accounts at any time using provided QR codes and addresses. You can place a market and limit orders from anywhere as well.

The OKX mobile app has a tap-to-buy feature that allows you to simply tap on any current order in the order book list and fill in the price field with that price. The app has an extra layer of security that protects against coin theft if the device is lost or stolen.

OKX Review: Final Thoughts

OKX emerges as a prominent cryptocurrency exchange offering a wide array of features and services. With low trading fees, advanced trade types, and high liquidity, it caters to experienced traders seeking diverse opportunities. However, its complicated fee structure and limited customer support may present challenges for new investors.

While OKX isn’t beginner-friendly, its continual growth, regulatory compliance efforts, and global expansion indicate its dedication to providing a robust and secure crypto trading platform. The mobile app further extends its accessibility, offering real-time market data and enabling transactions on the go. Ultimately, OKX remains a significant player in the competitive world of cryptocurrency exchanges, catering to both seasoned traders and those willing to navigate its complexities.

Frequently Asked Questions

What is OKX?

OKX is a secure cryptocurrency exchange that allows you to buy Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies. The exchange is user-friendly and the trading fees are considerably low which ensures you get the most from your assets.

How can I sign up for OKX?

To sign up for OKX, you need to create a free account with a quick verification process. You can connect your bank account securely and buy crypto assets easily.

What are the fees for using OKX?

OKX has a tiered fee structure with trading fees ranging from 0.1% to 0.20%. Your tier is based on your 30-day trading volume with the exchange. The fee table also has a maker-taker model. Deposits and withdrawals on OKX are free of charge when made through a bank account. However, there is a 3.99% fee when depositing funds using a debit card.

What deposit and withdrawal methods does OKX support?

OKX supports several deposit and withdrawal methods, including bank transfers, debit cards, and cryptocurrencies. Deposits and withdrawals on OKX are free of charge when made through a bank account. However, there may be limitations on the amount of funds that can be deposited or withdrawn, depending on the user’s account level and verification status.

How can I receive or deposit crypto on OKX?

You can receive or deposit crypto from an external wallet or exchange account using an address. OKX will generate an address for you when you select the crypto you want to deposit.

What are the deposit and withdrawal limits on OKX?

Deposit and withdrawal limits help OKX protect your account and comply with regulations. Your minimum limits and fees depend on the payment method. There may be limitations on the amount of funds that can be deposited or withdrawn, depending on the user’s account level and verification status.

okx review