OKX is an innovative cryptocurrency exchange with advanced financial services. This OKX review is an up-to-date, detailed analysis of the OKX exchange, containing everything you need to know about OKX and whether it’s the right exchange for you.
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OKX Exchange review
OKX was founded in 2017 with headquarters in the Seychelles and offices around the world. OKX is the world’s 18th largest cryptocurrency exchange by volume, according to Coinmarketcap. The website claims to have over 20 million users from over 200 countries. Users from the United States are not accepted due to regulatory and compliance issues.
Users can open an account and trade over 350 cryptocurrencies. OKX also supports margin borrowing, earning cryptocurrency through staking and savings, cryptocurrency-backed loans, and advanced products such as mining pools and its own blockchain, OKX Chain, as well as a native token, OKB, which allows builders and projects to deploy DApps and developers to use infrastructure such as OKX.
OKX could function as an exchange in addition to a third-party cryptocurrency wallet or as your primary location for cryptocurrency-related activities. Lets ride along as we find out more in the OKX review.
OKX review: What is OKX?
OKX Crypto Exchange is a centralized exchange (CEX) and wallet platform that serves millions of customers around the world. The exchange provides basic trading, such as spot and simple options, as well as derivatives such as margin, futures, perpetual swaps, and options.
With an OKX account, you can easily buy cryptocurrency with a card, bank account, or mobile wallet. In some cases, it also provides exceptionally high yields when participating in staking or saving features. While it is not the largest cryptocurrency exchange on the market, it does an excellent job of supporting a wide range of currencies and services. OKX could meet your needs if you want to manage your cryptocurrency activity with a single login.
OKX review: OKX Pros and Cons
This OKX review displays the pros and cons of OKX exchange, let’s find out what they are.
- Educational Resources: OKX has a pool of educational resources to help beginners navigate this world of DeFi, with content like what is Blockchain, how Blockchain works, what is proof of stake, and more.
- Several options to purchase cryptocurrencies exist: Buy currencies in a few clicks with a credit or debit card, bank account transfer, Apple Pay, Google Pay, and other supported services.
- Ability to Earn: There are opportunities to earn over 30% annual interest rate when staking certain cryptocurrencies.
- Copy Trading: OKX Copy Trading aims to build an efficient, transparent, and profitable trading tool for OKX traders. With a low minimum trading limit, copy and lead traders can quickly explore new ways to open revenue streams, gain exposure, and engage with the wider trading community.
- Affiliate Program: OKX Affiliate program gives you the ability to earn up to 50% of your invitees’ trading fees. You can get started in no time with three simple steps: become an affiliate, promote OKX (blogs, posts, etc), and start earning.
- Not available in the U.S.: OKX is not available to residents in the US. So if you’re in the US you can check out our other cryptocurrency exchange reviews.
OKX review: How OKX Works
OKX is a cutting-edge cryptocurrency exchange that uses blockchain technology to provide trading, investment, and learning resources.
Based on trading volume, it is one of the world’s largest cryptocurrency exchanges. It provides access to hundreds of tokens and trading pairs for millions of users in over 200 countries. In addition to futures trading, it provides an array of services like spot trading, margin trading, staking, perpetual swaps, lending, and crypto mining services, among others.
OKX Sign up
This OKX displays a detailed guide to signing up on OKX in no time.
To begin, first off, you’ll have to visit the OKX website. Then head to the OKX homepage’s top right corner and click “Sign up.”
Now enter your email address in the email field to proceed.
Click “Sign up” when you’re ready to sign up with your email address.
Check your email for a six-digit registration verification code that will be sent to you.
You will have 10 minutes to enter the verification code into the “Enter code” field. When you’ve done so, click “Next” to proceed.
Enter the password you want to use to protect your account within the Password field, then click “Next.”
You can now access your OKX account dashboard.
Note: To get started, you have two options: you either buy with a card, which allows you to buy Bitcoin and 99 other cryptocurrencies with 92 fiat currencies, or you deposit funds from another platform or wallet to your OKX account.
Identity verification is required for any cryptocurrency exchange in order to provide a secure and compliant trading environment. A well-established identity verification policy assists exchanges in getting to know their customers and detecting suspicious or illegal activities such as fraud, money laundering, and terrorist financing.
Users should be aware that identity verification is not required to deposit or trade cryptocurrency on OKX. If you only want to do the above, you can skip this step.
OKX verification will necessitate the verification of certain documents, such as your Basic ID. Level one users must enter their nationality, name, and document identification number. While level two ID verification requires users to verify their identity with photo identification as well as perform a facial verification via Netverify.
Level One users can withdraw a maximum of 200 BTC per day. Level 2 has a daily withdrawal limit of 500 BTC. OKX also allows users to buy cryptocurrency through peer-to-peer channels. There are cumulative P2P transaction limits for two levels of users: $500 for level one and $100,000 for level two.
OKX review: OKX APP
OKX provides a user-friendly mobile application with an easy-to-use interface that appeals to both novice and experienced traders. The app is also compatible with Android and iOS devices. OKX’s mobile app, according to this OKX review, serves as an all-in-one crypto trading platform for traders.
It enables traders to buy and sell cryptocurrencies in all available forms, whether spot or derivatives, provides a real-time view of streaming quotes, stores crypto coins in its built-in digital wallet, allows for easy deposit and withdrawal of funds, and also offers a subscription to updated crypto news. The exchange has amassed a pool of positive user reviews with a 4.4 ⭐ rating in over 270k reviews on playstore.
OKX provides REST and WebSocket APIs to suit your trading needs. The platform uses a higher API version, V5. Unlike API V3, the endpoints in API V5, such as placing orders and retrieving positions, are unified across products.
A unified account is a brand-new trading system launched by OKX, through which users can trade spots and derivatives simultaneously in multiple currencies by one account without transferring funds back and forth between multiple accounts, making the trading process much easier.
Also, For Trading-related APIs you can place orders, cancel orders, and amend orders.
OKX Supported Cryptocurrencies
This displays the cryptocurrency exchange list of OKX, as it supports a wide array of trading pairs and over 350 cryptocurrencies. So if you’re wondering what coins OKX supports, well, let’s take a peek at some of the most popular cryptos. Among them are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- OKC Token (OKT)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Tether (USDT)
- Polygon (MATIC)
- Litecoin (LTC)
- Chainlink (LINK)
- Internet Computer (ICP)
- Ethereum Classic (ETC)
- Stellar (XLM)
- Theta Network (Theta)
- Uniswap (UNI)
- Tron (TRX)
- Algorand (ALGO)
- Filecoin (FIL),
The exchange accepts a wide range of major currencies. If you’re looking for a specific coin, there’s a strong chance you’ll find it at OKX.
OKX review: OKX Fees
The fee structure is based on a market model with takers and makers. Trading fees on the platform begin at 0.08% for makers and 0.1% for takers. Regular and VIP OKX users pay different trading fees. Regular users are divided into tiers based on their total OKB holdings, whereas VIP users are divided into tiers based on their 30-day trading volumes and daily asset balances.
Users will benefit from the highest fee tier if they meet the conditions of the different fee tiers in terms of spot trading volume, the total trading volume of futures and perpetual contracts (USDT-margined, USDC-margined, and crypto-margined), options trading volume, and total assets. The fee structure is displayed in the image below.
Staking is a method of earning rewards by encrypting crypto assets and storing them in proof-of-stake (PoS) networks. When you stake your assets, you contribute to the network’s operation and governance. The ratio of your staked amount to the total staked amount determines your reward.
OKX lets you stake over 70 cryptocurrencies. So you can earn passive rewards on your idle cryptocurrencies by staking them to earn over 30% annual percentage yield (APY).
OKX wallet claims to be the “portal to Web 3,” with a crypto hot wallet, a decentralized exchange (DEX), an NFT marketplace, and decentralized applications (DApps). The wallet supports over 40 networks, including major blockchains such as Bitcoin, Ethereum, BNB Chain, Solana, Polygon, Avalanche, Fantom, and others.
OKX review: OKX Restricted Countries
OKX offers diverse asset classes for millions of crypto traders in over 200 countries. According to this OKX review, OKX Crypto Exchange does not provide services in the following jurisdictions:
- Hong Kong
- North Korea
- United States of America — including all U.S. territories
- Kyrgyzstan, and Malta.
OKX Customer Service
Whether you’re an experienced crypto trader or brand new to bitcoin and cryptocurrency, the OKX customer support team is here to help. For answers and feedback, you can reach out to OKX support via email at firstname.lastname@example.org. Its support is also available in multiple languages.
OKX also has a self-service section designed to quickly answer all of your pressing questions. If you require additional assistance, OKX provides a help page as well as live chat support. The OKX website also has a customer support number.
Most information you’ll likely need to know is listed in a robust help center with details about getting started with OKX, how to deposit, how to withdraw, etc. The platform amassed a ⭐ rating of 3.2 in 447 reviews on Trustpilot. The below screenshot is a review from an OKX user.
Is OKX Safe?
Cryptocurrencies are cutting-edge digital assets. They’re an excellent way to participate in untrustworthy financial ecosystems. However, one of the industry’s major challenges is asset security based on cryptographic functions and data protection.
Millions of users rely on the OKX exchange for its excellent features. In terms of security, it is one of the least hacked crypto trading platforms in the world. Below are some of its security features:
Two-Factor Authentication (2FA): This prevents unauthorized access to accounts. To log in when 2FA is enabled, OKX requires your password as well as a code sent to your mobile device.
Cold Wallets: OKX employs a sophisticated cold wallet design, with more than 95% of its users’ funds kept in cold storage. The private keys of the OKX cold wallet are stored on offline computers that do not have internet access or removable drives. Furthermore, different authorized personnel located in geographically separate zones back up the paper versions of private keys.
Hot Wallets: OKX’s hot wallet makes use of big data and a variety of technical solutions, including online and semi-online risk management systems and semi-offline multi-signature services. Only 5% of OKX’s funds are kept in its hot wallet. Multiple authorization mechanisms for both deposits and withdrawals are in place to improve the security of funds stored in OKX’s hot wallet.
LEARN MORE: CRYPTO COLD STORAGE EXPLAINED: WHAT IS IT? HOW IT WORKS
OKX Risk Shield: OKX Risk Shield is an insurance fund created to protect the assets of OKX users. The OKX risk shield was established as an asset risk reserve fund dedicated to allocating a percentage of its earnings to guarantee and protect assets from crypto security risks. OKX Risk Shield is now worth around $700 million.
OKX review: Bottom line
OKX is a popular cryptocurrency exchange with millions of users. It’s a quick and simple way for anyone from a beginner to a seasoned cryptocurrency enthusiast to buy, hold, and exchange hundreds of popular cryptocurrencies at competitive trading fees.
When interacting with exchange platforms, however, it is necessary to exercise caution. Use the best security features OKX has to offer to keep your account and funds as secure as possible. In the event of a hack, it has a fund called “OKX Risk Shield” with over $700 million USD in funds to compensate users.
Above all, if you’re comfortable with this OKX review outlining its suite of products, security features, and customer service, you’ll most likely have a positive experience with OKX.