Check out our comprehensive OKX review to find out how this crypto exchange works and what its main advantages and disadvantages are. We’ll also talk about its fees and rates, main features and services, as well as availability. We’ll wrap things up by explaining the main reasons why crypto traders choose OKX, to help you make an informed decision.
Here’s all you should know about OKX.
OKX Platform Review — Key Takeaways
What Is OKX?
We’ll start our OKX exchange review by stating the facts and features that make this platform stand out from the crowd. With that in mind, OKX is a Seychelles-based centralized crypto exchange that was founded in 2017. This is one of the largest crypto exchanges, whose 24-hour trading volume stands at over $4.76 billion.
OKX has more than 18 million users and is available in 100+ countries. This platform supports P2P, spot, futures, margin, and options trading. In addition to that, traders will be able to use advanced trading bots and the copy trading option.
That said, OKX members will get to trade more than 320 cryptocurrencies and 500 trading pairs. OKX also offers a decentralized Web3 wallet that supports 44 networks, and it has its own blockchain and utility token – OKX Chain and OKB.
This platform is designed for professional traders. It’s available on desktop and mobile, and it offers competitive trading fees.
OKX has multiple offices around the world, from Turkey and Dubai to Singapore and Australia. It’s partnered with many sports teams and athletes, like Man City, Pep Guardiola, and Daniel Ricciardo.
Pros and Cons of the OKX Exchange
Pros Cons
OKX is a suitable option for professional traders since it offers advanced trading tools. Namely, its portfolio management tools include stop-loss and limit orders, as well as crypto insights and alerts. Traders will also get to use the futures grid trading bot for both perpetual and futures contracts. Plus, they’ll get to customize its parameters.
In addition to that, OKX offers multiple yield-earning options on both its platform and Web3 wallet. For example, investors can use the Simple Earn option to generate yields from lending and leverage trading. There’s also an on-chain earning option that allows traders to earn rewards for participating in PoS staking and DeFi protocols. At the same time, wallet users will be able to benefit from its stablecoin yield farming and BRC-20 staking. OKX also offers some of the lowest crypto trading fees.
However, this platform can be a tad overwhelming for beginners. We also believe that its customer service could perform better regarding their response times.
OKX Fees and Rates
The OKX trading fees are categorized into standard and VIP tiers. The tiers will be determined by the user’s 30-day trading volume and OKB holding. On that note, regular users won’t have to pay market fees during the first three months, while after that, they’ll pay 0.050%. Taker fees for regular users amount to 0.070%.
As for VIP members, they’ll be categorized into 8 tiers. The marker fees will vary between 0.000% and 0.045%, while the taker fees range from 0.015% to 0.045%, depending on the tier level.
The OKX futures fees for regular users range from 0.015% to 0.050%, while for VIP members, they vary from 0.000% to 0.015%. The situation is similar with spot fees, which range from 0.060% to 0.100% for regular users and from 0.000% to 0.050% for VIP users.
When it comes to OKX withdrawal fees, users will only have to pay for on-chain withdrawals and network fees. There are no deposit fees, while the interest rate ranges from 1.00% to 5.00% per year, depending on the crypto asset.
Type of Fee VIP Users Spot (USDT pairs) 0.060% – 0.100% (taker) 0.015% – 0.050% (taker) Spot (Stablecoins/Crypto pairs) 0.050% – 0.070% (taker) 0.015% – 0.045% (taker) Futures (USDT-M perpetual) 0.030% – 0.050% (taker) -0.005% – 0.010% (maker) 0.015% – 0.030% (taker) 0.030% – 0.050% (taker) -0.010% – 0.010% (maker) 0.015% – 0.030% (taker) 0.030% – 0.030% (taker) -0.010% – 0.010% (maker) 0.013% – 0.020% (taker)
Standard Users
0.060% – 0.080% (maker)
-0.005% – 0.045% (maker)
0.030% – 0.050% (maker)
-0.010% – 0.025% (maker)
0.015% – 0.020% (maker)
Futures (Non-USDT-M perpetual)
0.015% – 0.020% (maker)
Options
0.015% – 0.020% (maker)
OKX Crypto Exchange’s Main Features and Services
Next in our OKX review, we’ll talk about the main features that make this crypto exchange stand out:
Supported Wallets
The OKX CEX supports the most popular crypto wallets, such as MetaMask, WalletConnect, and Phantom. However, it also has its native decentralized multi-chain wallet that supports over 40 blockchains. Furthermore, the OKX Web3 wallet allows its users to access NFT marketplaces, over 1,000 dApp protocols, and cross-chain DEXs. It operates on both iOS and Android devices as well as web browsers.
We must also mention in our OKX wallet review that this is a non-custodial wallet. This means that its users will have complete control over their assets.
Supported Cryptocurrencies
This centralized exchange supports over 320 cryptocurrencies, from the most popular digital coins, like BTC and ETH, to meme coins, like DOGE and SHIB, and AI tokens, like IQ and AGIX. This platform also supports over 500 trading pairs, from BTC/USDT to ZRX/USDT.
Trading Bots
OKX offers one of the best crypto trading bots that come in pre-created modes. On that note, traders can use gird bots, signal trading bots, DCA bots, arbitrage bots, and slicing bots. They can also create their own bots. These trading bots are free to use.
Next, in our OKX trading bot review, we’ll discuss the main features of these bots. That said, the OKX trading bots can be described as trading assistants since they keep an eye on open positions. They also use a multi-strategy approach to facilitate trades.
Lending and Borrowing Tools
OKX allows its users to take flexible loans that come with instant approvals and a low APR of 1%. There are no late fees, and lenders can also take advantage of its multi-collateral loan option. That said, OKX allows its users to use 150+ crypto assets as their collateral.
User Experience
As mentioned before in our OKX review, this platform is tailored for professional traders. It recently launched its own blockchain Layer 2 solution called X Layer, which can serve as a versatile tool for developers. OKX also partnered with Polygon to extend its X Layer. OKX members will have access to advanced trading tools, such as the time-saving NFT trading tool, the smart dealing feature, and the dynamic delta hedge feature.
Availability
Countries
OKX exchange is available in over 100 countries, including almost all European countries, Asia, Australia, and Africa. However, due to regulatory reasons, OKX is not available in Hong Kong, Belgium, Cuba, France, the UK, etc.
Can you use OKX in the US? No. Due to SEC regulations, OKX crypto exchange is not available to US citizens.
Devices
We’ll dedicate the next segment to the OKX app review. With that in mind, OKX can be used on desktop and mobile devices. It can be installed as a browser extension on Chrome, Brave, and Edge, while the OKX mobile option includes both iOS and Android devices. The iOS app has a 4.7 rating, while its Google app counterpart has a 4.5 rating.
Compared to other popular crypto trading apps, the OKX app offers a larger number of tradable cryptocurrencies. It also provides more advanced trading tools, and it utilizes rigorous security measures, such as 2FA and SSL encryption. On the other hand, its main disadvantages are limited payment options and the lack of fiat to bank withdrawals.
Payment Methods
OKX supports 100+ payment options, from Skrill and Neteller to Visa, Mastercard, and Revolut. Traders can also use third-party channels and P2P providers to buy and sell crypto coins. Keep in mind that P2P payments often include trading fees and transaction limits.
OKX Customer Service
OKX provides a live chat that’s available 24/7. However, if you want to reach its support team, you’ll first need to sign into your account and issue a ticket. On the other hand, you can submit a security report if you suspect there’s a security breach. OKX also offers a self-service option through which you can reset your login password, check the system status, close your account, or change your phone number.
The platform offers an extensive FAQ section that includes topics on security, verification, and deposit and withdrawal issues.
What could be improved is the response time of its support team. We also found a few OKX scam accusations on Trustpilot, where users usually complain about account freezes.
Why Pick OKX
In the last segment of our OKX review, we’ll explain what makes this CEX a good option for crypto traders. With that in mind, OKX is one of the largest centralized exchanges that are suitable for experienced traders. Not only does it offer advanced trading tools, but it also has its own proprietary blockchain. Moreover, its wallet users will be able to access 40+ blockchains, NFT marketplaces, and dApp protocols.
This platform is available in more than 100 countries, and it supports spot, futures, option, and margin trading. In addition to that, its members will be able to use different types of pre-created bots or customize them to suit their trading strategies. OKX’s 24-trading volume is over $4.76 billion, which makes it a suitable option for daily traders.
And finally, OKX has its native token called OKB. OKB holders will be able to use their tokens to get trading fee discounts and generate passive income. All the above-mentioned factors make the OKX platform ideal for professional traders.
Conclusion
To sum up our OKX review, this platform is tailored for experienced traders who want to improve their trading skills through advanced tools and trading bots. This centralized exchange also has its own native Web 3 wallet that supports 40+ blockchains and provides access to NFTs and dApps.
Crypto enthusiasts can trade with over 500 pairs and 320+ crypto assets. Moreover, OKX has lower trading fees compared to Coinbase and Binance.