OKX Review

OKX Review

Robert McDougall 

December 1, 2022

Cryptocurrency

What is OKX?

OKX is a relatively newer cryptocurrency exchange, developed specifically to make crypto trading advanced and efficient. Since its founding in the year 2017, the platform has added countless features, payment methods, cryptocurrencies, and markets in order to cope up with the traders’ and investors’ demands. The best thing is, OKX is not just a simple crypto exchange, but offers something more.

Users can also access OKX DEFI HUB, which makes it very convenient for them to check out their funds and assets in a single place with a decentralized finance management system. Based in Seychelles, OKX employs more than 1,000 people from all over the world in order to ensure perfect functionality and experience. 

  • Web Address: www.okx.com
  • Main location: Seychelles
  • Cryptocurrencies: BTC, ETH, SOL, DOT, ADA, DOGE & 250+ more
  • Fiat Currencies: USD, AUD, JPY, CAD, PKR, CNY, EUR, GBP & more
  • Deposit Methods: Bank Transfer, SEPA, Visa/Mastercard, Apple Pay, Google Pay, Cryptocurrency
  • Deposit Fees: Varies
  • Trading Fees: Maker: 0.08%, Taker: 0.1%
  • Mobile app: Yes

My Overall Thoughts on OKX

OKX is definitely a great platform and can offer countless features to anyone (beginner or advanced) who wants peace of mind when trading and investing. For me personally, I found these three points are what makes OKX a crypto exchange you should use:

1) Plenty of coins and markets:  If you take a thorough look at OKX, you will see that the exchange has countless options. With regards to the available cryptocurrencies, there are more than 250 coins available for traders and investors. Not only that, there are different markets that the traders can access. When it comes to charting options, the exchange offers beginner-friendly charts as well as professional ones to fulfil everyone’s needs.

2) Low trading fee:  The trading fee on OKX is very low, only 0.08% for makers and 0.1% for takers. If you are a full-time trader, then you will enjoy even lower fees, as the trading fee is reduced when you trade higher volumes.

3) Additional features:  Besides trading, OKX offers many other features that make your overall experience better. OKX offers options to stake crypto, borrow money, create NFTs, learn and implement techniques, and even earn receive rewards for referrals. 

One downside of OKX is that it is not available for US users. If you are from the USA, I suggest you take a look at this article on the best crypto exchanges.

Key Features & Advantages of OKX

OKX comes with tremendous benefits and advantages that many platforms fail to deliver to their users. This is certainly what makes OKX a great choice for all types of traders to start trading and investing their money in cryptocurrencies.

If you are wondering what these benefits and advantages actually are, you can take a look below.

Negatives & Disadvantages of OKX

Although OKX offers so many benefits and premium advantages, you may also want to take a look at the disadvantages too.

What Services does OKX offer?

We have compiled a list of services and features OKX offers, to see if it's a suitable exchange for you. 

Instant crypto buy and sell:  If you are not comfortable spending a lot of your time online just to buy a few different cryptocurrencies, you would surely want quicker options. With OKX, you can actually use their express crypto buying and selling function that lets investors buy different coins within a matter of seconds.

You simply visit their “Buy Crypto” section, and you will be redirected to the page where you can buy the assets. All that is left for you to do is select the crypto along with your preferred payment method, and you will own the coins you desire in no time.

Of course, the same scenario goes for selling your currently owned assets, and you can receive any of the fiat currencies available as per your preferences. You can use various withdrawal methods to get your fiat currency into your account without lengthy verifications and processes.

Over 250+ cryptocurrencies available:  One of the reasons why OKX is a premium choice for advanced investors and traders is that it offers 250+ cryptocurrencies to buy, sell, and trade. This gigantic number of assets is available to trade, and the exchange has paired them with suitable fiat currencies to make trading easier for their users.

Note that you cannot buy all of the cryptocurrencies directly from the instant buy/sell option. Instant buying and selling only offers a handful of the assets to be bought quickly. If you want other coins, you can simply buy USDT or any other available coin from the quick buy section and then swap/exchange it later on with the asset you desire.

Apps for mobile and desktop users:  Mobile phones have become a significant part of our lives, and almost everything is available within these devices. To keep you updated and close to your financials, charts, graphs, and analytics, OKX offers their users professional mobile apps. They are available for Android and iOS users, which can be easily downloaded from their respective stores. 

If you want an even faster experience along with dedicated performance, OKX also offers applications for computer users. The OKX software is available for Windows and macOS users, which is faster than the browser-accessed site, and can provide you with a more pleasant experience.

Many deposit and withdrawal methods available:  Imagine you have finally done all your research on crypto trading and investing, you are ready to proceed, and then you are faced with disappointment. Imagine the crypto exchange you chose doesn't have suitable deposit/withdrawal methods for your needs.

When you sign up with OKX, you won’t have to worry about this factor as the platform offers quite a lot of options to proceed with. If you are going with the quick crypto buying or selling, you can simply go with the readily available options like bank transfers, Visa/Mastercard, SEPA, Google Pay, Apple Pay, and a few more. These same methods can also be used for withdrawals when you want to withdraw your money from the exchange. The best thing is, OKX supports many fiat currencies so that people from different countries can easily buy, sell, or trade. There are even regional deposit or withdrawal options to go with, that may benefit the users well.

If you already have own cryptocurrency, you can deposit that into your OKX account if you want to trade with it. Withdrawing crypto is just as easy, and you can transfer to any personal wallets or other crypto exchanges.

P2P trading included:  The concept of P2P trading is not entirely new, but it still hasn't been adopted by most exchanges. P2P trading can be a great way to buy or sell different assets directly to other users.

If you think that OKX is charging excessively for depositing money, you can check out the P2P trade option and see if there are any sellers available to offer you good rates. You can also sell your own assets by creating an advertisement along with the asking price.

Easy crypto conversions or swaps:  Without any type of conversion fee, processing fee, or spreads, OKX allows users to convert or swap their digital assets into different ones. There is a whole section dedicated to the swapping and exchanging of cryptocurrencies, and it is very easy to understand the process too.

You just have to select any asset that is available in your account and then select the asset that you want in exchange to. Click the button to convert, and within seconds you have swapped your crypto for the new desired coin.

Passive income through HODLing:  In case you thought I misspelled the word 'holding', let me explain the term HODL. It essentially arose years ago when someone was trying to type 'hold' but they kept mistyping it 'hodl'. It then became a meme, and HODL was given a meaning later on: "Hold On for Dear Life". It basically means the same thing as hold, but with more emphasis on never selling. With OKX, you can earn interest on your crypto while you are HODLing, through flexible or fixed terms.

You can stake different assets, and the annualised interest can range from a low 0.89% for Wrapped Bitcoin up to as high as 332% per year for Kadena. Yes, you read that right! You can visit their “Earn” section under the parent category “Finance,” and you will be provided with the list of all cryptocurrencies that can be staked along with their interest rates. 

Professional market charts available for traders:  The most important things for experienced traders are professional charts, accuracy, precision, and analytics that can be customised as per their preferences. OKX offers its traders and investors access to both beginner-friendly charts and professional full-screen charts of all the pairs available.

Traders can also easily customise every chart to change the time duration, candle types, add indicators, and much more from a single place. There are a few analytical aspects offered by the platform, too, that can give you insights into how an asset is performing over a specific period.

Borrowing option enabled:  If you think you have found the perfect opportunity to invest or trade, but lack funds, then you can use the borrowing option offered by OKX. You need to place some crypto down as collateral in case you cannot pay back your loan. I would only recommend borrowing if you have a lot of experience with choosing good investments. Do not borrow if you are trying to chase losses, as you could end up losing more money than you can afford.

Make sure you read OKX policies and terms to fully understand the whole process of borrowing. Users usually have to submit a request or a form in order to move their borrowing application forward. 

Secure DEFI HUB:  With the help of OKX DEFI HUB, you can check out all of your assets in a single place. You will be provided with the details of every asset you own along with its current price. This will help you evaluate your portfolio and see how it is performing.

To do that, users have to connect their wallets to the OKX DEFI HUB. It is a simple one-click process that can be done within mere seconds.

NFT marketplace:  NFTs can be considered the new hot topic of this decade as it has captivated people who are interested in making money with something unique. NFTs are non-fungible tokens or digital pieces of art created by anyone in the world that hold a certain value. People can buy them, sell them, or simply trade to earn profits.

You need access to an NFT marketplace where you can buy or sell with ease. OKX offers a great NFT marketplace where users can buy, sell, and even create their own too. You can even set your preferred royalty fee to receive a specific amount every time someone buys the NFT in the future.

Great customer support and educational content:  We have all heard how AI is going to control the world in the coming decades and how amazing it will actually be. If you want to experience a glimpse of that, you can have a chat with OKX support AI. You can simply write a question in the chat box, and the AI will provide you answers depending on what you have asked.

If you are not satisfied with the results, you can submit a request or send a query through email to OKX. There is even a lot of educational content available that could help you with various topics. You can also learn the basics to kick off your trading and investing journey.

What I don't like about OKX

Unfortunately, OKX has some critical points where it can improve. You can take a look at them and decide how they may affect your experience in the longer term.

High third-party merchant fees when depositing or withdrawing fiat:  No one wants to pay hefty fees when it comes to depositing and withdrawing their money on a platform. One bad thing with OKX is that the fee can be relatively higher than other exchanges. The sole reason behind that is the inclusion of third-party merchants. OKX does not offer its own VISA/Mastercard or bank transfer services, but it has opted for other merchants to help them out in this case. This does give more options for users, but the fees are higher, whether you are depositing money or withdrawing it.

Residents in the USA are not supported:  It can be frustrating for many US crypto investors as they are excluded from many big exchanges and platforms due to the country’s rules and regulations. If you are living in the US, I suggest you read this article on the best crypto exchanges in the USA (click here). OKX is also unavailable in some other countries such as Hong Kong, Malaysia, and North Korea. Residents in these countries  will have to wait and see if OKX releases a separate version for them in the future, or complies with the regulations set by the respective countries. 

OKX Fees

OKX Deposit Fees

For crypto deposits at OKX, the platform only charges the network fee and no additional charge. When it comes to depositing fiat currency, the fee varies widely when it comes to Visa or Mastercard (anywhere between 2%-5%) . The deposit fee would be similar for the methods Advcash wallet, Apple Pay, and Google Pay.

As for bank transfers and SEPA, the price might be higher depending on the country you are living in, along with the fiat currency you have chosen.

OKX Trading Fee

If you have just created an account on OKX, then your tier would be level 1. In that case, the trading fee at OKX starts at 0.08% for makers and 0.1% for takers. But when your tier level increases, the trading fee will automatically decrease. If you want to increase your tier level, you have to hold a certain amount of OKB tokens (OKX's own coin). You can take a look below to understand the whole scenario better:

The fee structure differs for VIP users. Unlike regular users, where the fee is mostly dependent on OKB holdings, VIP users have to focus on increasing their 30-day trading volume in order to lower the fee down.

OKX Fiat Withdrawal Fees

The platform has the same scenario with withdrawals as with fiat deposits. Users have to pay a fee to the third-party merchants to withdraw their fiat currencies. You can check the different fiat withdrawal methods and consider going with the one with the lowest fees.

OKX Crypto Withdrawal Fees

OKX users have to pay a network fee in order to process the transaction and send their crypto to their personal wallets. There is a 24-hour withdrawal limit imposed by OKX. Users cannot withdraw more than 500 BTC per day (for regular users), which I don’t think would be a concern for any readers. 

Pros and Cons of OKX

Pros
  • Over 250+ cryptocurrencies available
  • Low trading fees
  • NFT marketplace where you can buy and sell NFTs
  • Crypto borrowing and staking supported
  • P2P trading available
Cons
  • High deposit and withdrawal fees
  • Not supported in the USA

Verdict

If you are not from the US or any of the restricted countries stated by OKX, you should definitely check out the platform. All the features, trading options, and available crypto assets make it an excellent choice for experienced traders. Another great thing about OKX is that you can easily deposit or withdraw fiat currency from the platform, which is not an option on some other trading platforms. However, be ready to pay a fee imposed by third-party merchants whenever you deposit or withdraw your fiat.

Unfortunately for US residents, OKX is not supported in your country. However, you can read about the best crypto exchanges in the USA instead, and find some of the key information in the table below.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
MEXC Global
Pionex
Coinmama
Uphold
Crypto Exchange
Crypto Exchange
eToro
MEXC Global
Pionex
Coinmama
Uphold
Fiat Currencies
Fiat Currencies
USD
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.2% for spot, 0.02%/0.06% for futures
0.05%
2.93% - 3.90% (depending on loyalty level)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Frequently Asked Questions

Is OKX a trustworthy exchange?

Yes, OKX is a trusted and reliable crypto exchange. There have been no reports of hacking or breaching of the platform. Also, the exchange itself claims that they are always working on securing their platform further with innovative methods.

Is OKX an expensive platform?

In terms of trading, OKX is not expensive at all. In fact, OKX offers much lower trading fees than many popular crypto exchanges. However, you might find the platform a little expensive when depositing or withdrawing your fiat currency.

Can US residents use OKX?

Unfortunately, if you live in the USA, you will not be allowed to create an account on the platform or use their services in any way. 

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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