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OKX Review 2024: Features, Pros & Cons
Luis Clark
- URL: https://www.okx.com
- Headquarter: Seychelles
- Year Founded: 2017
- Platform App: Web/Mobile
- No. of Cryptos: 340+
- Fiats Available: 94+
- Withdraw Method: Cryptocurrency address
- Payment Method: Credit or debit card, P2P trading, Bank transfer, Apple Pay and Google Pay via third-party payment
OKX Review: Our Opinion
OKX is a global crypto exchange that offers low trading fees and targets advanced traders as it offers products like margin trading, futures trading, and much more. The OKX exchange, though widely available to international traders, is conspicuously not available in the United States. OKX exchange also has low liquidity on certain digital assets. It is the best fit for users who are crypto-adventurous and professional brokers.
An Overview of OKX
Founded in 2017, the Seychelles-based exchange OKX offers a cryptocurrency exchange and a suite of financial services built on blockchain technology to offer investment, trading, and learning resources.
The OKX exchange is one of the largest crypto exchanges in the world by trade volume. It serves over 20 million active users in more than 100 nations and offers 300+ digital assets and crypto pairs.
OKX exchange offers the following services in addition to margin trading: spot trading, options, futures trading, perpetual swaps, crypto lending, decentralized finance, and crypto mining.
Pros
- It supports over 340 cryptocurrencies and over 94 fiat currencies
- Users can earn up to 72% APY in staking rewards
- It supports different payment methods
- It has an NFT marketplace
- It offers advanced financial services like futures trading, margin trading, etc
- Competitive fees
Cons
- It only supports one withdrawal method
- Not suitable for beginners
- It is not available in the United States
- It has low liquidity on certain crypto assets
Key Features of OKX
OKX Earn
OKX Earn is a one-stop shop for all the centralized earning options available on the OKX exchange.
OKX offers 8 products in the Earn Program that allows users to earn passive income on their crypto holdings. The 8 products are: Dual Investment, Staking, DeFi, Savings, ETH 2.0 staking, Jumpstart, P2P lending, and DOT & KSM slot auctions.
All Earn products can be accessed on the Earn page desktop and mobile app trading platforms. Aside from the list of products, OKX displays the products supported for the crypto assets the user holds and the APY percentages available among the Earn products for the user’s asset.
Dual Investment
With Dual Investment, OKX users can generate returns on assets held. Investments made under Dual Investment on OKX are not principal protected. This means that the capital invested is at risk.
Currently, the only cryptocurrencies supported in Dual Investment are Bitcoin, Ethereum, and Tether. The minimum investment amount for the supported cryptocurrencies is 0.1 ETH, 0.01 BTC, and 100 USDT.
The Dual Investment homepage displays the term length, estimated APY, strike price, and expiry time.
When you invest in BTC in Dual Investment, if the price of BTC exceeds the strike price at expiry, your principal investment will be paid in USDT at the strike price chosen. The interest will also be paid according to the APY available at the time you subscribed to the product. However, if the price of the asset chosen is below the settlement price at expiry, the principal investment and interest will be paid in the same currency you invested.
OKX Dual Investment supports early redemption. Users can also set custom term parameters for the investment product.
Savings
The funds invested in the Savings platform are lent as margin loans to traders. The interest accrued is collected and distributed to users. Interests are accrued on an hourly basis.
The term for OKX Savings is flexible. Users can withdraw their assets within an hour of requesting.
Staking
OKX users can stake assets in OKX and receive rewards for processing transactions. Validators who do not comply with network rules while validating transactions are penalized.
The OKX staking page displaces the supported assets, the estimated APY, and term lengths. At the expiration of the term, the users’ staking position is automatically made flexible, this means you can withdraw your funds whenever you wish or leave it to continue generating rewards.
DeFi
OKX users can earn interest and bonus tokens by committing their assets to various DeFi protocols in different sectors including decentralized exchanges, staking, and lending Dapps.
OKX users can earn crypto with decentralized lending protocols like Compound, SushiSwap, and Aave.
ETH 2.0 staking
This is a user-friendly alternative for OKX Earn users who wish to earn passive income. The entry requirements are not complex (minimum of 0.1 ETH required) and the exit policy is flexible. Users do not need to operate hardware devices to earn via this program, OKX handles all the aspects of the staking process. Staking rewards are distributed daily.
Jumpstart
OKX offers users the opportunity of earning passive income by providing liquidity launched via the OKX Incubator known as the OKX Jumpstart.
The Jumpstart platform was launched in 2019 and it is designed to incubate high-quality crypto projects. OKX users can farm GameFi, DeFi and new tokens while also supporting crypto projects by staking OKB. OKB is the utility token of the OKX ecosystem.
P2P lending
This Earn product gives OKX users the ability to generate passive income by lending their assets to borrowers on OKX.
The OKX P2P loan page displays 3 vital pieces of information: pledged assets, loan-to-value, and late interest rates.
Pledged assets are the collateral given to the lender for lending out their funds. Collateral value is the number of assets given by the borrower to secure the loan. If the collateral value is below the alert level, the borrower will be notified to increase the collateral amount.
If the borrower fails to restore the collateral amount after it falls below the liquidation level, the loan position will be closed and the investor will collect their principal.
The loan-to-value, or LTV, is a measure of how much of an asset’s value is covered by a loan. When the LTV ratio is elevated, it signifies a higher level of risk associated with taking out the loan.
Finally, the Late Interest Rate is the penalty paid for late interest payments.
OKX Mobile App
The OKX app enables users to easily manage their crypto assets on the go. Users can buy, sell and trade cryptocurrencies on the go. They can also access thousands of GameFi and DeFi solutions and trade over 400 crypto trading pairs for contract trading and spot trading from the mobile app.
The mobile app has a multi-currency auto-borrow feature that allows advanced and professional traders to maximize the use of their funds. It also has a unified account system that supports margin sharing between different account types.
Users can see their portfolio’s profit and loss performance trend over a self-selected period. They can also get blockchain market insights and crypto trading tutorials. The OKX app also gives users access to financial data analytics, crypto wallet tools, and pool mining needed to manage their investment portfolios.
Users can set price alerts within the mobile app. This allows them to receive real-time updates on their favorite cryptocurrencies.
OKX Wallet
OKX Wallet is a noncustodial multichain crypto storage and management tool. It is available as a web/mobile app and a browser extension.
The wallet gives users access to thousands of DeFi, Web 3, select DAOs, and GameFi including Axie Infinity, Aave, Uniswap, etc.
As a non-custodial wallet the OKX Wallet does not control the private keys of users’ crypto assets, the user has full custody of their cryptocurrencies.
To get started with the OKX Wallet using the OKX Web3 browser extension, do the following:
- Open Firefox or Google Chrome and download the OKX Wallet Extension.
- On the setup page, click the “Create a wallet” option. Next, create a password for your wallet.
- Once the password is created, back up the randomly generated 12-word seed phrase. That’s it you have created your OKX Wallet.
- You can connect your OKX wallet directly with the exchange and withdraw funds easily.
Cryptocurrencies Available On OKX
OKX exchange supports over 350 cryptocurrencies. Supported crypto assets include Bitcoin, Ethereum, Cardano, Dogecoin, Solana, USD Coin, Chainlink, Internet Computer, Uniswap, Polygon, OKC Token, XRP, ATOM, Decentraland, Axie Infinity, Bitcoin SV, Bitcoin Cash, Algorand, Filecoin, Stellar, etc.
Can You Buy and Sell NFTs on OKX?
Yes, you can buy and sell NFTs on OKX via the OKX NFT marketplace.
The standout point of the marketplace is that it supports a larger selection of blockchains than a lot of other cryptocurrency exchanges offering NFT marketplaces.
It supports the Solana, Ethereum, Binance Smart Chain, Optimism, Arbitrum, Aptos, Avalanche, Polygon, Immutable X, Klaytn, and the OKC chain. The marketplace also aggregates offers from other large NFT marketplaces such as Magic Eden, OpenSea, LooksRare, IMX Official, etc.
OKX NFT marketplace supports NFT minting as well as a launchpad to help upcoming artists.
OKX Review: Fees
The OKX fee structure is very complicated, separated into 2 tiers, with several levels within both tiers. Let’s have a look at their spot trading fees.
Trading Fees for Regular Traders
Regular users of the OKX exchange are charged OKX fees based on the amount of OKB they hold. This is the native digital asset of the OKX exchange. As with other exchanges powered by a native currency, OKX rewards users who hold more OKB within its ecosystem.
In addition, the cryptocurrency exchange uses the maker fee and taker fee model to charge trading fees.
Regular Crypto Trading
Level 1
- Amount of OKB Held: Less than 500
- Trade Volume: Less than $10 million
- Maker Fee: 0.080%
- Taker Fee: 0.100%
Level 2
- Amount of OKB Held: Greater than or equal to 500
- Trade Volume: Less than $10 million
- Maker: 0.075%
- Taker: 0.095%
Level 3
- Amount of OKB Held: Greater than or equal to 1000
- Trade Volume: Less than $10 million
- Maker: 0.070%
- Taker: 0.090%
Level 4
- Amount of OKB Held: Greater than or equal to 2000
- Trade Volume: Less than $10 million
- Maker: 0.060%
- Taker: 0.080%
VIP Crypto Trading
For VIP customers, the OKX exchange charges their trading fees by different rules, using their past 30-day trading volume instead.
VIP 1
- 30-day Trading Volume: Greater than or equal to $10 million
- Maker: 0.060%
- Taker: 0.080%
VIP 2
- 30-day Trading Volume: Greater than or equal to $20 million
- Maker: 0.050%
- Taker: 0.070%
VIP 3
- 30-day Trading Volume: Greater than or equal to $50 million
- Maker: 0.030%
- Taker: 0.060%
VIP 4
- 30-day Trading Volume: Greater than or equal to $100 million
- Maker: 0.020%
- Taker: 0.050%
VIP 5
- 30-day Trade Volume: Greater than or equal to $200 million
- Maker: 0.000%
- Taker: 0.040%
VIP 6
- 30-day Trading Volume: Greater than or equal to $500 million
- Maker: -0.002%
- Taker: 0.030%
VIP 7
- 30-day Trading Volume: Greater than or equal to $1 billion
- Maker: -0.005%
- Taker: 0.025%
VIP 8
- 30-day Trading Volume: Greater than or equal to 10,000,000,000
- Maker: -0.005%
- Taker: 0.020%
The fee structure of the OKX crypto exchange for spot trades as listed above is different from the other crypto trading products it offers like futures, options, and perpetual swaps. This is very complicated and will require traders to check the fee schedule every time they want to trade a new product to be certain of what they’ll be paying.
Deposit and Withdrawal Fees
OKX only supports crypto withdrawals. This means that customers will need to pay network withdrawal fees. The higher the fees paid will determine how quickly miners will process the transaction. Also, while the fees are dynamic (based on the network), higher fees are charged based on the complexity of the transaction.
The OKX app and web platform allow you to set your fee.
Deposit Fees
The OKX exchange fees for deposits depend on the payment method being used as OKX offers fiat currency payments primarily via third-party payment systems. So the fees charge depend on the third-party processor used. That said, fees usually range from 1% to 4%.
Payment Methods
OKX exchange offers 3 payment methods: credit card or debit card, P2P trading, and third-party processors. The third-party payment processors include Moonpay, Simplex, Banxa, and Mercuryo.
These processors support MasterCard, Visa, and Apple Pay payments. With P2P trading you have the option of buying crypto with bank transfer and alternative payment systems such as Wise, Payoneer, WebMoney, Payeer, etc. That said, the most instant option is using your credit or debit card to buy crypto directly from the crypto exchange.
OKX Review: Security
OKX is registered in Malta and Hong Kong. Its trading services are compliant with the Virtual Financial Asset Act.
Like most crypto exchanges, OKX uses a combination of both hot and cold wallets. It also uses semi-offline multiple signatures to prevent abnormal deposits and withdrawals to and from users’ accounts.
OKX secures Users’ assets using various secure online and offline storage systems with multiple backups and Multisignature protection. It also has an asset risk reserve fund known as OKX Risk Shield. A percentage of OKX earnings are allocated to the Shield to ensure the security of crypto assets on the platform. Currently, the OKX Risk Shield stands at more than $700 million.
Users can protect their accounts and assets with several security features including email verification, mandatory 2FA, Mobile verification, Login password, withdrawal password, and Anti-phishing code.
Staking Rewards
OKX cryptocurrency exchange offers up to 72% APY in staking rewards via its Earn platform. It supports over 15 digital assets including HBAR, DOGE, SHIB, AVAX, OKT, and FLOW.
The program has several subscription packages including 90 days lock-in, 120 days lock-in, 60 days lock-in, 30 days lock-in, 15 days lock-in, 10 days lock-in, and flexible (you can withdraw your assets at any time).
Supported Countries
OKX supports traders in over 100 countries and the platform can be used in over 10 different languages including Russian, Spanish, French, and English. OKX services are not available to users in the United States of America, Singapore, Malaysia, Cuba, North Korea, Crimea, Bangladesh, Malta, Bolivia, Canada, Syria, and Iran.
Opening an OKX Account
- Go to the OKX homepage and click the Sign-Up button located at the upper right corner of the page.
- Next, enter your email address in the respective field.
- Click the Sign-Up button.
- Go to the email inbox and find the 6-digit code sent by the OKX cryptocurrency exchange then copy it.
- You’ll need to enter the copied verification code into the Enter Code field on OKX’s homepage within 10 minutes.
- After this, click “Next” to continue.
- Input the password in the Password field and hit “Next”.
That’s it, you’ve created your OKX account and you’ll be able to access your dashboard on the exchange.
You can then proceed to buy your preferred crypto using the Buy with Card option which supports 99 fiat currencies or P2P trading, which allows you to make a bank transfer or use alternative payment systems.
OKX Review: Trading Experience
The OKX trading platform is available on the OKX app and web exchange. And like most crypto exchanges tailored to experienced traders, OKX offers a demo trading platform that enables beginners or expert traders to experiment with complex strategies.
OKX offers the following options on its trading platform:
- Convert: This is used for quick conversion of crypto assets with no fees and no slippage.
- Basic Trading: This includes spot trading and simple options trading.
- Derivatives and Margin Trading: With this product, users can trade full-margin contracts, perpetual swaps, futures, and options.
- Trading Bots: With this, you can either buy a bot from its marketplace or create one for trading.
- Liquid Marketplace: This trading product allows you to trade spot OTC, futures spreads, and options strategies at a custom price.
OKX Review: Customer Service
OKX crypto exchange offers 24/7 customer support via email at support@okx.com. Customer support is available in multiple languages. It also has a support center that features a self-service section as well as a FAQ section with answers to top questions.
OKX also provides customer support via the AI chat box in the Help Center.
Customer Satisfaction
OKX reviews on third-party review platforms like TrustPilot show that the majority of OKX users are satisfied with the quality of service received from customer support. The app also has a lot of positive reviews.
Does OKX Offer Education?
Yes, like other top crypto exchanges such as Binance and Coinbase, OKX offers educational resources targeted at both beginner and advanced users via the OKX Learn platform. However, unlike most cryptocurrency exchanges, OKX includes crypto video lessons alongside educational articles. The platform is also easy to navigate as it has popular topics listed clearly on the page.
Is OKX Right for You?
OKX is right for non-US residents looking for a cryptocurrency exchange powered by a native token offering advanced crypto trading features and a large selection of cryptocurrencies.
OKX Review: Conclusion
The OKX cryptocurrency trading platform has a lot going on at once. It offers an NFT marketplace, an exchange with diverse products like margins, futures, a complex fee structure, third-party payment systems, P2P trading, and more. Though this may be attractive to advanced users, beginners will feel intimidated by the platform as there’s just too much going on.
However, the exchange shines with its competitive trading fees, a large selection of trading assets, and high staking rewards.
FAQ
Most frequent questions and answers
Yes, OKX has been running since 2017 and is trusted by millions of daily users.
OKX, formerly branded as OKEX exchange is a Seychelles-based crypto exchange.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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