OKX Review for 2023 – Fees, Features, Pros & Cons Revealed

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Our OKX review will dive into the hundreds of tokens and trading pairs the exchange offers. Previously known as OKEX, it has become a notable player in the cryptocurrency exchange landscape, catering to a global customer base with a broad range of financial services.

Established in 2017 and based in Seychelles, OKX has evolved to offer spot trading, margin trading, derivatives trading, flexible futures and a range of decentralized finance (DeFi) services.

Quick Summary of OKX

Versatile and secure OKX stands out as one of the best cryptocurrency exchange with various features catering to diverse user needs. Its strong security measures and wide array of services are notable, but potential users should also be aware of its limitations in terms of geographical availability and past controversies.

What is OKX Good At?

OKX published its 13th monthly Proof of Reserves (PoR) report and exhibited a substantial $14.5 billion in primary assets backing user funds. This transparency effort aims to build trust among users and ensure the security of their assets.

They’ve recently introduced a new ‘Spot Copy Trading’ feature on their platform, that allows users to copy strategies of lead traders across 120 spot pairs automatically. This feature allows you to choose one-way or hedge position modes for both spot and perpetual markets. It includes a network of over 8,000 experienced ‘lead traders’.

The OKX Wallet has also enhanced its trading features, to become one of the best trading platforms available today. Users can now buy up to 10 BTC ordinals, transfer up to 30 in a single transaction and inscribe up to 1,200 BRC-20 tokens in a single transaction, improving efficiency and user experience in the ecosystem.

And, of course, they’re always introducing new trading pairs. OKX has done well to cater to the varying needs of beginners and experienced crypto traders.

OKX Overview

Cryptocurrencies You Can Trade on OKX

The exchange lists over 350 cryptocurrencies and facilitates more than 500 trading pairs. These include major tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), with specific pairs like BTC/USDT and ETH/USDT being particularly active.

But OKX is also known for its diverse range of offerings, holding lesser-known tokens like:

• Pyth Network (PYTH): A novel oracle solution that provides real-time and high-fidelity market data.
• Big Time (BIGTIME): A token used within an RPG of t with a crypto project focusing on gaming or related technologies.
• Memecoin (MEME): As the name suggests, this could be a token that falls under the category of “meme coins,” known for their internet meme-based themes.
• Pepe (PEPE): This could be another example of a meme-based token, drawing from popular internet culture.
• Sui (SUI): This might be a token associated with a specific blockchain project or platform.
• Blur (BLUR): This could be a token linked to a specific blockchain application or platform.
• SSV Network (SSV): This token might be associated with a blockchain network or project focusing on a specific technological solution or innovation.

These are just a few examples of the unique range available. The exchange’s platform facilitates trading in various tokens, catering to diverse investor interests and market trends. Just remember to always conduct thorough research before investing in cryptocurrencies, especially lesser-known ones.

OKX Trading Fees

OKX fees are competitive and tiered to benefit traders of all volumes. The fees for spot trading start relatively low and decrease further with increased trading volume, incentivizing high-volume traders with lower fees. This fee structure operates on a maker-taker model, where makers who add liquidity to the market are typically charged a lower fee than takers who remove liquidity.

There are no fees for depositing cryptocurrencies, but withdrawal fees vary depending on the specific cryptocurrency being withdrawn.

OKX Futures

Futures trading on OKX encompasses a range of cryptocurrencies, including Bitcoin and Ethereum, and features designed to cater to different trading strategies and risk tolerances. Key aspects include various contract types, competitive leverage options, and a comprehensive set of tools to manage trades effectively:

• Perpetual Swaps, the most popular futures contracts on OKX, offer continuous trading without expiry. They offer leverage up to 100x, allowing for significant gains (and, indeed, losses).
• Quarterly Futures are contracts that expire every quarter, with a fixed price set for the underlying asset at the expiry date. They offer leverage up to 125x.

These represent some of the advanced and dynamic ways to trade cryptocurrencies without holding the underlying asset. OKX made sure to take the lead with one of the best futures platforms out today. Futures contracts involve two parties buying an asset from or selling it to the other at a predetermined future price and date. This way, a trader can speculate on a coin’s price movements without holding it.

However, futures trading involves risks like margin calls and liquidation. If the value in your margin account runs low, you may receive a margin call requesting additional funds. Failure to meet these requirements can lead to liquidation, where your open trade positions are closed, and you lose your initial margin.

OKX offers high leverage for futures trading, up to 125X. However, starting with low to no leverage is recommended if you are new to trading with leverage, as higher leverage increases both potential rewards and risks. As such, they do not require a deposit fee, but there are withdrawal fees for cryptocurrencies like Bitcoin, Litecoin, and Ethereum.

Trading Experience

The OKX trading platform is user-friendly and suitable for both beginners and experienced traders. It includes various tools and charts to help traders analyze market trends and make informed decisions. You can also expect a comprehensive range of trading options catering to all levels and strategies.

With its high liquidity, OKX ensures that traders can execute orders efficiently at competitive market prices.

Account and Wallet Integration

This integration facilitates seamless management of your assets on the platform. OKX Wallet has introduced a Smart Account feature that leverages the concept of account abstraction. This feature allows users to pay gas fees with stablecoins and includes social recovery for wallets, enhancing both convenience and security.

As with most cryptocurrency exchanges, OKX operates 24/7, allowing traders to buy and sell at any time. With accessible customer support and a comprehensive FAQ section to assist users with any queries or issues they may encounter, the platform goes to great lengths to usher in new traders.

The Wallet represents a significant step towards a more integrated and user-friendly experience in the world of cryptocurrency and decentralized finance. It combines ease of use with advanced features, making it a compelling choice for those looking to manage their digital assets effectively.

OKX Wallet Features

Fully decentralized and non-custodial, you’ll have complete control over your digital assets with the OKX wallet. It does not store your wallet password, seed phrase, or private key, nor does it send the data to an external server. This ensures a high level of security and privacy.

The wallet is a comprehensive and versatile tool for managing a wide range of cryptocurrencies and engaging with the broader Web3 ecosystem – providing access to over 1,000 DApp protocols. It can hold over 40 different blockchain networks, including Ethereum, OKC, and BSC and offers full NFT integration, allowing users to buy, sell, and create NFTs.

One of the notable features of the OKX Wallet is its ability to facilitate cross-chain swaps. This is made possible through their proprietary X Routing technology, which searches multiple blockchains and decentralized exchanges to find the best exchange rates.

Smart Account Feature

This feature integrates elements of account abstraction – allowing the creation of secondary accounts with specific rules and instructions – and leverages the ERC-4337 Ethereum standard to offer a suite of new capabilities, including:

• Gas Payments with Stablecoins: with ERC-20 tokens, such as stablecoins, you can execute transactions and pay the associated gas fees using USDC or USDT, even if you don’t have Ethereum’s gas token in your wallet.
• Social Recovery for Wallets: allowing users to regain access to their wallet without a seed phrase. This is achieved by selecting a group of trusted individuals during wallet setup, who can then assist in wallet recovery if the private key is lost.
• Flexibility and Programmability: enabling users to set specific instructions or rules for wallet operations – potentially advancing security controls.

The Smart Account feature in the OKX Wallet is geared towards making the Web3 experience more accessible, secure, and user-friendly. It represents a step forward in addressing some of the complexities and risks associated.

Its user-friendly interface offers easy connection via web extension or mobile apps for iOS and Android. You can take full advantage of faster withdrawals as there is no approval needed with a fully decentralized wallet.

OKX Mobile App

The OKX app includes all the necessary trading features, like stop-loss orders, limit orders, take-profit orders, margin trading, and a variety of indicators. The app has a beautiful design and layout – its dark theme contributing to a user-friendly experience. Well-placed menus and icons make it easy for users to find their way around, whether they are beginners or experienced traders.

Even from your mobile, you’ll have access to OKX’s decentralized multi-chain wallet. However, the app does not support fiat offramping, so you cannot directly swap for fiat and withdraw to a bank account. For such transactions, the app relies on third-party intermediaries, which may incur higher fees.

Due to its extensive range of features and crypto products, new traders may find the app overwhelming. However, the app includes Lite, Web3, and Pro modes to cater to different user needs.

OKX Staking

Staking is the opportunity to earn passive income through OKX’s cryptocurrency holdings. You can stake your digital assets in the OKX Pool, locking up a certain amount of your tokens to support the functioning of their network.

Your yield from staking will be an estimation, not guaranteed by the platform. OKX deducts costs, fees, and expenses related to the operation of staking, including server and electricity fees, from the actual yield to determine the final yield.

Flexible and Fixed Staking Periods

Flexible staking allows you to redeem your assets after entering a command. By default, the auto-renewal function is enabled for fixed-term staking and upon expiration of the term, the deposit will be automatically staked for another term of the same duration.

Users must ensure that they are the legal owners of the digital assets they stake and that the sources of these assets are legal. Staking involves various risks, including market volatility, technical anomalies, and potential financial losses. We advise you learn and accept these risks before participating in staking.

Payment Methods on OKX

Various payment methods are available to you, facilitating the following:

• Debit/Credit Card
• SWIFT (Bank Transfer)
• Quick Buy/Sell
• P2P Trading
• OKX Wallet

Of course, you can also deposit funds using cryptocurrencies from your own external wallet or another exchange to your OKX account.

Alternatively, you can buy cryptocurrencies using Visa, Mastercard, and other major credit and debit cards. OKX partners with various third-party payment service providers, like Banxa and Xanpool, to facilitate cryptocurrency purchases. Their peer-to-peer (P2P) trading platform also allows users to buy and sell crypto directly between others.

The Express Buy feature allows users to quickly purchase select tokens with fiat, supporting over 90 currencies.

Minimum Deposit

It’s important to note that the availability of these payment methods can vary depending on your location. Check the platform for the most up-to-date and relevant payment options available to you. OKX may not charge deposit fees but third-party payment processors might. Always consult the terms and conditions for detailed information on any potential costs.

Withdrawal Times

Withdrawal times and fees are dynamic, based on network conditions, and can fluctuate due to congestion. For example, the withdrawal fee for Ethereum (ETH) is 0.0005 ETH, and 0.1 USDT for Tether (USDT) but these prices could change in the instance either of these networks experience unusually high traffic. It’s important to check the most updated fee listed on each withdrawal page on OKX for the most accurate information.

OKX’s Customer Support Service

You can reach out for assistance through social media platforms as well as the following channels:

• 24/7 Live Chat: for help wherever you are, at any time.
• Multi-lingual Support: via email and live chat.
• FAQs & Help Center: pages dedicated to common queries.
• Community Support: From Reddit to social media

Bitcompare has also said OKX offers a reasonable support system, noting that users can also send support tickets and emails or reach customer support on Telegram, Twitter, and Discord – despite some users reporting issues with customer support and undisclosed fees​

Likewise, Securities.io says that while the platform is popular for its range of altcoins and educational resources, there have been questions over its reputation. The quality of customer support appears to be a point of contention among users, with some experiencing challenges in getting timely and effective assistance.

We had a rather pleasant experience with the team, so it’s possible that improvements have been made since the aforementioned reviews of OKX.

Licensing & Security at OKX

Despite their complex licensing and security profile, OKX serves users in over 100 countries worldwide. However, it is important to note that OKX is not available to residents of certain jurisdictions, like the United States, due to regulatory restrictions.

Originally based in China, they moved their operations to Seychelles after China’s crypto ban. They abide by KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, standard practices for most reputable crypto exchanges. But for those looking for anonymity we’ve compiled a list of the best non-KYC exchanges in the market this year.

They store cryptocurrency holdings offline, in cold storage, which significantly reduces the risk of hacking. Transfers from cold wallets require approval by at least two authorized personnel, adding an extra layer of security against unauthorized access. Two-Factor Authentication (2FA) adds another security layer, and to protect you from phishing attempts, you’re provided with codes.

Another thing to note about OKX is that the platform allows users to view audit data and participate in the verification process. The platform’s large trading volume, transparency and adherence to regulatory standards contribute positively to its trustworthiness.

Historically, OKX has not suffered any significant exploits, indicating a robust security structure. However, the exchange has faced controversies, including issues surrounding its founder and other backers, particularly from China.

Consequently, customer reviews of OKX’s security are mixed. While many users appreciate the platform’s security measures, there have been concerns over its reputation and past incidents involving the founder.

What Could OKX Do Better?

As much as we enjoyed our time exploring the platform, there are several key areas of improvement we assessed in our review of OKX, including:

• Reputation and Trustworthiness: past controversies relating to the platform’s founder have affected OKX’s reputation. Addressing these concerns transparently and ensuring strict regulatory and ethical standards adherence could help rebuild and strengthen trust​​​​.
• Customer Support: OKX has received mixed reviews regarding its customer service, with some users reporting slow response times and unsatisfactory resolutions to their queries. Improving the efficiency and effectiveness of customer support, possibly by introducing more immediate channels like live chat or phone support, could enhance user satisfaction​​​​.
• User Experience for Beginners: While OKX offers a range of advanced trading tools and features, these can be overwhelming for new users. Streamlining the user experience to make it more beginner-friendly without sacrificing advanced options could attract and retain a broader user base.

Improvements in these areas could make OKX more competitive and appealing to a wider range of cryptocurrency traders and investors.

How We Review Exchanges

When assessing cryptocurrency exchanges, applying a balanced, truthful, and thoroughly researched approach is essential.

Our method encompasses an in-depth analysis of critical features such as security protocols, regulation adherence, user interface quality, transaction costs, range of cryptocurrencies, and client service. A truthful and well-informed critique should thoroughly investigate the clarity, or the absence of it, regarding fee structures and benchmark these against industry norms to determine their reasonableness and equity.

This all-encompassing approach ensures that our evaluations offer an accurate and impartial overview of an exchange’s services and equip potential users with insightful information, fostering informed choices. This becomes particularly vital in the complex and constantly changing world of cryptocurrency.

Conclusion

Overall, OKX is a deservedly prominent cryptocurrency exchange offering many trading options and features. It supports a variety of tokens, a user-friendly interface and educational resources for traders, including tutorials and analysis.

Block trading and the Jumpstart program allow investing in new crypto projects. It has an NFT marketplace and provides a multi-functional wallet for managing digital assets and interacting with DApps​. Several robust security measures are employed, such as cold storage for the bulk of assets, multi-signature wallets and 2Fa.

The platform also offers various support channels and stands out for its wide range of trading options, extensive asset support, and advanced security measures. We’re giving this exchange the thumbs up, but if you’re in the market for other exchanges, don’t hesitate to check out the best crypto exchanges around this year.

Visit OKX

References:

https://www.okx.com/learn/okx-publishes-13th-consecutive-proof-of-reserves

https://www.forbes.com/sites/kenrapoza/2020/10/16/chinese-ceo-of-okex-crypto-exchange-arrested-again-whales-bail/

FAQs

Is OKX exchange safe?

Yes. OKX complies with a range of international compliance criteria that holds them to high-security standards.

Is OKX legal in the USA?

No. Like many exchanges, OKX operates in a manner outside of the US regulatory code.

Is OKX a good crypto exchange?

Yes, With a low, tiered fee system, hundreds of tokens and trading pairs, a sleek interface and plenty of features, it is one of the best.

Does OKX have low fees?

Yes. Depending on your tier, trading fees range from 0.230% to 0.000%.

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