OKX review

OKX is a crypto exchange that offers spot crypto and derivative markets. This OKX review compares its best features to help you decide whether to sign up.
By: Theodor Tonca
Theodor Tonca
Theodor is a Financial Writer for Invezz, reviewing, testing and scrutinizing financial products. He is a former financial analyst and investment… read more.
Updated: Dec 1, 2022
4/5 Star rating
13 min read
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The OKX crypto exchange offers a range of crypto trading options for both beginners and professionals alike. It offers 300+ cryptocurrencies as part of 600+ crypto pairs, derivative markets through futures and options, and web3 products like NFTs, all with low trading fees.

Pros & Cons

Pros:

Stake ETH to freely mint FIFA WORLD CUP 2022 NFTs & big prizes
350+ cryptocurrencies & NFTs available across 650+ trading pairs
Crypto spot & derivative markets available
Pay using hundreds of local payment methods

Cons:

What is OKX?

OKX is a cryptocurrency exchange that was founded in 2017. The exchange’s trading volume has grown quickly to make it one of the larger cryptocurrency exchanges in the world, especially when it comes to Bitcoin and ETH trading volume. It currently ranks as one of the top 20 crypto exchanges in the world by volume.

It offers products across spot crypto, crypto derivatives, and web3, like NFTs, staking and lending. The exchange comes equipped with its own charting functionality as well as trading view charts and is accessible via a desktop platform, a web platform, as well as a mobile app. 

Additionally, it also has an API stack. This allows you to automate your trading strategies via algorithms and trading bots.

How does OKX work?

OKX offers a simple trading interface for new users, with a more in-depth option available for those with a bit of experience. Buying and selling coins is simple with either version.

To use the exchange you just have to set up an account, which only takes a few minutes. You then fund it with a deposit; OKX offers the ability to make payments via hundreds of local, country-specific payment methods and the option to pay with crypto as well.

OKX cryptocurrencies and trading options

What cryptocurrencies can you trade on OKX?

OKX offers the ability to trade 350 cryptocurrencies, with new currencies being added on a regular basis. Some of the top coins on offer include Bitcoin, Ether, Tether, and USD Coin Here is a list of the most notable cryptos available on OKX by market cap:

  • Bitcoin
  • Ethereum
  • USD Tether
  • USD Coin
  • XRP
  • Cardano
  • Dogecoin
  • Polygon
  • Polkadot
  • Solana

All OKX trading options

OKX offerings include spot cryptocurrencies, cryptocurrency futures, and options. You can also use OKX for marginal borrowing or lending cryptocurrency, as well as staking.

ProductOffering
Cryptocurrencies350
Crypto pairs500
Crypto futures50
Crypto options3
Staking coins5
See all trading options >

Can I trade with leverage on OKX?

OKX offers leveraged trading on its futures product as well as some leverage on its spot cryptocurrency as well. Leveraged trading options in spot cryptocurrencies are a rarity in the industry, making OKX a standout exchange. 

Warning: Leveraged trading carries extra risk and should be treated with caution by beginners.

ProductMax. leverageMargin
Individual cryptocurrencies1:1010%
Crypto futures1:205%
See all leveraged trading options >

What are the spreads?

OKX is a cryptocurrency exchange offering spot crypto, crypto derivatives, and crypto 2.0 products. It does not determine spreads and does not make any money from spreads.

Fees, limits, and payment options on OKX

What are the deposit and withdrawal fees, limits, and speeds?

OKX primarily offers deposit options via credit card, bank transfer, Apple Pay, and crypto transfer. 

On top of this, the exchange also offers local fiat payment options depending on the country of residence and fiat used. Unfortunately, it offers no fiat withdrawal options with withdrawal methods restricted to crypto only. 

In terms of fees, deposits are free but withdrawals have gas charges to be paid to miners. OKX does not charge any withdrawal fees. Withdrawal fees are not fixed and are dependent on market conditions and linked to the time taken for the withdrawal. 

Payment methodDepositWithdrawal
Visa/MasterCard
– min/max
– fees
– speed
Yes
Variable
Free
Instant
Yes
Variable
Variable
Variable
Apple Pay
– min/max
– fees
– speed
Yes
Variable
Free
Instant
Yes
Variable
Variable
Variable
Bank Transfer
– min/max
– fees
– speed
Yes
Variable
Free
Instant
Yes
Variable
Variable
Variable
Xanpool
– min/max
– fees
– speed
Yes
Variable
Free
Variable
Yes
Variable
Variable
Variable
Banxa
– min/max
– fees
– speed
Yes
Variable
Free
Variable
Yes
Variable
Variable
Variable
BuyUcoin
– min/max
– fees
– speed
Yes
Variable
Free
Variable
Yes
Variable
Variable
Variable
SEPA
– min/max
– fees
– speed
Yes
Variable
Free
Variable
Yes
Variable
Variable
Variable
See all deposit and withdrawal options >

How much are OKX’s fees and commissions?

OKX has a varying fee structure that depends on your trading volume and the amount of OKX Blockchain Token (OKB) you hold in your accounts. The more tokens held, the less the fees. 

OKX segregates its users into regular users (categorized by OKB holdings) and VIP users (categorized by a minimum asset threshold) with varying rates of maker and taker fees depending on both the volume traded and the amount of OKB held. No inactivity or other fees are charged.

The fees are quite competitive, and can be next to zero for VIP users. Additionally, large VIP users with trading volume over $500 million are paid by the exchange for providing liquidity which is a rare offering amongst cryptocurrency exchanges.

Fee typeFee amountCommission
Trading fees (regular)0.08% maker, 0.1% takerRates vary from 0.08% – 0.06% with OKB tokens
Trading fees (VIP)0.06% maker, 0.08% takerRates go as low as 0% maker, 0.04% taker
InactivityNo feeNo fee
See all fees >

OKX trade sizes and limits

OKX minimum trade size restrictions depend on the crypto or fiat currency in question. 

This limit is applicable to spot trading only. For crypto futures and options, the minimum trade size is 1 contract. The minimum trade size is quite small and compares well with other crypto exchanges. The exchange has no maximum trade size or limit.

ProductMinimum tradeMaximum trade
Cryptocurrencies5 USD / 1 USDTNo limit
Crypto futures1 contractNo limit
See all trading limits >

OKX trading platform

What devices can I use OKX on?

OKX is accessible as a desktop platform for Windows and Mac as well as a mobile app for iOS and Android. 

The exchange also has a web platform accessible via its webpage.

  • Desktop platform (Windows/Mac)
  • Web platform
  • Mobile app (iOS/Android)
  • API (Windows/Linux)

Can I use OKX in my country?

OKX is based out of Seychelles and as such the exchange is unregulated. This restricts its services in several countries like the United States, Hong Kong, the United Kingdom, Singapore, and Malaysia.

It is however available in most countries across the world which include the following:

  • Canada
  • Japan
  • France
  • Spain
  • Australia
  • Brazil

Is OKX available in my language?

OKX is currently available in 20 languages. The main languages available are as follows:

  • English
  • Chinese (Simplified)
  • Chinese (Traditional)
  • Russian
  • Turkish
  • Portuguese (Brazil)
  • Spanish
  • Indonesian
  • Vietnamese
  • Thai
  • Korean
  • French
  • German
  • Italian
  • Polish
  • Czech
  • Portuguese (Portugal)
  • Romanian
  • Ukrainian

How easy is it to use OKX?

OKX is one of the world’s largest cryptocurrency exchanges and trading platforms catering to both beginners and professionals alike. 

The exchange offers three variations of its app: 

  • “Lite” for beginners
  • “Pro” for professionals
  • A third app solely dedicated to NFT and web3 products.

In a similar fashion, OKX has separate exchanges for spot trading, crypto futures, and crypto options so one can run all three simultaneously. This separation dramatically simplifies things and makes navigation far easier.

The apps are available across the web, mobile devices, tablets, and desktops, thus ensuring ease of access from anywhere at any time.

Key features

OKX is a cryptocurrency exchange offering spot crypto trading, crypto futures and options as well as crypto 2.0 features like NFTs, staking, and lending. 

The platform is loaded with a whole host of features including the following.

Block trading 

A new OKX feature for large, multi-leg strategies. It offers competitive Requests For Quotes (RFQ) ensuring your price is the best one available on the market as well as end-to-end connectivity with OKX risk management and settlement for execution.

Crypto derivatives & leverage

OKX is one of the few crypto exchanges offering a wide range of crypto futures. 

The exchange offers options on Bitcoin, ETH, and Solana which is not common in the industry. Additionally, OKX also offers leverage of 1:10 to trade both crypto spot as well as crypto derivatives.

API

OKX comes with its own API stack known as v5 API. It allows traders and investors to build and run algos and trading bots to automate their trading. This is a unique feature not commonly seen on other crypto exchanges.

Security and regulation

Is OKX safe?

OKX stores 95% of coins in a multi-signed cold storage wallet that is encrypted with Advanced Encryption Standard (AES), thus protecting user crypto from hacks and theft.

Am I and my cryptocurrency protected?

OKX adopts a multi-tier architecture structure for its hot wallet storage and only 5% of all funds are stored in a hot wallet at any given point in time. 

Additionally, OKX has launched a Security Reserve Mechanism known as OKX Risk Shield with an amount of $700 million to compensate users in case of an extreme security event. 

The exchange allocates a percentage of its earnings to this reserve fund each quarter.

Is OKX regulated?

OKX is based out of Seychelles and is not regulated. 

However, the exchange recently opened an office in Malta and is regulated in that jurisdiction under the Virtual Financial Asset Act by the Maltese government.

Do I have to verify my account with OKX?

OKX allows unverified accounts to transact in cryptocurrency, but it does impose restrictions on fiat transactions and crypto withdrawal. 

OKX complies with Know Your Customer (KYC) and Anti-Money Laundering legislation requiring account verification to bypass these restrictions.

Extra information

Educational resources 

OKX has a “Learn” page dedicated to educational resources with blogs and news articles catering to beginners. 

The resources available cover the basics of crypto but focus a lot more on DeFi and its specific features. Overall, OKX has a decent collection of educational resources that is average.

Tools and charting

OKX offers its own charting tools which are integrated with a trading view. 

Charts are offered across multiple time frames and come with basic technical analysis tools. The trading view charting facilities are excellent and will suffice the needs of almost all kinds of traders. 

Customer support

OKX has a dedicated help center with solutions to the usual queries. The exchange also has a chatbot on the bottom right corner of its website where one can ask for additional support. 

They have an office address for Seychelles on their website and are present on social media as well should one need to reach out to them. Despite multiple ways to get in touch, Trustpilot has assigned poor reviews for their customer support.

Our verdict

Overall, OKX is a good quality exchange with plenty of functionality that adapts well to the needs of each individual user. The exchange offers over 500 crypto pairs, crypto futures and options, an NFT marketplace, staking, and lending, while also providing leverage for both spot and futures trading.

Separate exchange platforms are provided for spot, futures, and options, each with its own in-house charting functionality and technical analysis tools. Beginners and professionals alike can chart their own way through the exchange via its variants of the OKX app.

The fees charged are competitive and reduce further as you accumulate the OKX Blockchain tokens (OKB) or increase your asset holding and trading volume. It’s also quite secure, which is a hot-button issue with crypto exchanges at the moment, as it employs cold storage facilities and distributed architecture to keep digital assets safe.

How to buy cryptocurrency on OKX

  1. Login to your account
  2. Click on “Buy Crypto”
  3. Two boxes will be presented for two currencies in which you want to transact. One box will be payment currency and another receipt currency. Say you want to buy Bitcoin using USD. Select USD in the payment box and enter the amount. Select Bitcoin in the “receive” box and the equivalent amount conversion will be displayed
  4. Click on “Buy”

FAQs

Who owns OKX?
How does OKX make money?
Do I have to pay tax on OKX profits?
Is OKX anonymous?
Does OKX have an integrated wallet?
How do I withdraw from OKX?
Has OKX ever been hacked?

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Theodor Tonca
Financial Writer
Having worked for a decade as an analyst, investment partnership founder, and writer - Theodor is a keen sportsman. When not working, he can most commonly… read more.

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