OKX Review 2024: Crypto Exchange, Wallet, & NFT Marketplace

You want to trade crypto, right? But you don’t want to risk your hard-earned money on some shady platform that might scam you or get hacked. 

That’s why you need to check out OKX, one of the top crypto exchanges in the world. It has everything you need to buy, sell, and swap cryptocurrencies safely and easily. 

But don’t take our word for it. In this OKX review guide, we will show you why it is safe and how it stacks up against other exchanges.

OKX History and Background

OKX was launched in 2017 and belongs to OK Group, which also has Okcoin, another crypto exchange. Star Xu is the OKX founder and CEO and Haider Rafique is the CMO.

It has many products and services, such as trading, DeFi, lending, mining, NFTs, and OKX Wallet. OKX has more than 20 million users in more than 100 countries and is one of the largest crypto exchanges by trading volume. 

OKX works with brands and sports teams like Manchester City, McLaren, and the Australian Olympic Team. It began in Seychelles and moved to Malta in 2018. Looking for an Australia-supported crypto exchange? Consider MEXC Exchange.

In 2019, OKX made its own OKB token and chain. In 2022, it changed its name from OKEx to OKX. In 2023, the exchange got a temporary virtual-asset license in Dubai.

OKX Overview: At a Glance

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What is OKX?

OKX is a crypto trading platform formerly known as OKEx. You can access over 350 tokens and trading pairs on different markets, from spot to futures to options. You can also make money from your crypto by lending, mining, or using DeFi products. 

OKX is a leading platform in the crypto space, with millions of customers in more than 100 regions. It has a top-notch matching engine, strong APIs, low fees, and high security. 

It also makes it easy to buy and sell crypto with various payment methods, such as Apple Pay, Visa, Mastercard, MoonPay, and bank transfers. OKX also has its own public chain, OKT, which works with Ethereum Virtual Machine (EVM) and Inter-Blockchain Communication (IBC) protocols.

Pros of OKX

1. Low trading fees of only 0.10% or less for most coins
2. Potential for high returns through coin staking, up to 98% per year
3. Access to a wide range of tutorials and articles for all skill levels in the “Learn” section
4. Opportunity to support new DeFi projects and earn their tokens by staking OKB, the coin of OKX
5. Ability to earn Bitcoin daily through simple tasks on the mobile app

Cons of OKX

1. Restricted access for users in certain countries, including the United States
2. Limited availability and liquidity for some less popular coins, might increase price slippage while buying or selling
3. Law market cap coins may not be available for trading

OKX Crypto Exchange Trading Features Reviewed

1. Spot Trading: This is the easiest way to trade crypto, where you just buy or sell coins at the current price, without any borrowing or leverage. You have the coins in your wallet and can take them out anytime.
2. Margin Trading: OKX is among the best crypto exchanges for margin trading. Trade crypto with more power, where you use OKX’s money (borrow funds) to boost your position and leverage. You can make bigger profits but also face risks and interest charges.
3. Perpetual Swap: In this, you bet on the future price of a coin without having it. You can use leverage up to 125x and trade with low fees. Perpetual swaps don’t have an end date, but they use funding fees to keep the price close to the market. You can cash out your profits or losses anytime.

Also, Let’s understand three important versions of the OKX crypto trading platform:

1. OKX Wallet

It is great for exploring Web3 and DeFi projects. You can connect your Web3 wallet to OKX and use different DApps on multiple blockchains. You can swap, stake, lend, borrow, and more with OKX Wallet.

2. OKX Lite

The Lite version is perfect for beginners who want to buy and sell crypto instantly. You can use your credit card or other payment options to get crypto in a snap. You can also cash out your crypto to your bank or e-wallet anytime (if supported).

3. OKX Pro

It is ideal for experienced traders who want to take their crypto trading to the next level. You can trade a wide range of tokens and pairs on spot, margin, and derivatives markets. You can also use trading bots, liquid marketplace, APIs, and other tools to enhance your trading performance.

OKX Supported Coins Review

OKX supports over 350 cryptocurrencies and more than 500 trading pairs. It has various crypto pairs with BTC, ETH, and USDT. Some of the popular crypto coins on the platform are:

• BTC
• ETH
• OKB
• AAVE
• SOL
• MATIC
• XRP
• DOGE
• SHIB
• DOT

You can view all the cryptocurrencies on OKX here.

OKX Fees Review: Is OKX Free to Use?

OKX charges different fees for USDT and USDC pairs. Here is the breakdown of various OKX fees below:

1. OKX Deposit fees

You don’t pay any fees to OKX when you deposit crypto. But some payment methods may charge you fees, like banks or credit cards. For example, if you deposit fiat money with Visa or Mastercard, you may pay a 3.5% fee or at least $10.

2. OKX Trading Fees

OKX uses a maker-taker fee system for spot trading, futures trading, and options trading. The maker fee is what you pay when you place an order that adds to the order book. The taker fee is what you pay when you place an order that matches an existing order and takes from the order book. 

The fee rates depend on your tier level, which is based on how much OKB you have, how much you trade in 30 days, or how many assets you have. The higher your tier level, the lower your fee rate. 

For regular users, the maker fee is between 0.08% and 0.06%, and the taker fee is between 0.1% and 0.08%. For VIP users, the maker fee is between 0.06% and -0.005%, and the taker fee is between 0.08% and 0.02%. 

The negative maker fee means that you get paid for adding to the market. For USDC pairs, OKX does not charge any maker fee but charges up to 0.07% taker fee.

3. OKX Withdrawal fees

OKX charges a network fee when you withdraw crypto from OKX. The network fee is based on how busy the blockchain network is and changes according to the market. 

The network fee goes to the miners or validators who process the transactions on the blockchain. OKX doesn’t charge any extra fees for withdrawals. But some payment methods may charge you fees, like banks or credit cards.

User Score

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OKX Various Products and Services Review

P2P Trading

OKX P2P trading is a way to trade crypto with other people, without any middlemen or intermediaries. You can pick from over 20 fiat currencies and over 10 cryptocurrencies to trade on OKX P2P trading. 

You can also use different payment methods, such as bank transfer, credit card, PayPal, Payoneer, AdvCash, and more. You can also talk to the other person and agree on the terms of the trade, such as the amount, the price, and the time limit.

You don’t pay any fees to OKX when you trade on the P2P marketplace. The average transaction time on P2P trading is less than 10 minutes. The platform also offers escrow service and dispute resolution to protect both buyers and sellers from fraud and scams.

Copy Trading

OKX is also one of the best crypto copy trading platforms for beginners. With Copy Trading, you can copy the trades of top traders on OKX and make profits with them.

You can follow the trades of people who have good results and high performance. You can see their portfolio breakdown, transaction history, PnL, and risk level. You can also talk to them and get trading tips and insights.

You can also sign up to be a lead trader and share your trading strategies with other users. You will get 10% of each copy trader’s profit share, plus an extra 2% from OKX. That means you will get 12% of the profit for each trader who copies your trades.

Trading Bots

With OKX Trading Bots, you can use different strategies and algorithms to set automatic trades. You can also “copy’ existing parameters for bots and strategies based on their PnL on the marketplace.

You can use different types of bots based on different strategies, such as grid, DCA, arbitrage, smart portfolio, recurring buy, and price lock. You can also find and copy the best bots on the OKX Bot Marketplace, or share your own bots and earn extra income.

It also allows you to set your own buying and selling prices, use stop loss to minimize risks, and modify the existing parameters set by other pro traders based on your requirements. Simply, bots are flexible to use alike.

NFT Marketplace

OKX NFT Marketplace is a decentralized platform where you can create, trade, and buy NFTs across different blockchains and platforms. You can trade NFTs on over 10 networks, such as Ethereum, Solana, OK Chain, Binance Smart Chain, Polygon, Immutable X, and more. You can also switch between different networks. It is also among the top Arbitrum NFT marketplaces.

It supports NFTs from other major marketplaces, such as OpenSea, Magic Eden, Blur, and more. You don’t pay any fees to OKX when you trade NFTs on the marketplace. You only pay the network fee for the blockchain you are using.

It has top NFT collections from various categories, such as art, sports, music, domain names, virtual places, trading cards, and more.

Launchpad (Jumpstart)

OKX Jumpstart is a launchpad that helps you discover and invest in new crypto projects. You can stake your OKB tokens and receive tokens from the projects you support. You can also learn about the project details, such as the team, the vision, the roadmap, and the tokenomics.

Sometimes, you can get tokens from the projects at a discounted price, and enjoy the potential price increase when they are listed on OKX or other exchanges. Some of the past projects on OKX Jumpstart have achieved high returns for their investors.

Currently, there are 13 projects launched on OKX Jumpstart with a total volume of $3.59 billion locked for the project.

OKX Security Review

OKX uses advanced security systems for its internal wallets and gives users many security features and tools. Users can find six security features on the “Security” tab of their account: password, email, Google Authenticator, mobile, 2FA, and anti-phishing code. 

These features help users keep their accounts safe from phishing, unauthorized access, and fund theft. OKX also has a Channel Verification tool that lets users check if any phone number, email address, or URL is really from OKX. It also claims to store user funds in cold wallets. 

OKX Earn and Staking Review

OKX Crypto exchange offers different types of earn products that support 100+ assets for HODLing and maximizing returns.

1. Simple Earn: This is where you put your coins in and get interest back. You can pick how long you want to lock them up. There are fixed and flexible term periods. Some coins pay more than others. You can see the current rates and terms on the OKX Earn website.
2. Structured Products: These are more complicated and risky than Simple Earn, but they can pay more too. They use options contracts that let you buy or sell an asset at a specific price and time. You can pick a strategy that matches your market view: bullish, bearish, or neutral. This includes products like Dual Investment, Shark Fin, etc.
3. On-chain Earn: These products connect to other DeFi platforms, such as Aave and Compound Finance. They let you earn interest and rewards by lending, borrowing, staking, or providing liquidity to different pools. The current platforms, APYs, and TVLs are flexible to choose from.
4. Dual Investment: It’s a special product that lets you trade two cryptos at the same time, like BTC and USDT, ETH and USDT, or SUI and CFX. You can choose which one you want to invest in and get a fixed return. But the catch is that you don’t know which one you’ll get back when the product expires. It depends on the market price of the cryptos.

OKX Loan Review

OKX Loan is a service that lets you borrow money using your crypto assets. You have two options: single-collateral loans and multi-collateral loans. 

With single-collateral loans, you can borrow up to 65% of your crypto’s value and enjoy a low-interest rate starting at 1%. You can repay the loan whenever you want without any extra fees.

With multi-collateral loans, you can pledge different assets as collateral for a single loan. This allows you to manage all your collateral in one place. 

If you already have existing loans, you can use their collateral to secure a new loan without needing more collateral. This helps you increase your borrowing power and optimize your portfolio.

Additionally, when you borrow crypto from OKX Loan, you can also access other products like Jumpstart, Earn, and Stablecoin with those assets.

Is OKX Solvent (Proof of Reserves)?

According to DefiLlama, OKX is a 100% solvent exchange with more than $10.289 billion in reserve assets. This means that OKX has more than enough crypto to cover all its debts and more. OKX’s solvency ratio is higher than most other exchanges, which shows its financial power and trustworthiness.

The Reserve assets include more than $3 billion in BTC, $6.65 billion in ETH, and $162.55 million in Tron. These are less fluctuating assets that are more than 92% of OKX’s holdings.

OKX for Institutional Investors Explained

OKX provides the following features for institutional and VIP users:

1. Liquid Marketplace: This is where you can trade with multiple brokers on demand, without affecting the order book. You can trade spot OTC, futures spreads, and options strategies at the price you want.
2. API Connectivity: OKX has fast and stable APIs that can handle 400,000 requests per second. You can trade without any delay.
3. VIP Loan: It offers low-interest rate loans for Institutional and VIP investors.
4. Advanced execution algorithms: This is where you can use smart algorithms to split up large orders and reduce slippage. You can use TWAP and iceberg algos to trade better.

OKX Ease of Use and Customer Support Review

The platform is user-friendly, with convenient navigation, and easy to use for beginners. It has a mobile app for both Android and iOS users.

You can reach out to OKX’s support team by chat, email, or phone, but don’t expect a quick or helpful reply (according to reviews from Trustpilot). 

OKX Mobile App Review

If you want to trade crypto on your phone, you should check out OKX Mobile app. It’s an app that connects you to your OKX account. 

You can do a lot of things with it, like buying, selling, and trading over 350 coins. You can also join OKX’s different trading platforms and pools. The app is very easy to use and looks great. It has similar advanced security features and alerts to keep you safe and informed.

OKX Alternatives and Comparison

Is OKX better than Binance?

OKX and Binance are both well-known crypto exchanges that have similar products but with some differences. Binance supports more crypto assets, fiat currencies, and payment methods to fund your account. OKX charges lower fees, a better web3 wallet, and a copy trading feature for beginners.

OKX is a good option if you want a simple and cheap trading experience, while Binance is a good option if you want a wide variety of crypto products and services.

How to Get Started with OKX Crypto Exchange?

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10

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Step 1: First, you need an OKX account. Go to their website and click Sign up in the top-right corner. You can use your email or phone number to sign up.

Step 2: Next, you need to make your account safe. OKX has many security options for you, like password, mobile verification, Google Authenticator, 2FA, and anti-phishing code. You can find these options by clicking Security on the top menu or the Manage security features button in the Overview section.

Step 3: Then, you need to prove your identity. OKX will ask you for some personal details and documents, like your name, birthday, nationality, ID number, and a photo of your ID card or passport. You can do this by clicking Verification on the top menu or the Verify Now button in the Overview section.

Step 4: After proving your identity, you can choose how to buy or sell crypto on OKX. There are two main ways: the Buy Crypto feature and the P2P Marketplace.

• The Buy Crypto feature lets you buy crypto fast with fiat money using different payment methods, like bank transfer, credit card, PayPal, and more. To use this feature, click Buy Crypto on the top-left corner, choose the crypto and the money you want to use, pick the amounts of money and crypto, pick your payment method, and confirm your payment. The crypto you bought will go to your OKX account automatically.
• The P2P Marketplace lets you buy or sell crypto with other users using fiat money or stablecoins. To use this feature, click Buy Crypto and pick P2P trading in the menu, pick the money you want to use, pick either Buy or Sell, pick a user you want to trade with and follow the instructions on the screen to finish the trade.

Step 5: Once you have some crypto in your OKX account, you can start trading it on OKX. OKX has many trading products and services for you, like spot trading, margin trading, futures trading, options trading, perpetual swap trading, and more. You can also use the OKX API to make your trading strategies automatic and get market data. To use the OKX API, you need to make an API key and secret by clicking API in the Overview section and following the instructions.

Step 6: If you want to practice trading crypto without losing real money, you can also use the OKX demo trading feature. This lets you try trading scenarios using fake money and learn from your errors. To use this feature, you can switch to demo mode by tapping on the profile icon on the top-left corner of the app and picking Demo Trading.

Final Thoughts: Is OKX Worth it?

To sum up the OKX review, it is a good choice for crypto beginners. If you love crypto and want to do more than just buy and sell, OKX might be the platform for you. 

OKX lets you trade, stake, borrow, and earn crypto in various ways. You can find hundreds of coins, low fees, and new projects on OKX. It also has a reward program, a learning section, and a mobile app.

But OKX is not for everyone. It doesn’t work in the U.S. and some other places like Canada and UK (only derivatives). It is also best for expert traders who know how to use its advanced features and tools.

OKX Review: FAQs

Is OKEx and OKX the same?

Yes, both are the same. In 2022, OKEx underwent a rebranding and changed its name to OKX. This change was made to emphasize that OKX had expanded its offerings beyond just being an exchange. 

Is OKX a safe and trusted platform to use?

Yes, OKX is a safe and trusted platform to use. OKX says it protects your funds with offline storage, round-the-clock transaction monitoring, and multi-layer encryption. 

It also has a proof of reserves system that makes sure that your funds are always matched 1:1 on OKX with regular audits.

Is OKX good for beginners?

Yes, OKX is good for beginners. It helps you learn and buy your first crypto assets easily with a fast verification process, a secure link to your bank account, and a simple interface. 

OKX also gives you educational resources to help you grasp the basics of crypto investing and the advantages of diversifying your portfolio.

Can I trade on OKX without KYC verification?

No, you cannot trade on OKX without KYC verification. Verification is required for all users who want to trade on OKX. 

KYC verification helps to follow anti-money laundering and counter-terrorism financing rules, as well as safeguard your account from unauthorized access.

What countries are banned from OKX?

OKX cannot provide services to customers in the United States. The platform is accessible worldwide, with the exception of the following countries: Canada, the United Kingdom, Hong Kong, Singapore, Cuba, Iran, North Korea, Crimea, Malaysia, Syria, Bangladesh, Bolivia, and Malta.

What is OKExChain Token (OKT)?

OKT is the native token of the OKExChain platform, which is a fast and compatible blockchain network based on Cosmos. OKT users can use the token to vote, stake, and trade on the OKExChain ecosystem.

User Score

10

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