OKX Review 2024: A Comprehensive Guide to the Leading Crypto Exchange

OKX is a popular CEX, ranked as one of the top exchanges in terms of 24-hour spot and derivatives trading volume, It is one of the more credible, feature-packed, and reputable centralized exchanges around. This detailed, 360-degree OKX review dives into the features, functions, pros, and cons of the leading crypto exchange. Here’s what to know about this CEX in 2024.

OKX review at a glance: Our overall rating

OKX is extremely equitable. The platform offers a global suite of products that is available for users around the world. Additionally, OKX has shown a great commitment to security while maintaining an affinity for self-custody.

The exchange is popular with more advanced traders, all the while not being too harsh on the wallet. Lastly, there is a little something for everyone. OKX has such a vast number of products and services that it leaves very few wanting.

What is OKX?

OKX, formerly OKEx, is a leading centralized crypto exchange that offers services related to spot, derivatives, and margin trading. The platform boasts users in 100+ countries, making it one of the more global CEXs. Plus, it comes with an integrated, native web wallet governed by your private key. 

From letting users choose from hundreds of trading pairs to helping them execute leveraged trades and perpetual swaps, OKX caters to both new and even professional crypto traders. 

Suppose you want to experience the crypto space in its entirety, focusing on features aside from trading. In that case, OKX lets you stake crypto tokens, join mining pools, and even explore DeFi strategies like lending. We shall detail each of these traits in subsequent sections.

OKX review: The history behind it

Formerly OKEx, OKX dates back to 2013 when it was synonymous with the OK Group — a blockchain technology firm. The exchange, OKEx, began in 2017 when CEO and Founder Star XU set up an arm in Seychelles. 

In early 2022, it ditched the “E” to double down on the “X”, rebranding itself as OKX. The rebranding suggested a more accommodative take on the decentralized aspect of crypto. Barring this major update, OKX has undergone many brand-related transformations over time, with each instance paving the way for additional features.

With an amplified focus on building its own blockchain, a native token, a decentralized cross-platform wallet, and more, OKX has scaled beyond the challenges associated with regulatory scrutiny.

“OKX wallet is a gateway to blockchains.”

Star Xu, CEO of OKX: Twitter

Additionally, the parent firm OK Group has its roots in Hong Kong, China, and it also runs an incubator-like initiative to propel promising web3 startups further. OKX presently defines itself as a “portal to web3”, led by the OKX DEX, the cross-chain wallet, an NFT marketplace, and more.

OKX review: Important numbers

As of early [ 2024], OKX has its wings spread out across 150 nations. It supports over 300 cryptocurrencies with 500+ trading pairs in sight.

OKX also boasts 236 derivatives markets, with a trading volume second only to Binance. The crypto exchange also claims to have over 50 million users despite it not catering to the U.S. audience. 

OKX review: Audience, parameters, and the road ahead

As for coverage, this OKX review will focus on the following aspects:

• The ease of buying and selling assets
• Trading options in sight, including the trading platforms 
• Competitiveness of the fee structure with taker & maker fees and other VIP brackets explored
• Efficacy of spot trading, margin trading, derivatives trading, and other features
• Ease of KYC verification
• Additional features like the wallet, NFT marketplace, customer support, built-in security standards, and educational resources.
• Regulatory standards and innovation

How does OKX compare to others?

While OKX is a great all-round option, you might want to look for alternatives, especially to navigate the cons and explore other features:

Kraken

Even though OKX is one of the more secure cryptocurrency trading platforms around, Kraken has a superior reputation in this field. According to Certified, a company analyzing exchange security, Kraken is placed second in exchange security, while OKX is around 40th.

Coinbase

This exchange is the preferred choice for U.S.-based users. Also, Coinbase has been around for longer than OKX and is a much easier platform to navigate for a crypto beginner looking for a zero-frills setup.

Binance

This largest global cryptocurrency offers at least 50+ more assets compared to OKX. Also, if you are an experienced crypto evangelist, Binance might just cater better to your diverse proclivities, courtesy of extra features, including a crypto debit card.

Huobi

Huobi is one of the few crypto exchanges to offer over 500+ crypto assets and trading pairs to choose from. Also, some aspects of this crypto exchange can be accessed without completing KYC verification. However, you must still KYC if you want to scale beyond the daily deposit and withdrawal caps.

Uniswap

We couldn’t help but add one decentralized exchange to this list. When it comes to DEXs, Uniswap is easily one of the more reputed ones with excellent liquidity. You only need to connect your crypto wallet to the space to access and use without needing KYC verification. Note that when using a DEX, you should be very careful with your private key.

Features and tools

OKX offers a multitude of crypto-specific features for every sort of crypto user. Here are the CEX’s core offerings:

1. An extensive crypto platter

If you are looking for an exchange to buy and sell crypto, OKX has you covered. With close to 350 cryptocurrencies to choose from, you can find any token or coin of choice at OKX. But that’s not the key bonus. At OKX, you can purchase close to 100 cryptocurrencies using fiat. The exchange offers one of the more seamless on-ramping experiences, making it highly beginner-friendly.

Under the “Express Buy” section, you can choose from 93 fiat currencies, with over 420 payment methods accepted.

An exclusive “third-party payment” method allows you to purchase through third-party service providers like Banxa, Xanpool, and more. 

P2P support

P2P trades are increasingly popular among crypto users. You can offload your crypto at a given price, provided someone in the market is interested. At OKX, there is also significant P2P market to choose from, depending on the region you are from. You can quickly buy and sell any of the six supported cryptocurrencies in your choice of fiat at your choice of rate. You can even create an advert to push your P2P offerings to the top of the list.

An evolved trading interface

OKX brings forth an intuitive trading interface, allowing you to look at the charts, place market or limit orders, check the order book and market depth, and even juggle between spot, perps, futures trading, and other crypto-specific functions.

Or, if you prefer detailed TradingView charts, OKX lets you connect accounts and place direct trades whenever you locate a rewarding trading option. 

OKX Earn and other tools to create wealth

At OKX, you can do more with your holdings than just buy and sell crypto. If you have relevant tokens, you can leverage them to maximize gains, courtesy of the simple earn plan and on-chain earning options like staking.

Depending on your risk appetite, you can even try out structured earning products like the compounding Snowball, dual investment plans for short-term stable gains, and the more aggressive Shark Fin, offering an ultra short-term view of the market.

Here is a quick thread on how Shark Fin works:

OKX also lets you take loan crypto, with your holdings pledged as collateral. You can use the borrowed funds to leverage the “Earn” “-based functionalities. 

OKX Jumpstart

If you are in crypto for the long haul — perhaps interested in identifying and investing in promising web3 projects — OKX’s Jumpstart is the perfect place to be.

You can locate a variety of projects, invest in them using OKB tokens, and start riding the web3 bandwagon.

Crypto converter and calculator

OKX’s crypto converter is one of the more nifty features around. You can convert any crypto to another with zero fees and zero slippage. This feature lets you quickly change holdings, preferably to ride a trading opportunity.

Also, once you have the right crypto — the one you can convert to fiat — OKX’s crypto converter calculator lets you calculate the precise fiat rates before you off-ramp. 

Web3 stack: Chain, wallet, and marketplace

Unlike other centralized exchanges, a large part of OKX’s ecosystem is decentralized. The OKTC — short for OKT Chain — is leading the way — built on the Cosmos ecosystem. Meant for developers, this super scalable interface plays host to a variety of host DApps. Anyone — not just developers — can play a part in the ecosystem by staking OKT, which is also used for transaction fees.

Then, there is the OKX wallet, which acts as your portal to web3. The wallet is multi-functional and loaded with possibilities, allowing users to do everything from viewing crypto holdings to tracking NFTs and DeFi transactions.

Further, the exchange supports a web3 marketplace, a zone that specializes in NFTs, Ordinals, and other digital assets. You can also explore, buy, and even create and host your NFTs on the platform. 

Bots

Don’t want to trade yourself? OKX covers you with its trading bots, helping you locate rewarding zones and automate trades.

With bots, you can unveil the capabilities of algorithmic trading. You can indulge in grid trading, work with signal bots to get the correct trading signals, and use them for arbitrage trades, dollar cost averaging, and more.

Trading integrations with API support 

If you plan to set up a trading platform, OKX lets you access data, training, and service-related APIs to help with seamless integrations. Plus, it offers market maker, broker, and block trading services for institutions and brokers. 

OKX review: Unpacking the user experience

Using an exchange should be seamless. Let us check if OKX also lives by that statement by evaluating the platform across a few parameters:

Trading platforms: How many are there?

You can experience every OKX feature either on the web interface or via the mobile application — available for both iOS and Android. 

Setting up an account

Setting up an account on OKX is as easy as it gets. You just need to register your email ID and mobile number to get started. Once verified with OTPs, you can access some features of this crypto exchange.

Once you verify credentials via KYC validation, depending on the country you are accessing OKX from, you can start experiencing trading-related and other exchange-specific features. Do note that when using the app, you can juggle between the OKX Lite and the OKX Pro mode, depending on your familiarity with the crypto-specific traits.

Welcome offer/ bonus

OKX has a very popular welcome bonus. Basically, it is a referral system known as the Mystery Box. The Mystery Box is OKX’s refer-a-friend promotion. When you invite a contact to OKX, both you and your friend will receive a Mystery Box. There could be a gift of up to $10,000 in free cryptocurrency inside.

The “Learn” interface

Now that we are discussing user experience, the knowledge base offered by OKX clearly stands out. From beginner guides to content for experienced crypto folks to trading guides, OKX’s “Learn” caters to every kind of target audience. 

You can easily scroll through the content to better understand specific crypto and web3-related topics. 

Overall, the user experience is seamless but can be a tad steep for those accessing the OKX Pro platform without any handholding. The “Lite” interface, on the other hand, is self-explanatory. 

What is the buy limit on OKX? Plus, other concerns

Traders will likely be interested in learning about an exchange’s buy and sell limit. For a platform like OKX, the buy and sell limit relates to the deposit and withdrawal limits. If you can deposit “X” amount, you can always buy X worth of digital assets. Even the sell limit depends on how much you are holding. You can sell X worth of crypto if needed, but whether you can withdraw it depends on your verification level. 

For instance, basic verification — simply providing the ID — lets you deposit and withdraw 1000 USD over the trading lifetime. However, if you verify your identity with documentation and selfies, you can unlock unlimited deposits and a daily withdrawal limit of 1,00,00,000 USD.

As for the nature of deposits, you can on-ramp using a wide range of fiat currencies to purchase digital assets. And regarding withdrawals, you can off-ramp them to fiat or move funds to a crypto wallet of choice upon security verifications. 

Fee structure

Trading fees on a crypto exchange are all about maker and taker fees. You become a maker when you place an order that doesn’t execute immediately. The funds you add are locked and add liquidity to the market. In comparison, you become a taker if the order you place executes immediately, taking liquidity out of the market. The taker fee is usually higher.

OKX’s fee structure involves the maker and taker aspects. Spot trades can vary anywhere between 0.10% to even 0.15%, which is lower than the industry average of 0.20%.

Futures contracts attract anything between 0.02% and 0.05%. Margin trades are charged per spot rates, but additional fund borrowing charges exist. Apart from these charges, there are tiered fee structures for Perpetual Swaps and Options. Fiat-based deposits and withdrawals attract zero charges. Crypto withdrawals to specific wallets and chains are charged depending on the crypto type and the chain you transfer to. 

Notably, the charges are lower for VIP users — those with high OKB token holdings and 30-day trading volumes.

Is OKX a trusted company?

OKX is currently placed third in terms of exchange-specific trading volume.

In all, OKX is certainly one of the more trusted centralized players around. Adding further to the credibility of this crypto exchange are the following parameters:

1. High-end security standards led by reserves in cold storage, availability of multi-sig wallets, OTP-based logins, the ability to set two-factor authentication (2FA), and more.
2. A transparent regulatory landscape with compliance with international KYC and AML policies.
3. OKX is also VFAA-compliant, per the guidelines set by Malta Financial Services. 
4. Transparent fee structure, clarity on trading volumes, a robust customer support space, and a massive user base.

Pros and cons

Now that we have explored the OKX exchange in detail, here’s a quick list of the pros and cons.

Pros

• Competitive fee structure
• Supports a wide range of cryptos
• Almost 100 fiat currencies supported for on-ramping
• Comes with advanced trading options like spot, futures contracts, options, perp swaps, margin trades, and more
• Robust security
• Boasts a decentralized ecosystem
• Excellent customer support system
• Innovative crypto-based wealth-generating options like Earn, Shark Fin, and more

Cons

• It can be a complex platform for beginners courtesy of several cryptocurrency trading options.
• Limited global availability, including no U.S. coverage
• The multi-tiered fee structure is complex

How does OKX compare to others?

While OKX is a great all-round option, you might want to look for alternatives, especially to navigate the cons and explore other features:

Kraken

Even though OKX is one of the more secure cryptocurrency trading platforms around, Kraken has a superior reputation in this field. According to Certified, a company analyzing exchange security, Kraken is placed second in exchange security, while OKX is around 40th.

Coinbase

This exchange is the preferred choice for U.S.-based users. Also, Coinbase has been around for longer than OKX and is a much easier platform to navigate for a crypto beginner looking for a zero-frills setup.

Binance

This largest global cryptocurrency offers at least 50+ more assets compared to OKX. Also, if you are an experienced crypto evangelist, Binance might just cater better to your diverse proclivities, courtesy of extra features, including a crypto debit card.

Huobi

Huobi is one of the few crypto exchanges to offer over 500+ crypto assets and trading pairs to choose from. Also, some aspects of this crypto exchange can be accessed without completing KYC verification. However, you must still KYC if you want to scale beyond the daily deposit and withdrawal caps.

Uniswap

We couldn’t help but add one decentralized exchange to this list. When it comes to DEXs, Uniswap is easily one of the more reputed ones with excellent liquidity. You only need to connect your crypto wallet to the space to access and use without needing KYC verification. Note that when using a DEX, you should be very careful with your private key.

Customer support

Any OKX review would be incomplete if we did not discuss the customer support system. OKX has a relatively diverse support structure comprising the following elements:

1. Email support with queries expected to be resolved in under 24 hours.
2. Live chat support with real-time query assistance
3. A wide selection of guides and FAQs to choose from.
4. Multi-lingual support;
5. An active social media following;
6. An active community to help traders and crypto-curious folks better understand the space.

How we have tested OKX

In this comprehensive evaluation of OKX, the BeInCrypto team thoroughly examined this leading centralized crypto exchange. Our analysis encompassed the platform’s features, functions, advantages, and drawbacks.

• User experience and accessibility: We began our examination by focusing on testing the user experience — from the ease of setting up an account, verifying identification through KYC validation, etc.
• Buy and sell limits: We delved into the buy and sell limits on OKX, examining how deposit and withdrawal limits are determined, highlighting the potential for unlimited deposits and enhanced withdrawal limits through identity verification.
• Fee structure: Our team scrutinized OKX’s fee structure, with a particular focus on maker and taker fees for different types of trades.
• Customer support: We assessed the effectiveness of OKX’s customer support system, considering the various support options available, including email support, live chat, FAQs, guides, and multi-lingual support.
• Trustworthiness: In our test, we emphasized OKX’s trustworthiness. Factors contributing to its credibility, such as security measures, regulatory compliance, transparent fee structures, and a robust customer support system, were discussed.

Through such a thorough testing process, we aim to provide readers with a clear and informative perspective on OKX, enabling them to make informed decisions about their cryptocurrency trading activities.

Regulatory compliance and safety

OKX has Anti-Terrorist Finance and Anti-Money Laundering implementations in place, adhering to global regulatory standards. While these indicate a level of transparency, OKX has gone a step further, noting that each crypto is deemed an asset and should not be termed money or currency.

The exchange respects the stringency standards of certain jurisdictions, thereby not accepting customers from Belgium, Cuba, Iran, Japan, the U.S.A., and more.

OKX also has an active VDA asset license to operate in Dubai, followed by a much-anticipated proof-of-reserves release in early 2023. The exchange has also applied for a VDA license to operate in Hong Kong, which might open doors for new users.

Invest responsibly

While crypto exchanges serve as an excellent entry point into the world of cryptocurrency, it’s important to remember the importance of responsible investing. This OKX review is not intended as formal investment advice, and it does not constitute an official endorsement of the platform.

This review is solely provided for informational and entertainment purposes only, and readers should conduct their own research and consider their financial goals before making any investment decisions.

Is there more to OKX than what meets the eye?

In all, this OKX review finds the global crypto trading exchange to be well-balanced, offering something for everyone. Despite requiring a slightly steeper learning curve than some of its rivals (for example, Coinbase), OKX provides solid educational materials while offering a diverse range of crypto-based trading and financial services. The wider OKX ecosystem integrates seamlessly with the exchange, with a fully functional blockchain, a native token, and an integrated wallet, all working to enhance user experience and further the mission of decentralization.

Best crypto platforms in Europe | November 2024

YouHodler Explore

Bitpanda Explore

Coinbase Explore

BYDFi Explore

Margex Explore

Best crypto platforms in Europe | November 2024

YouHodler Explore

Bitpanda Explore

Coinbase Explore

BYDFi Explore

Margex Explore

Best crypto platforms in Europe | November 2024

YouHodler

Bitpanda

Coinbase

BYDFi

Margex