Search
Close this search box.

OKX Review – Scam or Legit? Features, Fees, Facts & More

Publisher

February 7, 2024
Disclosure At Cryptowinrate.com, we believe in transparency and building trust with our audience. Some of the links on our website are affiliate links, which means we may earn a commission at no additional cost to you if you decide to make a purchase through these links. Please note that we only recommend products and services that we have used ourselves or that have been highly recommended by trusted sources.
Our goal is to provide informative and useful content to help you navigate the world of cryptocurrency. The compensation we receive from affiliate partnerships helps us maintain and improve our site, but does not influence our reviews or the information we present.
OKX review

OKX is a cryptocurrency exchange known for its dire innovations and splendid crypto services. The crypto exchange is located in Seychelles and has worldwide recognition.

OKX is currently supported in over 200 countries all over the world.

In this article, we will do an OKX review to explore all of the features, products, fees, and services involved when using the OKX platform.

At the end of this OKX review, you will know exactly if it is your best option.

 

Visit OKX

 

OKX Overview

OKX is a prominent cryptocurrency exchange with several notable features. Founded in 2017, the Seychelles-based platform is one of today’s top-ranking crypto exchanges.

The crypto trading platform was founded by Chinese entrepreneur Minxing “Star” Xu. OKX is a subsidiary of OK Group, which Star Xu founded in China in 2013. The exchange was initially named OKEx until 2022, when it was rebranded as OKX. It currently ranks as the 6th largest crypto exchange in the world by trading volume on Coinmarketcap, with a volume of $3 billion on the spot market and $20 billion on the futures market.

OKX offers spot and futures trading terminals for users to engage with and low fees for transactions and withdrawals. Over 350 cryptocurrencies and 500+ trading pairs are currently listed on the exchange. Additionally, users can use the OKX P2P trading platform.

Learn more about OKX P2P trading platform.

OKX also offers users 150 USDT pairs for perpetual and margin trading, crypto loans, and NFT trading. Its interface demands more from advanced traders than beginners, making it a bit more complex.

There are also multiple products for users to enjoy, including staking, copy trading, trading bots, DeFi, and many more.

OKX currently has the second-largest user base in the world, with over 50 million registered users on its platform. It also has a native blockchain known as OK chain, with a native token called OKB.

 

OKX Pros and Cons

👍 OKX Pros👎 OKX Cons
✅ Minimal trading fees❌ Not Available to users in the United States
✅ High-Interest Staking Opportunities❌ Lacks fiat withdrawal methods
✅ Users can buy crypto from their credit cards.❌ Very advanced, not beginner-friendly
✅ Excellent P2P network.
✅ Trusted and reliable wallet

 

OKX Trading Products

Trading on OKX comes with a TradingView terminal directly linked to the platform. As stated earlier, the exchange currently possesses a daily trading volume of $3 billion on the spot market and $20 billion on the futures market. Its system is easy for both amateur and professional traders to navigate.

OKX has a detailed set of trading rules that cover various aspects such as risk management, trading bots, spot and margin trading, copy trading, perpetual futures, expiry futures, options contracts, and more. OKX also supports API trading, which allows programmatic access to its trading services. That is useful for advanced traders who seek to maximize tools for profit.

 

Spot Trading

Spot trading also allows traders to take immediate possession of the underlying asset, allowing them to transfer the tokens to any wallet of their choice or participate in OKX Grow, including staking. It offers users 300+ cryptocurrencies to trade from. These include popular cryptocurrencies like BTC and ETH and meme coins such as PEPE, DOGE, and recent WSM.

The trading view is clean and user-friendly. Traders can choose from three order types- Stop, Trigger, and Advance Limit. OKX offers default trading fees of 0.08% maker and 0.1% taker for the spot market.

The platform also provides users with tools that are easy to reach for trading, including a trading bot that is built into the terminal.

 

Futures Trading

OKX Futures trading offers a comprehensive platform for trading over 500 cryptocurrency pairs, including Bitcoin and Ethereum. It provides various contract types and competitive leverage options as low as 10x and a maximum of 125x. The interface supports both manual trading and trading bots, simplifying the trading process for users.

The trading volume on OKX Futures is substantial, with a 24-hour trading volume reported at $20 billion and a 24-hour open interest at $4 billion. That indicates a high level of activity and liquidity on the platform.

In terms of fees, the maker fees for OKX futures are a default of 0.02%. and 0.05% taker.

Overall, OKX Futures trading provides a robust and user-friendly platform for cryptocurrency futures trading.

 

Options Trading

OKX Options Trading is a platform that allows users to trade options contracts on various cryptocurrencies. The platform provides a user-friendly interface with manual trading and trading bots.

The fees for options trading are tiered and depend on the user’s total OKB holdings, 30-day trading volumes, and daily asset balances. The platform also provides detailed information about the market price, open interest, and volume of options trades.

Overall, OKX Options Trading provides a comprehensive and user-friendly platform for cryptocurrency options trading.

 

Demo Trading

If you are new to crypto trading or you simply want to try out new strategies, we highly recommend you make use of the OKX demo trading feature. The OKX demo trading platform offers a fully simulated trading environment where you don’t put your hard-earned money at risk.

Get started with our step-by-step OKX demo trading guide!

 

OKX Fees

OKX has a tiered fee structure for Futures and Spot trading, which varies for regular and VIP users. The fees are determined by several factors, including the user’s total OKB holdings, 30-day trading volumes, and daily asset balances. Overall, OKX has a fair fee structure.

 

Futures fees

OKX futures attract a default fee of 0.03% maker and 0.05% taker. The fee structure can also change based on the user’s tier level.

 

Spot fees

Regular users with less than 100 OKB holdings are charged a maker fee of 0.08% and a taker fee of 0.1%. As the total OKB holdings increase, the fees decrease.

VIP users are categorized by their 30-day trading volumes and daily asset balances. For instance, VIP 1 users are charged a maker fee of 0.045% and a taker fee of 0.050%, while VIP 8 users are charged a maker fee of -0.005% and a taker fee of 0.015%.

 

Withdrawal fees (Crypto)

OKX has a tiered withdrawal fee structure that varies for regular and VIP users. The fees are determined by several factors, including the user’s total OKB holdings, 30-day trading volumes, and daily asset balances.

The 24-hr withdrawal limit differs based on identity verification levels. That means that the withdrawal limits can be as low as 350 USD or as high as 10,000 USD. For VIP users, the 24-hour crypto withdrawal limit increases with their VIP level, ranging from 12,000,000 USD for VIP 1 to 40,000,000 USD for VIP 8.

Some of the withdrawal fees for more popular cryptocurrencies include

Bitcoin (BTC): 0.00003 BTC

Ethereum (ETH): 0.0008 ETH.

 

OKX Products & Services

OKX provides users with several products and services to benefit from. These services range from copy trading services to OKX earn platform. Let’s look at some of these products and services.

 

Copy trading

OKX Copy Trading is a feature under OKX Social Trading that provides a new trading experience. With this feature, users can share their best trading strategies for a profit or learn and copy trade with over 500 trading pairs from pro traders worldwide.

Users can set up automatic copy trades and earn with just a few clicks. They can follow along with their favorite traders or discover rising pros from the trader leaderboard.

For those new to trading crypto, copy trading is a great way to get familiar with different trading styles and learn the analytical skills required to become a pro.

Lead traders on OKX can share their best trading strategies with millions of traders around the world for a profit.

 

OKX Blockchain services

OKX offers a range of blockchain services under its MetaX network. This includes decentralized blockchain services based on Ethereum and the company’s native OKExChain (OEC). The DeFi hub has many asset-trading, lending, and derivatives options.

 

OKX Wallet

OKX Wallet is a noncustodial, multichain digital asset storage and management tool available on a browser and the mobile app. It supports many blockchains, such as Bitcoin, Ethereum, OKC, Binance, Tron, Polygon, Solana, Avalanche, Fantom, Aptos, Arbitrium, and Optimism. With OKX Wallet, users have complete control over their private keys and crypto assets.

It enables users to easily access 3,000+ crypto, 70+ networks, thousands of DApps, and the Web3 ecosystem. Interoperable by design, the wallet allows users to acquire access to decentralized applications seamlessly.

 

OKX Pool Service

OKX Pool offers a group of crypto miners who combine their computational resources to mine cryptocurrencies. The pool supports Proof-of-Work (PoW) mining of significant crypto assets like BTC, LTC, ETH, ETC, and DASH, as well as Proof-of-Stake (PoS) assets such as EOS, IOST, and CRO.

OKX Pool integrates mining and trading services by transferring the mining rewards directly to the users’ accounts. It provides real-time data and stable mining thanks to its unique architecture and advanced technologies.

 

OKX Mobile App

The OKX mobile app is the platform’s mobile extension of the web terminal. Like the website, it offers various services, including spot and derivatives trading, NFT marketplace, and Web3 Wallet.

The app is designed to provide a seamless trading experience with a user-friendly interface. Users can also trade on the mobile app for spot and futures trading. For beginners, a Lite version of the app simplifies the process of buying, selling, and earning cryptocurrency.

 

OKX Signup & KYC

OKX has a straightforward signup process that anyone can complete in a few steps. We will now show the step-by-step process for registering with OKX.

To register, head to the top of the page and click the signup option. You will immediately be taken to the signup page, where you are to input your email address. After that, a verification code will be sent to your mail for confirmation. Once this is done, you will be asked to set a strong password. After placing your password, you will then be redirected to your OKX dashboard and can begin trading and investments.

OKX also requires all users to complete a KYC registration process before they can enjoy higher withdrawal benefits and withdrawals in fiat currencies.

For more information, check out our comprehensive OKX KYC guide.

 

Visit OKX

 

OKX Deposits and Withdrawals

On OKX, fees are only levied for on-chain withdrawal transactions; internal withdrawal transfers and deposits are fee-free. For withdrawals done on the TRC-20 or ERC-20 network, a gas fee is usually charged.

 

Deposit methods

OKX supports different payment methods and currencies depending on your country of residence. Some of the payment methods are local bank transfer, iDEAL, Pix, debit and credit cards, P2P trading, and third-party payment channels.

The fees, limits, and processing times for deposits vary by payment method. There are no deposit fees charged on OKX.  However, deposits in cryptocurrencies would require users to pay a network fee that varies between networks.

You can also deposit multiple currencies on Ethereum, such as WBTC, ETH, USDC, etc. You can use the Layer 2 network to achieve faster and cheaper transactions.

Check out our OKX deposit guide to learn more.

 

Withdrawal methods

OKX allows you to withdraw your funds using the same payment methods and currencies as deposits. The fees, limits, and processing times for withdrawals also vary by payment method and currency. OKX currently supports fiat withdrawals in Euros and BRL, with no fees attached. With this method, users can now withdraw funds via a direct bank transfer to their accounts.

You can also withdraw multiple currencies on Ethereum, such as WBTC, ETH, USDC, etc. You can use the Layer 2 network to achieve faster and cheaper transactions. The withdrawal fees for USDT-ERC20 are 0.88 USDT per transaction. This is a reduced fee from the previous rate of 1 USDT. The withdrawal fees for USDT-TRC20 are 0.8 USDT per transaction. This is a lower fee than the USDT-ERC20 withdrawal fee of 0.88 USDT.

Learn more in our OKX withdrawal guide.

 

OKX Security

Several security measures have been implemented to ensure user funds are secure in OKX.

Here, we will be looking at a few of them.

  1. Email Verification: OKX uses email verification to confirm the user’s identity during specific actions, such as logging in or making transactions.
  2. Google Authenticator: This form of two-factor authentication (2FA) provides an extra layer of security.
  3. Mobile Verification: Similar to email verification, mobile verification is used to confirm the user’s identity.
  4. Mandatory 2FA: Two-factor authentication is required for specific actions, providing an additional layer of security.
  5. Anti-Phishing Code: This feature helps protect users from phishing attacks, where attackers attempt to trick users into revealing sensitive information.
  6. Withdrawal Passwords: These are used to secure the transfer and withdrawal of funds.
  7. Strong Encryption: OKX uses strong encryption to protect user data and assets.
  8. Secure Online/Offline Storage Systems: OKX protects the daily security of user assets using secure online/multisig cold storage systems with multiple backups.
  9. OKX Risk Shield: This is a feature for when markets are out of control, or traders act carelessly with their funds.

 

If you are absolutely done with OKX, you can even delete your account. For more information, check out our OKX account deletion guide.

 

OKX Customer Services

OKX customer service provides a comprehensive help center. They offer 24/7 support for various issues, including account management, deposits, withdrawals, etc. Users can contact them via their contact page or live chat for additional support. OKX is committed to ensuring a positive user experience and success. Their customer service is secured with bank-level SSL encryption and cold storage technology.

 

Conclusion

OKX is a robust and secure platform that prioritizes user satisfaction. With 24/7 customer service, a comprehensive help center, and multiple contact options, it ensures a seamless user experience.

Its commitment to security, demonstrated by bank-level SSL encryption and cold storage technology, further enhances its reliability. Overall, OKX stands as a user-friendly platform that effectively caters to the needs of its users.

 

Visit OKX

 

FAQS

Is OKX legit?

OKX is a widely recognized crypto exchange. It is supported in over 200 countries worldwide, which makes it a legitimate platform.

 

Is OKX available in the United States?

OKX is not available to users in the United States due to some regulatory issues.

 

Where is OKX located?

OKX is a Seychelles-based crypto exchange that was founded in 2017.

 

Does OKX have a native token?

OKX has a native token, OKB, that users can also trade with.

 

Our recommendation:

BingX Review

πŸ† Best Exchanges in US

Zoomex logo icon

Zoomex

Best no-KYC crypto exchange

btcc logo crypto exchange

BTCC

Best derivatives exchange in US

BYDFI logo icon

BYDFi

200x leverage futures trading

Kraken exchange logo

Kraken

Oldest crypto exchange in US

Coinbase

Beginner-friendly newbie exchange

Binance US logo icon

Binance US

Limited US Binance Version

Days
Hours
Minutes
Seconds
Days
Hours
Minutes
Seconds