OKX is a cryptocurrency exchange platform. It offers a range of tools, from a demo account to copy trading and automations, enabling anyone to begin trading cryptocurrencies on OKX.
On this platform, users can find over 320 cryptocurrencies for buying, selling, or exchanging. This, coupled with the lowest trading commissions on the market, makes it an attractive option. Additional features include a built-in cryptocurrency wallet with various functions and support for multiple chains, as well as access to decentralized finance applications.
Advantages
A broad selection of cryptocurrencies for trading.
Typically low fees for various types of transactions.
Access to leverage, futures, derivatives, and more.
Features for staking, wallets, and NFTs.
Disadvantages
Geographic restrictions (such as the US).
Most transactions require Know Your Customer (KYC) verification.
The vast number of options can be daunting at first.
OKX is a relatively new platform in the market but stands out with a strong commitment. This is evident in its high rankings among trading exchanges and cryptocurrency exchanges based on daily transaction volume. For advanced traders, it offers futures, crypto derivatives, trading robots, and margin trading. For newcomers, there's a demo account and resources available to learn how to use it.
Below, we will evaluate OKX from various angles and based on our understanding of the market and its competitors, including eToro, Binance, or Coinbase.
What sets OKX apart from the rest
OKX is distinguished by its vast selection of cryptocurrencies, boasting over 320 tokens, including major, alternative, meme, and niche coins. This includes well-known names like Bitcoin, Ethereum, Solana, Polygon, Ripple, Dogecoin, Blur, ICP, Chainlink, Polkadot, and more.
Furthermore, OKX provides an extensive range of trading pairs, with up to 500+ options available on its platform. This includes both popular and unique pairs, making it easy for users to diversify their portfolios.
Affordability is another key advantage of OKX, with spot trading fees starting at just 0.08% for USDT pairs, and even lower fees for select pairs such as USDC, BTC, or ETH, starting at 0.05%. Additionally, market orders are available at 0.07%.
OKX's educational offerings are top-notch, beginning with a demo account that is funded with virtual cryptocurrencies like Bitcoin and Ethereum. This account can be used for a variety of trading strategies, including spot, futures, leverage, and automated trading robots. Another option is copy trading, which allows users to mirror the positions of others to observe their performance.
Integrated Wallet: OKX features an in-app wallet that supports 77 blockchains, enabling it to accommodate thousands of different cryptocurrencies. This feature allows users to store their tokens within the OKX ecosystem, though it operates as a custodial wallet, which may not appeal to everyone. However, it does integrate with DApps for trading, staking, earning rewards, and more.
Who benefits from using OKX?
OKX is an excellent choice for:
- Users of trading bots. OKX stands out for its extensive selection of free-to-use automated trading robots, some of which are designed to trade specific markets or assets.
- Focus on ETH or BTC. The low fees associated with spot trading Bitcoin or Ethereum on OKX make it an ideal platform for trading these popular cryptocurrencies. The platform also offers promotions for both new and existing users based on their trading activity.
- Cryptocurrency wallet holders. Transactions made through OKX's wallet may be more cost-effective or quicker than those made directly with a wallet. The platform simplifies the process of transferring cryptocurrencies from one wallet to another, requiring only the wallet address.
- Experienced traders. OKX's advanced features are tailored for users with prior experience. While there may be a learning curve for beginners, the platform provides clear guidance to help new users navigate its offerings.
What is OKX?
OKX is a cryptocurrency exchange based in Seychelles that boasts a global presence. Owned by the OK Group, which is also responsible for the development of the Okcoin exchange, OKX is committed to transparency and liquidity.
The platform is dedicated to making its accounts accessible and transparent, ensuring it has the liquidity necessary to support trading across its offered assets.
OKX employs approximately 2,000 individuals and operates from offices across Singapore, Hong Kong, the United Arab Emirates, the Bahamas, the United States, and Malta.
The exchange functions through a comprehensive website and a mobile app for both iOS and Android users. It also sponsors notable teams and events, including McLaren, Manchester City's football team, the Australian Olympic team, and the Tribeca Film Festival.
Offering a wide range of services, OKX facilitates the buying, selling, and trading of cryptocurrencies, an NFT marketplace, and various financial operations such as derivatives, futures, staking, cryptocurrency loans, and more related to crypto asset management.
OKX's History
Established in 2017, OKX was founded by Star Xu, who remains its CEO, operating from his Seychelles headquarters with additional offices in Hong Kong and other countries. Initially known as OKEx, it quickly became one of the most popular exchanges globally by 2018.
Following regulatory approval from Hong Kong, OKX introduced its own utility token, OKB, which serves as a means of transaction on the platform (2019). The token was later renamed OKX in 2022.
In 2023, OKX released its inaugural transparency report, detailing the liquidity and reserve status of the exchange's operations. This report, published monthly, showcases that for instance, the Bitcoin reserve stands at 102%, indicating its ability to fulfill all withdrawal and sell requests from its user base and beyond.
Cryptocurrencies on OKX
With over 320 cryptocurrencies and nearly 500 trading pairs, OKX offers a diverse selection, including established tokens and emerging ones in high demand.
Available cryptocurrencies include:
BTC
Ethereum
Dogecoin
Solarium
Pepe Coin
Shiba Inu
Avax
Bitcoin Cash
XRP
Litecoin
OKX Reviews - Understanding OKX's Fee and Commission Policie
Let's explore the fee and commission policies presented by OKX across its various trading and options platforms:
Spot Trading
Orders for USDT pairs are priced based on trading activity and volume over the last 30 days, measured in OKB tokens. The starting fees are 0.08% for spot trades and 0.1% for market trades, which decrease to 0.06% for both if the trading volume exceeds 5 million in 30 days.
However, orders for USDC, DAI, BTC, ETH, OKB, DOT, or EURT are subject to lower fees due to their high demand and OKX's competitive edge. They begin at 0.05% for spot trades and 0.07% for market trades, which gradually decrease with increasing trading volume to 0.03% and 0.05% respectively for large volumes.
Futures Trading
Futures trading, whether leveraged or not, incurs higher commission fees compared to other platforms, as these fees are based on the total size of the position. OKX offers discounts on futures trading fees based on this principle.
For basic trades between $1 and $1,000 per position, you can anticipate paying around 0.020% for limit orders and 0.050% for market orders. These fees decrease by 0.01% or 0.005% as the position size or volume grows.
Perpetual Futures: Cost Structure
Perpetual futures trading involves a funding rate every 8 hours, which can fluctuate based on market conditions and impact the entire trade. Additionally, perpetual futures can experience positive or negative funding rates due to their indefinite nature. This is because a perpetual future can be maintained without limit, but it incurs these costs. For instance:
- Positive Rate: When the contract's price is above the spot market price, the trader taking a long position pays a fee to the trader taking a short position.
- Negative Rate: Conversely, when the contract's price is below the spot market price, the short position holder pays the fee to the long position holder.
These rates help maintain the price in line with the spot market, encouraging traders to adjust their positions (from long to short or vice versa) or to close their positions due to the potential impact on profits. This aspect is highly valued by OKX, as it is considered a key factor in the platform's reputation and customer satisfaction.
Deposit Fees
OKK does not impose any fees for deposits, including those from cryptocurrency wallets to OKX. However, for deposits made with fiat money (such as euros or dollars), OKX partners with external payment gateways, which may charge a fee of around 2% of the transaction, particularly for payments made by credit or debit card.
Deposits of cryptocurrency only need to cover the fees associated with the network or blockchain, which can vary based on the time of day or the demand on the network. For example, ETH is typically cheaper than BTC, and SOL is usually cheaper than ETH.
OKX also facilitates Peer to Peer (P2P) trading, which allows the conversion of fiat to cryptocurrency to fund your trading account. It supports over 100 payment methods, including Skrill, AdvCash, Revolut, among others.
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Withdrawal Fees
OKX charges the standard network fees for cryptocurrency withdrawals without any extra charges. The platform uses a fair pricing strategy that adjusts based on the demand on the network. Now, OKX also supports Bitcoin deposits and withdrawals through the Lightning Network, simplifying the process of exchanging Bitcoins.
If you opt for other withdrawal services like Mercuryo or P2P payment platforms, especially for converting cryptocurrencies to fiat, you'll be subject to a commission that can range from 2% to 5% depending on the method and provider. It's important to note that this money is received by the chosen service or platform, not by OKX.
OKX Features and User Experience
OKX boasts a modern and user-friendly platform with clear access to a wide array of tools. The interface is intuitive and easy to use. However, there are more straightforward options like eToro or Coinbase. The trade-off for simplicity is that OKX generally has lower fees across most of its products.
OKX provides resources to help users understand and navigate complex trades, aiming to save money on their chosen options. A demo account is available for free, offering a comprehensive experience. Although some demo features, such as copy trading, are not available, users can still engage in trading derivatives and futures, including automated bots.
The trading interface includes the usual options and is easy to navigate, with a dedicated "Learn" section to help with understanding complex aspects. TradingView, known for its excellent charting capabilities and a vast selection of indicators, is also available.
Futures Trading
One of OKX's premier offerings is its futures trading. Here, users can trade traditional futures with set expiration dates or perpetual futures, which allow for open positions indefinitely.
In the traditional futures category, users can trade Bitcoin and Ethereum with USDC, leveraging up to 1:50. For perpetual futures, there are 150 USDT pairs available with a leverage of 1:100. The OKX trading panel offers guidance on margins and basic trading strategies. The futures section is comprehensive, including settings for Stop Loss and Take Profit. Users can also reverse positions from short to long with a single click.
Position Generators
Position generators provide additional insights before making long or short positions. They support traditional futures, perpetual swaps, and options. Similar to eToro, OKX crypto supports copy trading, starting with a minimum of $10 for each replicated position or with set limits.
OKX Wallet
As seen with eToro or Coinbase, OKX offers a custodial wallet integrated into a single mobile application, which is distinct from other exchanges. The positive aspect is that OKX Wallet is compatible with up to 77 blockchains, including Bitcoin, Ethereum, Solana, Dogecoin, Litecoin, Tron, and more.
Navigating between various cryptocurrencies and managing multiple wallet addresses is straightforward. The platform also supports transfers to other wallets, including those that are anonymous and use hardware technology. Additionally, it offers:
- NFTs across several collections on various networks.
- Bitcoin ordinals for purchasing, viewing, or enrolling.
- Bitcoin BRC-20 options.
- DeFi protocols, including staking strategies.
- Decentralized applications (DApps).
The OKX wallet's user-friendly design is enhanced by a range of security features, from traditional recovery codes to a "smart wallet" system that provides comprehensive support.
This includes the ability to engage in copy trading and use trading bots. Therefore, users can buy tokens, stake them, trade, automate tasks, exchange tokens, and view their collection of NFTs, among other functionalities.
All these features are backed by top-tier security and frequent updates to their warranty, which is a reason why OKX is often highlighted in reviews.
Earnings and Passive Income
OKX features a dedicated section for generating cryptocurrency returns. This includes staking, which is considered a flagship product and is generally safe, requiring users to lock their tokens for a specified period.
However, there are also more complex offerings that can potentially yield higher returns, albeit with a slightly increased risk. These include returns from lending to operators and staking rewards for validators, as well as structured products or derivatives. It's important to thoroughly understand each option before engaging with them.
The profitability of staking varies based on the cryptocurrency and the duration of investment. On average, users can expect annual returns between 1% and 5%, though less popular cryptocurrencies may offer yields as high as 50%.
Deposits and Withdrawals at OKX Spain
OKX Spain offers a variety of payment methods, depending on the customer's country of origin. The platform supports up to 84 fiat currencies, including USD or EUR. Additionally, payments can be made in cryptocurrencies of all kinds.
Payment options include debit and credit cards, Apple Pay, Google Pay (for debit cards), SEPA transfers, iDEAL, peer-to-peer payments (with multiple payment methods available), third-party payments (such as Banxa, Mercuryo), and others like Skrill.
The minimum initial deposit is €1, but some payment methods may have their own lower minimums.
Regarding withdrawals, some methods are immediate, like with cryptocurrencies, while others, such as SEPA or iDEAL, may take 1 to 2 business days.
OKX Reviews: Customer Service
OKX boasts an intriguing help system, starting with an educational and training resource center that includes frequently asked questions, tutorials, videos, and other materials.
In terms of support, the platform is available through live chat and a ticket system. However, it operates 24/7, ensuring there's always a support representative available.
The feedback from the OKX Trustpilot ratings on various platforms suggests that OKX Trustpilot receives an average score of about 1.9 out of 5, which is very close to Binance (which scores 2.1 out of 5).
Is OKX secure? Feedback from OKX users
OKX's platform is not recognized by any of the major exchanges, including those in the US, Australia, Canada, or the UK. However, in Europe, it's mainly active in Malta. The OKcoin exchange, owned by the OKX group, is approved by FinCEN in the US to handle money transfers.
The positive aspect is that OKX adheres to regulatory standards, ensuring that it holds 1:1 reserves for its cryptocurrencies. This means that if all its users were to request withdrawals at the same time, OKX could meet all demands. This situation is comparable to the gold market, where any entity offering gold-related products must have actual gold as collateral.
Are there any areas for improvement for OKX?
While OKX has more advantages than disadvantages, it's not without flaws. In this section, we highlight a few areas for potential enhancement:
- Streamline the deposit process, as some countries only offer peer-to-peer and direct wallet transfers.
- Enhance the trading experience by introducing the ability to make instant purchases at a differentiated rate for those looking to enter the market.
- Provide clearer risk information, particularly in the "Grow" section, which covers topics like staking interest and other investment options, to better explain the potential risks involved.
In conclusion, OKX is a robust platform for both traders and cryptocurrency owners, offering a wide array of services including trading robots, futures, swaps, and staking. Its app is user-friendly for both iOS and Android, and it includes a free, integrated cryptocurrency wallet. This guide has reviewed OKX's feedback from various perspectives and technical details.
Although it's designed for experienced traders, it welcomes beginners too, with various training resources and a demo account for live testing. If you already own cryptocurrencies, you can trust OKX, and it's likely you'll have a satisfactory experience.
OKX Review Summary
Category | Our score | Comment |
Number of cryptocurrencies: +320 | 4.5/5 | OKX provides a smaller selection of cryptocurrencies compared to MEXC (1700) or KuCoin (800). |
Trading commission : 0.08% for spot limit order trades, 0.1% for spot market order trades 0.02% for futures limit order, 0.05% for futures market order | 4.5/5 | Pairs that utilize OKB tokens or BTC and ETH tokens are more affordable. |
User experience | 4.0/5 | The wide variety of options can make navigating the platform a bit challenging. |
Staking: direct, with DeFi protocol, loan | 4.0/5 | More than 100 cryptocurrencies are supported for staking. |
Characteristics : A comprehensive demo account, 10x multiplier for spot trades, 100x multiplier for perpetual futures, copy trading | 4.5/5 | There's no option for simple trading positions. |
Reliability: | 4.0/5 | OKX has evidence of reserves but operates in jurisdictions not regulated by financial authorities. |
Customer Service: | 3.5/5 | Customer support is available through chat or ticket system. |
FAQs on OKX: Reviews
Are the reviews for OKX exchanges trustworthy online?
The feedback for OKX exchanges is somewhat varied, as is common. However, the number of reviews is quite limited given that OKX has millions of customers worldwide.
Where is OKX based?
OKX started in Hong Kong and Singapore but now operates from Seychelles.
Can I rely on OKX for cryptocurrency trading?
OKX holds a crypto reserve exceeding 100%, ensuring it can fulfill its commitments to customers.
Is there a risk of OKX going bankrupt?
While anything is possible, the current data from OKX suggests bankruptcy is unlikely in the near future.
Both platforms have their advantages and disadvantages. eToro is known for its high security and has been in operation for over a decade (since 2007) compared to OKX (since 2017), and is subject to regulation by multiple countries, unlike OKX.
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