OKX review (2023)
Investing and trading in cryptocurrencies has been increased many folds in recent years. Traders and investors are always in search of a platform which is fast and secure, providing good customer support, has well protected infrastructures, where investments are safe and not accessible by unauthorized factors. Yet many have been deceived in the past.
OKX was launched in 2017 and because of unprecedented service they reached 20 million users in no time. Due to security checks and systems, they have never been hacked. Let’s take a deeper dive in this OKX review and learn more about this exchange. You are also welcome to leave your own review at the end of this article.
OKX changed its name from OKEx to OKX in 2022.
What is OKX?
OKX is a cryptocurrency exchange, founded back in 2017 with its headquarter in Malta. The place to be if you want to start your blockchain or digital assets exchange businesses, due to their friendly regulatory policies.
OKX is run by a team of financial advisors, industry trading experts and IT professionals with their CEO Mr. Jay Hao, who was a game developer in the past.
OKX has listed all major cryptocurrencies and other digital assets at their platform, providing a wide range and ease of trading to their users to buy and sell cryptocurrencies and pay using different payment options. The exchange also provides facilities of spot, margin and derivatives trading, as well as users can earn through savings, mining and staking as long as they want.
Why should you choose OKX?
OKX is a crypto exchange offering secure and reliable services, characteristics which every trader is looking for in a trading platform. Key features that OKX offers to its user base are:
- Buying and selling of all listed cryptocurrencies using Bank Transfer, Mastercard, VISA, ApplePay, iDEAL and SOFORT.
- 30 fiat currencies supported, including USD, EUR, GBP and more.
- Over 400 trading pairs and more than 200 assets.
- Trade in Bitcoin, altcoins, stablecoins and DeFi tokens.
- Multiple account security options to protect your investments.
- Futures and options trading possible.
- Earn through holdings, savings or staking.
- OKX Academy to learn what you want to know.
- Trading platform is available for Windows, Mac, iOS and Android.
How to create an OKX account?
You can easily register an account:
- Visit the OKX website
- Click Sign Up
- Enter your email address or phone number and your password
- Click Sign Up again
Once you opened your account, they will ask some personal information to verify yourself. For verification Level 1 there’s no ID or passport copy needed, only your ID or passport number. You can withdraw up to 200 BTC per 24-hour.
How does OKX work?
OKX is simple and easy to use since the platform is very intuitive. The platform is extra supported with video tutorials to help users to get started. In this part of the OKX review we’ll talk about how the exchange works.
Trading on OKX
First of all, if you don’t withdraw over 200 BTC per 24 hours, level 1 KYC is enough. If you want to withdraw more, you need to upload a copy of your ID. Following three accounts are available to every user;
- Funding Account: deposit your cryptocurrencies to your own and unique wallet.
- Trading Account: this account lets you trade cryptocurrencies and other assets. Transfer your crypto from your funding account to this account to trade your assets.
- Other Accounts: other benefits and services of OKX, use it for mining, savings, pool and staking services.
Make a deposit
Once you registered an account with OKX, you can deposit credit in your account by buying cryptocurrencies or transfer crypto to your OKX wallet.
OKX is providing following payment methods for buying and selling:
- Bank Transfer
- Credit Card (Mastercard and VISA)
Buying and selling crypto
Buying and selling of cryptocurrencies and digital assets is very easy. For the users convenience, different trading options are available:
An easy and quick service for buying and selling of cryptocurrencies and tokens, you can pay using 6 payment methods to complete the purchase.
Buy and sell from users who listed their own crypto assets, and pay through Bank Transfer, Wechat Pay or Ali Pay.
Block Trading (OTC)
Buy and sell in bulk from users through Bank transfer, Wechat Pay or Ali Pay.
Trading on OKX
There are a couple of trading services available, once you have deposited credits in your account. Trade different cryptocurrencies, tokens and other digital assets using Spot, Margin and Derivatives.
Allows you to trade with assets you own with one you want to trade. Different pairs are available on the platform for trading. New market pairs are regularly added for trading.
Using leverage or borrow funds to trade for a specified period of time, you get more leverage once you have more collateral in your account. Users pay interest on the borrowed amount or leverage. Please know the risks before you start margin trading.
Please know the risks before starting with derivative trading.
- Perpetual: Buy and sell using leverage to maximize your profits (risky, you can also lose your money!). Users can avail up to a 125X leverage.
- Future contracts: OKX is offering a Future contract services, where parties agree to buy and sell cryptocurrencies and tokens for future dates.
- Options: you can buy option contracts and choose between a call or put option.
OKX Financial services
OKX is providing its user multiple financial services.
With this service users can earn interest while holding their cryptocurrencies. Users can subscribe to various contracts to earn a yearly interest rate. The contracts are flexible which means that there are no restrictions to move or withdraw your digital assets. Your funds are not locked. The interest is paid by the borrowers.
This financial service is known as Customer to Customer loans. Customers who want to borrow crypto place their request on the platform and other customers can fulfill the requests. Interest is earned by the customer lending the loan. Borrowers can place customized requests including interest rate, period and other modalities within the regulations of OKX.
OKX fees and limits
OKX charges different trading fees to Normal and VIP users. Normal users are tiered based on the amount of the amount of OKB they hold while VIP users are tiered based on their trading volume.
The spot fee structure.
- Normal User Margin interest rate varies from 0.03% per day to 0.0255% on USDT and 0.02% to 0.017% on BTC, depending on their holdings and tier Level.
- For VIP users, Margin Interest rate varies from 0.03% per day to 0.0075% on USDT and 0.02% to 0.005% on BTC, depending on their trading volume.
We can’t show you the full fee structure in this OKX review, please check the website for the full fee structure: https://www.okex.com/fees.html
OKX does not charge any fee on deposits, while different fee rates are applied at the time of withdrawal depending on the currency, withdrawal amount and charges.
Trading and withdraw limits
You have to perform a KYC at OKX to be able to trade and withdraw funds:
- Level 1: You have to specify some personal information, including your passport number. You can withdraw up to 200 BTC every 24 hours.
- Level 2: You have to upload a copy of your identification. You can withdraw up to 500 BTC every 24 hours.
- Level 3: To increase your withdraw limit you have to do a video verification.
Is OKX safe?
OKX has its headquarter in Malta and it is compliant for the Virtual Financial Asset Act (VFAA), regulated by the Malta Financial Services Authority. The platforms has millions of active users in over 100 countries. Currently the trading platform has with all their services over a daily trading volume over 1,5 billion dollars.
It is a secure platform available for traders, with no record of ever being hacked. OKX Security Protocols are well defined to ensure security and protection of assets. A combination of cold wallets, addresses and backup codes are being used. The customer support is 24/7 available to all traders of the platform.
The OKX management is available at Craft and they rated their cyber security with an A (91/100).
They are very active on social media and even have communities in multiple different countries. They are regularly updating their offer with new market pairs and listing new tokens.
Do you want to share your own OKX review? Please leave your own experience below.
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Tell us what you think of OKX.
What are the OKX trading fees?
OKX has different fee structures and gives a discount when you trade higher volumes and hold their native OKB token. The fees start at 0.10% maker fee and 0.15% taker fee.
Can you also buy and sell crypto at OKX?
Yes, they have their own Quick Trade environment where you can buy your crypto with Bank Transfer, Credit Card, ApplePay, iDEAL and SOFORT.
Do I get a bonus?
Yes, we've arranged that every new customer will receive a 10 USD bonus after trading 100 USD. Als you can open a mystery box and trade the first 5000 USDT for free. On top of that you will receive a lifetime 20% discount on all trading fees.