Trading, Security & Fees Explained

Are you looking for an all-inclusive OKX platform review to guide you through the dynamic crypto landscape? If yes, you’ve come to the right place. OKX is a leading cryptocurrency exchange, renowned for its low fees, high-end security features, and diverse trading options. Whether you’re a novice or a seasoned trader, OKX provides easy access to spot, margin, and futures markets, making crypto trading accessible for everyone.

In this OKX review, we’ll dive deep into the exchange’s key features, security measures, and strategic partnerships. We’ll also guide you through its trading fees, account setup process, and alternatives.

OKX Exchange Review: At a Glance

OKX Review: What is OKX?

The OKX is a derivatives-dominant crypto exchange founded in 2017 by Star Xu. With its headquarters in Seychelles and serving an international audience, the platform offers spot and futures trading, staking and more.  The exchange formerly operated as OKcoin from 2013 before rebranding to OKEX in 2017 and finally becoming OKX in 2022.

This OKX review found that the platform is ranked among the leading cryptocurrency exchanges in trade volume. Renowned for its expansion into DeFi, Web3 services and perpetuals trading, OKX averages $40 billion in daily trading volume. With its advanced features and strong regulatory compliance, OKX is one of the best platforms for crypto trading strategies, offering transparent proof-of-reserves.

Famous for its regulatory strength, OKX exchange holds various licenses from jurisdictions in the European Union, Australia and Singapore. The platform serves millions of users, supporting over 350 digital assets and 100 local fiat currencies. With over 5,000 employees worldwide, the platform has also partnered with leading global technology and sports brands.

Pros of OKX

• User-friendly interface for both beginners and advanced traders.
• Low fees on most trades, allowing users to keep more profits.
• Educational resources like tutorials and analysis to aid trading decisions.
• Copy trading feature to replicate experienced traders’ strategies.
• Robust security with cold storage, 2FA, and anti-phishing codes.

Cons of OKX

• Limited fiat deposit options, mainly through bank cards or third-party services with high fees.
• Complex interface for beginners due to advanced trading features.
• Restricted in some jurisdictions, including the USA, Canada and Nigeria.

OKX Review: Trading Experience   

1. Spot Trading               

OKX offers a wide variety of spot trading pairs across different blockchains and crypto assets, ensuring high liquidity and tight spreads on prominent pairs like BTC/USDT and ETH/USDT. Users can access various order types, such as limit, market, and stop orders, along with depth charts, built-in indicators, and multiple chart layouts for a seamless trading experience.

2. Margin & Futures Trading

The OKX derivatives market features USDT-margined perpetuals and as many options as regulations allow in different jurisdictions. Using a unified account system, users can share collateral across various product types, enabling them to manage distinct balances.  The simplified structure facilitates easy calculations and capital efficiency, where perpetual contract funding rates can balance between long and short demand.

3. Copy Trading  

The OKX copy trading feature on spot trading enables new users to replicate the exact strategies used by expert traders. Using the platform’s Smart Sync, copy traders automatically synchronize token allocation with a lead trader’s spot order. At the end of a successful trade the lead trader is entitled to 8% to 13% of your profits. Ensure to check whether the copy trading feature is applicable in your jurisdiction. 

4. Options Trading

OKX exchange offers an easy-to-use options trading program enabling users to trade BTC and ETH options on their price direction. The platform features two dedicated channels: an options chain and an RFQ or Liquid marketplace, tailored explicitly for professional options traders.                 

5. Trading Bot

OKX offers 12 pre-built intelligent trading bots that are pre-developed to automate your trades. Traders can use them to automate strategies 24/7 since they will execute trades using pre-defined parameters. Tech-savvy users can also create their own bots and earn up to 30% profit from copiers.

6. Advanced Trading Stack

The OKX Advanced Trading Stack enables expert traders to use a unified account structure that helps streamline fund management. This includes the platform’s products, such as spot, futures, and derivatives, offering high leverage to advanced traders. The feature utilizes robust tools, including real-time analytics and API access for bots and third-party integrations.

OKX Wallet Review: Web3 Ecosystem

The OKX Web3 ecosystem is centered on a comprehensive multi-chain Web3 Wallet. It includes the following prominent features:

1. OKX Web3 Wallet 

The OKX wallet is a non-custodial, multi-chain wallet that is the gateway to the platform’s decentralized ecosystem. The wallet features are designed for DeFi activities, staking, NFT marketplaces, and yield farming, supporting over 130 blockchains. The wallet users a DApp providing access to over 10,000 DApps across various categories like DeFi, gaming, and social media. It also provides integrated tools for bridges and token swaps, as well as other features such as Multi-Party Computation (MPC) and biometric authentication.

2. OKX NFT Marketplace   

The OKX NFT Marketplace is a decentralized platform where users can buy, sell or collect Non-Fungible Tokens (NFTs) across numerous blockchain networks. The marketplace supports Magic Eden and OpenSea, giving users access to many NFTs and a Launchpad for curated projects.

3. DeFi Integration

OKX’s Web3 ecosystem provides access to over 1,000 Dapp protocols, creating an environment where traders can fully explore DeFi services. The vertical integration introduces advanced security protocols, user-friendly interfaces, and a unified experience, allowing users to avoid juggling multiple platforms. Moreover, the platform continually offers new tools, provides 24/7 multilingual support, and features advanced APIs, creating a user-centered ecosystem that surpasses current competitors.                                      

4. OKX Chain (OKC)                    

OKX Chain (OKC) is the exchange’s fast, secure, and cost-effective L1 blockchain designed for next-gen DApps like NFTs and DeFi. The network is built on Cosmos SDK to facilitate Inter-Blockchain Communication (IBC) interoperability and is EVM-compatible. As a result, OKC makes it easier for developers to create DApps that users can access across different blockchains. OKC utilizes a delegated-proof-of-stake (DPoS) consensus mechanism and has OKT as its native token.

OKX Security: Is OKX safe?        

Independent evaluations reveal the fact that OKX employs standard security measures associated with well-run global exchanges. Security ratings from third-party sources like CER.live highlight advanced protection giving OKX AAA ratings with a 90% security score. According to DeFiLlama, OKX has over 50 million users across over 100 countries, demonstrating sustained trading and great user confidence.

Since its launch, cryptocurrency exchange OKX hasn’t suffered any serious security breach or hack, an unusual feat for a platform of its size. The exchange conducts regular internal and independent security audits, addressing identified vulnerabilities promptly.

OKX scores highly on community sentiment, and platforms like CoinGecko give the exchange a 10/10 Trust Score. The score surrounds factors like transparency, liquidity and operational transparency. OKX regularly publishes Proof of Reserves reports offering tools that anyone can use to verify the results independently.

Security Measures 

• Data Encryption and Storage: OKX keeps the majority of customer funds offline using air-gapped cold wallets that are protected using encrypted private keys. The platform also uses secure bank vault storage and multiple off-site backups that require semi-offline multi-signature approval.
• Strict Controls: Hot wallets used for day-to-day liquidity are protected using strict access controls, layered network defenses, and continuous monitoring.  The platform stores private keys in volatile memory instead of permanent storage.
• Two-Factor Authentication (2FA): The exchange implements mandatory 2FA as added layer of security to reduce chances of unauthorized logins.
• Withdrawal Protection Features: Traders can enforce address whitelisting to restrict withdrawals only to pre-approved wallet addresses. This ensures funds are safe even when an account is compromised.
• Device & IP Whitelisting: OKX avails device management tools that monitor active sessions and revoke suspicious logins, sending alerts on withdrawals and password changes. 
• OKX AI Security: The platform recently rolled out an AI-powered threat detector using its Eagle Eye program. The tool scans for fraudulent activity and fake profiles in addition to anti-phishing email codes for account security.

OKX Fees Review

OKX Trading Fees        

The OKX offers a tiered fee structure designed to benefit high-volume traders. As a user’s trading volume or asset balance increases, they can move up through various VIP tiers, each offering reduced fees. This approach ensures that traders receive competitive pricing based on their activity, making it an ideal option for both casual and professional traders.

1. Spot trading fees

2. Futures trading fees 

Regular (Non-VIP) User Fees:

VIP Tier Fees (Based on trading volume):

3. Options trading fees  

Regular (Non-VIP) User Fees:

• Maker and Taker Fees: 0.03%

VIP Tier Fees (Based on trading volume):

4. Spreads fees

Regular (Non-VIP) User Fees:

• Maker and Taker Fees: For spread trades, the fee rate is 50% of your current tier’s rate for each leg.

VIP Tier Fees (Based on trading volume):

Deposits and Withdrawals Fees

OKX doesn’t charge fees for deposits, especially for crypto transfers that meet the minimum threshold. However, there may be small fees associated with on-chain crypto withdrawals or specific fiat currency withdrawal and deposit methods. The withdrawal fees can vary depending on the asset and network congestion. For deposits below the minimum threshold, users should contact customer support to avoid incurring additional fees.

OKX Platform Review: Earn Products

OKX Earn is a platform within the OKX cryptocurrency exchange that enables users to generate passive income using their crypto assets. By depositing their cryptocurrencies, users can earn interest or rewards via methods like lending, staking, or restaking. The following are among the OKX Earn products available:

1. Simple Earn

OKX Simple Earn works like a traditional savings account. Traders earn interest on flexible or fixed-term deposits by depositing their idle crypto assets, which other users can borrow. The plan generates market-based interest, giving users a stable ROI via OKX’s risk management system.                               

2. On-chain Earn

OKX On-Chain Earn allows users to participate in decentralized finance (DeFi) protocols and proof-of-stake (PoS) staking to earn passive income. In PoS staking, the user holds and stakes crypto assets to help secure networks in exchange for rewards. Users earn via DeFi protocols by offering liquidity or participating in lending, borrowing, or yield farming via selected lending pools.   

3. Dual Investment

The Dual Investment service resembles options offerings. Traders use BTC, ETH, or USDT to subscribe to the product and speculate on its future price. Users receive a fixed APY during the term of the investment, whether it’s as short as a few hours or several months. Once the target is hit and your BTC or ETH is sold at the target price, you receive payment in USDT.

4. BTC Yield+  

OKX’s BTC Yield+ is a subscription service where users can earn a daily return on their idle BTC holdings. The product enables users to generate ROI from day one while still retaining access to their crypto assets. Unlike traditional BTC staking, BYC Yield+ offers rates of up to 3% per annum giving it a competitive edge in the market.

5. Crypto Loans              

OKX users can use 100+ crypto assets as collateral to borrow other cryptocurrencies. Users can borrow ad many cryptos for as long as they want as long as they don’t have an overlap loan or collateral. OKX crypto loans offers flexible loan terms, meaning users can repay the entire loan partially or in full when ready.

6. OKX Jumpstart                       

The OKX Jumpstart platform functions as a launch pad for new projects enabling users to access them and earn token rewards. Participants get the opportunity to participate in mining new tokens or buying at discounted prices before they become widely available. Users can also provide liquidity or stake tokens, where rewards depend on the amount staked or offered for yield farming.  

OKX App Review: User Experience

The OKX mobile app offers a user-friendly interface with powerful features suitable for both beginners and experienced traders. It integrates seamlessly with the OKX non-custodial wallet, giving users access to both CEX and DEX functionalities.

Key features include:

• Dual-Purpose Functionality: The App integrates a CEX with a Web3 wallet, enabling users to enjoy both CEX and DEX functionalities.
• Intuitive Interface: The App provides a modern, user-friendly interface that makes trading tools and market trend information accessible. 
• Comprehensive Trading Experience: The App enables users to engage in spot, futures, margin, and options trading, plus charting tools from TradingView.
• Robust Security Measures: The App utilizes a high-grade security system integrating cold storage, two-factor authentication, withdrawal whitelists, and anti-phishing codes. 
• Automated and Copy Trading: Users can access automated OKX trading bots for features like copy trading, grid trading, and dollar-cost averaging.
• Educational Resources: The App comes loaded with tutorials, an educational academy, and a demo trading mode for the benefit of new traders.
• Non-custodial Web3 wallet: The OKX secured wallet ensures that users are entirely in control of their assets and private keys across different blockchains. As a result users can participate in activities like using stablecoins to pay gas fees or cross-chain swaps.

Weaknesses and Criticisms: While the App has an intuitive design, some users feel that it includes too many advanced features that could intimidate beginners. Additionally, some users have experienced issues with KYC verification and a complex process for withdrawing fiat currency.

User Experience Summary: The OKX mobile App is a powerful tool with a reliable user experience that integrates central exchange functionalities with a Web3 wallet. The Apps user-friendly interface ensures users have easy access to advanced trading tools, offering a smooth, fast, and secure mobile trading solution.         

How to Open an Account and Trade on OKX Exchanges?

The following is a step-by-step guide to opening an account and beginning your cryptocurrency investment journey:                                  

1. Visit the OKX Platform: Log in to the OKX website or download the OKX mobile App and navigate to select the “Sign Up” option.
2. Create an OKX Account: To begin the process, enter the registration detail that includes either your email address or mobile phone number. Set a strong password. Check for the availability of an OKX referral code “98973395” to activate potential rewards, bonuses, and discounts on trading fees. 
3. Confirm Account Activation: Enter a one-time code sent to you to verify your email address or mobile number to finish the initial registration process.
4. Implement Security Features: Enable two-factor authentication and any other security features to safeguard your data and assets.
5. Complete Identity Verification (KYC): You’ll be required to complete the Know Your Customer (KYC) verification procedure. This requires uploading a government-issued ID or driver’s license and a selfie. In most cases, KYC approvals are instant, but could take up to 24 hours based on the traffic.
6. Provide Additional Details: Depending on your geographical location, you may be required to provide additional information. This may include submitting proof of address, source of funds or occupation for enhanced due diligence.
7. Finish the Setup: Once you receive the final verification, your OKX secured account will be fully set up, and you’re ready to deposit, trade, or access products.

How to Trade on OKX?

• Deposit Funds: You need to deposit funds or crypto into your OKX account before you can trade.
• Navigate to the Trade Section: Log in to your OKX account and tap on “Trade” on the home screen.
• Select Trade Type: Choose the trading mode you’re interested in. For example, for instant buying and selling select “Spot” or alternatively choose other trading modes like decentralized trading “DEX.”
• Select a Trading Pair: Choose the cryptocurrency you intend to trade, for example, BTC/USDT, from the list option or search manually.

OKX Review: Regulatory Compliance 

OKX takes matters of regulatory compliance seriously and has obtained several licenses from different jurisdictions. The company also implements Anti Money Laundering (AML) and Know Your Customers (KYC) programs and restricts services in several jurisdictions. The company has hired over 500 compliance officials to ensure it meets global standards and country-specific regulations, thereby facilitating compliance.

OKX also reportedly engages with government agencies and regulators besides assisting win enforcement investigations by providing required information when needed. The platform screens all users against sanction lists, including those issued by the UN Security Council, the US, and the EU. By using third-party tools it also monitors transactions for suspicious transactions in real time and also post transaction.

OKX employs a compliance approach tailored to each region where it operates, adapting to the specific regulations of each location. The platform is licensed and operates under EU’s Markets in Crypto-Assets (MiCA) regulation and the Malta Financial Services Authority (MFSA). The exchange is accessible to UK customers, though it isn’t regulated by the Financial Conduct Authority (FCA). On whether OKX is available in the USA, the platform offers limited services via OKcoin USA Inc.

OKX Supported Countries

OKX has a user base of over 50 million from at least 100 countries worldwide. However, it doesn’t offer all services in all countries and prohibits users from certain US territories from accessing its products. To meet regulatory requirements, OKX operates under a patchwork to meet local requirements. 

Compliance restrictions apply to users in several countries and regions, including Iran, Cuba, Afghanistan, and others. Moreover, the restrictions could extend to specific products like derivatives in countries like Singapore and the UK. The platform offers different licenses to cater to various markets in Europe, Asia, the Middle East, and the Americas. 

OKX Customer support and User Feedback

OKX offers 24/7 Live Chat for urgent queries, and users can also reach the support team via email at [email protected], with most responses within one business day. For detailed inquiries, the Help Center offers FAQs, product documents, and multilingual support. The platform aims to resolve issues within 10 minutes, with most cases addressed in 2-3 minutes.

Users can also contact the support team through X (Twitter), Telegram, Discord, or the OKX community on Reddit. User feedback is generally positive, with OKX receiving a 4.5-star rating on Capterra for its user-friendly interface and advanced tools. However, Trustpilot gives OKX a 2.9-star rating, mainly due to concerns about generic responses and blocked withdrawals.

Top Alternatives to OKX for Crypto Trading  

OKX Partnerships and Collaborations

Since its launch, OKX has formed several partnerships with sports teams and organizations to enhance its brand image. For instance, in 2022, the exchange became the official training kit partner of Manchester City football club. The following year, in February 2023, OKX further strengthened its presence by partnering with players İlkay Gündoğan, Jack Grealish, Rúben Dias, and Alex Greenwood to launch the ‘OKX Collective,’ an immersive metaverse experience designed to offer fans exclusive content and NFT-based digital interactions.

OKX signed a multi-year partnership with McLaren in May 2022 for a multi-year partnership to become their primary cryptocurrency sponsor. Come March 2023 and the McLaren partnership transited into branding race cars and supporting the McLaren Shadow eSports team.  Moreover, the exchange also partnered with Australia’s Olympic Team, besides signing a sponsorship deal with LIV Golf team Majesticks GC from June 2023 to 2024.

OKX also recently partnered with the Standard Chartered bank to become the bank’s third-party crypto custodian for institutional clients. This partnership is especially timely, given the growing institutional interest in the crypto space. Standard Chartered has been increasingly close to the crypto space and has expanded its cryptocurrency trading options. This strategic partnership will benefit both institutions, as OKX research shows 80% institutional investors prefer third-party crypto custody.

Conclusion: Is OKX Legit to Use?

With its impressive suite of offerings, including a wide range of versatile products and services, the OKX exchange is an excellent platform. The wide range of features, high-end security, and low fees make it a good platform for crypto trading. Whether you’re a beginner or an expert trader, the OKX environment is ideal and reliable, making it safe and legit to try your trading strategies. Users only need to check for geographical restrictions to be sure their jurisdiction is served adequately.

Overall, OKX offers a wide range of trading options and features, supporting numerous tokens and providing a user-friendly interface for a seamless experience. The abundance of tutorials, analyses and educational resources for traders makes the user experience a seamless one. Add in the advanced features and OKX Earn, and you have an attractive platform where users can earn passive income. From the various support channels and extensive asset support, OKX receives a thumbs up as a legitimate and secure exchange. Finally, do your own research before engaging since this is not investment advice.

FAQs                                                   

Is OKX a safe site?  

OKX is a safe and trustworthy platform based on the security measures it employs. The platform keeps over 90% of user digital assets in cold storage and implements 2FA and anti-phishing codes adding to its security reputation.

Is OKX available in the United States?       

Due to regulatory restrictions, OKX is not fully available in the US. However, participants can access a limited number of products in certain US jurisdictions through OKX’s subsidiary, OKCoin Inc.

Is OKX better than Binance?  

Cryptocurrency exchange Binance offers more crypto assets compared to OKX and remains the leading exchange globally in trade volume. OKX exchange ranks at positon 5 globally in trade volume.

Is OKX better than Coinbase?

Coinbase and OKX rank as reputable exchanges in terms of safety and available products. However, Coinbase is mainly preferred by US-based users because of regulatory compliance.

Can I withdraw money from the OKX wallet? 

It’s possible to withdraw money from your OKX wallet. For crypto withdrawals, users can perform an “On-Chain Withdrawal” to another wallet by choosing “Withdraw Crypto.” For fiat withdrawals, you must sell crypto through the P2P marketplace before withdrawing to your eWallet or linked bank account.

Can you earn money through the OKX platform?

You can earn money via the OKX platform via several methods, but primarily through OKX Earn via DeFi and staking. There are also opportunities for lending with Auto-Earn or crypto or margin trading using bots, copy trading, or the OKX affiliate program.

Is OKX a good crypto app?

The OKX App is trusted by over 50 million crypto traders globally. TradingView recently awarded the App the ‘Most Reliable Tech’ award. The App’s wallet offers a robust suite of advanced tools for monitoring and managing crypto assets.