OKX is a global cryptocurrency and crypto derivatives exchange. The platform was formerly known as OKEx but rebranded to OKX in 2022. The exchange is owned by the OkCoin Group.
OKX (formerly OKEx) was launched in China in 2017. When Chinese authorities banned cryptocurrency trading, the exchange moved its operations to Seychelles. This crypto exchange operates in over 100 countries but is not available to customers in the United States and Canada (Ontario and Quebec).
The exchange is ranked on CoinmarketCap's list of top exchanges and has a rating of 6.5. The platform boasts high liquidity and significant trading volume, though critics have questioned the legitimacy of its reported trading activity.
This OKX review covers all aspects of the exchange, including its fees, features, and various controversies, to help you decide if it is the right platform for your needs.
Pros and Cons of OKX Exchange
Pros
- Over 350 cryptocurrencies available for trading
- Competitive fee structure
- High yield opportunities through staking
- Supports many third-party payment applications
- Offers a wide array of derivative products
Cons
- Not available for U.S.-based customers
- Not regulated by major financial authorities
- Founder was arrested for fraud allegations
- Reports of suspicious user activity on the platform
- A significant portion of trading volume may be attributed to wash trading
About OKX
OKX was founded in 2017 by Star Xu as an exchange for cryptocurrency and derivatives. The platform experienced several controversies in its early years, including allegations of fraud in China.
Founder Star Xu was reportedly arrested for fraud allegations in 2018 and again in 2020. The platform suspended withdrawals during the time of his alleged detainment, preventing investors from accessing their funds, though the suspension was lifted shortly after.
In 2018, OKEx was reported to be the largest cryptocurrency exchange by trading volume. However, a detailed report by trader Sylvain Ribes claimed that over $3 billion worth of trading on the platform was fabricated. According to Ribes, 93% of OKEx's trading volume was non-existent.
OKX is not the only platform facing such accusations. Wash trading has been a persistent issue across the crypto industry, with exchanges and traders sometimes inflating volumes to gain advantages. In 2022, a Forbes analysis indicated that over half of all reported Bitcoin trading volume was fake, with exchanges like OKX, FTX, and Crypto.com showing significant discrepancies in their reported figures.
Supported Crypto and Fiat Currencies
OKX supports over 350 digital currencies, including major assets like:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- TRON (TRX)
- Solana (SOL)
- Avalanche (AVAX)
- Polygon (MATIC)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Shiba Inu (SHIB)
The exchange also has its native utility token, OKB, which provides holders with discounts on trading fees and other benefits.
OKX does not directly support fiat-to-crypto trading on its spot market. However, users can purchase cryptocurrency using fiat currency through its P2P marketplace or via the simple buy function. The platform partners with several fiat gateways and third-party payment providers, supporting over 30 fiat currencies, including EUR and GBP. Payment methods include Visa, MasterCard, Apple Pay, and Google Pay.
Supported Countries and Regions
OKX is available in approximately 100 countries. However, users from the United States and Canada (specifically the provinces of Ontario and Quebec) cannot access its services. Other restricted regions include Cuba, Iran, North Korea, Crimea, Malaysia, Bangladesh, Bolivia, and Malta.
Users from Syria, the United Kingdom, and Hong Kong have limited access to derivative-related services on the exchange.
OKX Trading Fees Explained
OKX employs a maker-taker fee model for its spot and futures markets. Regular users are categorized into five tiers based on their OKB token holdings, while VIP users are tiered according to their trading volumes and assets.
For regular users, spot trading fees for USDT/USD/crypto pairs start at 0.08% for makers and 0.10% for takers. Fees for USDC pairs start at 0.07% for takers and are free for makers.
Futures trading, perpetual swaps, and options trading have their own fee schedules. Fees for perpetual and futures instruments start at 0.020% for makers and 0.050% for takers.
The exchange does not explicitly disclose deposit and withdrawal fees. Purchasing crypto with fiat on the platform can be costly due to fees from credit card companies and third-party payment gateways, which can range from 1% to 5%, plus potential spreads.
👉 Compare trading fees across major platforms
Key Features of the OKX Platform
OKX offers a comprehensive suite of trading options and tools:
OKX Convert: Allows instant conversion between cryptocurrencies without paying trading fees.
Derivatives and Margin Trading: Enables users to trade with leverage and engage in speculative contracts based on future asset prices.
P2P Marketplace: Facilitates direct peer-to-peer trading with an escrow service for security.
OKX Earn: Offers various products for earning passive income, including staking, third-party DeFi services, and crypto loans.
Bot Trading: Provides automated trading strategies through grid bots, DCA bots, arbitrage bots, and more.
OKX Learn: An educational resource with tutorials, trading strategies, and market analysis articles for beginners and advanced traders.
How to Open an OKX Account
Opening an OKX account is a straightforward process. Visit the official website and register using an email address or phone number. After logging in, users must complete Level 1 identity verification for KYC purposes, which requires providing basic personal information and an official ID number.
Level 2 verification involves uploading a photo of an official identification document and can take up to three days to process. Enabling two-factor authentication (2FA) via Google Authenticator is recommended for enhanced security but is not mandatory.
Security Measures and Concerns
OKX implements industry-standard security measures, including cold storage of assets and two-factor authentication for withdrawals. Users can enable additional security features like SMS authentication, anti-phishing codes, and a withdrawal password.
However, the platform has experienced security incidents in the past. In 2017, users reported hacks resulting in the loss of approximately 600 BTC, though OKEx denied the claims. In 2020, hackers exploited a vulnerability in the Ethereum Classic blockchain to steal $5.6 million worth of ETC from the exchange.
The platform has also faced controversies, including allegations of wash trading and operational issues. In 2020, withdrawals were suspended after a private key holder was reportedly cooperating with Chinese authorities. OKX has since denied using a single-signature Bitcoin cold wallet.
Is OKX a Regulated Exchange?
No, OKX is not a regulated exchange. It is not available to users in the United States and Canada and does not operate under the oversight of major financial authorities.
How OKX Compares to Other Exchanges
When compared to a major exchange like Binance, OKX holds its own in several areas:
Fees: OKX's spot trading fees are slightly lower than Binance's for some pairs, but fiat deposit fees can be higher due to third-party costs.
Features: Both platforms offer a similar range of services, including spot trading, derivatives, earning products, and educational resources. OKX is particularly known for its derivatives offerings.
Security: Both exchanges have experienced security breaches and face ongoing scrutiny regarding their operational transparency. Neither has undergone a full public audit.
Frequently Asked Questions
Is OKX available in the United States?
No, OKX is not available to users based in the United States. It restricts access from several countries due to regulatory considerations.
What is the minimum deposit on OKX?
The platform allows users to start trading with very small amounts, and some features enable crypto purchases for as little as $5.
Can I earn interest on my crypto assets with OKX?
Yes, through OKX Earn, users can participate in staking, lending, and third-party DeFi services to generate passive income on their holdings.
How does OKX ensure the security of user funds?
The exchange uses a combination of cold storage, two-factor authentication, and optional security features like anti-phishing codes. However, users should be aware of past security incidents.
What should I do if I encounter issues with my OKX account?
The platform provides customer support through its help center and ticket system. Response times can vary.
Final Thoughts on OKX
OKX is a popular global cryptocurrency exchange that offers a wide array of trading options, from spot and derivatives to earning products. Its competitive fees and extensive feature set make it an attractive option for experienced traders.
However, its lack of regulatory oversight, history of controversies, and past security incidents are important factors to consider. The platform is not suitable for beginners in all regions, and users should exercise caution, especially with fiat deposits and withdrawals.
For those interested in exploring its offerings, OKX provides a robust, if complex, trading environment.