OKX Review 2023: A Comprehensive Guide to the Leading Crypto Exchange
While decentralized exchanges like dYdX and Uniswap are worth considering if you aren’t keen on KYC and identity verification, centralized exchanges can’t be beaten regarding usability and familiarity. OKX is one such popular CEX. This detailed, 360-degree OKX review dives into the features, functions, pros, and cons of the leading crypto exchange.
Ranked third in terms of 24-hour spot and derivatives trading volume as of September 2023, OKX is one of the more credible, feature-packed, and reputable centralized exchanges around. Here’s what to know about this CEX in 2023.
In this guide:
- What is OKX?
- OKX review: The history behind it
- OKX review: Important numbers
- What’s the regulatory status of OKX?
- OKX review: Audience, parameters, and the road ahead
- OKX review: Features and more
- OKX review: Unpacking the user experience
- What is the buy limit on OKX? Plus other important concerns
- Fee structure: great, good, or meh!
- Customer support: How good is OKX?
- Is OKX a trusted company?
- Pros and cons
- Alternatives to OKX
- Is there more to OKX than what meets the eye?
- Frequently asked questions
What is OKX?
OKX, formerly OKEx, is a leading centralized crypto exchange that offers services related to spot, derivatives, and margin trading. The platform boasts users in 100+ countries, making it one of the more global CEXs. Plus, it comes with an integrated, native web wallet governed by your private key.
OKX review and wallet setup: OKX
From letting users choose from hundreds of trading pairs to helping them execute leveraged trades and perpetual swaps, OKX has everything that caters to a new or even a professional crypto trader.
And suppose you want to experience the crypto space in its entirety, with a focus on features apart from trading. In that case, OKX lets you stake crypto tokens, join mining pools, and even explore DeFi strategies like lending. We shall detail each of these traits in subsequent sections.
OKX review and position based on trading volume: CoinMarketCap
And again, regarding average trading volume and user base, OKX is currently ranked second.
OKX review: The history behind it
OKX, formerly OKEx, dates back to 2013 when it was synonymous with the OK Group — a blockchain technology firm. The exchange, OKEx, began in 2017 when CEO and Founder Star XU set up an arm in Seychelles.
In early 2022, it ditched the “E” to double down on the “X”, rebarding itself as OKX. The rebranding suggested a more accommodative take on the decentralized aspect of crypto. Barring this major update, OKX has undergone many brand-related transformations over time, with each instance paving the way for additional features.
With an amplified focus on building its own blockchain, a native token, a decentralized cross-platform wallet, and more, OKX has scaled beyond the challenges associated with regulatory scrutiny.
“OKX wallet is a gateway to blockchains.”
Star Xu, CEO of OKX: Twitter
Additionally, the parent firm OK Group has its roots in Hong Kong, China, and it also runs an incubator-like initiative to propel promising web3 startups further. OKX presently defines itself as a “portal to web3”, led by the OKX DEX, the cross-chain wallet, an NFT marketplace, and more.
OKX review: Important numbers
At press time, OKX has its wings spread out across 150 nations. It supports over 300 cryptocurrencies with 500+ trading pairs in sight. It has over 700 crypto markets — pairs with liquidity — and a 24-hour spot trading volume of almost $644 million.
OKX also boasts 236 derivatives markets, with a combined 24-hour trading volume of over $13 billion, second only to Binance. The crypto exchange also claims to have over 50 million users despite it not catering to the U.S. audience.
OKX review and trust score: CoinGecko
What’s the regulatory status of OKX?
Adhering to the global regulatory standards, OKX has Anti-Terrorist Finance and Anti-Money Laundering implementations in place. While these beckon transparency, OKX has gone a step further, noting that each crypto is deemed an asset and should not be termed money or currency.
The exchange respects the stringency standards of certain jurisdictions, thereby not accepting customers from Belgium, Cuba, Iran, Japan, the U.S.A., and more.
OKX has an active VDA asset license to operate in Dubai, followed by a much-anticipated proof-of-reserves release in early 2023. The exchange has also applied for a VDA license to operate in Hong Kong, which might open doors for new users.
OKX review: Audience, parameters, and the road ahead
Who is this review for?
From trading options to doing more with your crypto by exploring the DeFi pool, OKX has a lot to offer. From the crypto curious to web3 professionals, this OKX review will have something for you — the exchange endeavors to be a one-stop solution for all your crypto needs.
Keep reading if you:
- Are a crypto newbie looking to choose an exchange
- If you are a retail investor or an institutional investor,
- Are an experienced trader keen to know about OKX’s advanced offerings
- Want an unbiased, experience-led review of the ins and outs of OKX
As for coverage, this OKX review will focus on the following aspects:
- The ease of buying and selling assets
- Trading options in sight, including the trading platforms
- Competitiveness of the fee structure with taker & maker fees and other VIP brackets explored
- Efficacy of spot trading, margin trading, derivatives trading, and other features
- Ease of KYC verification
- Additional features like the wallet, NFT marketplace, customer support, built-in security standards, and educational resources.
- Regulatory standards and innovation
OKX review: Features and more
OKX offers a multitude of crypto-specific features for every sort of crypto user. Here are the CEX’s core offerings:1. An extensive crypto platter
If you are looking for an exchange to buy and sell crypto, OKX has you covered. With close to 350 cryptocurrencies to choose from, you can find any token or coin of choice at OKX. But that’s not the key bonus. At OKX, you can purchase close to 100 cryptocurrencies using fiat. The exchange offers one of the more seamless on-ramping experiences, making it highly beginner-friendly.
OKX review and fiat spread: OKX
Under the “ExpreUs Buy” section, you can choose from 93 fiat currencies, with over 420 payment methods accepted.
An exclusive “third-party payment” method is in play that allows you to purchase through third-party service providers like Banxa, Xanpool, and more.
Third-party payments: OKX
P2P support
P2P trades are increasingly popular among crypto users. You can offload your crypto at a given price, provided someone in the market is interested. At OKX, there is a significant P2P market to choose from, depending on the region you are from. You can quickly buy and sell any of the six supported cryptocurrencies in your choice of fiat at your choice of rate. You can even create an advert to push your P2P offerings to the top of the list.
OKX review and ease of P2P: OKX
An evolved trading interface
OKX brings forth an intuitive trading interface, allowing you to look at the charts, place market or limit orders, check the order book and market depth, and even juggle between spot, perps, futures trading, and other crypto-specific functions.
OKX trading interface: OKX
Or, if you prefer detailed TradingView charts, OKX lets you connect accounts and place direct trades whenever you locate a rewarding trading option.
OKX review and TradingView connect: OKX
OKX Earn and other tools to create wealth
At OKX, you can do more with your holdings than just buy and sell crypto. If you have relevant tokens, you can leverage them to maximize gains, courtesy of the simple earn plan and on-chain earning options like staking.
OKX review and earn interface: OKX
Depending on your risk appetite, you can even try out structured earning products like the compounding Snowball, dual investment plans for short-term stable gains, and the more aggressive Shark Fin, offering an ultra short-term view of the market.
OKX earn products: OKX
Here is a quick thread on how Shark Fin works:
OKX also lets you take loan crypto, with your holdings pledged as collateral. You can use the borrowed funds to leverage the “Earn” “-based functionalities.
OKX review and Shark Fin: OKX
OKX Jumpstart
If you are in crypto for the long haul — perhaps interested in identifying and investing in promising web3 projects — OKX’s Jumpstart is the perfect place to be.
OKX review and Jumpstart: OKX
You can locate a variety of projects, invest in them using OKB tokens, and start riding the web3 bandwagon.
Did you know? OKB and OKT are two native tokens of the OKX ecosystem. While OKB is the utility token, OKT is related to the OKT Chain, a layer-1 blockchain.
Crypto converter and calculator
OKX’s crypto converter is one of the more nifty features around. You can convert any crypto to another with zero fees and zero slippage. This feature lets you quickly change holdings, preferably to ride a trading opportunity.
OKX review and Crypto Converter: OKX
Also, once you have the right crypto — the one you can convert to fiat — OKX’s crypto converter calculator lets you calculate the precise fiat rates before you off-ramp.
OKX review and Crypto Calculator: OKX
Web3 stack: Chain, wallet, and marketplace
Unlike other centralized exchanges, a large part of OKX’s ecosystem is decentralized. The OKTC — OKT Chain — is leading the way — built on the Cosmos ecosystem. Meant for developers, this super scalable interface plays host to a variety of host DApps. Anyone — not just developers — can play a part in the ecosystem by staking OKT, which is also used for transaction fees.
Then, there is the OKX wallet, which acts as your portal to web3. The wallet is multi-functional and loaded with possibilities, from viewing crypto holdings to tracking NFTs and DeFi transactions.
Further, the exchange supports a web3 marketplace, a zone that specializes in NFTs, Ordinals, and other digital assets. You can explore, buy, and even create and host your NFTs on the platform.
Bots
Don’t want to trade yourself? OKX covers you with its trading bots, helping you locate rewarding zones and automate trades.
OKX review and trading bots: OKX
With bots, you can unveil the capabilities of algorithmic trading. You can indulge in grid trading, work with signal bots to get the correct trading signals and use them for arbitrage trades, dollar cost averaging, and more.
Using trading bots correctly: OKX
Trading integrations with API support
If you plan to set up a trading platform, OKX lets you access data, training, and service-related APIs to help with seamless integrations. Plus, it offers market maker, broker, and block trading services for institutions and brokers.
OKX review and APIs: OKX
OKX review: Unpacking the user experience
Using an exchange should be seamless. Let us check if OKX lives by that statement by evaluating the platform across a few parameters:
Trading platforms: How many are there
You can experience every OKX feature either on the web interface or via the mobile application — available for both iOS and Android.
OKX, the portal to web3: OKX
Setting up an account
Setting up an account on OKX is as easy as it gets. You just need to register your email ID and mobile number to get started. Once verified with OTPs, you can access some features of this crypto exchange.
OKX review and verification ID: OKX
Once you verify credentials via KYC validation, depending on the country you are accessing OKX from, you can start experiencing trading-related and other exchange-specific features. Do note that when using the app, you can juggle between the OKX Lite and the OKX Pro mode, depending on your familiarity with the crypto-specific traits.
The “Learn” interface
Now that we are discussing user experience, the knowledge base offered by OKX clearly stands out. From beginner guides to content for experienced crypto folks to trading guides, OKX’s “Learn” caters to every kind of target audience.
OKX review and the Learn interface: OKX
You can easily scroll through the content to better understand specific crypto and web3-related topics.
OKX review and the Lite to Pro transition: OKX
Overall, the user experience is seamless but can be a tad steep for those accessing the OKX Pro platform without any handholding. The “Lite” interface, on the other hand, is self-explanatory.
What is the buy limit on OKX? Plus other important concerns
Traders will likely be interested in learning about an exchange’s buy and sell limit. For a platform like OKX, the buy and sell limit relates to the deposit and withdrawal limits. If you can deposit “X” amount, you can always buy X worth of digital assets. Even the sell limit depends on how much you are holding. You can sell X worth of crypto if needed, but whether you can withdraw it depends on your verification level.
OKX review and deposit/withdrawal limits: OKX
For instance, basic verification — simply providing the ID — lets you deposit and withdraw 1000 USD over the trading lifetime. However, if you verify your identity with documentation and selfies, you can unlock unlimited deposits and a daily withdrawal limit of 1,00,00,000 USD.
As for the nature of deposits, you can on-ramp using a wide range of fiat currencies to purchase digital assets. And regarding withdrawals, you can off-ramp the same to fiat or move funds to a crypto wallet of choice upon security verifications.
Fee structure: great, good, or meh!
Trading fees on a crypto exchange are all about maker and taker fees. You become a maker when you place an order that doesn’t execute immediately. The funds you add are locked and add liquidity to the market. In comparison, you become a taker if the order you place executes immediately, taking liquidity out of the market. The taker fee is usually lower.
OKX fee structure: OKX
OKX’s fee structure involves the maker and taker aspects. Spot trades can vary anywhere between 0.10% to even 0.15%, which is lower than the industry average of 0.20%.
Futures contracts attract anything between 0.02% and 0.05%. Margin trades are charged per spot rates, but additional fund borrowing charges exist. Apart from these charges, there are tiered fee structures for Perpetual Swaps and Options. Fiat-based deposits and withdrawals attract zero charges. Crypto withdrawals to specific wallets and chains are charged depending on the crypto type and the chain you are transferring to.
Notably, the charges are lower for VIP users — ones with high OKB token holdings and 30-day trading volumes.
Customer support: How good is OKX?
OKX review would be incomplete if we did not discuss the customer support system. OKX has a pretty diverse support structure comprising the following elements:
- Email support with queries expected to be resolved in under 24 hours.
- Live chat support with real-time query assistance
- A wide selection of guides and FAQs to choose from.
- Multi-lingual support;
- An active social media following;
- An active community to help traders and crypto-curious folks better understand the space.
Is OKX a trusted company?
OKX is currently placed third in terms of exchange-specific trading volume.
Two-factor authentication: OKX
In all, OKX is certainly one of the more trusted centralized players around. Adding further to the credibility of this crypto exchange are the following parameters:
- High-end security standards led by reserves in cold storage, availability of multi-sig wallets, OTP-based logins, the ability to set two-factor authentication (2FA), and more.
- A transparent regulatory landscape with compliance with international KYC and AML policies.
- OKX is also VFAA-compliant, per the guidelines set by Malta Financial Services.
- Transparent fee structure, clarity on trading volumes, a robust customer support space, and a massive user base.
Pros and cons
Now that we have explored the OKX exchange in detail, here’s a quick list of the pros and cons.
Pros
- Competitive fee structure
- Supports a wide range of cryptos
- Almost 100 fiat currencies supported for on-ramping
- Comes with advanced trading options like spot, futures contracts, options, perp swaps, margin trades, and more
- Robust security
- Boasts a decentralized ecosystem
- Excellent customer support system
- Innovative crypto-based wealth-generating options like Earn, Shark Fin, and more
Cons
- It can be a complex platform for beginners courtesy of several cryptocurrency trading options.
- Limited global availability, including no U.S. coverage
- The multi-tiered fee structure is complex
Alternatives to OKX
While OKX is a great all-round option, you might want to look for alternatives, especially to navigate the cons and explore other features:
Kraken
Even though OKX is one of the more secure cryptocurrency trading platforms around, Kraken has a superior reputation in this field. According to Certified — a company analyzing exchange security — Kraken is placed second in exchange security, while OKX is around the 40th place.
Security certification for Kraken: Cer
Coinbase
This exchange is the preferred choice for U.S.-based users. Also, Coinbase has been around for longer than OKX and is a much easier platform to navigate for a crypto beginner looking for a zero-frills setup.
Binance
This largest global cryptocurrency offers at least 50+ more assets compared to OKX. Also, if you are an experienced crypto evangelist, Binance might just cater better to your diverse proclivities, courtesy of extra features, including a crypto debit card.
Huobi
Huobi is one of the few crypto exchanges to offer over 500+ crypto assets and trading pairs to choose from. Also, some aspects of this crypto exchange can be accessed without completing KYC verification. However, you must still KYC if you want to scale beyond the daily deposit and withdrawal caps.
Uniswap
We couldn’t help but add one decentralized exchange to this list. When it comes to DEXs, Uniswap is easily one of the more reputed ones with excellent liquidity. You only need to connect your crypto wallet to the space to access and use without needing KYC verification. Note that when using a DEX, you should be very careful with your private key.
Is there more to OKX than what meets the eye?
In all, this OKX review finds the global crypto trading exchange to be well-balanced, offering something for everyone. Despite requiring a slightly steeper learning curve than some of its rivals (for example, Coinbase), OKX provides solid learning materials while offering a diverse range of crypto-based trading and financial services. The wider OKX ecosystem integrates seamlessly with the exchange, with a fully functional blockchain, a native token, and an integrated wallet, all working to enhance user experience and further the mission of decentralization.
Frequently asked questions
Is OKX a Chinese company?
OKX was initially registered in Hong Kong, China, but shifted its base of operations to Seychelles in order to adhere to international regulations. However, in 2023, it applied for the Virtual Asset Trading License to operate in Hong Kong. It is worth mentioning that OKX, formerly OKeX, is branched out of OkCoin, which is owned by the China-based OK Group, founded by Mingxing Star Xu.
How can I earn from OKX?
OKX offers a diverse range of earning options. While the most basic ones include spot and futures trading, you can even access the staking features to generate wealth using the already-held cryptocurrencies. OKX also allows you to trade and flip NFTs. Additionally, it also lists promising web3 projects for you to invest in early.
Can I withdraw money from OKX?
Yes, you can withdraw funds from OKX with ease. However, the amount you can withdraw depends on the level of account and KYC verification you have provided. For basic verification, the lifetime withdrawal limit is 1000 USD. However, for advanced or stage 2 verification with a selfie, the crypto exchange allows you to withdraw 1,00,00,000 USD per day.
Who is the owner of OKX?
>OKX was initially ideated and developed by Star Xu, who also served as the CEO for a while. Since 2017, the company has expanded its operations and professional base. At present, the team comprises Hong Fang, the acting president; Peter Chang, Vice President — Product; Jason Lau, Chief Innovation Officer; and other reputed names.
Can I buy bitcoin from OKX?
Yes, you can easily purchase BTC from OKX, either via fiat currency choices or by converting any of your crypto holdings to BTC. With BTC, you can access a wide range of trading pairs, including BTC/USD, BTC/ETH, and more. As for the purchase methods, you can use the Express Buy option, bank transfers, or even third-party purchases, depending on your preferences.
