Our Review
After reviewing over 15 platforms, OKX offers more features than the average platform and has competitive spreads and trading fees. It did not do well in AUD deposit and withdrawal options. It's also not built for beginners.
Overall, OKX is a good secondary exchange for Australians if you want competitive spreads and lots of features like loans, margin, trading bots and more. However, we recommend having a local exchange for depositing and cashing out AUD cheaply.
3.6/5
🏆 Overall 3.6/5 |
💰 Fees Below Average |
📲 Features Above Averages |
🇦🇺Deposit & Withdrawals Below Average |
👍 Ease Of Use Average |
🔒 Security Average |
Where It Shines:
Where It Falls Short:
Overview
Updated: Feb 15, 2022
📲 Features | Header | 🔐 Security | Header |
|---|---|---|---|
Coins Mobile App Web App Beginner Friendly? Pro Trading Terminal Limit Orders Recurring Buys Bundles Staking Margin Futures OTC 24/7 Support | 300+ Yes Yes No Yes Yes No No Yes Yes Yes No Yes | App 2FA Uses Cold Storage? AUSTRAC Regulated? Any Hacks or Incidents? Insurance Policy View Login History Address Whitelisting Crypto Withdrawals Allowed Year Founded Publicly Traded? | |
💰 Fees | 0.0/5 | 🏦 Deposits & Withdrawals | 0.0/5 |
$100 Buy After All Fees $100 Sell After All Fees Best Deposit Fee Best Withdrawal Fee Trading Fee BTC Spread (Dec 17, 21) BTC Withdrawal Fee ETH Withdrawal Fee | ? ? ? ? 0.08%-0.10% 0.02% 0.0002 BTC 0.005 ETH | AUD Fiat Wallet? Direct Bank Transfer POLi PAYid Credit/Debit BPay Other Fiat Currencies | No Yes Yes Yes Yes Yes Yes |
- Spread was tested Dec 17, 2021 and is subject to change
Screenshots
Updated: Sep 19, 2021
About OKX
OKX (formerly OKEx) is a Malta and Seychelles-based cryptocurrency exchange founded in 2017. According to CoinMarketCap data, it currently ranks top 15 in the world by trading volume. They have 20+ million users in 200+ countries including Australia and their Google Play app has at least 1 million downloads.
On their platform, you'll find 260+ cryptocurrencies, spot trading, derivatives trading, staking features and more. Similar to Binance, OKX also has their own native utility token called OKB which gives you discounts on trading fees and other perks.
Does OKX Work in Australia?
Yes, OKX is available for Australian residents and let's you purchase crypto using Bank Transfer, Poli, PayID and more. However, you can not withdraw AUD at this time. To cash out AUD, you can transfer your crypto to platforms like Digital Surge, Easy Crypto, BTC Markets and more.
Verification
Application Time | 5-10 minutes |
KYC Verification | Yes |
Instant Verification | Yes |
Who Is Eligible? |
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Sign Up Requirements |
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Verification Levels and Limits
Level | Verification Type | Account Limits |
Unverified Account | Unverified | Can't deposit or purchase with fiat, 10 BTC daily withdrawal limit |
Level 1 | Personal info verified | 200 BTC daily withdrawal limit |
Level 2 | Photo verification | 500 BTC daily withdrawal limit |
Level 3 | Video verification | 500 BTC daily withdrawal limit |
Opening an OKX account is straightforward. To deposit crypto and make trades, you only need an email address. However, to buy crypto using Australian dollars or any fiat currency you must verify your account.
Security
Updated: Sep 19, 2021
Can You Trust OKX?
OKX seems like a safe crypto exchange and is one of the top 20 largest platforms in the world. They've never been hacked or lost users funds but there was one incident in 2020 where they suspended withdrawals for 6 weeks. However, this issue was resolved.
If you want the safest way to store your crypto, especially large amounts, we recommend a hardware wallet. Crypto exchanges always have a small chance of getting hacked, suspending withdrawals and more so it's important to put the right security measures in place to protect your wealth.
Past Incidents
In 2020, OKX suspended withdrawals for 6 weeks because they lost communication with one of their private key holders. Users were outraged but fortunately, it was a temporary issue and no funds were stolen.
To make it right, OKX shared 20% of their transaction fees from that 6 week period with its users.
Company Security Features
- 95% of funds are held in offline storage
- Access to their cold wallets requires at least two authorized personnel
- Private keys are backed up and stored in bank vaults in different regions
- Systems are scanning 24/7 for suspicious deposits and withdrawals
- They have various contingency plans and emergency scenarios planned
- See more here
User Security Features
- 2 Factor Authentication (for logins and withdrawals via SMS or App)
- Receive email withdrawal notifications
- Biometric login (eg. Touch ID)
- View login history and activity
- Anti-phishing code for emails
- Add/remove trusted devices
Platform & Features
Updated: Sep 19, 2021
List of Features:
- iOS, Android and Web app
- 140+ cryptocurrencies, 400+ trading pairs
- Quick Trade
- Pro Trading Terminal
- OKX Earn (saving, staking, mining)
- OKB Token (their own utility token)
- DeFi Hub
- Jumpstart (token sale platform)
- Academy (free crypto education)
- And more
1. iOS, Android and Web App
OKX has a very user-friendly platform that can be accessed on all your devices. The mobile app lets you toggle between Lite mode (for beginners), Pro Trade and DeFi and is very simple to navigate.
2. Quick Trade
Beginners can easily purchase crypto using the "Express Trade" in the mobile app or "Quick Trade" on the web app.
3. Pro Trading Terminal
The OKX trading platform offers multiple order types like stop, limit, market and advanced limit orders. You can view the order book, customize the layout, toggle between original and TradingView charts, see real-time trading data and more.
4. OKX Earn
The OKX Earn section offers a variety of ways to earn passive income via DeFi, Staking and more. Each token offers a different APY and term. Some are flexible (can be withdrawn at any time) and some are for fixed terms.
5. OKX Pool (Mining)
Another way to earn revenue is via the OKX mining pools. You can automatically get revenue daily on various cryptocurrencies with the ability to see real-time data 24/7.
6. OKB Token
OKX also has it's own native utility token called OKB. Owning the token gives you access to special features such as rewards, reduced fees and more. Some OKB is also burned every 3 months to reduce the supply.
7. DeFi Hub
The OKX DeFi hub is a feature separate from the Exchange that lets you view and manage decentralized assets across different blockchains and protocols. Currently it offers two main features which are the DeFi Dashboard and an NFT Marketplace where users can mint, trade or import NFTs.
8. OKX Rewards
OKX Rewards is a unique feature that lets you earn Bitcoin, crypto or giveaways for completing various tasks. The tasks can include trading and depositing certain coins, playing games, inviting friends, joining the community and more.
9. Other Features
- Account Analysis - See your profits, losses and account data in nice charts
- Demo Trading Account - Practice trading with fake money
- Referral and Affiliate Program
- OKX Jumpstart - Their token sale platform
- OKX Academy - Free crypto education and guides
- Create Watchlists
- OKX Bridge - Transfer assets across different blockchains
Deposits & Withdrawals
Updated: Feb 15, 2022
AUD Deposits
OKX does not have any AUD or fiat trading pairs on the platform and you can not hold a fiat balance in your account. Instead, to fund your account, you can deposit crypto or instant purchase crypto with the payment methods below.
AUD Instant Purchase
Australian's can instant purchase BTC, ETH, USDT and more to fund their OKX account.
Type | Fee | Time | Limits (AUD) |
|---|---|---|---|
PayID | ? | ? | $50 - $2,000 |
POLi | ? | ? | $50 - $2,000 |
Direct Bank Transfer | ? | ? | $50 - $75,000 |
BPay | ? | ? | $50 - $2,000 |
Credit/Debit | ? | ? | $20 - $75,000 |
P2P Exchange | Varies on Seller | Varies on Seller | Varies on Seller |
AUD Withdrawals
Cashing out AUD is extremely limited on OKX. The only option is to go on their Express Trade and sell BTC for AUD to receive a Bank Transfer. The other alternative is to use the P2P Exchange but there is a limited number of AUD sellers are there.
Type | Fee | Time | Limits |
|---|---|---|---|
Direct Bank Transfer | ? | ? | 0.0013 BTC - 0.33 BTC |
P2P Exchange | Varies on Seller | Varies on Seller | Varies on Seller |
Crypto Withdrawals
Coin | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | 0.0002 BTC | 0.001 BTC |
Ethereum | 0.005 ETH | 0.01 ETH |
Fees & Spread
Trading Fees
OKX's max trading fee is 0.10% and can get lower if you hold OKB (their native token) in your account.
Price Test (Dec 17, 2021 at 1:17pm)
Header | Amount | Ranking |
|---|---|---|
$100 Buy After All Fees | $99.57 (0.41% total fee) | - |
$100 Sale After All Fees | N/A (Can't Sell AUD) | - |
BTC Spread | 0.02% | - |
BTC Buy Price | $66,109 AUD | - |
BTC Sell Price | $66,095 AUD | - |
Ref. Price Difference | Buy: +0.41% Sell: +0.39% | - |
Reference Price (Google) | $65,837 | - |
The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.
The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.
Once your account is funded, OKX has competitive fees. The BTC spread was only 0.02% when tested and the total purchase fee for BTC was 0.41% (3rd lowest). However, this total fee doesn't count for depositing or withdrawing AUD which would make these prices slightly higher.
Customer Support
If you need to contact someone, OKX offers 24/7 customer support which can be accessed via live chat on the website or in the app. They also have a knowledge center answering common FAQs and you can view the live website status.
OKX Compared
We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:
Coins | Total Purchase Fee | Trading Fees | $AUD Deposits | Beginner Friendly | Advanced Features | Website | |
|---|---|---|---|---|---|---|---|
600+ | 0.15% | 0.10% | Yes | No | Yes | ||
18 | 1.24% | 0.85% | Yes | No | Yes | ||
110+ | 4.50% | 2.90%* | No | Yes | No | ||
50+ | 1.09% | 0% - 2.00% | Yes | Yes | Yes | ||
30+ | 0.14% + $50 | 0.10% | Yes | Yes | Yes | ||
370+ | 1.89% | 0.10% - 1% | Yes | Yes | Yes | ||
280+ | 2.36% | 0.05% - 0.9% | Yes | Yes | No | ||
150+ | 1.30% | 0.00% | Yes | Yes | Yes | ||
270+ | 1.04% | 0.50% | Yes | Yes | Yes | ||
150+ | 1.45% | 1.00% | Yes | Yes | No | ||
30 | - | 0% | Yes | Yes | Yes | ||
27+ | 1.68% | 0.50% | Yes | Yes | Yes | ||
50+ | 0.43% | 0.16% / 0.26% | Yes | Yes | Yes | ||
700+ | 2.23% | 0.10% | Yes | No | Yes | ||
270+ | 0.41% | 0.08% - 0.1% | No | No | Yes | ||
320+ | 0.95% | 0.60% | Yes | Yes | Yes |
FAQ
Yes, OKX is a legitimate cryptocurrency exchange with millions of users and billions in daily trading volume.
