Copy of Review 1 - Blank

OKX Review Australia

Last Updated: Sep 30, 2022  |  Published: Sep 9, 2021


This post may contain affiliate links. Learn more.

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. 

OKX

3.6/5

πŸ† Overall

3.6/5

πŸ’° Fees

Below Average

πŸ“² Features

Above Averages

πŸ‡¦πŸ‡ΊDeposit & Withdrawals

Below Average

πŸ‘ Ease Of Use

Average

πŸ”’ Security

Average

Where It Shines:

  • Competitive Fees & Spreads: Once your account is funded, OKX has very competitive pricing. OKX has billions in daily trading volume, 0.10% trading fees and low spreads overall. Just pay attention to the deposit and withdrawal fees
  • Lots of Features Overall: Rewards, staking, DeFi, NFTs, native token, DApp store, P2P exchange and more
  • Advanced Trading: Technical charts, advanced order types, live order books and more

Where It Falls Short:

  • No AUD Fiat Wallet: You can't hold AUD in your OKX account, you can only instant purchase and sell using their third-party payment providers
  • Less Beginner Friendly: Might be overwhelming for beginners. Easier platforms are available like Digital Surge or Swyftx

Overview

Updated: Feb 15, 2022

πŸ“² Features

Header

πŸ” 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?

Yes

Yes

No

Yes: 2020

No

Yes

Yes

Yes

2017

No

πŸ’° 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


OKX

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?

  • Australian residents + 200 other countries

Sign Up Requirements 

  • Email address
  • First and last name
  • Government issued ID
  • Other personal info in some cases

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.

OKEx Mobile App Screenshots

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.

OKEx Advanced Trade

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.

OKEx Earn Feature

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.

OKEx Mining Pool

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.

OKX Trading Fees

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

-

How We Tested This

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.

OKEx Customer Support

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

Best Alternatives

Swyftx
  • Best overall in Australia 
  • 280+ coins, staking, bundles
  • Beginner-friendly
  • Limited pro tools
  • Low app reviews
  • Most features for Australians
  • 500+ coins, margin, futures, rewards and more
  • Limited KYC 
  • Expensive to fund AUD and can't Cashout AUD
  • Not licensed or regulated
Digital Surge
  • Best overall for beginners
  • 270+ coins
  • Fair pricing across the board
  • Limited features overall
  • Lack of professional tools
Binance
  • Lowest fees & spreads overall
  • 400+ coins
  • Better fiat deposit & withdrawals
  • Many features restricted in Australia
  • Not beginner friendly

FAQ

Is OKX Legit?

Yes, OKX is a legitimate cryptocurrency exchange with millions of users and billions in daily trading volume.

OKX

OKX

Get 10% Off Trading Fees

Best Crypto Exchanges Australia 2022

Swyftx

1. Swytfx

2. Binance

Digital Surge

3. Digital Surge