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OKX

OKX

350+

Coins 

0.08%/0.1%

Trading Fee 

Seychelles

HQ

Last Updated Jul 15, 2023  |  Affiliate Disclosure

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Highlights

  • OKX is a centralized crypto exchange with over 50 million customers. It has 350+ coins, spot, margin, and futures trading and lots of Web3 features. 
  • It also has an awesome UX and low fees with billions in daily trading volume, allowing you to buy altcoins at great rates.
  • Unfortunately, OKX ceased its operations in Canada in 2023. I tested 20+ platforms and the best alternative in Canada right now is NDAX for its low fees and MEXC for 1500+ altcoins. Keep reading if you want to learn more about OKX.

Does OKX Work In Canada?

No, According to section 2.2 in OKX's terms of service, Canadians cannot use the OKX Exchange because of local laws and regulations. A VPN doesn't work either because you must pass the KYC requirements. In addition, Okcoin does not work either despite saying it's available on their website. However, Canadians can use OKX's Web3 wallet.

Why Did OKX Pull Out Of Canada?

OKX decided to pull out of the Canadian market in 2023 due to the regulatory landscape in the country. The regulations imposed on cryptocurrency exchanges were deemed too burdensome, leading OKX to cease its operations in Canada. They said they hope to return to Canada in the future.

OKX Exits Canadian Market

Top OKX Alternatives

I tested over 25 crypto exchanges. OKX offers a great user-interface, 350+ coins, margin, futures, trading bots and a host of Web3 features. It also has high volume, low fees and a good reputation. With that in mind, here are the best OKX alternatives if you're located in Canada:

NDAX.io

Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.

  • Lowest fees to buy Bitcoin
  • Free e-transfer deposits
  • Based in Canada
  • Low volume on some coins
  • Only 37 coins
Kraken

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
  • Industry-leading security
  • Zero-fee staking
  • 0.16%/0.26% trading fees
  • Fiat withdrawal fees
BYDFi

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 450+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly

What Is OKX?

OKX Website

OKX is a centralized cryptocurrency exchange with a user base of 20 million individuals across more than 100 countries. Users enjoy a variety of trading options including 350+ cryptocurrencies, Spot, Margin, Futures, Options, and Perpetual swaps.

In addition, the fees are low and it's one of the largest exchanges in the world by trading volume, ensuring you get great rates. The platform also has a bit of everything. You'll find a DeFi wallet, interest-earning products, NFTs, and an endless selection of Web3 services.

Things To Know

  • OKX ceased its operation in Canada in 2023. However, they said it's temporary.
  • The exchange provides 350+ coins with spot, margin, futures, options, and perpetual swaps.
  • They have billions in daily trading volume and are one of the largest exchanges in the world according to CoinMarketCap.
  • It has low trading fees of 0.08% Maker and 0.1% Taker fees.
  • They have a user-friendly interface suitable for both beginners and advanced traders.
  • They have lots of Web3 features like a self-custody wallet, OKX Earn, lending/borrowing, a native utility token, and much more.
  • They are considered safe and frequently publish Proof of Reserve audits.
  • They do not support fiat trading pairs but offer a P2P exchange and instant buy options.

Key Benefits & Features

OKX Spot Trading Dashboard
  • Many Trading Choices: OKX has 350+ cryptos and caters to both beginner and advanced crypto traders. Users can explore spot, margin, options, and perpetual swaps, catering to different preferences. 
  • Low Fees & High Volume: With OKX you can get great rates on your trades. It has 0.08% Maker and 0.1% Taker fees. Additionally, it is one of the largest exchanges in terms of trading volume according to CoinMarketCap, ensuring great liquidity.
  • Great User-Interface: While UX is subjective, I think OKX has one of the best designs in the industry. Everything is intuitive and feels nice to use.
  • DeFi Wallet: A free self-custody wallet and Web3 portal that supports 60 blockchain networks, thousands of DApps, NFTs, and more on an easy-to-use interface. Their Web3 wallet is available as a mobile app, chrome extension and desktop app.

Other OKX Features

  • OKX Earn: Generate yield on various digital assets.
  • Copy Trading: Replicate the trades of of top traders.
  • Jumpstart: Invest in new high quality crypto projects.
  • OKB: Their own native utility token with discounts, passive income, and other benefits.
  • Demo Trading: Practice your trades without risking real money.
  • And More: OTC, loans, trading bots, mining pools and even their own OKT and OKB chain.

Security

Based on their track record and information available online, OKX is considered a safe and reputable crypto exchange. They claim to back funds 1:1 and conduct monthly Proof of Reserve audits to help with transparency. They also use offline cold storage which is an industry standard.

OKX was founded in 2017 and has not had any major security breaches. 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.

Today, they allocate a percentage of their profits into an insurance fund to provide added protection, similar to the Binance SAFU. In your account settings, users can also turn on 2-factor authentication (2FA) and other features for additional layers of protection. While this is all great, OKX is still a centralized exchange. You should only hold funds you want accessible to trade on exchanges and the rest in self-custody, ideally a hardware wallet.

List Of Security Measures

  • Verifiable Proof of Reserves and merkle tree
  • Assets held in cold storage (doesn't state how much)
  • Percentage of profits goes to an insurance fund
  • Founded in 2017 and no history of hacks
  • Two-factor authentication (2FA)
  • Address whitelisting
  • Anti-phishing code
  • Email verification (for withdrawals)
  • Device management (set up verified devices and IP addresses)
  • Freeze/close account

Fees

OKX is a competitve exchange when it comes to pricing. They have billions in daily trading volume and a 0.08% maker and 0.10% taker fee on spot trades. In addition, the fees can decrease if you increase your trading volume, hold their native token OKB, and sign up with a referral link. Futures and Perpetuals have a 0.02% maker fee and 0.05% taker fee and crypto withdrawals are dynamic based on blockchain gas fees. 

OKX Canada Review: Is It Worth It?

If OKX didn't leave Canada, it would be a good, low-cost altcoin exchange with 350+ coins and a variety of trading features. In the meantime, after testing dozens of platforms, the best Canadian crypto exchange is NDAX for cheap Bitcoin purchases and MEXC for an altcoin exchange with 1500 coins and 200x leverage.

Pros & Cons

If OKX comes back to Canada, here are the pros and cons of the platform:

  • Great User Interface: OKX has an intuitive platform and is great for both beginners and advanced traders.
  • Lots Of Trading Accounts: Traders will find everything including spot trading, trading bots, margin, derivatives, copy trading, and more. 
  • Low Fees: OKX has competitive fees and billions in daily trading volume.
  • Unavailable In Canada: OKX said their decision to leave Canada is temporary. Okcoin is also unavailable in Canada when I tried to sign up.
  • Less Altcoins Than Other Platforms: If you're looking for altcouns, exchanges like Binance, MEXC, and KuCoin all have hundreds of more cryptocurrencies than OKX. MEXC is the only one that works in Canada.

Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.


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