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.
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:
What Is OKX?
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
Key Benefits & Features
Other OKX Features
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
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: