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.
- I tested dozens of crypto exchanges and OKX is one of the best choices if its available in your country. Other top choices are Binance for low fees and MEXC for 200x leverage and no KYC.
What Is OKX?
OKX (formerly OKEx) is a centralized cryptocurrency exchange founded in 2017. According to CoinMarketCap data, it currently ranks top 15 in the world by trading volume. They have 50+ million users in 100+ countries and their Google Play app has at least 1 million downloads.
On their platform, you'll find 350+ 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.
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 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
- 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.
OKX 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 did 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 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 Features
- 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 codes
- 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.
Is OKX Worth It?
OKX has a great user-interface, lots of Web3 features, and most importantly low fees and high volume on 350+ coins. If you want a low-cost altcoin exchange with spot, margin, and futures trading, OKX is a great choice.
- High Volume and Low Fees: OKX is top 5 in the world for trading volume on derivatives and spot trading. They also have low fees ensuring you get great rates when trading.
- Variety Of Features: OKX has everything you need. They offer 350+ coins, up to 125x leverage, as well as trading bots, copy trading, a Web3 wallet and much more.
- Great User Interface: OKX has an intuitive platform and is great for both beginners and advanced traders.
- Availability: OKX is unavailable in some regions like the US, Canada or has key features restricted. You can check OKX's restricted countries here.
- Less Altcoins Than Other Places: OKX has 350+ coins but if that isn't enough you can find 600+ on Binance and 1,500+ on MEXC, two other exchanges I recommend.
