OKX Review

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 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.

Some Stats:

• Founded in 2017
• 20+ million users
• Offices in Malta and Seychelles
• Supported in 200+ countries

What We Found

OKX does not have any fiat trading pairs or fiat wallets. However, you can make instant fiat-crypto purchases with over 30 currencies. For each currency, they offer a variety of local payment methods like bank transfer, Alipay, PayPal, debit cards, SEPA transfers and more.

For cashing out fiat, only about half of the currencies are available. We recommend looking up your local currency on the buy/sell crypto page to see if OKX is a good fit for you.

Platform & Features

Overall, OKX offers a wide range of features and services to explore.

List of Features:

• iOS, Android and Web app
• 350+ Cryptocurrencies
• Instant Buy and Sell
• Advanced Trading
• Margin
• Trading Bot
• OKX Earn
• Loan
• Jumpstart
• OKX
• MetaX (DeFi)
• Mining Pool
• OKC Chain
• And More

1. iOS, Android and Web App

2. Trading Interface

• Convert - "Quick conversion, no fees, no spreads"
• Spot Trading
• Margin
• P2P Exchange
• Trading Bot
• No fiat trading pairs (only fiat-crypto instant purchases)

3. Advanced Trading

4. Trading Bot

5. Earn

6. Loan

7. Jumpstart

8. OKB (native token)

9. MetaX (DeFi)

10. Mining Pool

11. OKC Chain

12. Other OKX Features

• OKCoin (their U.S. focused and beginner-friendly platform)
• DOT Slot Auction
• Rewards
• Referral/Affiliate Program
• OKX Broker
• OKX Bridge
• API Keys Management
• Create Sub Accounts

Security

Past Hacks & 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
• View website status for incidents

Can You Trust Them?

OKX is considered a safe crypto exchange. They have 2FA, hold 95% of funds in offline storage and it's one of the top 20 largest platforms in the world. They've also never lost users funds (founded in 2017).

⚠️ Although this platform is safe, over 50% of platforms we tested have had hacks or incidents in the past. We strongly recommend storing and protecting your crypto on a non-custodial wallet where you own the private keys. Preferably, a reputable hardware wallet like the Ledger Nano X.

Customer Support

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 centre answering common FAQs and you can view the live website status.