OKX Crypto Exchange & Wallet

There are hundreds of crypto exchanges and wallets to choose from. This makes it increasingly difficult for newbies to know where to start. Here we are going to review one of the leading crypto exchanges known as OKX. By the end, you will know if this is the right exchange/wallet for you. 

Introducing OKX Crypto Exchange

OKX was founded and launched in 2017. They are an advanced financial service in the crypto world. Their services rely on blockchain technology. They have everything you need to begin your journey of trading and investing. 

With hundreds of tokens and trading options, you are sure to find something that piques your interest. OKX happens to be one of the largest crypto exchanges according to trading volume. They have more than a million users spread across 100 countries. They provide spot, margin, futures, options, perpetual swap trading, DeFi, lending, and mining services. 

OKY Company Highlights

• Cryptocurrencies: 340+
• Customer Support: Help page and online chat
• Owner and Founder: Star Xu
• Supports crypto savings accounts and crypto staking
• Borrow crypto from 1% APR
• Advanced charting and trading platform
• Integrated mobile wallet
• Minimum trade: 0.01 BTC, 0.1 ETH, and 100 USDT
• Trading and transaction fees: 0.10% for takers and 0.08% for makers
• Crypto-to-crypto trading pairs: 660
• Mobile app: OKX apps for iOS and Android 
• Customer service: 24-hour live chat support.
• Storage offering: OKX offers Distributed storage

Where Is OKX Located?

The OKX company headquarters is in Seychelles. However, users are located in more than 100 countries. 

OKX Restricted Countries

While there are many counties where you can use OKX services, there are still some places where their services are restricted. The following areas are restricted countries for the OKX platform.

• Hong Kong 
• Cuba
• Iran
• North Korea
• Crimea
• Malaysia
• Singapore
• Syria
• United States of America including all U.S.A. territories like Puerto Rico
• American Samoa
• Guam
• Northern Mariana Island and the US Virgin Islands 
• Bahamas
• Canada 
• United Kingdom 
• Bangladesh
• Bolivia
• Donetsk
• Luhansk
• Malta

What Could be Improved

With any exchange, there is room for improvement. Here are a few things that we think OKX could improve upon.

• United State investors have limited features
• U.S. investors do have access to OKX’s sister exchange which is OKCoin

For US investors you can access OKCoin, which happens to be a simpler exchange. It has all the features for buying and selling cryptocurrencies, as well as trading, staking, and accessing DeFi. 

OKCoin does not offer the extensive range of services that OKX does, but it is still a decent exchange for U.S. users to checkout. OKX is noted for its selection of tokens and crypto mining options, which can be annoying for U.S. traders who want access to these things. 

Another thing that OKX could improve upon is the fact that their security causes extra steps to deposits. Of course, online safety, privacy, and security are all important parts of any crypto exchange. 

For countries that are not supported by this exchange, you will be unable to make a direct crypto buy with a credit card or bank account. However, you will be able to transfer cryptocurrencies from one exchange to another. This just adds more steps to your trades.

OKX has a very complex fee structure, which is based on the exchange’s posted fee schedule. It is hard for users to determine if these fees are high or low. It would be ideal for OKX to make a table that compares their fees to other exchanges. 

How to Register 

OKX like other exchanges will only take a few minutes to get registered and up and running. Here are the steps you need to take to get started. 

• From the OKX homepage click the Sign-Up option in the top right corner. 
• You will be asked to enter your email address.
• Click the button once you have entered your email and a verification code will automatically be sent to your email. It is a 6-digit code that will need to be entered to continue with your registration. 
• You only have 10 minutes to enter this code, so do not delay. Once entered you will hit the next button. 
• It will prompt you to enter a password. Here are a few things you need to know when creating your password:
  • Have a good combination of numbers, letters, symbols, and upper and lower case. 
  • Be sure to utilize the best crypto security practices. 
  • Keep your password protected and do not share it with anyone. 
• You will now have access to your OKX dashboard. There are two options to get started:
  • You can use a debit/credit card to purchase Bitcoin or 99 other cryptocurrencies. They accept 92 different fiat currencies. 
  • You can deposit from other crypto exchanges or wallets to your OKX account. 
• Navigate to the trade menu and make a selection. You will be asked about your trading experience before you can begin trading. 

How to Login

Logging in is easy. Go to https://www.okx.com/account/login and enter your phone number/email and your password. Once that is entered you can press sign in to begin trading, buying, or selling. 

How OKX Works

OKX is built on blockchain technology. They allow trading, investing, and a wealth of investor resources. It happens to be one of the biggest crypto exchanges based on trading volume. They service over a million users across more than 100 countries. You have access to hundreds of tokens and trading pairs. Other services include Spot trading, Margin trading, Options, Perpetual swaps, DeFi, Lending, and Crypto mining. 

Trading with OKX

On the OKX homepage, you can select “Basic Trading” which is for spot and simple trade options. “Margin Trading” allows you to leverage to enhance your returns when trading in futures, advance options, or perpetual swaps. The advanced service will allow pros to engage in sophisticated transactions which will include multiple currencies to help improve profits. 

To access the advanced feature you will need to apply and gain approval. This means beginners will not have to worry about costly mistakes. It’s a safety measure for those who are new to the crypto world. If you are new, you will want to check out “demo trading” where you can practice trading with no risk. 

Fees

OKX has a complicated fee scale that is divided into two tiers. Each tier contains multiple tiers, which complicates things even more. The chart below are tiers for spot trading. We are providing this so you can understand the complexity of their fees. 

Regular User Fees

Regular users have a fee scale that is based on the number of OKB that you have. OKB is the native cryptocurrency for OKX. The more OKB you hold within this exchange, the lower your fees will be. 

“Maker Fee” is paid by the user who initiates the buy or sell. “Taker Fee” is the fee of the other party that completes the transaction. 

TIER	TOTAL OKB HOLDING	30-DAY TRADING VOLUME (USD)	MAKER FEE	TAKER FEE	24H WITHDRAWAL LIMIT (BTC)
Level 1	< 500	< $5 million	0.080%	0.100%	500
Level 2	≥ 500	< $5 million	0.075%	0.095%	500
Level 3	≥ 1,000	< $5 million	0.070%	0.090%	500
Level 4	≥ 1,500	< $5 million	0.065%	0.085%	500
Level 5	≥ 2,000	< $5 million	0.060%	0.080%	500

VIP User Fees

VIP user fees are determined differently. They have focused on trading volume over the last 30 days.

TIER	30-DAY TRADING VOLUME (USD)	MAKER FEE	TAKER FEE	24H WITHDRAWAL LIMIT (BTC)
VIP 1	≥ $5 million	0.060%	0.080%	600
VIP 2	≥ $10 million	0.040%	0.075%	800
VIP 3	≥ $50 million	0.020%	0.070%	1,000
VIP 4	≥ $100 million	0.000%	0.060%	1,200
VIP 5	≥ $200 million	-0.002%	0.050%	1,500
VIP 6	≥ $500 million	-0.005%	0.040%	1,800
VIP 7	≥ $1 billion	-0.010%	0.030%	2,000

The fee tables above will be different for futures, perpetual swaps, and options.

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How to Get started with OKX

It’s pretty quick and easy to get started. Follow the few steps below:

• Create an account
• Obtain verification
• Add funds to your account
• Once that is done you can: buy, sell, trade, and download the OKX app. 

Security Features

OKX places a large concentration on security, as any crypto exchange should. They have a sophisticated security system in place for internal wallets. There are also advanced security features in place that users can take advantage of. 

All Security Features Offered at OKX: 

To help ensure security for OKX’s hot wallets there are multiple layers of protection. This help keep the user’s private keys protected at all time. Below are some of the included features. 

• Risk management for online and semi-offline 
• Multisignature services for semi-offline
• Big data risk-reduction systems

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Cryptocurrencies Available on OKX

One of the main things to look at when trying to decide on a crypto exchange is the type of crypto available. OKX is known for the wide variety of tokens and coin pairs it offers on its platform. This means this exchange will accommodate most traders and help investors diversify their investment portfolios. 

Below are the most popular cryptocurrencies that are offered on OKX. 

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT)
• Litecoin (LTC)
• Ripple (XRP)
• Bitcoin Cash (BCH)
• Dogecoin (DOGE)
• Cardano (ADA)
• Polkadot (DOT)
• Polygon (MATIC)

Account Management

OKX gives their users the ability to manage their accounts through their website or mobile app. Both outlets give users the ability to access all their account details. It all depends on how you like to look at your investments. 

Simply log into your account to view your balance and access their extensive line of features that can be used for spots, futures, options, or other trading investments. The possibility of earning is endless and you can withdraw or send currency outside of your OKX wallet at any time. 

Customer Service

Most things on your OKX account will be pretty self explanatory. You should study and understand the platform before you begin trading, as you will have to handle all your account activity. However, OKX does have an extensive help page and chat support if you need them. 

They also have a customer support number listed on the OKX website. Most questions are answered in their help center. You can find information about using the platform, updates, and maintenance of your account. 

User Experience

When it comes to customer reviews of OKX, there are a lot of mixed reviews. Users who are positive about the platform say they had an easy online experience, swift transitions, and low fees. However, those who left negative reviews seem to focus on inadequate customer support, lost funds, and slow withdrawals. Currently, the OKX Trustpilot page has received an average of 3.4 stars out of five. This was spread across 300 reviewers. 

OKX vs Coinbase

	OKX	Coinbase
Countries	200 (does not include US)	100 (including US)
# of Currencies	343	160
Fees	Clearly posted	Hides prices until trade is entered
Mobile App	Yes	Yes

OKX App Download 

The OKX app is available on the Google Play Store, as well as the Apple Store. It’s as easy as downloading the app and then signing into your account. The links are below. 

• Download OKX for Android 
• Download OKX for iOS 

Mobile app: 4.5 out of 5 stars 

At the moment, OKX apps are known as one of the most trusted and secure cryptocurrency apps to buy Bitcoin (BTC), Ethereum (ETH), USDT, Shiba Inu (SHIB), EOS, and other cryptos.

ONE-STOP CRYPTO EXCHANGE & WALLET

OKX offers two different app versions. Newbies can use the Lite version to buy, sell, swap, and earn crypto, while advance users can user the Pro version to get access to trade features. 

Is OKX right for you?

For those who enjoy trading global cryptocurrency with low exchange fees, OKX is a great fit. OKX allows users to easily buy crypto via debit card, bank account, or mobile wallet. You could potentially see high revenues from staking or saving features. 

If you live in the United States you will not be able to use OKX but you can access their sister company OKCoin. OKX offers amazing features for newbies and pros. They have an impressive selection of crypto-based financial and trading services. 

How do we review cryptocurrency platforms?

Our goal in these reviews is to provide you with as much detail as possible, so you can make the best decision on rather or not the exchange is right for you. To provide the best review of these crypto exchanges we adhere to a set of guidelines to ensure editorial integrity. 

All of the data that we provide comes straight from the source. We want to ensure all information is relevant so that you get the most out of this review. Hands-on research is conducted and tested to ensure accuracy. We hope you find these reviews informative and highly valuable. 

Final Verdict

Millions of users entrust their digital assets to OKX. It is a trusted exchange that is quick and easy to use. You can buy, hold, and exchange hundreds of cryptocurrencies with low fees. 

Be certain that you use all the security features offered by the OKX exchange, as you want to ensure your assets are well protected. Use caution as there are some complaints from past users. 

However, if you feel comfortable and confident in trading, selling, or buying cryptocurrency online and use the security features that are offered… You are sure to have a very positive experience with OKX. 

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