Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.
Win up to $10,000 when you complete a deposit of more than $50 through a crypto purchase or top-up within 30 days of registration.
Pros Explained
- Low trading fees of 0.10% or less for most trades: Trading fees start at 0.10% and decrease with higher trading volumes or larger stakes in OKX's currency, OKB token.
- High-interest staking opportunities: Opportunities to earn at more than a 100% annual interest rate when staking certain cryptocurrencies.
- Easy to buy cryptocurrency using a card, bank account, or digital wallet: Buy currencies in a few clicks with a credit or debit card, bank account transfer, Apple Pay, Google Pay, and other supported services.
Cons Explained
- Not available to users in the United States: OKX is not available to U.S.-based users for regulatory and compliance reasons.
- Low liquidity for certain currencies: While it’s a top-20 exchange, certain currencies trade with a low liquidity level.
- Mixed reviews from past customers: Some reviews indicate poor customer service and lost funds.
Introduction
OKX is a cryptocurrency company offering a crypto exchange and a suite of additional services. The Seychelles-based exchange is widely available to users worldwide but notably not available in the United States. OKX may be a good choice for global cryptocurrency traders looking to buy and sell with low exchange fees.
With an account at OKX, you can easily buy crypto using a card, bank account, or mobile wallet. It also offers exceptionally high yields in some cases when participating in staking or saving features. While it’s not the biggest cryptocurrency exchange on the block, it does a good job of supporting a large number of currencies and a wide range of services. If you’re looking to manage your cryptocurrency activity with one login, OKX could meet your needs.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Company Overview
OKX was founded in 2017 and maintains a headquarters in Seychelles, with additional offices around the world. According to CoinMarketCap, OKX is the 18th largest cryptocurrency exchange in the world by volume. The site claims over 20 million users in more than 100 countries. They don’t take users from the United States due to regulatory and compliance concerns.
If you’re in an area that works with OKX, you can create an account that gives you access to trade 343 spot currencies. OKX also supports margin borrowing, earning cryptocurrency through staking and savings, cryptocurrency-backed loans, and advanced products, such as mining pools and its own blockchain, called OKExChain. OKX could work as an exchange you use in addition to a third-party cryptocurrency wallet or your primary place for crypto-related activities.
Cryptocurrencies Available on OKX
With over 300 cryptocurrencies supported, there’s not enough room to list them all in our OKX review. There are 343 currencies on the exchange total. Here’s a glance at the top currencies traded on OKX by volume:
- Bitcoin
- OKB
- Terra
- Ethereum
- TRON
- Avalanche
- APENFT
- Solana
- Polygon
- JUST
- XRP
- Yearn.finance
- Dogecoin
- Polkadot
- Shiba Inu
OKX supports a large number of the most popular currencies. If there’s a coin you’re looking for, there’s a good chance you’ll find it at OKX.
Trading Experience
Like many large cryptocurrency exchanges, OKX offers a simple trading form that works well for beginners alongside an active trading platform for intermediate to expert traders.
The basic forms to buy and convert cryptocurrency are simple and intuitive. This is good for people new to cryptocurrency looking to buy their first Bitcoin, Ethereum, or any other supported currency.
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If you’re looking for an easy way to swap currencies, including stablecoins, you can use OKX's conversion form. This works the same as a simple market trade on the active trading platform, but with an easier-to-understand form and interface.
Advanced traders will likely prefer the active trading platform with support for market, limit, and stop orders; advanced conditional trades; the open order book for supported currencies on the OKX exchange; and flexible market charts. Once logged in, users can customize layouts for various needs.
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The advanced platform is useful when margin trading or any other advanced strategy. It also has a built-in trading bot to execute orders with specific rules.
Fees
OKX breaks currencies down into different pricing tiers that vary based on trade volume and account holdings. For spot trades, the most you will pay is 0.10%. High-volume traders and those with a large holding in the OKB currency may qualify for discounts. Futures, swaps, and options have their own rate schedules with varying fees.
One big downside of OKX is that it doesn’t disclose fees for deposits and withdrawals. While much of OKX is transparent, hidden cost details are a red flag that may send you to another exchange with transparent fee schedules.
Security
Cryptocurrency transactions are generally one-way and can’t be reversed, so always double-check transaction details before proceeding. You likely won’t recover any funds if you accidentally send funds to the wrong wallet address.
Cryptocurrency exchanges have some unique security concerns you don’t typically face with traditional banking platforms. However, the best practices for keeping your financial accounts secure are similar. These include using strong passwords unique to every website and app alongside a multifactor authentication app to keep hackers out of your funds.
OKX uses industry-standard security practices, including cold storage for most customer assets. It also has offers additional features like the ability to set up a withdrawal password and anti-phishing codes.
Opening an OKX Account
Opening an account is easy for anyone outside of the United States. If you’ve ever signed up for another cryptocurrency exchange or stock market brokerage account, you will find a familiar experience at OKX.
You’ll get started by registering an account using your personal contact information. To access all the trading features OKX offers, you’ll need to complete its KYC (know your customer) requirements. A Level One KYC-verified account requires entering basic information, including a government identification number. Level Two requires uploading a picture of their ID and a selfie through partner Netverify. For Level Three, you’ll have to agree to a disclaimer.
Unverified accounts can withdraw up to 10 BTC per day and trade up to $500, while higher levels give you higher withdrawal limits and transaction limits.
Customer Service
Most of your OKX account needs will be self-service—plan to handle your trading and account updates yourself. If you need extra help, OKX offers a help page and chat support. There’s also a phone number listed on the OKX website.
Most information you’ll likely need to know is listed in a robust help center with details about using, updating, and maintaining your account.
Customer Satisfaction
OKX gets mixed feedback on consumer review sites. Positive reviews focus on an easy online experience, fast transitions, and low fees. Negative reviews mention poor customer service, lost funds, and slow withdrawals. At Trustpilot, OKX receives an average 3.4-star rating out of five across over nearly 300 reviews, which is a relatively high rating for a cryptocurrency exchange.
Account Management
Users can manage their accounts through the OKX website or mobile app. Both give users access to the same account details, though some may find the larger screen on a desktop computer or laptop easier to navigate.
Once logged in, you can view account balance and access features for spot, futures, options, and other trading needs. You’ll also have opportunities to earn cryptocurrency and withdraw or send it to an outside wallet.
How OKX Compares to Other Cryptocurrency Companies
OKX offers many of the same features as other large competitors. Here’s a look at how it compares to another popular exchange, Coinbase.
OKX vs. Coinbase
- OKX is available to users in over 200 countries, but it’s not available in the United States. Coinbase is available to users in over 100 countries, including the U.S.
- OKX supports 343 currencies, while Coinbase supports just 160.
- OKX publishes its trading fees clearly while Coinbase hides prices until you enter a trade. However, OKX doesn’t publish its deposit and withdrawal pricing, so both obscure costs to some extent.
Read our full Coinbase review.
Final Verdict
OKX is a top crypto exchange trusted by millions of users. It’s a quick and easy way for beginner to expert cryptocurrency enthusiasts to buy, hold, and exchange hundreds of popular cryptocurrencies with competitive trading fees.
However, due to some inconsistencies, unclear information, and past customer experiences, it’s a good idea to proceed with caution. Ensure you’re using the best security features OKX offers to keep your account and funds as secure as possible. If you’re comfortable with online financial products and follow security best practices, you’ll likely have a positive experience with OKX.
Methodology
Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.
Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.
