What is OKX?
OKX is one of the biggest exchanges in the world. As such, they are able to spend a lot of money in marketing. For instance, they are a sponsor of the F1 Racing Team McLaren, and they are also the football club Manchester City's Official Cryptocurrency Exchange Partner. Here's a lovely promotional video OKX made that was released in the end of 2022 and tries to answer the question "What is OKX?":
OKX is part of the OK Group which was founded in 2013. OKX was formerly known as OKEx until it was rebranded in 2017. It is an international cryptocurrency exchange (CEX) known for innovative products, Web3 wallet (with DEX) and low trading fees.
OKcoin and OKX are separate corporate groups. OKX and Okcoin are independent platforms run by two different groups of companies. There is no cross-shareholding relationship between the two groups. Aux Cayes FinTech Co., Ltd. is the main operating entity of OKX in Seychelles. In addition to OKX Seychelles, OKX also has entities in Bahamas and Dubai. OKX Seychelles, OKX Bahamas and OKX Dubai are affiliated (sister companies) with the same BVI parent company.
OKX offers both spot trading and derivatives trading (perpetuals and futures), and support trading in 350+ different coins.
OKX is regularly one of the top 10 exchanges in terms of trading volume. On the date of last updating this review (24 January 2023), OKX had a 24 hour spot trading volume amounting to USD 1.45 billion according to Coinmarketcap.com. On the same date, the 24 hour derivatives trading volume was USD 8.1 billion, making it the 8th exchange in the world ranked based on 24 hour derivatives trading volume.
Needless to say, you want have any trouble filling your order here.
OKX Video Review
Tired of reading? No problem, check out our video review of OKX here:
OKX Affiliate Program
OKX also offer an affiliate program. Simply share your link with your referrals, have them sign up using your link, and then sit back and enjoy while you get up to 50% of the trading fees generated by your referrals.
You can start referring here.
This platform is not only available for desktops, but also for Android and Apple mobile phones. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smartphones as well. If you’re one of those people, then the OKX-platform can still be for you, seeing as it is designed to be compatible with mobile usage as well.
OKX Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at OKX, for spot trading and obtained on 24 January 2023:
OKX Trading fees
Most crypto exchanges charge two different types of trading fees: taker fees and maker fees. The taker is the person who picks up an existing order from the order book. The maker, on the other hand, is the person who creates an order that is not immediately matched against an existing order on the order book. Makers are often rewarded for creating liquidity on the platform by a lower trading fee than takers. Exchanges that do not make a distinction between takers and makers charge what we call “flat fees”.
OKX charges 0.10% for takers and 0.08% for makers, which is a very competitive fee offering. According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is 0.2294% and the corresponding maker fee is 0.1854%. OKX is clearly below both of these averages.
With that being said, you can also pay even less in trading fees if you reach certain user levels. There are 5 levels, and in which category you fall is based on your holding of OKX-tokens together with your preceding 30 day trading volume. Here's an overview of the levels and their respective trading fee discounts:
OKX Withdrawal fees
Withdrawal fees are normally fixed and is connected to the currency that you are withdrawing. If you're withdrawing ETH, you pay a small amount of ETH to cover network fees. If you're withdrawing BTC, you pay a small amount of BTC.
This trading platform charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is quite in line with the global industry average, as the industry average is 0.0004599 BTC per BTC-withdrawal.
All in all, the fees at OKX are very competitive.
OKX Staking Services
OXK is also among the crypto exchanges out there that offer so called staking services. OKX offer staking in a number of different cryptos, with rates (so called APYs, Annual Percentage Yields) that seem very competitive indeed. Here’s a list of some of the available staking rates, for Hedera Hashgraph (HBAR), Zebec Protocol (ZBC) and Glimmer (GLMR):
You can start staking at their platform here.
If you’re interested in learning more about staking, the various staking types and where you can get the best staking rates, you can also have a look at our extensive Guide To Ethereum Staking.
Deposit Methods and Restricted Jurisdictions
US-investors may not trade on this exchange. But not only US-investors are excluded from opening accounts here, also the following countries are out of luck:
Singapore, Cuba, Iran, North Korea, Crimea, Malaysia, Syria, Canada (limited to the provinces of Ontario and Quebec), the United Kingdom (specifically regarding OKX's derivatives-related services for retail users), Bangladesh, Bolivia, Malta, and Hong Kong (specifically regarding OKX's derivatives-related Services for retail users).
Here, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors and also makes this platform a so called “entry-level exchange”, through which new crypto investors can take their first steps into the ever so exciting crypo world.
Are OKX's fees high?
OKX's fees are low. They charge only 0.10% for takers and 0.08% for makers when it comes to spot trading. And in their contract trading, takers pay 0.05% and makers pay 0.02%. Both the spot trading fees and the contract trading fees are well below the global industry averages.
What is the minimum deposit on OKX?
To our knowledge, OKX does not have any minimum deposit requirements.
How long is the withdrawal time at OKX?
We have not been able to find any recent information on crypto withdrawal times at OKX.
Has OKX ever been hacked?
As of the date of writing this text, 16 February 2023, OKX has to our knowledge never been hacked.
Is OKX secure?
We have no reason to question the security at OKX. Accordingly, we view it as a secure platform.
Where is OKX based?
OKX is based in the Seychelles, but they also have a strong company presence in Bahamas and Dubai.
Which countries are restricted from using OKX?
According to OKX's Terms & Conditions, users from the following countries/regions are NOT allowed to open an account or engage in specific forms of activities (in parentheses) at the OKX-platform: USA, Singapore, Cuba, Iran, North Korea, Crimea, Malaysia, Syria, Canada (limited to the provinces of Ontario and Quebec), the United Kingdom (specifically regarding OKX's derivatives-related services for retail users), Bangladesh, Bolivia, Malta, and Hong Kong (specifically regarding OKX's derivatives-related Services for retail users).