Top 10 Reviews: OKX Exchange

OKX Review: The International crypto exchange for advanced and institutional traders

OKX Review: OKX is a low-fee cryptocurrency exchange that lets customers buy, sell, trade, lend, and even mine bitcoin. Although OKX is situated in the Republic of Seychelles and is not available in the United States, it provides advanced trading services in more than 100 nations worldwide. Experienced traders may enjoy the wide range of trading tools and order types available, while newcomers to the cryptocurrency market may be better suited elsewhere.

OKX

4/5


Disclaimer
The top 10 Crypto team is dedicated to ranking and comparing top exchanges in the market. To review references used in this review, please revert to the reference table at the end of this review. This review is not sponsored.  

Pros

⦿  Easy to buy cryptocurrency using a card, bank account, or digital wallet

⦿  High-interest staking opportunities

⦿   Low trading fees of 0.10% or less for most trades

⦿  Margin and futures trading

Cons

⦿ Not available to users in the United States

⦿ Complex fee structure

⦿ Low liquidity for some currencies

  • OKX is a top-20 cryptocurrency exchange in the world, with a large number of coins supported.

  • Offers DeFi services to stake your currency and borrow using crypto as collateral.

  • High-yield staking opportunities and the ability to earn at least 1% with dozens of coins

  • Home of OKB token, which can earn you a discount on trades.

  • It offers 24/7 customer support via phone, email, or online chat groups.

Year Founded: 2017

Official Website: https://www.okx.com

Cryptocurrencies Available: 343

Customer Support: Help page, chat, phone

Pros Explained

  1. Buy currencies in a few clicks with a credit or debit card, bank account transfer, Apple Pay, Google Pay, and other supported services.
  2. Opportunities to earn at more than a 100% annual interest rate when staking certain cryptocurrencies.
  3. Trading fees start at 0.10% and decrease with higher trading volumes or larger stakes in OKX’s currency, the OKB token.
  4. Allows an extensive range of pro-trading options like spot, futures, and derivatives trading. Also, offer margin trading.

Cons Explained

  1. OKX is not available to U.S.-based users for regulatory and compliance reasons.
  2. It’s difficult to tell if the charges are high or low. It would be nice to have a table comparing its fees to those of similar exchanges.
  3. While it’s a top-20 exchange, certain currencies trade with a low liquidity level.

Introduction to OKX Review:

OKX was from its sister company OKCoin, a simpler crypto exchange based in the United States that catered mostly to professional crypto traders. Apart from cryptocurrencies, OKCoin concentrates solely on cryptocurrency trading (buying and selling) and ICO tokens, whereas OKX provides a more advanced platform for other financial instruments such as spots, options, derivatives, and leverage trading. In 2018, OKX developed its own ‘utility token,’ OKB.

For worldwide cryptocurrency traders wishing to purchase and sell with cheap exchange costs, OKX might be a suitable option. You may quickly buy crypto with a card, bank account, or mobile wallet if you have an OKX account. When participating in staking or saving features, also gives extraordinarily high rewards in specific situations. However, it is now unavailable to residents of the United States. Instead, citizens in the United States can use its sibling exchange, OKCoin, which has fewer currencies and services.

Company Overview

OKX was founded by Mingxing “Star” Xu in 2017 as a spin-off of its sister company OKCoin. OKCoin was forced to shift its headquarters from Beijing to Hong Kong due to China’s restriction on the trading of initial coin offerings (ICO) currencies on any platform. In response, OKX was founded, and its headquarters were transferred to the Republic of Seychelles for regulatory flexibility. OKX is now accessible in more than 100 countries across the world.

OKX is the world’s 18th largest cryptocurrency exchange by volume, according to CoinMarketCap. The site claims a user base of over 20 million people from over 100 countries. Due to regulatory and compliance reasons, they do not accept users from the United States.

On OKX, you can get advanced charting, a range of order types, margin and futures trading, and competitive (although convoluted) trading charges.

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 are the top currencies traded on OKX in terms of volume:

OKB, Terra, Ethereum, TRON, Avalanche, APENFT, Solana, Polygon, JUST, XRP, Yearn.finance, Dogecoin, Polkadot, and Shiba Inu are some of the most popular cryptocurrencies.

A vast variety of the most popular currencies are supported by OKX. If you’re looking for a certain coin, there’s a strong chance you’ll find it at OKX.

How to buy and sell cryptocurrency on OKX?

The step-by-step guide to buying or selling cryptocurrencies on OKX via the following options:

  • Express
  • P2P Trade

1- Log in to your OKX account.

Before you may purchase or trade bitcoin, you must first log into your OKX account. Go to the OKX website and select Login in the upper right corner to do so.

If you don’t have an account, create one by clicking Sign Up and filling out the form.

2- Select Buy/Sell

Once you have logged in to your OKX account, click Buy Crypto in the upper left-hand corner of the screen to get started.

3- Select your purchasing method

The next step is to choose how you would like to buy or sell cryptocurrency. There are two primary options on OKX:

  • Express
  • P2P trade

For each, there is a guide.

EXPRESS OKX REVIEW

The simplest way to get bitcoin is to use OKX’s Express option.

Simply pick which cryptocurrency you want to purchase and how much fiat currency you want to spend. Then, before selecting your preferred payment method, enter the appropriate amount in cash or cryptocurrency.

After your payment is completed, the bought coins will be transferred to your OKX account immediately.

Select the amount of fiat you wish to spend or crypto you wish to buy and your preferred payment method

P2P TRADE ON OKX

Select P2P from the dropdown to get to the P2P trade area.

Then, from the currency selection option, select your favorite currency.

Click Purchase or Sell to see all available purchase and sell orders, or pick Order Book to see all available buy and sell orders.

Finally, double-check the details of your transaction.

Now that you can purchase and sell crypto. Happy Trading!

OKX Review: Fees

OKX divides currencies into various price levels based on trading volume and account balances. The highest you’ll pay for spot trades is 0.10 %. Discounts may be available to high-volume traders and those with a big holding of the OKB currency. Futures, swaps, and options all have their own set of rates and costs.

The fact that OKX does not disclose fees for deposits and withdrawals is one of its major drawbacks. While most of OKX is open to the public, hidden costs are a warning signal that should lead you to another exchange with open charge schedules.

OKX Trading Fees

The charges for regular customers are computed based on the number of OKB they own. OKB is the native cryptocurrency of the OKX exchange. The more OKB you have in the OKX ecosystem, the lower your expenses will be. The “maker fee” is usually paid by the person who submits the buy or sale order, while the “taker fee” is paid by the other party who completes the complementary transaction..

Regular Users

For VIP users, their fees are determined by different criteria, focusing instead on their trading volume over the last 30 days.

VIP Users

It’s worth noting that both fee tables above are needlessly different for futures, perpetual swaps, and options transactions.

Opening a OKX Account

A phone number or an email address can be used to create an OKX account. Users may also join up using their Telegram or Google credentials. Users must set up two-factor authentication when their accounts are authenticated through email or SMS messages.

There are four layers of account verification on OKX. Users with higher levels get access to additional platform features.

Unverified: Accounts are limited to a daily withdrawal limit of 10 BTC and are unable to purchase crypto using fiat cash.

Level One: Users must input their country, name, and document identification number to complete basic verification. The daily withdrawal limit has been raised to 200 BTC, and customers may now buy crypto with fiat cash. There is also a $500 restriction on total P2P transactions.

Level Two: This verification requires users to provide picture identification to prove their identity. They must also use Netverify to undertake face verification. This raises the daily withdrawal limit to 500 BTC and the total number of P2P transactions to $10,000.

Level Three: This verification simply requires users to read and agree to the OKX disclaimer via the mobile app or website after passing the previous two steps. This has the same BTC daily withdrawal limit as level two but a higher $100,000 cumulative P2P transactions limit.

How OKX Compares to Other Cryptocurrency Companies

Many of OKX’s features are comparable to those supplied by other well-known competitors. Here’s how it stacks up against another prominent exchange, Coinbase.

Coinbase vs. OKX

  • OKX is sold in over 200 countries, however it is not available in the United States. Coinbase is available to users in over 100 countries, including the United States.
  • Coinbase only takes 160.2 of the 343 currencies accepted by OKX.
  • Coinbase keeps pricing hidden until you execute a transaction, whereas OKX makes its trading fees clear.

OKX, on the other hand, does not disclose its deposit and withdrawal fees, therefore both companies conceal costs to some level.

Top 10 Approach

Our team is tasked with sourcing the best deals, bonuses, and products related to cryptocurrency trading. We evaluate the exchanges based on overall rating, numbers of users, adoption, and resources. 
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  1. OKX “Fee Structure” https://www.okx.com/fees.html Accessed June 01, 2022.
  2. OKX “FAQ” https://support.okexcn.com/hc/en-us/ Accessed June 01, 2022.
  3. CoinMarketCap. “Top Cryptocurrency Spot Exchanges.” https://coinmarketcap.com/rankings/exchanges/  Accessed June 01, 2022.
  4.  
OKX 20% Off Trading fees
20% Off Trading fees on OKX
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OKX is a low-fee cryptocurrency exchange that lets customers buy, sell, trade, lend, and even mine bitcoin. Although OKX is situated in the Republic of Seychelles and is not available in the United States, it provides advanced trading services in more than 100 nations worldwide. Experienced traders may enjoy the wide range of trading tools and order types available, while newcomers to the cryptocurrency market may be better suited elsewhere.
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