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OKX Review: One of The Largest and Most Popular Crypto Exchanges

The surge in crypto exchanges has been astonishing, considering governments’ dire need to sanction cryptocurrencies. However, it seems crypto adoption is inevitable, and the number of crypto exchanges will continue to grow. 

Currently, on coinmarketcap, there are up to 314 exchanges. All these exchanges have different features, and transaction fees and support different coins. But which exchanges can you trust? We’ve all read the news of the many hack incidents that have happened in the crypto space. 

Well, put OKX on top of the list of exchanges you should consider. OKX exchange is among the largest and most popular fiat-to-crypto and crypto-to-crypto exchanges globally, with over 20 million customers spread across 100 countries. 

According to the Exchange Review March 2020 research by CryptoCompare, OKX topped the derivatives market in March 2020, becoming the world’s largest cryptocurrency spot and derivatives exchange. 

Find out all about OKX’s exchange fees, payment methods, range of tradable assets, types of trading, and more in this comprehensive review. 

OKX Overview

OKX is a Malta-based crypto exchange that enables users to buy, sell securely, and trade cryptocurrencies such as BTC, ETH, LTC, and other cryptos. The exchange was initially founded in Hong Kong in 2016 but moved to Valetta, Malta, in 2018 following harsh crypto law and regulation in China

Star XU – a Chinese businessman founded OKX. The current CEO is JayHao – a tech veteran and seasoned industry leader. He focused on developing blockchain-driven applications for live video streaming and mobile gaming before joining OKX as the CEO. 

OKX is part of OK Group– a reputed blockchain technology company established in 2013 to focus on the research and development of the technology and its all-scenario applications.

OKX sets itself apart from other exchanges with its user-friendly interface complemented by over 400 trading pairs, reasonable trading fees, and several purchase options. The exchange is ideal for beginners, IEO Participants, OTC as well as professional traders. 

OKX Trading Platform

OKX, an exchange trading platform, is available both in-browser and in the form of downloadable desktop client software. In fact, OKX is among the few crypto exchange platforms across the globe that offers a downloadable, stand-alone desktop platform.

A downloadable software comes in handy to avert the risk of a browser experiencing memory or processing difficulties and possibly freezing while trading -a major inconvenience. The stand-alone desktop platform is ideal for traders seeking multiple-monitor support to duplicate the entire layout multiple times or seamlessly move to another monitor.    

The UI is well designed, resembling high-end forex and stock trading platforms. For the proprietary features, OKX features a charting package developed by the parent company and sister exchange – OKCoin. You will appreciate the charts as they are much better than those provided by other crypto exchange platforms. The exchange is also available as a mobile app (iOS and Android smartphones)  

OKX Trading Conditions

Tradable Assets

OKX exchange supports the standard crypto-to-crypto trading, fiat to crypto trading, and spot and derivatives trading, i.e., BTC, ETH, and EOS future contracts. The platform supports over 150 digital tokens with over 400 BTC and USDT tradable pairs. The supported tokens also include OKB – a utility token issued OK Blockchain Foundation. 

OKX supports more than 30 fiat currencies, including USD, EUR, GPW, KRW, JPY, etc. The exchange also supports stablecoins, including Tether, Paxos Standard, TrueUSD, USD Coin, and Gemini Dollar. 

OKX Fees

OKX trading fees are based on the maker-taker type of fee schedule to enhance liquidity and promote order placement. The Maker fee is payable when the trade order isn’t matched with an order book’s existing order. On the contrary, the taker fee is payable when the trade order is paired with an order book’s existing order. 

The maker and taker fees usually start from 0.10% to 0.15%, respectively. The Maker fee is generally lower than the taker fee. Most crypto traders are market takers since becoming a market maker requires substantial investment in securities and trading volume. 

  • Trading Fees 

OKX charges market takers a maximum of 0.15% for spot trading. This is below the crypto market average, which stands at 0.25%. The trading fees also vary based on the trader’s trading fees. However, VIP traders are usually given commissions on trading fees. Market takers are charged anywhere between 0,03% to 0.05% for futures and options trading.

Below is a table showing OKX trading fees.

Tier  Monthly Volume Requirement   Maker  Taker  Maker Discount 
Level 1  $1.00 + OKB Balance = 0.00 0.10% 0.15% 0.00%
Level 2 $10,000,000.00 + OKB Balance = 0.00 0.06%  0.08% 0.00%

 

  • Deposit and Withdrawal Fees

OKX doesn’t charge users deposit fees. However, traders must pay a withdrawal fee depending on the token. The withdrawal fees are also quite low compared to other crypto exchanges. Here is a table indicating the withdrawal fees. You can find the complete list here. 

Asset  Withdrawal Fees  Minimum Withdrawal 
Bitcoin (BTC)  0.0005 0.0005
Ethereum (ETH)  0.01  0.01
XRP(XRP)  0.15 0.15
Tether (USDT)  2 2

 

  • Margin Interest Rate Fees

In margin trading, crypto exchanges charge you a certain amount of fees for taking leveraged and holding a trading position overnight or for a couple of days as you wait for a price movement. OKX charges a margin interest rate using an hourly interest rate system. You can find their rates Here.  

Methods of Payments

OKX supports several payment options depending on the geographical location of a user. Notable payment options include Alipay, Bank transfer, credit and debit cards, WeChat payment network, Alipay, crypto-transfers, and Paxful-supported payment methods such as PayPal.

Is OKX Safe in 2020?

OKX implements a functional cybersecurity architecture with two-factor authentication on the users’ side in terms of security. To ensure the utmost security of users’ funds, even in the event of hacking, OKX employs distributed storage. The exchange constitutes various cold storage locations placed across the world to minimize asset exposure during hacking. Also, hot wallets are integrated into the exchange via private keys to enhance security. 

OKX was hacked in August 2017, with one user claiming to have lost 200 BTC. However, OKX refuted the hacking claims stating that it could be due to the account holder’s failure to secure their accounts through passwords and not the exchange’s vulnerability.

Nonetheless, the platform has enhanced accounts security via 2-factor authentication, mobile verification code for changing security settings and withdrawals, email verification codes, and anti-phishing codes in every OKX email.   

All in all, the platform appears to be safe and has gained rave security reviews from different security agencies. It’s also registered in Malta and Hong Kong and complies with the Virtual Financial Asset Act (“VFAA”), part of the Malta Financial Services Authority. 

OKX Pros and Cons

Pros

  • Above-average liquidity 
  • Widespread trading options 
  • Advance exchange features, including margin trading, derivatives markets, etc. 
  • Low trading and withdrawal fees
  • No deposit fees  
  • Fiat deposit support 
  • 24/7, live chat customer support.

Cons

  • Deposits are not insured 
  • Poorly developed mobile app
  • The platform has withdrawal transfer limitations. 
  • It has lower listing standards compared to other top cryptocurrency exchanges.
  • Not available to US Citizens 

The Bottom Line

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It’s no surprise that OKX is among the top global crypto-crypto and fiat-to-crypto cryptocurrency exchanges. The exchange boasts great liquidity, a wide range of supported assets, superb, user-friendly features, below market average trading fees, and supports several trading options. Above all, OKX is safe and features both cold and hot wallet technology. You can always rely on this platform for all your crypto trading needs.     

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