OKX - 2022 Review Review

Founded in 2017, OKX is a popular cryptocurrency exchange that uses blockchain technology to offer clients an extensive portfolio of trading products. Hundreds of tokens are offered to customers in more than 200 countries. The company's headquarters are located in the Seychelles.

As one of the largest exchanges in terms of trading volume, OKEx is known as a "one-stop marketplace" for cryptocurrencies. It offers more than just a spot trading and derivatives exchange station. With margin trading, bridges, mining pools, a cloud service, decentralized options with OKExChain, loans, broker options, and so on, OKEx is one of the most versatile exchanges around. They also have an educational platform that helps you learn about the exchange and trading in general. All in all, OKEx has all the tools you need as a beginner and a variety of options for advanced traders.

OKX Fees

OKX divides currencies into different pricing tiers that vary depending on trading volume and account holdings. For spot trades you pay a maximum of 0.10%, but for most users of the exchange this fee is 0.08%. High- volume traders and those with large holdings of OKB currency may qualify for discounts. Futures, swaps and options have their own rate schedules with different fees.

The deposit and withdrawal fees are also among the lowest in the industry. If you have been trading cryptocurrencies for a while, transferring your coins to a hardware wallet makes a noticeable difference and has lower fees, as OKX does not charge funding fees for withdrawals. Of course, be careful about the fees that the blockchain network charges you.

OKX has shown a willingness to evolve and lower fees. In January 2020, OKX lowered fees for BTC, ETH, XRP, BCH, and USDT-ERC20. This is a good sign for those who are worried about the fees, because this event has shown that OKX is ready to lower the fees if it is possible, even if the volume of cryptocurrencies increases.

Supported Currencies

OKX offers OTC crypto to crypto trading in addition to fiat- to- crypto trading. On the platform you will find over 400 tokens, from big names like Bitcoin and Ripple to emerging coins like Chia and Dogecoin.

Clients can also speculate on the digital currency markets with quarterly futures, perpetual swaps and options. For traders interested in these alternative products, the exchange compiles useful data in a clear format, with the latest prices, recent volumes, plus open interest information.

Payment Methods

OKX accounts must be funded with digital currencies - fiat currency deposits are not accepted. Customers can buy cryptocurrencies with a credit card or transfer tokens from a hardware wallet address or an alternative exchange.

Crypto transfers usually take only a few minutes.

To purchase digital assets, customers can choose from a range of payment options, including credit and debit cards, bank transfers, Google Pay and PayPal. Among other currencies, USD, GBP and EUR are also supported.

While there are no fees for deposits, users have to pay fees for withdrawals, which vary depending on the cryptocurrency. The minimum and maximum amounts for deposits and withdrawals also vary depending on the token - you can find a comprehensive list on the broker's website.

OKX also offers a My Wallet feature that allows customers to manage their funds across their different trading accounts and tokens.

For guidance on funding rates, selling cryptos and internal withdrawals, check out the exchange's instructions for beginners.

OKX Supported & Restricted Countries

OKX accepts traders from Australia, Thailand, Canada, UK, South Africa, Singapore, Italy, India, France, Germany, Norway, Luxembourg, Sweden, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Qatar and most other countries.

Traders  from Hong Kong, Malaysia, Cuba, Iran, Ecuador, Korea, Sudan, US, Puerto Rico, the Virgin Islands, Samoa, Guam, the Northern Mariana Islands, U.S., Bangladesh, Bolivia, Ecuador, Kyrgyzstan and Malta cannot use OKX.

Is OKX safe?

With their headquarters in Malta, they have the advantage of being in one of the most reputable and regulated locations when it comes to cryptocurrencies.  The company follows standard security procedures, including 2FA, cold storage for most customer assets, the ability to set up a withdrawal password, mobile verification, Google Autheticator, and anti-phishing codes. They have a respectable rating when it comes to security as measured by CryptoCompare.

The only time security was compromised was when a private key holder was audited by a public security agency. During this time, user withdrawals were withheld for six weeks, much to the dismay of users. However, this event showed that OKX is a responsible platform. OKX did not want to put its users' funds at risk and communicated with them during this time.

Customer Support

For customer support, OKX has a support center with a FAQ section as well as a page where you can submit inquiries. There is also a chat box that you can use if you have a question that is specific to your needs. Since many exchanges do not even have a chat box, this is a welcome addition.

From the general feedback, it seems that the customer support does a decent job according to user reviews, with most users having generally positive experiences with OKX.

Customer Satisfaction

OKX receives mixed feedback on consumer review sites. Positive reviews focus on an easy online experience, fast transfers, and low fees. Negative reviews mention poor customer service,  slow withdrawals and lost funds. On Trustpilot, OKX receives an average rating of 3.4 out of five stars across nearly 300 reviews, which is a relatively high rating for a cryptocurrency exchange.

Final thoughts on OKX

All in all, the complete set of tools offered by OKX shows promising potential, even if the crypto market is already large. With the number of consistent upgrades to their platform, they are trying to be a place where users can have a wide range of financial tools for a new generation of finance. Even with the options they already offer, OKX is ready to evolve with new financial tools. If you are looking for a great platform with unique and promising financial tools that you can use once you have more experience with cryptocurrencies, OKX is a great exchange to have in your cryptocurrency toolbox.