CoinGape OKX Review (2024): Pros, Cons, Fees & Features Explained

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Explore our comprehensive OKX review for insights on trading features, security, fees, and user experience to
guide your crypto journey.

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Table of Content

Summary

OKX stands out in the cryptocurrency exchange landscape, offering a range of blockchain and crypto services. With global access (though with some restrictions), it attracts traders through its diverse trading options, competitive fees, and a user-friendly mobile app. Known for its accessible design and advanced features, check out the comprehensive review to determine if OKX is the best exchange for you.
Key Features

Interactive UX and Seamless Navigation
Easy borrowing and lending
Variety of order types for different trading strategies
Diverse Trading Pairs for a Diverse Portfolio

PROS and CONS

Fiat Deposits: OKX allows users to deposit fiat currencies, such as USD, into their accounts and buy crypto from them.
Advanced OKX Trade Types: It is ideal for experienced traders as it offers numerous advanced trading options, including margin trading, futures, and trailing stop orders.
Low Fees: OKX is among the ones offering the lowest crypto trading fees in the market, ranging from 0.1% to 0.2%. It significantly depends on the trader's monthly trading volume.
High Liquidity: The platform has higher liquidity, making it an excellent choice for trading significant amounts of cryptocurrency.
Crypto Staking and Lending: It offers lucrative staking programs and lending services that enable users to earn rewards and interest on their crypto holdings.
Security Concerns: A notable security incident in 2020 resulted in the suspension of withdrawals for several weeks. This stands as a risk further as well.
Complicated Fee Structure: New traders and investors may find OKX's fee structure complex and challenging to understand.
Not Beginner-Friendly: It is mainly focused on experienced traders. Its advanced trading and financial features and services may overwhelm newcomers.

OKX Features

OKX comes with a multitude of features, making it an ideal choice for traders. Here’s a brief on them:

Interactive UX and Seamless Navigation

OKX provides a user-friendly interface that is simple to navigate. This makes it ideal for both beginners and seasoned traders. Beginning from the first interaction with OKX, it provides an interactive and clean layout, making it easily accessible and navigable for the users.

OKX allows users to buy, sell, and manage cryptocurrencies. Essential functions and tools are thus well placed in the platform. While some aspects like this may pose a challenge for new investors, OKX helps maintain an overall user-friendly experience.

Diverse Trading Pairs for a Diverse Portfolio

OKX provides an extensive array of crypto trading pairs, allowing users to explore diverse exchange rates between cryptocurrencies. This feature enables users to diversify their crypto portfolio and focus on their preferred digital assets, as per several OKX reviews.

It supports over 350 cryptocurrencies and 500+ trading pairs including:

AAVE/USDT, SOL/USDT, MATIC/USDT, XRP/USDT, DOGE/USDT, SHIB/USDT, DOT/USDT, and many more.

Borrowing Tools

OKX offers a loan service that allows users to borrow using their crypto assets as collateral. There are various options, including:

Single-collateral loans – This is available for up to 65% of the cryptocurrency’s value at a low interest rate starting from just 1%.
Multi-collateral loans

Borrowers may repay the loans as desired without any hidden fees.

Lending Tools

OKX allows users to lend their crypto assets to earn interest. Interest rates may vary based on the asset and market conditions on these lent assets. Apart from that, staking the native token of OKX – OKB can yield returns of up to 98% per year for the lenders.

Staking periods vary, ranging from a few days to several months. However, there are limitations on applicable lending amounts based on asset and market conditions.

Order Variety for Several Strategies

OKX offers various order types specifically focused on different trading strategies, like:

Market Order: This offers an immediate execution of buy/sell crypto orders at current market prices.
Limit Order: This helps the users to set buy/ sell orders at a specified price. This order then gets executed when the market reaches the set price.
Stop Order: It gets triggered when the crypto hits the specified price. This then leads to the execution of a second order.
Trailing Stop Order: It also acts like a stop order. However, it allows for an adjusted trigger price as the market moves favorably for the trader.
Trigger Order: It gets executed when specific conditions are met, like reaching a certain price level.
Advanced Limit Order: It offers enhanced options such as “Post Only,” “Fill or Kill,” and “Immediate or Cancel”. This provides the users with an enhanced control over orders.

Setting up an account on OKX

Setting up an account on OKX requires following a set of steps.

Here’s an overview of the steps:

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Step 1: Download OKX and Create an Account

First, download the OKX app from the App Store or Google Play. Then, create your account by completing the procedure defined via your phone number, email, Telegram, or Google account verification.

Step 2: Complete KYC

KYC (Know Your Customer) is a standard requirement for all trading levels on OKX, as it is a centralized exchange platform. It is essential to complete in order to start buying, selling, or trading on OKX.

Step 3: Exploring the Main Page

Once logged in, the main page provides options for several crypto activities. There are features to easily buy, sell, or convert your crypto. There are several additional sections where the users can earn, check markets, access their OKX web3 wallet, and discover rewards as well as educational resources.

Buying or Converting Crypto on OKX

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Buying Crypto

The OKX app offers a simple crypto purchase process that supports direct card payments from your OKX mobile device and allows buying crypto for fiat.

Here’s how:

Click the “buy” button visible on the screen.
Select your desired crypto.
Enter your card details, and funds will be automatically deposited into your account.

Converting Crypto

To swap assets for some other ones, follow these steps:

Click on the “Convert” button
Select the assets you want to exchange

And with this, the conversion process is completed.

Accessing Advanced Trading Features

For those wanting more than just buying and selling crypto, the “Trade” option is available. It allows the traders to unlock the ability to do the following advanced actions:

Set limit orders
Access derivatives
Engage in spot trades

OKX KYC

Now, the next question is, Does OKX require KYC?

While registering and creating an account on OKX, personal contact information is required. Further, the user needs to complete KYC to unlock all the trading features.

There are three levels to complete the KYC, as follows:

Level 1: Level One verification involves basic details, including a government ID.
Level 2: For Level Two, users must upload a photo of their ID and a selfie.
Level 3: Level Three requires agreement to a disclaimer by the users.

The unverified OKX accounts may access daily withdrawals of up to 10 BTC and a trading limit of $500. However, completing more verification levels allows increased withdrawal and transaction limits.

OKX Availability

OKX is accessible in over 100 countries across Asia, Europe, Africa, the Americas, and Oceania. Its usage is restricted in the following countries:

United States, Malaysia, Singapore, Bahamas, Canada, Netherlands, Cuba, Iran, North Korea, Syria, Crimea, Donetsk, and Luhansk

OKX Security

Cryptocurrency exchanges pose various security challenges for traders, but that’s not the case with OKX, as it prioritizes user protection. The best practices for the users to safeguard their OKX web3 wallet include:

Strong and unique passwords
Multifactor authentication

Within its smart contract functionalities, OKX employs industry-standard security, also including cold storage for several crypto assets. Furthermore, additional features such as withdrawal passwords and anti-phishing codes are also there, enhancing security and making OKX even better and more secure.

OKX Customer Support

OKX offers various customer support options for traders. The users may get their queries resolved by getting in touch via the following means:

OKX Fees and charges

When it comes to trading on OKX, understanding the fee structure is key. Here is an overview of it:

Trading Fees

The following fees get added up for the trading fees on traders:

Taker fees – 0.10%
Maker fees – 0.08%

Still, the fee is less than the industry average, offering a cost-effective trading experience.

User Levels and Discounts

There are five user levels based on OKX-token holdings and 30-day trading volume. As the user’s level increases, they get to access more discounts and enhance cost-saving.

Withdrawal Fees

There is a fixed withdrawal fee of 0.0005 BTC for BTC withdrawals.

Is OKX the best exchange for you?

The OKX App offers a reliable and highly functional cryptocurrency trading platform with advanced and highly secure features. It comes with a broad range of crypto products. For seasoned traders looking for advanced trading and a diverse selection of crypto options, OKX is a strong player.

Still, it is essential to carefully evaluate the pros and cons based on your unique trading needs and preferences to make an informed decision and decide well whether OKX is an ideal option for you or not.