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ScandiCrypto » Crypto Exchanges » OKX Review

January 26, 2023 by Editorial Staff

OKX Review

OKX logo
4/5
Go to OKX
OKX
Name: OKX
Website: www.okx.com
Established: 2014
Headquarters: Seychelles
Fiat to Crypto: Yes
Crypto to Crypto: Yes
Cryptocurrencies: 250+
Margin Trading: Yes

About OKX

OKX, previously known as OKEx, is a global cryptocurrency exchange that provides advanced financial services to traders. The exchange is one of the most popular cryptocurrency exchanges in the world. OKX offers several crypto and futures trading pairs to help traders optimize crypto trading strategies. The OKX crypto exchange itself is available in browser form and as a desktop client available for download.

Trading on OKX

As for the OKX crypto platform, it is designed to resemble the high quality of a traditional trading platform for financial markets. The professional nature of OKX means that it makes more demands on hardware than the average cryptocurrency exchange. The trading platform is full of downloadable software, which is the most used and is intended to avoid the risk that the browser runs out of memory, processing difficulties, and freezes.

OKXOKX✔️ 250+ cryptocurrencies
✔️ Payment by card
✔️ Margin trading
4/5
Go to OKX

OKX Mobile App

For mobile traders, the OKX iOS and Android app can be downloaded from the respective app stores. With the same features as their desktop version, users create advanced trades, lend, stake, and mine cryptocurrencies. Customer reviews of the app are generally positive, highlighting reliability and a straightforward accession process.

Supported Cryptocurrencies

The OKX exchange offers more than 250 different cryptocurrencies for trading on the website in USD, BTC, ETH, DAI and OKB pairs (OKX native token). Supported cryptocurrencies include following:

  • Bitcoin
  • Ethereum
  • Polkadot
  • Cardano
  • Solana
  • Avalanche

In other words, you will find a good selection of different cryptocurrencies. Whether you are looking for the bigger projects or if you are looking for smaller projects, there is something for everyone at the OKX cryptocurrency exchange.

Trading Fees on OKX

The OKX fees are based on a makers/takers model and start at 0.1- 0.15% for users with less than 500 OKB tokens on their account. Maker / taker fees can be reduced to 0.06 – 0.09% for up to 2,000 OkB tokens in an OKX wallet. High net worth individuals with large trading volumes over a period of 30 days can use discounts to receive additional trading fee discounts. Compared to Binance and KuCoin, which charge around 0.20%, the OKX fees are very reasonable.

Payment Methods

Customers can choose from a number of payment options when making a deposit, including the following methods:

  • Bank transfer
  • VISA
  • MasterCard
  • Google Pay
  • PayPal

Users can purchase crypto with credit cards or transfer tokens to hardware wallet addresses on alternative exchanges. In other words, you can purchase crypto using FIAT currency but you can not deposit FIAT currencies to your OKX account. A crypto transfer can only take a few minutes but, depending on the transaction time of the respective crypto this can vary slightly.

OKX Customer Support

OKX offers customer support via a phone line, an email ticketing system, multiple messaging apps, and social media channels. Feedback about their support has been mixed, with complaints about slow response rates and failure to resolve problems. However, when we tried to contact OKX customer support we felt that their response time was reasonable with replies within 24 hours.

Our Verdict

For experienced traders, there are not many cryptocurrency exchanges that offer the type of professional trading platform functionality as OKX does. The trading platform OKX offers can be compared with large financial exchanges on traditional markets. The low trading fees are a great attraction for experienced traders. OKX is a fully supported exchange with significant global ambitions.

Pros and Cons

✔️ Pros❌ Cons
250+ cryptocurrenciesLimitations for withdrawals
Payment by card
Margin trading
OKXOKX✔️ 250+ cryptocurrencies
✔️ Payment by card
✔️ Margin trading
4/5
Go to OKX

OKX FAQ

What countries are supported on OKX?

OKX currently supports most countries worldwide, but there are certain countries that are restricted due to regulatory compliance. Users can check the list of restricted countries on OKX's website.

How do I verify my identity on OKX?

To verify your identity on OKX, you will need to upload a government-issued ID and provide personal information. The process typically takes a few minutes, and once your identity is verified, you will be able to access additional features and increase your withdrawal limits.

What are the trading fees on OKX?

OKX trading fees vary depending on the trading pair and can be found on the trading fee schedule on the OKX website. Generally, the trading fee is 0.1% for both the maker and taker. However, there are discounts available for users who hold a certain amount of OKB, OKX's native token.

How do I deposit funds into my OKX account?

OKX supports deposits in various cryptocurrencies as well as USDT, USDC and DAI stablecoins. To deposit funds, you will need to generate a deposit address for the specific cryptocurrency you wish to deposit and then send the funds to that address. The deposit should be credited to your account within a few minutes.

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