OKX is a global cryptocurrency exchange offering spot and derivatives trading. Formerly known as OKEx, the platform rebranded to OKX in 2022. Owned by OkCoin Group, it operates in over 100 countries but excludes users from the U.S. and parts of Canada.
Key Features of OKX
- 350+ cryptocurrencies including Bitcoin, Ethereum, and Solana
- Low trading fees (0.08% maker / 0.10% taker for spot trades)
- Derivatives trading with futures, perpetual swaps, and options
- NFT marketplace and Web3 portal
- Earn products like staking, DeFi, and crypto loans
Pros and Cons
✅ Pros
- Wide selection of cryptocurrencies
- Competitive trading fees
- High-yield staking options
- Advanced derivatives products
❌ Cons
- Not available to U.S. residents
- Unregulated exchange
- Past controversies around wash trading
- Limited fiat deposit options
Supported Cryptocurrencies
OKX supports major tokens including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Polygon (MATIC)
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
The platform also features its native OKB token, which provides fee discounts.
Trading Fees
| Market | Maker Fee | Taker Fee |
|---|---|---|
| Spot (USDT) | 0.08% | 0.10% |
| Futures | 0.020% | 0.050% |
| Perpetuals | 0.020% | 0.050% |
Fees decrease with higher trading volumes.
Security Measures
- Two-factor authentication (2FA)
- Cold storage for assets
- Withdrawal whitelisting
- Anti-phishing codes
⚠️ Note: OKX experienced a hack in 2020 resulting in a $5.6M loss. Users should exercise caution with large balances.
How to Open an OKX Account
- Sign up with email/phone
- Complete KYC (Level 1 requires ID verification)
- Deposit funds via crypto or P2P market
- Start trading
OKX vs. Competitors
| Feature | OKX | Binance |
|---|---|---|
| Spot Fees | 0.08%/0.10% | 0.10%/0.10% |
| Derivatives | Yes | Yes |
| NFT Market | Yes | Yes |
| Fiat Support | Limited | Extensive |
Final Verdict
OKX is a robust platform for advanced traders, offering low fees and diverse products. However, its lack of regulation and past security incidents warrant caution. Beginners may prefer more user-friendly alternatives.
FAQ
Is OKX available in the U.S.?
No, OKX restricts access to U.S. and Canadian (Ontario/Quebec) residents.
What are OKX's withdrawal limits?
Tier 1 users can withdraw up to 200 BTC daily.
Does OKX have an app?
Yes, mobile apps are available for iOS and Android.
Is OKX safe?
While OKX implements security measures, it remains unregulated. Users should enable 2FA and avoid storing large sums on the exchange.