However, if you’re in the UK like me, you’ll have to wait 24 hours before receiving your funds. Due to this cool-off period, I had to restart the buying process, which was a hassle. Once I got through that, I chose the Google Pay option, which had no gateway fees and only a £0.78 network fee. I bought LTC via Banxa, a banking intermediary because direct deposit fiat options are limited. This was frustrating, as it required a second KYC process to buy crypto through OKX’s banking partners.
OKX Review in 2024: A Crypto Powerhouse
OKX offers spot and futures trading with initial fees of 0.08% for makers (those who add liquidity to the market) and 0.1% for takers (those who take liquidity from the market). Holding over 1000 $OKB, the exchange’s native token reduces these fees to 0.06% on spot trading. Futures trading fees can vary due to different types of derivatives. Holding more OKB https://www.tokenexus.com/ can further reduce USDT-M futures maker/taker fees to rebates of 0.02%/0.05% respectively. One of the cheapest crypto exchanges out there, great trading volume, and advanced trading features and tools. It offers an excellent desktop experience, low fees, leverage options, and access to over 300 crypto tokens, setting a high standard comparable to Binance.
OKX (Previously OKEx) Review: P2P Trade
Perhaps one of the most important of these is two-factor authentication. There are two options to do this, the first is to use an SMS authentication, and the other is to use the Google authenticator. I will also give you some top tips that you need to know when using the platform. OKX does not use an ordinary Transmission Control Protocol/Internet Protocol (TCP/IP), which is the typical method that allows digital computers to communicate over long distances.
OKX Review 2024: Is OKX The Best Crypto Exchange?
OKEx is recommended for experienced traders because it provides functions such as margin trading, crypto borrowing, and options trading that can be very risky and lead to huge losses. If you’re looking for a simpler-to-use exchange, yet one that would still provide a huge array of different features, you should check out platforms such as Binance and Coinbase. When it comes to OKEx, the platform is definitely more recommended for experienced users. Such options as margin trading, spot trading, options trading, and crypto lending and borrowing can be not only too advanced, but also very risky for newbie traders. It’s evident that OKEx comes with some really attractive features. It supports more than 340 cryptocurrencies, offers low fees, has strong security and helpful customer support, and allows crypto lending and borrowing.
- OKX is an innovative cryptocurrency exchange that makes it easy to buy, sell, or trade cryptocurrencies but is currently not available to U.S. residents.
- All users have to select the cryptocurrency they prefer and the fiat currency they wish to spend.
- OKX also boasts an excellent security record—it has never been hacked, with solid proof of reserves, monthly audits, 2FA, and multi-factor biometric scanning.
- In addition, the platform also offers discounts on trading fees if the users trade with the OKEx utility token OKB.
- Traders can browse NFT collections by category or explore the vast OKX NFT Marketplace as they see fit.
- OKX strikes a balance between beginner-friendly and advanced features, catering to both newcomers and seasoned traders.
Security and Reliability
- As is the case with the futures instruments, you have 100x max leverage, and you can choose to margin your position either with coins or with Tether.
- The advanced mode impresses with features like live order book access, sophisticated order types, and an intuitive interface.
- Now, in most cases, I’d recommend getting a secure crypto wallet, such as Ledger and Trezor, to protect your assets; however, it seems that OKEx took care of it.
- OKX also lets users try their hand at crypto mining by joining a miner pool.
- Additionally, users can contact a support agent for tailored assistance.
From this, and from the suspiciously regular price fluctuations on some assets, Ribes concluded that OKX was pumping up its own volume to attract investors. You’ll get started by registering an account using your personal contact information. To access all the trading features OKX offers, you’ll need to complete its KYC (know your customer) requirements. A Level One KYC-verified account requires entering basic information, including a government identification number. Level Two requires uploading a picture of their ID and a selfie through partner Netverify. OKX uses industry-standard security practices, including cold storage for most customer assets.
- From a user’s perspective, OKX’s selection, while not the broadest, is meticulously curated, ensuring quality over quantity.
- It is also among the top exchanges when it comes to liquidity and has more than enough trading pairs on all products.
- For everyone else, our verdict on OKX comes down to whether it’s learned from the false volume incident and the fallout from its CEO’s arrest.
- It’s slightly better than what you’ll currently get from Binance (see our Binance review for details) but far from an ideal system.
- That said, if you want to manage your account from the palm of your hand, it’s recommended to download the app and have the ultimate experience.
OKEXUser Reviews
Dropping the “E” that stood for “exchange” was their way of saying that they are so much more than just a crypto exchange. Based on the exchange’s posted fee schedule, it’s difficult to tell if the charges are high or low. It would be nice to have a table comparing its fees to those of similar exchanges. OKX strikes a balance between okex review beginner-friendly and advanced features, catering to both newcomers and seasoned traders. While some might point to the December 2023 incident involving OKX’s DEX, it’s crucial to understand that OKX DEX and the centralized exchange are separate entities. The hack did not impact the security of user funds on the centralized exchange.
OKX (Previously OKEx) Review: Algo-Order Options
For normal, or new users, there’s a 0.08% maker fee and a 0.1% taker fee. Also, if you are an advanced trader, OKEx fees get so much lower – 0.06% maker fee and 0.08% taker fee. Customers of OKX have a lot of options when it comes to customer support. Anyone can easily submit a request through a ticket-based system but you can also contact OKX live through a chat. The reviews on OKX customer support services are mixed with a few complaints about how slow the system is. In all, OKX is an excellent platform in almost all aspects when we consider trading availability, costs, fees, and the depth of markets they provide.
Deposit and Withdrawal Options
However, OKX provides competitive trading fees and good opportunities for high-yield staking, and its friendliness to beginners is a positive touch. It also supports a wide range of nearly 100 fiat currencies, so it’s useful for users who want to make their purchases with less popular currencies. It’s a quick and easy way for beginner to expert cryptocurrency enthusiasts to buy, hold, and exchange hundreds of popular cryptocurrencies with competitive trading fees. OKX (Previously OKEx) offers more than 246 different cryptocurrencies, which users can trade on the website against ETH, USD, BTC, DAI, and OKB pairs. In addition, the platform also offers discounts on trading fees if the users trade with the OKEx utility token OKB.
OKX Exchange Fees
In addition, the mobile app gives users the ability to explore their NFTs and GameFi apps (among others). OKCoin is a simpler exchange platform that offers buying and selling of cryptocurrencies, trading, staking, and access to DeFi projects and initial coin offerings (ICOs). However, it doesn’t offer the complete range of services that OKX does. This is unfortunate, as OKX is one of few exchanges that offer such a wide selection of tokens and crypto mining options. Instead, your tier is determined by your held assets OR your 30-day cryptocurrency trading volume in U.S. dollars.