OKEx Review (OKX) 2022: Is It Safe & Reliable?
OKEx is a cryptocurrency exchange that offers advanced financial services to traders worldwide by using blockchain technology. In this review, we examine the platform in depth to assess whether it is safe and reliable to use for trading cryptocurrency altcoins. Our methodology includes creating an account, depositing Bitcoin, trading altcoins on the spot market, using the derivatives platform, and withdrawing funds from the mobile app.
- Trade spot such as Bitcoin, Ethereum, Litecoin and XRP
- Margin, perpetual & Futures market with 100x leverage
- Beginner and advanced user interfaces with TradingView charts
- Competitive trading fees
- Store crypto to earn interest up to 6.57%
- 2.4 star rating based on 52 customer reviews
OKEx is a top cryptocurrency trading platform in the world based on its number of users, trading volume and overall liquidity. The exchange provides several token and futures trading pairs to help traders to optimize their crypto trading strategy. The platform is constantly innovating to meet customers needs with the constant release of new features and products such as spot markets, margin trading, crypto loans & interest and even a NFT marketplace.
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What Is OKEx?
OKEx is a world-leading crypto exchange for digital assets and innovative financial services. The cryptocurrency exchange is based in Malta, Italy, and aims to provide a unique trading experience built on robust blockchain technologies. In line with its focus on providing the highest quality trading experience, OKEx is widely known for its emphasis on safety where it implements cutting-edge security technologies.
OKEx has served more than 20 million users in over 100 countries worldwide. An entire ecosystem of innovative products and services is there to satisfy investors and traders from a wide range of experience levels including spot, margin, futures, options, perpetual swaps trading, DeFi, lending, and mining services. The exchange provides a gateway to over 360 digital currencies across 826 markets.
| Exchange Name | OKEx |
|---|---|
| Fiat Currency | USD, EUR, GBP, KRW, JPY, RUB, TRY, USH, CAD, AUD & 20 others. |
| Cryptocurrency | 366 |
| Payment Types | Cryptocurrency, credit/debit card, bank transfer, UPI and IMPS |
| Trading Fee | 0.08% maker & 0.10% taker |
| TP/SL Orders | Yes |
| Mobile App | Yes |
Our Review on OKX - Quick Verdict
OKX is one of the world's most expansive crypto exchanges that offers a wide spectrum of innovative products and services. The platform is widely known for its reliability and the cutting-edge blockchain technologies on which it operates. Security is also at the forefront of its operations and customers should have peace of mind that their funds and assets are secure.
OKX provides global users with a multitude of trading features and benefits including 366 supported cryptocurrencies that can be traded across 826 spot, futures, margin, and perpetual markets. The low trading fees and progressive financial management products are a benefit, however, those located in the US cannot use OKX.
Visit the OKX websiteOKEx Pros & Cons
Here is a list of the pros and cons of using OKX based on our review and assessment.
- Reputable global crypto platform
- Purchase crypto directly with several payment options
- Wide selection of assets and trading pairs
- Spot, futures, leverage margin trading markets offered
- Borrow, stake, and earn crypto on a single platform
- Not available to US investors and traders
- Customer support can be slow to respond to tickets
OKEx Features
OKEx users of the platform have access to several innovative trading features and financial tools. The exchange is considered a leading one-stop cryptocurrency trading platform.
Vast Cryptocurrencies & Markets
OKEx exchange currently offers 366 different cryptocurrencies that can be traded on the website against over 90 fiat currencies such as USD, AUD, NZD, THB, CAD, EUR, and BGP ensuring that almost all crypto enthusiasts and traders around the world can access digital assets through their local currency. As well as offering a respectable array of digital assets to buy and trade, the number of markets is equally attractive with 826 at the time of writing.
A Variety of Ways to Buy Crypto
OKEx provides users with a variety of ways to obtain cryptocurrencies. There are currently three main ways to purchase digital assets.
- Direct crypto purchases using Visa and Mastercard credit cards.
- Direct purchases from other OKEx traders using the Peer-to-Peer (P2P) marketplace.
- Buy cryptocurrency using 142 different payment methods such as credit cards, Apple Pay, SWIFT, Advcash, and MenaPay.
The methods that OKEx provides for users to buy cryptocurrencies are quite similar to other global exchanges. Users should note that direct purchases made through third-party providers will typically carry higher trading fees.
Buying crypto with OKX via third party.Convert Crypto with Zero Fees
Users who wish to swap one cryptocurrency for another can do so with zero fees and no spreads. For a crypto conversion feature, OKX provides users with a large range of swapping options with over 100 supported digital assets, which is more than most other platforms. The crypto swaps platform can also be used to exchange stablecoins with USDT, GUSD, USDP, and USDC supported.
Converting crypto with OKX.Leverage Trading
OKEx offers crypto margin exchange for its spot and derivatives products to enable shorting selling Bitcoin and other assets. The exchange also offers fixed and cross-margin. The maximum amount of margin that can be traded for each product are:
- Spot exchange: Up to 10x margin
- Futures: Up to 100x margin
Leverage trading can be a powerful tool for a trader to take advantage of comparatively small price movements in the crypto market. It works by putting down a fraction of the full value of your trade – and the exchange provides the rest of the deposit to facilitate a much larger position size without tying up capital. It can also have the opposite effect and increase the size of losses.
Trading Bots
Users can automate their trading activities by taking advantage of the variety of crypto trading bots offered on the exchange. OKEx's trading bots provide traders with a degree of automated control to reduce risk whilst still seeking favorable outcomes.
- Spot Grid: Buys crypto within the user's specified price range where it implements the "buy low, sell high" approach. Best used in a bullish market where price fluctuations are frequent.
- Futures Grid: For USDT-margined contracts where the "buy low, sell high" approach is maintained. Long, short, and neutral grid bots can be selected to suit market conditions.
- Recurring Buy: Implements the popular Dollar-Cost-Averaging (DCA) trading strategy.
- Smart Portfolio: Automatically rebalances the user's crypto portfolio to maintain the desired proportions of individual assets.
- Arbitrage: Funding, spot-future, and calendar spread arbitrage profit from the difference in interest rate spreads.
- Iceberg: Assists users to avoid placing large orders and causing price slippage.
- Time-weighted Average Price (TWAP): Similar to recurring orders, TWAP splits trades into regular intervals.
Screenshot of the list of trading bots on OKX.One of the advantages of OKEx trading bots is that the trading bots can be set up in the trading interface, meaning that users still have visibility of real-time charting and analytical tools. In addition, users have the option of allowing OKEx to set predetermined parameters such as price range, or enter them in themselves. Whilst OKEx's trading bots are similar to those offered by other global platforms such as KuCoin and Pionex that we have reviewed, the ability to choose from AI selected parameters or manually input their own provides a great deal of flexibility for traders.
Earn Interest on Crypto
OKEx offers high-interest savings accounts for over 160 digital assets including Bitcoin, USDT, and Ethereum. Users can use a drop-down menu to select their preferred risk level (e.g. low risk, advanced risk) which significantly changes the Return on Investment (ROI) for each cryptocurrency. For example, Annual Percentage Yields (APY) for Bitcoin range from 1% (low risk) to 272% APY (medium risk), and the reason is unclear. Users should enquire with OKEx why the interest rewards differ and are unusually high before committing their funds. Alternatively, check out our list of places to earn interest on crypto with reputable providers based on our reviews.
Stake Crypto for Rewards
OKEx supports Proof-of-Stake (PoS) consensus crypto projects where users can stake their crypto assets to receive passive yields of between 1.5% and 45% APY. At the time of writing, OKEx supports the staking of 55 digital currencies including EOS, AVAX, FTM, FLOW, and ATOM. Terms can either be flexible for typically lower rewards, or fixed for a duration of 15, 30, 60, or 90 days for better returns. OKEx is also a great option to stake ETH 2.0.
Investors can start earning interest payments as soon as the crypto is transferred into the staking wallet where it will generate interest daily. Interest payments will be made two days after the commencement of the term, however, paid out daily thereafter. OKEx offers a respectable staking module that is generally on par with Binance in terms of its interest rewards. But OKEx only supports 55 digital currencies to stake compared to Binance's 104 projects, which is also our top-rated staking platform for cryptos.
Crypto-backed Loans
OKX has a cryptocurrency lending platform that allows users to deposit crypto assets as collateral and receive other assets in their account wallets. The benefit of using crypto as collateral in comparison to traditional financial lenders is that users can access crypto without having to sell and trigger a taxable event. The duration of OKEx loans can either be flexible or fixed for a duration of 7, 15, 30, 90, or 180 days. 29 high market cap cryptocurrencies can be used as collateral for flexible arrangements but only USDT, BTC, ETH, and the platform's native token, OKB, can be deposited under fixed contract terms.
Loans can be obtained up to 70% of the value of the collateral can be obtained which is marginally better than BlockFi's Loan to Value (LTV) of 50% as higher amounts of crypto can be borrowed. With the low minimum borrow amounts and corresponding collateral, OKEx is a great option for beginners who want to borrow fractional amounts of crypto.
An NFT Marketplace
OKX offers a comprehensive Non-Fungible Token (NFT) marketplace that hosts a multitude of digital artworks and collectibles across multiple blockchains including Ethereum, Solana, Polygon, Avalanche C, Immutable X, BSC, and OKC.
Existing OKEx can participate in the marketplace by becoming a buyer or seller to exchange NFTs. The majority of NFTs can be purchased using Ether. We were unable to find information about purchasing or royalty fees.
Example of NFTs available on OKX.OKB Benefits
OKX's native token, OKB, can be utilized by investors and traders to reap a multitude of benefits for a better trading experience. The most desired benefits are the trading fee discounts that can be achieved if users hold at least 500 OKB in their account wallets. Other than that, OKB has an impressive number of uses including generating interest payments, participating in high-quality projects, and even spending it on games, sports, and several retailers.
The benefits of holding OKB tokens.OKEx Compared
Advanced features, an intuitive user interface, spot and margin exchanges and a mobile trading app are important features on OKX. This comparison table lists other top-rated crypto exchanges like OKEx that offer world-class features.
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0.1% | Rating  | Up to $100 welcome bonus | Visit Binance | Binance Review |
 FTX | 319 | 0.02% / 0.07% | Rating | 5% off trading fees | Visit FTX | FTX Review |
 KuCoin | 700+ | 0.1% | Rating | Up to 500 USDT in bonuses | Visit KuCoin | KuCoin Review |
 OKEx | 366 | 0.08% (maker) / 0.10% (taker) | Rating | None available at this time | Visit OKEx | OKEx Review |
Is OKEx Safe?
OKX appears to be a safe cryptocurrency exchange that features several security measures on its platform to protect client information and keep funds safe in a wallet. According to our research, OKEx has not been involved in an exchange hack or experienced a major security breach or compromise. In 2017, there were reports of millions worth of Bitcoin being moved from OKEX which caused fears of an exchange hacking incident. However, CEO Jay Hao explained that this was FUD and that the reason for the transfer of assets was due to scheduled maintenance.
Supported Countries
OKEx is a global cryptocurrency trading platform that allows clients to use its services from all over the world, apart from a select group of countries due to jurisdictional restrictions on cryptocurrencies. The countries and territories that may NOT trade on OKEx include - Hong Kong, Cuba, Iran, North Korea, Crimea, Sudan, Malaysia, Syria, United States (including all USA territories), Bangladesh, Bolivia, Ecuador and Kyrgyzstan.
Verification
OKEx Exchange registration process is quite simple. All users need to get started is a valid email address. Users will be asked to login into their nominated email address and enter the verification code. There is no need to upload any identification (KYC) documentation unless users intend to withdraw more than 100 BTC in a 24-hour period.
| Verification Level | Withdrawal Limit |
|---|---|
| Unverified | 10BTC |
| Level 1 | 200BTC |
| Level 2 | 500BTC |
| Level 3 | 500BTC |
Depositing Funds & Limits
OKEx allows users to fund an account using digital currencies only. There is no option to transfer fiat currency to the exchange. The two options available on OKEx to fund your new trading account:
- Purchase crypto with a credit card on the website through Simplex or Koinal
- Transfer crypto from a hardware wallet or other exchange
Once the funds have arrived, users can begin to trade cryptocurrencies on OKEx.
OKEx Trading & Ease of Use
Buying Digital Assets
OKEx offers a place to buy cryptocurrency directly on the trading platform using a variety of payment methods. Depending on the fiat currency used for payment, users can opt to transfer funds to the exchange using a credit/debit card, bank transfer, IMPS, Google Pay and PayPal. New users on the exchange can create an account, fund a wallet and begin trading crypto in minutes.
Trading Cryptocurrency
For all traders alike, the charting interface is one of the most important considerations when selecting a crypto exchange. Especially for traders that rely on technical analysis to find an edge in the market. When selecting a cryptocurrency trading exchange, it is essential to be comfortable with the trading interface, order types and charting tools. The dashboard on OKEx is easy to use as shown below.
The crypto pairs are neatly listed on the left with the trade order window on the right. OKEx offers 826 trading pairs across its spot, perpetual, futures, and margin markets.
Open orders and positions can be quickly viewed along the bottom. While very simplistic, the default user interface provides users with the relevant information to enter into buying and selling positions or place pending orders. Technical analysis traders that use chart indicators and trading tools can use the full screen mode as shown below.
Screenshot of the OKX advanced trading interface.Traders are able to switch between the default OKEx charts or TradingView charts that are renowned for smooth, intuitive and clean visuals where traders can make use of advanced trading tools and indicators to refine their trading edge in maximize profits and minimize risk. This will suit traders that are familiar with TradingView to chart traditional assets.
Related: 4 Best Crypto Charting Software & Tools For Altcoin Traders
Otherwise, the OKEx default charts are absolutely fine and provide all the basic tools such as trend lines, indicators and chart patterns. A great feature that we noticed with OKEx is the number of order types that can be selected, which consists of:
- Limit
- Advanced Limit (Post Only, Fill Or Kill, Immediate Or Cancel)
- Market
- Stop Limit
- Trail
- Iceberg
- TWAP
Iceberg orders seem to be a unique feature to OKEx exchange. It is basically an algorithmic order type that allows users to avoid placing a large order to avoid slippage. It will automatically break up a user´s large order into multiple smaller orders that are placed according to the latest best bid and ask price as well as the parameters set by the user. For further information, read the guide here.
Similarly, Time-weighted Average Price (TWAP) orders seem to be exclusive to OKEx. These are advanced orders that can be used as part of a crypto trading strategy to execute an order in portions at regular intervals of time as specified by users. This can minimize the market impact on basket orders.
Overall, traders will be content with the OKEx user-interface which provides a feature-rich, user-friendly and intuitive charting system that will give traders enhanced technical visualization, flexibility and control of trade risk according to their crypto trading strategy.
OKEx Fees
Exchange fees need to be assessed before deciding to trade on a cryptocurrency trading platform. Low fees are critical when trading larger position sizes with margin or making multiple trades in a single day (i.e. day traders) which can eat into potential profits.
Deposit & Withdrawal Fees
OKEx offers zero deposit and withdrawal fees. There is a minimum Bitcoin network fee that is charged when users withdraw Bitcoin from the exchange which is determined by the blockchain load for each asset. For example, the network fee for a Bitcoin withdrawal is about 0.0005 BTC.
Spot Trading Fees
OKEx fees are based on a maker and taker model that starts at 0.08% and 0.10% for users with less than 500 OKB tokens. Maker and taker fees can be reduced to 0.06% and 0.08% respectively if 2,000 OKB tokens are held within the OKEx wallet.
In comparison to Binance and KuCoin which charge maker and taker fees of 0.1% and 0.1%, respectively, OKEx fees are reasonable. High net worth individuals with a large trading volume during a 30-day period can unlock further trading fee discounts and rebates.
| Tier | OKB Tokens | Maker | Taker |
|---|---|---|---|
| 1 | <500 | 0.08% | 0.10% |
| 2 | >500 | 0.075% | 0.095% |
| 3 | >1,000 | 0.05% | 0.09% |
| 4 | >1,500 | 0.065% | 0.085% |
| 5 | >2,000 | 0.06% | 0.08% |
Futures & Perpetual Fees
Similar to OKEx spot trading fees, the maker and taker fees for the futures and perpetual markets start at 0.02% and 0.05% respectively. The fees can be reduced based on the OKB tokens held in the trading account as listed below. This is cheaper than popular margin trading platforms such as Bybit, FTX and Huobi Futures.
| Tier | OKB Holding | Maker | Taker |
|---|---|---|---|
| 1 | <500 tokens | 0.02% | 0.05% |
| 2 | >500 tokens | 0.018% | 0.045% |
| 3 | >1,000 tokens | 0.017% | 0.04% |
| 4 | >1,500 tokens | 0.016% | 0.035% |
| 5 | >2,000 tokens | 0.015% | 0.03% |
OKEx Mobile App
OKEx provides its customers with sleek, modern, and responsive trading apps that are compatible with Android and iOS mobile devices. The app allows users to manage their accounts and crypto portfolios, view real-time charting, buy and trade crypto, and reach out to the customer support team. The Android app has been downloaded over 1 million times and has an outstanding rating of 4.5 out of 5.0 from 222,000 reviews making it one of the best apps for crypto trading.
Security of Assets
OKEx is a standout when it comes to the security of its digital infrastructure against external and internal threats. The security framework implements cutting-edge standards and procedures to remove single points of failure and other potential compromises. 95% of digital assets in the custody of OKEx are held in an offline wallet system that is spread across numerous locations, with backups stored separately. Access to the cold wallets requires at least two authorized employees where private key retrievals need in-person access.
Despite the minority of OKEx held assets being stored in online wallets, the exchange has implemented world-class security protocols to strongly minimize vulnerabilities. The National Security Agency (NSA) developed SHA-256 hash and ECDSA encryption techniques are used to provide robust protection for data, and multiple risk detection and management mechanisms to prevent suspicious asset flows. Overall, OKEx knows where the weak links are in its infrastructure and adequately protects them.
Frequently Asked Questions
OKEx has a mobile trading app which is available to download for Android, iOS Microsoft and Mac devices. The app allows OKEx users to trade cryptocurrency on the move.
OKEx has a referral program that allows you to receive 30% of their trading fees. They will also receive $10 USDT once they trade (spot and margin trading) over $16,000 USDT.
US customers cannot trade with OKEx due to strict regulations that are outside of the exchange's control. Cryptocurrency investors will need to find a licensed trading platform in the USA.
Conclusion
To conclude this review, OKEx is a robust and secure platform for individuals to trade digital currencies. The wide selection of crypto assets with margin, derivatives, futures and options make it an ideal platform for the serious crypto trader. Innovative financial products and services such as earning interest on crypto and lending to earn rewards will appeal to the investors. Combined with a responsive customer service team and world-class security, OKEx is a leading exchange in the blockchain industry.
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