OKX Review Pros, Cons and Is It Safe?

Our in-depth OKX review highlights its pros, cons and what you need to be aware of. We review OKX based on its safety, features, and much more.

Dean Fankhauser10 min read

Our take

4 out of 5 stars

The OKX exchange is an innovative crypto platform for basic and advanced financial services. It is one of the top 10 exchanges in the industry in terms of traffic, liquidity, and trade volume.

OKX Exchange

The platform provides a broad marketplace for global cryptocurrency traders. Investors and miners can use the exchange's services to manage their crypto assets, find investment opportunities, and protect themselves from risks. In addition to this, OKX offers competitive trading fees and a mining pool.

OKX users can trade hundreds of digital assets and trading pairs on the exchange. They can also check out its non-fungible token (NFT) marketplace, get crypto-backed loans, and use the platform's yield-generation features to make passive income. Also, its Web3 wallet lets users access their crypto assets, non-fungible tokens (NFTs), decentralized finance (DeFi), and decentralized applications (DApps) in a single place.

Even though the platform has some of the best features in the business, it is not perfect. This review of the OKX exchange will look at the trading platform and give unbiased information about how it works.

We will cover the exchange's history, key features and products, fee structure, supported countries, and other important details, including the pros and cons. We will also compare the exchange to other top exchanges in the industry.

OKX Overview

Platform NameOKX
ProductsLending · Loans · Staking · Wallets · Exchange
Interest RatesUp to 0.08% APY on Stablecoins, 5% on BTC
Mobile AppYes - iOS & Android
Available in USANo - Use OKCoin
RegulatedYes - georestrictions apply
Trading Fees0.08–0.10%
Withdrawal FeesVaries by crypto
Interest PaidHourly

OKX was founded in 2017 by Star Xu and was first known as the OKeX exchange. It was headquartered in Beijing, China, and owned by OK Group, which also owns the cryptocurrency exchange OKCoin. But after China banned cryptocurrencies, the company moved its headquarters to the Seychelles and now has offices all over the world.

The OKX exchange provides an advanced platform for crypto-related products. It lets both new and experienced traders trade in spot, options, derivatives, and leveraged markets.

Its sister platform, OKCoin, was set up to serve the US market, which OKX is not allowed to do because it is not licensed to do so. However, OKCoin only deals in cryptocurrency trading (buying and selling) and ICO tokens.

On the OKX exchange, traders from all over the world can access more than 350 cryptocurrencies and 500 trading pairs. Users in countries that support it are able to buy cryptocurrency easily with a credit card, a bank transfer, or a mobile wallet.

Users like OKX because of its many features and reasonable costs. Those who participate in its staking and saving features also enjoy high yields. Furthermore, it does an excellent job of educating novice traders through its crypto academy.

Although OKX offers great features and is quite reputable, the exchange faces regulatory challenges. Because of this limitation, it is unable to operate in all countries around the world. But it is working to get the licenses it needs to work in more places.

OKX Products and features

OKX offers a wide range of crypto products and services. This section will discuss these products and how they work.

Spot trading

Spot trading is the basic trading type available on OKX. This trade type is easier for new users to understand than the other complex types.

As its name suggests, spot trading is settled on the spot. When a trader makes a spot trade, it is done at the current market price right away. It doesn't matter if prices change by the time the cryptocurrency is delivered.

OKX users can use this tool to trade more than 350 cryptocurrencies across multiple trading pairs. Once the spot account is funded, users can initiate trades across their favorite assets.

However, advanced traders can utilize spot trading order types on OKX. The main order types include market, limit, and trail. Users can leverage these order types to trade more effectively.

Margin trading

OKX lets crypto traders borrow money and multiply their assets to make their possible gains or losses bigger. This trade type is known as margin trading. It is simply a tool that helps traders boost their trading capacity.

To start a margin trade, you must move assets from your funding account to your margin account.

OKX Wallet

This wallet is a gateway to Web3, NFT, and DeFi. It works with a number of blockchains and protocols. It works with a number of blockchains and protocols. Users can trade, swap, mint, and store crypto and NFTs using the wallet.

The OKX wallet gives users complete control over their crypto assets, including access to their private keys. It also connects users to DApps and DeFi protocols for the purposes of investing, trading, and making money.

Trading bot

OKX has trading bots that can be customized to help crypto traders use different automated trading strategies. These bots trade cryptocurrencies automatically.

The bots can trade in seven different modes: spot grid, futures grid, smart portfolio, recurring buy strategies, arbitrage, iceberg, and TWAP modes. Some of these modes are more complex and carry higher risks. Hence, they are best suited for experienced traders.

Yield generation

OKX Earn

OKX offers several opportunities for users to earn passive income. Both newbies and expert traders can take advantage of these opportunities to earn high yields. The earning products are as follows:


Staking is one of the earning opportunities on OKX. Users just need to lock their assets on the platform for a while and get rewards.

Users can stake over 80 assets on OKX for 15, 30, 60, 90, or 120 days. Staking payouts depend on the particular asset and staking duration. Typically, it can be anywhere from 1.5% to 72%.


OKX savings is another earning option; however, it offers a lower APY than staking. It is a value-added product that lets people earn interest on their assets every hour.

The savings product is flexible, so users can put their cryptocurrency in and take it out at any time. There are over 150 assets available to save. The APY ranges from 1% to 36.50%, depending on the deposited asset. Also, the rewards are paid out in kind.

Dual Investment

Dual investment is a high-risk, high-return option on OKX. It allows traders to invest in cryptocurrencies like BTC, ETH, or USDT. Crypto traders can sign up for any of the term-based deals. If they do, they may be able to sell their assets for USDT at a higher price or get more crypto.

Keep in mind that market volatility has a real effect on profit, so it is not a given. Also, traders can only know how much profit they made from the investment at the offer expiration date.


The OKX platform serves as a gateway to DeFi services. Essentially, users can take advantage of earning opportunities on popular DeFi platforms like Sushiswap, Compound Finance, Aave, and others through OKX.

With this product, you don't have to deal with the hard learning curve that comes with DeFi protocols. Users can earn passive income by staking DeFi, providing liquidity to lending pools, and participating in decentralized exchanges. This is non-custodial, so in many ways, it’s less risky.

Flash Deals

Flash deals are high-yield offers that periodically appear on the OKX website. With these "hot offers," traders have to put their cryptocurrency into a project in the order that they sign up.

Participants in the flash deal receive interest according to how much they deposit. The interest is paid within 24 hours after the end of the project.

Note that you cannot opt out of a flash deal after subscribing. Hence, participants must consider this limitation before joining.

OKX Pool

OKX Pool

OKX has a cool feature for people who want to try proof-of-work (PoW) mining but don't want to deal with all the hassle. The OKX mining pools offer overall security and a good user experience.

There are currently PoW mining services for BTC, LTC, BCH, DASH, BSV, DCR, ZEC, and more. The platform will also support other assets in the future. Users will enjoy double-staking bonuses, giveaways, and other incentives.

Supported currencies

OKX's crypto exchange supports over 350 cryptocurrencies. Users can deposit, trade, and withdraw these cryptocurrencies with ease. The most well-known are as follows:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Terra (USDT)
  • Litecoin (LTC)
  • Ripple (XRP)
  • TRON (TRX)
  • OKB (OKB)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • Solana (SOL)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Stellar Lumens (XLM)
  • Shiba Inu (SHIB)

Payment methods

OKX offers different payment methods to enable users to turn their fiat into crypto. Even though it doesn't accept deposits in fiat currency, users can buy cryptocurrencies with fiat currency using the payment methods that it does accept. These methods include credit cards, debit cards, bank transfers, Apple Pay, Alipay, WeChat Pay, and many more.

Users can also transfer cryptocurrencies from other exchanges to trade on OKX.


OKX has several licenses so that it can offer trading services that are legal in more than 100 countries around the world. In Malta, it is controlled by the Virtual Financial Asset Act (VFAA), and in Hong Kong, it is controlled by the Money Laundering Prevention Law. It also complies with the Financial Action Task Force (FATF) regulations.

It also has a temporary license from the Dubai Virtual Assets Regulatory Authority (VARA) for virtual assets. OKX will be able to offer trading services to investors in the United Arab Emirates (UAE) with this license.


OKX gives users enough information to make them feel confident that their money is safe on the platform. It claims to maintain a 1:1 backing for assets deposited on its platform. Its proof of reserves (PoR) shows information about all of the assets and liabilities that are stored on-chain and off-chain, respectively.

OKX users can log into their accounts and select "Audits" to view the most recent audits that have been completed. The audit data will be shown when users click "Details." OKX gives users a guide to follow if they want to be more involved in the verification process.

The verification can be done in different ways. This includes using users' own assets in the exchange and OKX's wallet addresses and assets.

You can see other crypto companies' proof-of-reserves here.

OKX Reserve Ratios

Supported countries

The OKX cryptocurrency exchange is available to users in over 100 countries worldwide. But it is currently not open to U.S. residents.

Users from a few other countries not on the list are also not allowed to use OKX services.

OKB Token

OKB is a utility token that was released in 2017 by the OK Blockchain Foundation and the OKX exchange in the Seychelles. The token lets users of the OKX exchange pay less for fees and use special features.

Typically, the coin is used to determine and pay trading fees. However, it also allows users to vote on platform development and governance. Holders can stake the token for rewards and access other platform incentives. Depending on how many OKB tokens a user holds, OKX may issue discounts of up to 40% on transactions.

It is worth noting that OKB is a deflationary coin. It has a limit of 300 million shares and promises to buy back and burn shares every three months. This mechanism keeps the number of tokens in circulation from growing, which is thought to increase demand and value.


OKX implements several industry-standard security measures to secure its users' assets. This includes using secure cold storage to keep the bulk (95%) of its assets.

Before money can be moved from a cold wallet, the transfer must be approved by at least two authorized people. In this way, hackers cannot access the funds.

OKX also gives users extra security features like two-factor authentication, withdrawal passwords, and anti-phishing codes.

Interestingly, OKX's security structure has performed impressively over the years. As it stands, the exchange has not suffered any known exploits.

Customer support

OKX has a pretty good support system that lets users get help on the trading platform quickly. Users can start live chats through the user dashboard on the platform, which is quick and easy.

Users can also send support tickets and emails or reach customer support on Telegram, Twitter, and Discord. An OKX rep will either respond to the user's query live or via email.

Additionally, the platform offers several articles that address common issues associated with the platform. Users can simply search for relevant articles that address their challenges.

Customer Rating

Over 400 verified users have shared their experience with OKX on the review platform Trustpilot. Many of the reviewers were happy with the platform's services and how it worked, especially how easy it was to use, how many products it had, how fast transactions were, and how low the fees were.

However, some others reported issues with OKX customer support and undisclosed fees. Overall, the platform has a 3.2/5 rating on Trustpilot.

Also, the Google Play app review from over 265,000 users put the platform's average score at 4.4 out of 5. It also has a 4.8 out of 5 rating from over 14,600 reviews on the Apple Store.


OKX has a complex fee structure. This means certain factors determine how much users can pay in fees for trades. However, OKX's fees are relatively low in comparison to some other cryptocurrency exchanges.

The trading fees are based on transaction volume, type of trade, and users' statuses. OKX offers two user statuses: regular and VIP. Regular status has five levels based on the number of OKBs owned and the total USD value of assets. The VIP status, on the other hand, has eight levels based on how much a user has traded in the last 30 days and how much money they have in total.

Depending on a user's tier, fees can range from 0.1% to -0.010% for spot trading, futures, and swaps. The higher the tier, the lower the trading fee.

OKX also uses a market maker and taker structure, where maker fees are lower than taker fees. Referrals may also make it possible for users to get other discounts and rebates, which can lower trading fees even more.

On the other hand, users will not pay fees to deposit funds but will be charged to withdraw funds. These fees will depend on the particular asset being withdrawn.

How to create an account on OKX

Creating an account on OKX involves a few easy steps. Follow the following steps to get started on OKX:

  • .
  • From the homepage, click on "Sign Up" to get started.
  • Provide a phone number or email address. You can also sign up with a Google or Telegram account.
  • After you fill out all the necessary information, you'll get a code to verify your account.
  • Proceed to enable 2FA.
  • Select and link your payment method to your trading account.
  • Deposit your funds, and you are set to begin trading.

Note that you can only deposit, withdraw a limited amount of assets, and trade spot and futures without KYC verification. You must go through the multi-step verification process, which requires more information and documents, in order to use other products and services and increase your withdrawal limits.

Pros and Cons of OKX


Extensive Product OfferingsOKX offers a large suite of crypto products and services, including different types of trading instruments, passive income options, and DeFi features.
Low Transaction FeesOKX has some of the lowest fees in the crypto market, with spot trading fees as low as 0.1%. Deposits also attract zero fees.
Wide-range of Supported CryptocurrenciesOKX supports over 350 crypto assets across multiple trading pairs, including Bitcoin, Ethereum, USDT, OKB, and others.
Industry-Standard Security PracticesOKX prioritizes the security of users' assets, holding 95% of them in an offline cold wallet and having security features like two-factor authentication and anti-phishing codes.
Educational ResourcesOKX has a section called "Crypto Academy" where users can find articles and resources related to crypto.
Accepts Multiple Payment MethodsOKX allows users to buy cryptocurrency using up to 17 different payment methods, including credit cards, bank transfers, and mobile payments.


Not Available to U.S. ResidentsOKX is not available to investors living in the United States due to regulatory concerns.
Complex Fee StructureOKX's trading fees depend on several factors, making it difficult to determine the cost of a trade beforehand.
Mixed Reviews From UsersSome OKX users report excellent experiences, while others report issues with customer support and undisclosed fees.

How OKX compares to other exchanges

There are several crypto exchanges offering competitive features and products to crypto traders. This review section will compare OKX to some of the top ones.

OKX vs. Binance

Binance is a well-known cryptocurrency exchange that offers a wide range of products and services. The exchange is the biggest on the market, with over 600 cryptocurrencies and thousands of trading pairs.

Comparison of OKX vs. Binance
OKX and Binance offer a wide selection of crypto products and services.Binance offers a higher crypto selection and trading pairs than OKX
Both platforms offer multiple passive earning opportunities.Binance has a debit card, while OKX does not.
Both platforms facilitate DeFi services.
Both platforms have complex fee structures.
Both platforms have native tokens that qualify holders for discounts on fees.
Both platforms provide educational resources for users.
Binance and OKX both have US versions — Binance.US and OKCoin

OKX vs. Nexo

Nexo is a platform for financial services that lets you do things like lend and exchange crypto. It also offers a crypto wallet to allow users to hold their assets securely.

Comparison of OKX vs. Nexo
OKX and Nexo offer centralized exchanges, wallet services, and passive earning opportunities.OKX exchange fees are lower in comparison to Nexo.
Both platforms allow users to borrow against crypto collateral.OKX provides access to more trading assets and advanced financial services than Nexo.
Both platforms offer incentives to holders of their native tokens.Nexo offers a crypto debit card, but OKX does not.

OKX vs. Kraken

Kraken is another large cryptocurrency exchange that offers basic and advanced trading services at reasonable prices. It supports a reasonable number of cryptocurrencies and also offers staking services.

Comparison of OKX vs. Kraken
OKX and Kraken allow traders to access multiple trading types and instruments.OKX offers lower trading fees in comparison to Kraken.
Both platforms are suitable for new and experienced traders.OKX offers more cryptocurrencies, trading pairs, and crypto-based products than Kraken.
Both platforms have mobile apps.


Here are some frequently asked questions about the OKX exchange:

Is OKX Legit?

Yes, OKX is a leading crypto exchange trusted by millions of crypto traders all over the world. It offers extensive features and implements standard security measures to secure users' funds.

Is OKX available in the U.S.?

OKX is not available to U.S. investors. However, it supports over 100 other countries globally.

How can I withdraw from OKX?

Withdrawing assets from OKX is quite straightforward. You just need to move your cursor over the "Assets" option in the homepage's top menu. From the drop-down menu, select "Withdraw." Choose the cryptocurrency you want to withdraw, the withdrawal method, and the network, and then click "Continue."

Where is OKX based?

OKX has its headquarters located in the Seychelles. This was after it moved from Beijing, China, following the crackdown on crypto-related activities. It also has offices in several other locations worldwide.


OKX is one of the most used and trusted platforms in the crypto world, even though there are many other options. It offers a wide product selection and the lowest fees in the market.

OKX is suitable for both newbie traders and experts. The exchange offers multiple trade types and instruments to maximize returns. New users will also find helpful resources to guide them in the OKX Academy section.

The platform also offers access to diverse passive earning opportunities, DeFi services, and crypto-backed loans. It is fully equipped to provide the best financial services to crypto traders.

The exchange is regulated in Hong Kong, Malta, and Dubai, which means it can offer crypto services in many places around the world. Users in a few other places, like the United States, can't use its services, though. This is because of laws and regulations.

The company is still trying to get more licenses so that it can offer its services in a lot more places around the world. As the cryptocurrency adoption wave continues, OKX may likely expand its reach.

Please note that Bitcompare does not offer advisory or brokerage services. We also do not offer financial advice on potential investment opportunities. Therefore, carefully consider investment opportunities before deciding to invest your funds.

Methodology for this review

The team at Bitcompare poured through as much information as possible directly from OKX. However, that wasn’t enough, we needed to use the product as well. This allowed the team to fully grasp its features and how competitive it was with other crypto exchanges.

When scoring this product, we evaluated:

  • Security: Does it have best practices like two-factor authentication and cold wallet storage, and has it ever been compromised?
  • Usability: Is it easy to navigate? Have we experienced any bugs? And how does its usability compare with that of the competition?
  • Regulation and licensing: Is it regulated and licensed to operate in its respective markets?
  • Insurance: Is it insured? How much, and under what conditions?
  • Features: Does it have features for advanced and beginner users? How do those features stack up with the competition?

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