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What is OKX? OKX Exchange Review

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The OKX platform (formerly known as OKEx) stands as one of the premier cryptocurrency exchanges globally, boasting a daily trading volume surpassing 2 billion USD. Renowned for its visually appealing interface, user-friendly design, and robust security measures, OKX has established itself as a key player in the world of cryptocurrency trading. Today, join us to learn about it…

What is OKX?

OKX is a world-leading famous cryptocurrency exchange, founded in Hong Kong in 2014 by Star Xu. Initially called OKEx then changed its name to OKX in May 2017, headquartered in Malta.

OKX is also serving over 50 million users in over 200 countries, with over 340+ coins and 700 trading pairs listed. They also provide users with services such as: Spot, Margin, Future, Options, Perpetual Swaps Trading, DeFi, Lending, Mining Services,…

okx exchange 1024x472 - What is OKX? OKX Exchange Review

Which units are OKX.com's services being provided by?

  • OKX Bahamas FinTech Company Limited, a Bahamas registered company for users who are residents of Mexico and who registered between November 16, 2022 and August 28, 2023, and institutional users who are registered on or after August 29, 2023,
  • OKX Hong Kong FinTech Company Limited, a Hong Kong registered company, for users who are residents of Hong Kong and who registered on or after May 15, 2023,
  • OKX Serviços Digitais Ltda., a Brazil registered company, for users who are residents of Brazil and who registered on or after June 15, 2023,
  • OKX SG Pte. Ltd., a Singapore limited liability company, for users who are residents of Singapore and who registered on or after October 13, 2023,
  • Aux Cayes FinTech Co. Ltd., a Seychelles registered company for all other users eligible to access and use OKX’s Services,

OKX Key Security Features

  • Offline Storage: The security program has transparent protocols for protecting user funds. It encompasses the platform, data, assets and access security. Cold wallets are offline and less risky than online wallets (note less risk, not 100% risk-free). OKX takes multiple backups and has storage limits and bank vaults for additional protection.
  • Online Storage: Though online wallets are considered riskier than cold wallets, OKX takes essential measures to make them as secure as possible.
  • OKX Risk Shield: To safeguard user assets from crypto security risks, OKX continually allocates a percentage of earnings to an asset risk reserve fund.
  • Mandatory 2FA: Many platforms offer two-factor authentication as an option, but OKX make it compulsory for extra security. You can opt-in for an SMS notification or use Google Authenticator.
  • Semi-Offline Multi-signatures: OKX has semi-offline and multiple-signature mechanisms for secure deposits and withdrawals.
  • Secure Private Key Storage: OKX stores “private keys in RAM instead of permanent memory.”
  • Emergency Backups: OKX has multiple backup procedures to prepare for potential emergencies fully.
  • Anti-Phishing Code: OKX adds a code to every email you receive. If you do not recognise the code, you know the email is from an illegitimate source.

Another essential security feature is proof-of-reserves. After the shocking FTX incident in 2022, many exchanges realised the importance of proving that users' funds were safe. OTX now has Proof of Reserves (PoR) which means it can verify that customer assets correspond to assets held by OTX in reserve.

okx proof - What is OKX? OKX Exchange Review

The OKX Security page provides a deeper dive into the impressive lengths undertaken by the exchange.

OKX: full review

Pros

  • 340+ cryptos to trade
  • Global – 200+ countries
  • Educational resources
  • Broad suite of offerings
  • Buy/Sell dashboard that's easy to use
  • Allows a wide array of fiat currencies to open an account
  • High Staking APY's
  • Low trading fees for spot and futures trades
  • Up to 100x leverage trades on futures, 10x on spot trades
  • Demo account for virtual trading
  • Copy trading – follow profitable traders
  • Tech support that responds quickly via online chat.

Cons

  • Exchange unavailable in North America
  • Very complex, multi-tiered fee structure
  • Identity verification is required for crypto deposits
  • Difficult fiat withdrawals, such as USD or GPB; crypto withdrawals available with identity verification

OKX fees

OKX's complicated fee schedule is divided into two tiers, with multiple levels within each tier. Below are the tiers only for spot trading, to provide an example of the fee scheduling complexity.

For regular users, your fees are based on the number of OKB you hold. OKB is the native cryptocurrency of the OKX exchange. The more OKB you hold within the OKX ecosystem, the lower your fees. Generally speaking, the “maker fee” is paid by the person who initiates the order to buy or sell, while the other party that completes the complementary transaction pays the “taker fee.”

Regular users

okx fee regular user - What is OKX? OKX Exchange Review

For VIP users, their fees are determined by different criteria, focusing instead on their trading volume over the last 30 days.

VIP users

okx fee vip user - What is OKX? OKX Exchange Review

It's worth noting that both fee tables above are needlessly different for futures, perpetual swaps, and options transactions.

How to Register a OKX account?

Click the button below and follow the instructions

hio register 1 e1682913419775 - What is OKX? OKX Exchange Review

If you use OKX App for register, You can use enter this Referral ID: 57697165

okx sign up 1024x720 - What is OKX? OKX Exchange Review

How to OKX KYC?

If you use:

  • App OKX: Go to User center, find Profile and select Identity Verification
  • Web OKX: Go to Profile and select Verification

okx kyc account - What is OKX? OKX Exchange Review

  • Level 1: personal info verification

Increase your 24h withdrawal limit to 200 BTC and P2P transaction limit 500 USD

  • Level 2: Photo verification

Increase your 24h withdrawal limit to 500 BTC and P2P transaction limit 100,000 USD

okx verifycation - What is OKX? OKX Exchange Review

Watch the video tutorial

So, is OKX Safe?

Though there is no guarantee of safety in crypto exchanges and life, OKX is one of the more secure exchanges. For example, how often have you forgotten to set up 2FA for a new online account? It's easy to put things off until later, when it is too late, and your account gets hacked.

Compulsory 2FA might seem directive, but we believe it's a positive move that maybe all companies would better adopt.

In addition, instead of the usual TCP/IP protocol. OTX has the semi-offline multi-signatures feature, adding another security layer to network communication. Phishing is commonplace nowadays, and the OKX anti-phishing code is necessary for account protection.

You can do a lot to help yourself secure your crypto wallet and OKX mobile app by choosing maximum security settings. Much of it is common sense. In addition, OKX has 24/7 support and a hotline. So, if something goes wrong with your crypto assets, customer support is available to help.

Not all cryptocurrency exchanges are created equal, and OKX protocols support their commitment to account security in a way that far surpasses many of the competing exchanges.

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