OKX is a prominent cryptocurrency exchange designed to provide advanced and efficient crypto trading. Launched in 2017, the platform has continuously expanded its offerings, adding numerous features, payment methods, cryptocurrencies, and markets to meet the demands of traders and investors.
This review covers what OKX is, how it works, registration steps, and how it compares to alternative platforms in the market.
From OKEx to OKX
The exchange rebranded from OKEx to OKX in 2022. The CEO, Jay Hao, stated:
Our goal is to provide customers with the tools they need to earn, transfer, and spend their wealth easily and securely as they see fit, without intermediation from us. We removed the 'E' from our name because we are much more than an exchange, just as cryptocurrencies are much more than a speculative asset.
The company has broadened its scope to include decentralized finance (DeFi) and NFTs.
Pros and Cons of OKX
Let’s explore the advantages and disadvantages of using OKX.
Pros:
- Over 250 cryptocurrencies available
- User-friendly smartphone app
- NFT trading marketplace
Cons:
- Relatively high fees
- Lack of strong regulatory oversight
Regulation and Security
OKX is based in Seychelles and employs over 1,000 people worldwide to ensure a smooth trading experience. However, it is not regulated within the European Union or Italy, which may pose risks related to cybersecurity and fund safety.
How to Open an Account on OKX
Here’s a step-by-step guide to creating an account on OKX:
- Click “Sign Up” on the official website to begin the registration process.
- Prepare a valid identity document for verification.
- Complete the KYC (Know Your Customer) procedure to lift withdrawal limits.
- Deposit funds by navigating to Account > Balance and selecting “Deposit.”
- Start trading any of the 250+ supported cryptocurrencies.
How OKX Works
OKX offers a range of features tailored to both new and experienced traders:
- Real-time cryptocurrency trading
- Fast transaction processing
- Multiple deposit and withdrawal options
- Peer-to-peer (P2P) trading
- Instant conversions
- Professional-grade charts
- Crypto staking options
- Lending services
- Secure DeFi hub
- Professional customer support
Fees and Costs
Understanding the fee structure is essential for any trader.
- Depositing cryptocurrencies incurs only gas fees with no extra charges.
- Fiat deposits via Visa or Mastercard may cost between 2% to 5%.
- Bank and SEPA transfers may involve even higher fees depending on the user’s location and currency.
- Trading fees start at 0.08% for makers and 0.1% for takers, with discounts based on trading volume or OKB token ownership.
- Withdrawal fees vary based on the fiat or crypto asset.
👉 Compare fee structures across platforms
OKX App and Platforms
OKX offers free mobile apps for iOS and Android, available through their respective app stores. Desktop users can access the platform via web browsers on Windows and macOS. Note that OKX does not support MetaTrader.
OKX Academy
The OKX Academy is an educational section of the website offering guides, articles, news, and tutorials on cryptocurrencies, DeFi, NFTs, and more. While it is a helpful resource, it is not a substitute for a professional trading course.
Available Cryptocurrencies
OKX supports a wide range of cryptocurrencies, including major coins like Bitcoin and Ethereum, along with emerging tokens. The list is consistently updated to include new and trending assets.
Alternatives to OKX
Due to its limited regulation and relatively high fees, many traders look for alternatives. Below are some trusted and regulated platforms:
eToro
eToro is a globally trusted broker and exchange with over 25 million users. It allows users to buy cryptocurrencies directly or trade via CFDs with leverage. Its standout feature is Copy Trading, which lets users mimic the trades of experienced investors.
XTB
XTB is a CySEC-licensed broker offering CFD trading on cryptocurrencies through its proprietary xStation 5 platform. It is also known for its high-quality educational resources, including a free trading course.
Naga Trader
Naga Trader is a CONSOB-licensed broker providing access to Trading Central analysis and a comprehensive trading academy. It supports MetaTrader and WebTrader platforms for CFD trading.
Bonuses and Promotions
OKX offers a referral program: both the referrer and the referred friend receive a €10 bonus when the friend makes a purchase of at least €100.
Frequently Asked Questions
Is OKX safe?
While OKX employs security measures, its lack of strong regulatory oversight in the EU may pose risks.
Is OKX a scam?
No, it is a legitimate platform, but users should be cautious due to its regulatory status.
How many cryptocurrencies does OKX support?
OKX offers over 250 cryptocurrencies for trading.
What are the fees on OKX?
Fees vary: trading fees start at 0.08%/0.10%, and deposit/withdrawal fees depend on the method and asset.
Can I use OKX in Europe?
Yes, but it is not regulated by EU authorities, so users should exercise caution.
Does OKX offer a demo account?
Currently, OKX does not provide a demo account for practice trading.