OKX is a spin-off from the OK Group, founded in 2013 by Xingming Xu. The exchange itself was established in 2017 as a subsidiary to OKCoin.
The platform itself has a good mix of products for both traders and non-traders alike. The former would relish their clean, easy-to-navigate interface together with the opportunity to trade spot, derivatives, margin, futures, perpetual swaps, and options markets. The latter can ape in on their range of Earn products for less risky ways to earn profit and also explore the Metaverse, NFTs, DeFi and GameFi dApps through OKX Wallet.
The trading interface has both a basic and advanced version suitable for both beginner and experienced traders. Those who are new to trading can learn through the Demo Trading feature to get themselves acquainted with fake money and test out their strategies.
There's also the OKX Learn section featuring crypto knowledge, trading ideas, and also some industry analysis to round up the information available to take full advantage of what the OKX crypto exchange has to offer.
Buy crypto with over 90+ fiat currencies worldwide and swap them for 350+ crypto assets through the spot, margin, and derivatives markets using 500 trading pairs.
The number of products offered by the OKX exchange trumps Bitget by half a mile at least. Since this isn't a detailed review, we'll only provide highlights for them. If you're interested to learn more, check out our dedicated OKX review.
OKX Trading Platform
The trading section on the OKX exchange is separated into three sections:
Basic trading encompasses the Spot market and a simple version of Options. While it may not make sense for day traders or even swing traders, but I like that the trading interface has a maximum timeframe of 3 months, if you want to take the long view and see the really big picture. if you've never done options before, the UI makes it really easy to do so in three simple steps: Choose direction, Select options, and Buy options. Of course, options are really little more than gambling if you don't know what you're doing, so try at your own risk.
Guess which way the price will go and put your bets down!
The Derivatives and Margin Trading section features Perpetual Swaps, Margins, Futures, and the more souped-up version of Options. Each of them features a slightly different trading interface with varying order types but all are easy to use.
Perpetual Swaps and Futures allow you to execute Stop, Trailing Stop, Trigger, and Advanced limit orders.
Margin allows you to execute Stop, Trailing Stop, and Trigger orders.
This is in addition to the standard Limit and Market orders available in every interface.
The Trading Bots section is one of the most popular features on OKX. It has more than 900k+ traders using its auto-trading functions. Aside from using what's available from the platform, users are also able to create their own bots via plug-and-play solutions. The bots from the platform come with their own stats and trading history, which allows traders to check their performance before making a decision.
Here are the types of bots available to choose from:
Recurring buy bot
Smart Portfolio rebalancing bot
If this is something of interest to you, please read our article on OKX Trading Bots.
If looking at trading charts is a bit too overwhelming for you, try the Convert feature which swaps between crypto and stablecoins. It's the easiest way to get in the game with zero fees and no slippage.
OKX is aware that there are many non-traders out there who are also looking for some passive income to increase their crypto holdings. To this end, they released a number of products catering to both low-risk and high-risk investors. These products also come in short and long-term durations, suitable for all sorts of risk appetites. Here's a brief description of each. For a more detailed dive-in, feel free to browse our OKX Earn article for more information.
Savings - as the name implies, this is pretty much a straight-up savings scheme where you can earn anywhere from 1.00% to 207% (KNC!). All of these come with Flexible terms which allow you to withdraw anytime. Interest is earned on an hourly basis.
Dual Investment - geared towards hodlers of two kinds of crypto, it uses the concept of "Buy Low" and "Sell High" to help you earn more BTC, ETH or USDT, depending on which one you're interested in. There is a lock-up period involved and you may lose your capital if there is sharp price fluctuation in the market.
Fixed Income - similar to savings, users can invest in crypto loans with varying duration and yield percentages. Only OKB, BTC, ETH, and USDT accepted. At the time of writing, there are no opportunities left for newcomers.
Shark Fin - Based on what the price could be like in the next 7 days, you put money down on which way the wind blows. If you think the price is going down within certain range, and it turns out to be the case, then you can get a higher yield. Conversely, if the price falls outside of the range, you'll get a lower yield.
OKX is squarely in the catch-up space with this product as Bitget was the first of the two to introduce this to the market. Hot off the press, this product recently launched on Feb 2nd so it's really the newest Earn product in OKX's stable.
Staking - good ole' staking gets a slight twist in OKX's version where users stake based on duration. Longer lock-up periods = higher yields. There's also a limit to how much is accepted for each pot. Interestingly, the highest yields aren't always the ones to get sold out first, likely due to the long timeframe.
Flash Deals - For those with a high appetite for risk, Flash Deals might be what you're looking for. Users have the chance to get some really dodgy-looking coins and stake them to earn some ridiculous APYs (52% for BTC up to 300% for MARS!). However, it's only for a few days, and they appear irregularly, which is one way to get people to keep their eyes glued to the page. As the slogan says "first come, first serve"!
Too good to be true?
DeFi - If just the mere mention of the word "DeFi" has your head spinning, give OKX's curated version a try. Traditionally, any interaction with a dApp involves self-custodial wallets and various networks, which can be a real headache for the newbie. Bearing this in mind, OKX took quite a different approach by integrating with the dAPPs on the back end while maintaining the same UI and feel as other OKX products, presenting a homogenised front.
A mini world unto itself, it features a handful of apps in each category that allows for plenty of exploration without being overwhelmed. There's Yield, Lending Pools, Decentralised Exchange featuring Sushiswap, and Staking.
Some DeFi dApps for those interested
ETH2.0 - stake your ETH in exchange for bETH on their platform and earn up to 5.09% interest.
OKX offers two kinds of loans available for borrowers, known as Flexible and Fixed loans. The APY and duration vary depending on the loan and there is also the option to do single-collateral or multi-collateral loans. For more on this topic, check out our OKX Loans review to learn more.
In an attempt to attract new projects to their website, hoping to be the place to discover the "next great thing", which will then attract more users to its platform, most crypto exchanges feature a kind of launchpad space to highlight these new projects. OKX is no exception and theirs is known as Jumpstart. Gotta start somewhere to get a positive flywheel going, right?
Similar to how launchpads work on Binance and KuCoin, users stake the native token OKB and get the project's tokens in return, pro-rated to their staked amount. The highest-profile project featured is Raydium on the Solana blockchain.
Be warned: investing in these start-up projects is risky as hell so read up all you can before investing AND keep a close eye on them after.
Discover new projects (and make it big) at OKX Launchpad
Aside from the exchange business, OKX also launched their own non-custodial wallet called OKX wallet. It's designed to give OKX users a taste of the Web3 world by allowing access to heaps of dApps in DeFi, Metaverse, NFTs and GameFi projects.
What they've done is set-up a one-stop Web3 hub and made it easy to use these dApps through their platform while introducing users to the Web3 world. This helps to reduce complexities if they were to go about it on their own. It's a great way to bring more newbies onboard the Web3 train while smoothing out the rocky bits.
OKX a Leader in Web3 Innovation. Image via OKX.
We were actually so impressed by the OKX Web wallet that we did a dedicated OKX Wallet review.
Types of Accounts and OKX Fees
One thing that might be a bit of a strike against OKX is its KYC requirements. On one hand, KYC is a reassuring safety net, but on the other hand it means a centralised entity holds your personal information in their servers. Some consider KYC a double-edged sword, but if you want to trade crypto on OKX, you will need to provide KYC at all trading levels.
Whichever way you choose won't affect your fees much but the type of account you choose can. In general, there are two types: individual and corporate accounts. There's also a VIP program too but that's for those who have quite a high worth in asset holdings.
As mentioned above, OKX trading fees are very competitive in the market. However, the fees for purchasing crypto are highly dependent on the service provider chosen. The general rule of thumb is not to use anything similar to a "buy crypto" option using credit cards unless you are really desperate. Fees spent this way far exceeds what you would pay in bank charges if transferring from a bank.
Currently, OKX only has SEPA transfers which is popular in Europe and nowhere else. If you can find a way to buy crypto elsewhere and deposit them into OKX, all the better as those deposits are free. In all though, OKX fees are among the lowest you'll find anywhere.
OKX ranks #8 on the list of top Crypto exchanges in terms of Proof of Reserves by CER, far ahead of Bitget. In fact, it's the last one on the list that has the Merkle Proof green check mark and a link to show their PoR audit report. Their last audit date is also one of the most recent on the list, having just occurred on Nov 22nd last year.
According to their PoR webpage, OKX holds 105% of BTC and ETH each and 101% of USDT. Users are also invited to verify the safety of their own funds, whether held on the exchange or in the wallet.
Check your funds with OKX's Proof of Reserves
Aside from funds safety that can be traced on-chain, there are also their own security measures which we've mentioned before but are worth emphasizing:
A mixture of online and offline storage. The latter are air-gapped cold wallets that are never connected to the Internet, thus reducing attack vectors for hackers and malware.
Key personnel around the world need to come together to have access to the funds via multi-signature protocols
The funds themselves are stored in various bank vaults worldwide.
An insurance fund, known as OKX Risk Shield, that's worth about $700 million has been set up to make users whole in the unlikely event of a breach in security. Income for the fund comes from a percentage of their earnings.
To find out more, check out our OKX Security Page. I promise it won't be boring even if the title seems to imply so.