OKX Review 2024: Crypto Trading Hub and Web3 Innovation

Last updated: Oct 24, 2023
39 Min Read
AI Generated Summary
Summary
Summary
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OKX
40% Trading Discount for Life!
OKX logo
OKX
40% Trading Discount for Life!
OKX logo
OKX
40% Trading Discount for Life!
Our Take :

OKX is a leader in Web3 innovation and is a fantastic cryptocurrency exchange, supporting hundreds of altcoins and offering the ability to buy crypto with Visa, bank transfer, MasterCard, and Apple Pay. 

Pros
Numerous Products & Features
Reputable Exchange
Futures Asset Coverage
Low Fees
Good Altcoin Support
Cons
KYC Required for All Account Levels
Lack of Fiat-to-Bank Support
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OKX
40% Trading Discount for Life!
4.4

OKX Exchange (previously OKEX, more on that later), is a large and massively popular cryptocurrency exchange and one of the OG's in the crypto space, established all the way back in 2016. With the rebranding and platform overhaul, we felt it appropriate to do an updated OKX review as this exchange has got some exciting developments underway.

Using its expertise in the spot market, OKX offers its users the opportunity to trade Futures, perpetual swaps and options markets. In addition, while OKX was, and remains, a paradise for active crypto traders, the platform has added an earn section, access to an NFT marketplace, crypto loans area, Jumpstart launchpad, crypto trading bots, and even a way for customers to get involved in DOT slot auctions which will be covered below. Each gives traders a unique way to trade, hedge, earn, and explore the crypto markets.

So, is it worth considering?

In this OKX review, we will attempt to answer that. I will also give you some top tips that you need to know when using the platform.

👉 Exclusive 40% spot trading fee discount for life!

Note: Users located in the US and UK are not supported.

OKEX Exchange Rebrand to OKX

In 2022, the exchange went through a facelift and overhaul, rebranding from OKEX to simply OKX. Dropping the "E" that stood for "exchange" was their way of saying that they are so much more than just a crypto exchange.

OKX rebrand
Image via coingeek.com 

The company has decided to venture into the new crypto frontier and explore DeFi products, NFTs, games and metaverses, becoming so much more than just a crypto derivatives trading platform indeed! It looks like OKX is keen to explore all the avenues that crypto has to offer and are looking to become a one-stop-shop for crypto fans of every kind.

okx review
A Bold Claim! Image via OKX

Alright, let's get into what OKX has to offer.

What is OKX?

OKX was originally founded in Hong Kong in 2016, but in 2018 they moved to Valletta in Malta, while also being headquartered in Seychelles. This was no doubt in response to the favourable crypto regulations in those jurisdictions.

The original exchange was a spot crypto trading exchange that has expanded rapidly since its launch. It is available in over 100 countries. The BTC futures trading on OKX surpasses $1.5bn per day in daily trading volume as the exchange caters to institutional and retail traders.

Although OKX derivatives are available in over 100 countries, some regions do not offer their services. These include the likes of the United States, sanctioned countries, and a list of other regions. You can see the complete list in their Terms of Service.

For our American readers, I would highly recommend checking out our Kraken Review

We will review the derivative instruments on OKX, including their plain vanilla futures, their perpetual swaps and their options, along with the other platform features. As many exchanges such as Binance and KuCoin aim to become an all-in-one platform to cater to crypto enthusiasts of all backgrounds, OKX is not sitting on the sidelines and have ensured that they are well-positioned to compete with a number of global exchanges.

To cater to their large community of traders around the world, they have translated their site into 11 different languages, including English, Russian, Chinese etc.

The company is also busy striking strategic partnerships. More recently, OKX expanded its partnership with English football (soccer?) club Machester City, paying the club $70 million over three years. As part of the partnership, the OKX logo will be displayed on the sleeves of Man City uniform's shirt. 

Is OKX Safe?

For any crypto trader, this is one of the most important considerations. Unfortunately, we know all too well the risks that could come from centralised exchanges.

OKX security
Image via OKX 

When we look at exchanges, there are several factors that we take into account to determine how safe they are for their traders.

Let's take a look at these, shall we?

Is OKX Secure?

OKX operates a secure hot and cold wallet security procedure. This means that the bulk of their funds are stored offline in a cold environment, meaning the funds are protected from hackers. OKX holds 95% of their funds in offline storage, utilizing a state-of-the-art cold wallet storage system that requires confirmation from at least 2 authorized personnel. OKX has some of the most robust offline storage protocols I've seen; take a look below:

OKX security
Image via OKX 

The other 5% of funds are kept with their servers in a "hot" environment to meet the demand for withdrawals/deposits.

It is also worth noting that, unlike many exchanges, OKX has suffered no known hacks to date. Looks like their security protocols are certainly up to the challenges of blocking hackers. For a deeper look into OKX's Security features, we have an article covering a full OKX Security Analysis

Risk Management

Given that OKX derivatives operate a leveraged trading platform, they have to have measures in place to reduce the risk posed by market movements to the trading pool.

OKX Insurance
Balances at OKX Insurance Fund

The OKX insurance fund is run to be a backstop for all those trades that cannot be liquidated above the bankruptcy price. The fund is replenished with the initial margin that liquidated traders have at the outset of their trade.

User Security

In general, the best security starts with the trader. That is why OKX has provided several tools to help users secure their accounts.

Perhaps one of the most important of these is two-factor authentication. There are two options to do this, the first is to use an SMS authentication, and the other is to use the Google authenticator.

2FA Authentication OKX
Activating the 2FA Authentication on OKX

I would advise against SMS authentication as this opens you up to sim-swapping attacks. Hence, you can set up the Google authenticator by downloading it from the app store and binding it to the OKX server.

Another pretty neat tool that they have at OKX is their anti-phishing tool. This is basically a code sent in every single email they send you. So if you do not recognize the code, you know that the email came from an illegitimate sender. Here is a complete look at the security features that OKX users can deploy to help keep their accounts as safe as possible:

  • Login password
  • Email verification
  • Funds password
  • Mobile verification
  • Authenticator app
  • 2-factor authentication
  • Anti-phishing code

We do a full deep dive into the security of OKX in our OKX Security Analysis. You can also check out how OKX approaches security on their OKX Risk Shield page

**Pro Tip**  You can enhance your online security by encrypting your web traffic and online identity by using a strong VPN. This is especially important when conducting financial and crypto transactions. 

Proof of Reserves

Given what has happened with FTX, exchanges have been scrambling to prove that client funds are secure and that exchanges are adequately collateralised. 

Similar to the other exchanges, OKX also jumped on the Proof-of-Reserves bandwagon and hurriedly pumped out their version of Merkle-Tree proofs to show their customers that the name OKX does live up to its “OK” reputation. According to Glassnode, Proof of Reserves (PoR) displays the assets held on-chain and matching liabilities held both on and off-chain.

Before continuing, it helps if we know what is a Merkle Tree. It is essentially a data structure for a group of encrypted data. Each transaction, whether a snapshot of balances or a transaction itself, is encrypted, grouped together and further encrypted, layer after layer, like a Russian matryoshka doll, forming a tree-like structure.

OKX Merkle Tree
The Merkle Tree as explained by OKX. Image via OKX. 

What you’re really verifying is that the information presented in the Tree is correct. This can be your own assets (to show that they were included in the data encryption) or the assets held by the exchange. 

OKX PoR
What OKX currently has in their reserves. Image via OKX 

OKX offers up three types of data for verification by the public: users’ own assets in the exchange, OKX’s wallet addresses and assets and their own reserve ratio.

How Do Users Verify on Their Own?

Customers of OKX sign in to their account and click on “Audits” to view the recent audits done and “Details” to view the audit data. If you’d like to take a more active role in the verification process, OKX offers a guide on how to do so that involves copying data from your account, export to a .json file, and run it through a verification tool called “MerkleValidator”. This tool checks that the data is captured in OKX’s Merkle tree snapshot.

If you have time to spare and want to verify what OKX has, you can get a list of OKX’s public addresses and run them on Github to check the data.

OKX Public Addresses
Use these addresses to verify OKX's held assets. Image via OKX 

What Does it Really Mean?

While it’s all well and good that OKX has managed to prove that it has assets in its reserves, please bear in mind that these are snapshots, i.e. a moment frozen in time. What happens to the funds before and after the snapshots are taken is unclear.

Its website states that audits will be published regularly. How regular is that?

To be honest, unless audits are done in real-time on an up-to-the-minute basis, one can only rely on the integrity of the exchange.

OKX PoR Explanation
How PoR is defined by OKX. Image via OKX 

It is small comfort that OKX has moved up the food chain in Nic Carter’s PoR page from Informal asset attestations to the “Gold standard” PoR. Even so, they are listed as self-assessment instead of auditor-assisted, which is a small minus on my part.

OKX Review: Derivative Instruments & Leverage

So, what are derivative instruments? Well, they are an instrument that you can trade that "derive" their value from the price of some underlying instrument. In this case, they are cryptocurrencies.

Derivative instruments are leveraged, which means you can magnify your gains/losses many times over. At OKX, this can be up to 100x, depending on the trading pair.

So, for example, if you have a trade that has a leverage of 50X, it means that for a $1 move in the price of the underlying asset, your position will move by $50.

Now, let's take a closer look at the derivative instruments they offer at OKX.

OKX Futures

Futures are instruments whereby you agree to buy or sell some asset in the future at some predetermined time. These futures contracts are an obligation to buy/sell, which differs from options.

2FA Authentication OkEX
Payoff Diagram of a Long and Short Future Instrument

On OKX derivatives, they have futures instruments on 12 assets. These are the following: Bitcoin, Litecoin, Cardano, Polkadot, Ethereum, Ethereum Classic, Ripple, EOS, Bitcoin Cash, BSV, Filecoin and TRX. So, a pretty reasonable list.

These futures instruments have leverage of up to 100x. They have expiries that are weekly, bi-weekly, Quarterly, and Bi-quarterly. These contracts are settled every day at 8am UTC.

You can also elect to get your positions margined with either coins (crypto) or Tether (USDT). This will determine where the margin will come from.

Finally, you can elect to cross margin your futures account when it comes to futures. This means that margin can come from any one of your accounts at OKX.

OKX Perpetual Swaps

OKX terms these instruments at Perpetual Swaps, but they are sometimes called perpetual futures on other exchanges. So you can basically think about them as a traditional future except there is no expiry time.

You can hold a position without any time limit and withdraw your realized profits anytime with a perpetual future. For those of you who trade CFDs or spread betting instruments, a perpetual swap has the same payout profile.

It is called a "Swap" because you are swapping the returns for one asset for another. In this case, it is a cryptocurrency vs. the US dollar. Given that you are doing this, you will have to pay a funding rate.

What is a funding rate?

It is used to ensure that the perpetual swap price is anchored to the spot market. When the funding rate is positive, longs pay shorts; when it's negative, shorts pay longs. The exchange is not charged, but the fee between longs and shorts. 

OKEX Funding Rate
How The Funding Rate is Calculated

As is the case with the futures instruments, you have 100x max leverage, and you can choose to margin your position either with coins or with Tether. Also, the settlement on the perpetual swap occurs every 24 hours.

When it comes to asset coverage, you can trade up to 12 different assets. These include all of those that you can trade with the futures above and the addition of NEO, LINK, and DASH.

OKX Options

Options are derivative instruments that give the holder the right but not the obligation to buy or sell some asset in the future at some predetermined time. They are asymmetric payoff instruments.

We have an extensive guide on cryptocurrency options which you can read if you want more information. But the key thing to note is that you have a limited downside risk and an unlimited upside potential when you buy an option. This can be the opposite if you sell an option.

CALL & PUT Option
Payoff of a CALL option and a PUT option

There are CALL options that give you the right to buy, and then there are PUT options that give you the right to sell some asset. When buying an option, you are paying a premium to the counterparty and some trading fees to OKX derivatives. There is no margin required.

However, if you wanted to sell an option, this could be done, but you would have to request it. In addition, they will require a minimum balance in your account to cover for the event the position moves significantly away from you.

On OKX, there is currently only one asset that you can trade Options on: Bitcoin. When we checked into the platform, there were four option expiry times.

OKX Fees

When it comes to your trading profitability, one of the most important considerations is the trading fees at the exchange.

So, how does OKX stand here?

Quite good actually, OKX fees are among the lowest in the industry, so no need to worry about breaking the bank here. Of course, trading fees will differ according to your trading tier, what the instrument is, and how many OKB tokens you hold in your account.

Here is a snapshot of the maker/taker fees for spot trading:

OKX Fees
Image via OKX

OKX Fees on Derivatives- The fees vary based on your trading tier, the instrument you use, and the number of OKB tokens in your account. OKX uses a Maker/Taker Fee model for derivatives. Market makers can receive rebates if they generate over 100k in BTC trading volume on a 30-day basis, similar to other platforms like ByBit.

OKX Fees on Futures- There are two types of users: normal users and VIP users. Normal users have five different tiers based on their OKB token holdings. VIP tiers are determined by 30-day trading volume.

OKX Fees on Perpetual Swaps- Perpetual swaps have similar fees to normal Futures. To reach VIP status, you need to trade a minimum of 5,000 BTC. VIP users have slightly higher taker fees and higher maker rebates.

Perpetual swaps also have a funding rate, which is not a fee but reflects the difference between the funding rate on the cryptocurrency and USD. The funding rate is dynamic and changes every 8 hours.

OKX Fees on Options- Normal users' trading options have similar fees to perpetual swaps. VIP status can be achieved with a lower threshold of only 1,000 BTC. VIP users have the same trading fees for different levels.

I encourage you to check out the OKX page that covers the VIP levels and fees to learn more.

 OKX Inline 

To sum up the overall fee structure, OKX exchange fees are quite low, making this one of the more fee-friendly crypto exchanges in the industry. Coin Bureau readers can further lower the already rock-bottom fees by another 40% when they use our OKX sign-up link!

OKX Exchange Review: Registration

Ok, once you are ready to try out OKX you will need to create an account. You can hit "Sign Up" and sign up using an email address, phone number, or link to a Google account when you are on the website.

OKEX Registration
OKX Registration Process

We won't go into full details here on how to create an account as we have a dedicated article for that if you would like to see the step-by-step signup process broken down:

OKX.com: Verification & KYC

OKX requires that all account users complete KYC. You can find more information about the OKX KYC levels and limits from their support site.

To complete the first level of verification, all you need is an ID number, name, surname and place of residence. To reach level 2 verification and increase trading and withdrawal limits, you will need to upload copies of your ID documents and take a couple of selfies to confirm your identity.

This is all done through the use of Net Verify, which is a third-party KYC service.

Deposits/Withdrawals

Once your account is set up, you will need to fund your account. There are several ways to do this. These include fiat currency as well as crypto.

If you are buying with fiat, OKX uses several third-party services. These include the likes of Koinal, Simplex & Others. If you are using a bank wire, you can use Banxa, which offers SEPA and SWIFT banking services.

Payment Methods OKEX
Some Payment Methods at OKX

The quickest and most convenient method to purchase crypto with fiat is by using a debit or credit card. OKX also supports bank transfers, iDEAL, Advcash, ApplePay, SEPA, Sofort and Google Pay, depending on your location.

OKX Buy Crypto
Image via OKX

If you already have crypto and want to deposit, you will have to generate an address. This can be done in your "Assets" section of your account admin. Then, you will select the applicable token, which will generate a deposit address.

Once you have sent your funds over, you will have to wait for one confirmation before it is credited. If you would like to track your deposit, you can use a blockchain explorer.

Note 📝: When you have funded your account then you will need to move that over to your futures account

Withdrawals

Withdrawals are made in the same panel as your deposits. Before you withdraw, you will have to set up a funds transfer. This is basically a password that will allow you to confirm any withdrawals out of your account. Also, remember to be mindful of your withdrawal limits which are dependent on your tier and KYC verification level.

Warning ⚠️: When setting up your withdrawal password, be sure to use a different one from your login

Once you have set up your withdrawal password, you can go ahead and place your withdrawal amount and your offline address. Once you have made the request, they will process it, and you can monitor it on the blockchain.

Note that Fiat withdraws are not available in most countries, so you will likely need to find an alternative fiat offramp.

OKX Futures Platform

It's time to move onto the belly of the beast and examine their trading technology and platforms. While they all use the same user interface, they differ in terms of the functionality on the platform.

If you want to trade futures, you will first have to activate your futures account. To do this, you need to complete a few questions to make sure you are familiar with futures trading.

Once you are done setting up your futures trading account, you can begin trading once you have moved funds over from your trading account.

The UI of the trading platform is relatively intuitive. You have all of the markets that you can trade on the left. At the top, you can select the time to expiry and what currency you would like the funds to be margined in.

OKEX User Interface
OKX Futures User Interface

Just below that, you have your options in terms of leverage and how you would like your account to be margined. Just below that, you have your order forms, charts and historical order book 

Pro Tip 💯: You can expand the chart out to full screen and use it to conduct all of your technical analysis.

If you expand the chart, you will notice that you have two options to trade with. One is the default chart offered by OKX, and the other is the Tradingview chart. For those who know Tradingview, it is one of the most well-known third-party charting packages on the market, well-liked by technical analysts.

Then, just below the charts, you have the historical & live order section. This will list all of the orders you have running at OKX and your Unrealized PnL.

Then, you have some additional beneficial info to the left of this. For example, you can check out the index prices and mark prices. Remember that the mark price is the one that is used to settle the derivative instruments, whereas the index price is the one that is referenced to formulate the mark price.

For the Night Owls 🦉: You can switch the trading interface and make it a dark theme

Something that I really found quite helpful was their Trading Data tab. This gives you everything you need to know about what is going on in the OKX futures market. This includes:

  • Long Short Ratio: The ratio of longs and shorts in the market
  • BTC Basis: The difference between the future or swap price and the spot price.
  • Swap Funding Rate: Estimated fee rate on the perpetual swap.
  • Top Trader Sentiment Index: Percentage of Longs / Shorts held by the top 100 traders

OKX Margin

The first thing you should note is that the max-margin of 100x will depend mainly on the size of the position you currently hold.

If you pop on over to the position tiers guide, you will see that the 100x leverage (or 1% margin) only applies to those positions that are less than 3,000 contracts. As you take on more contracts, your leverage factor will decrease. This is because of an increase in the initial margin and the maintenance margin.

Position Tiers OKEX
Position Tier Guidance at OKX

 Then, when it comes to how this is margined from your account, you can either elect to have it margined in crypto (Coin margin) or margined in Tether.

Finally, you have the option to cross margin. This basically means that margin will be drawn from not only your futures account where the funds are but also from the other accounts where you have funds. We would advise against this, though.

OKX Perpetual Swap

If you want to trade perpetual swaps, it has much of the same UI as the Futures instruments. The only difference is that you can't change the expiry time.

Another thing that you should observe is the funding rate. This is dynamic and constantly changing, so be sure to monitor it before you place your trades.

You will also want to take a closer look at the position tier guides and how that will impact the margin requirement. They are slightly different for the higher tier limits than with Futures.

OKX Options Platform

When it comes to the options platform, the layout is similar, although the functionality is quite different.

There are several ways in which you can buy an option. Perhaps the most user-friendly manner is to use the options Discovery tool. This allows you to hone in on the ideal option for your trading conditions.

Using the Options Discovery tool will also draw you out a neat payoff diagram where you can see the profit/loss that will incur for said option. Once you are OK with the set parameters, it will take you to the market for the said option.

Options Trading OKEX
Options Trading Functionality at OKX

However, if you want to look at the broader market, you can go to "All Options". This UI is similar to that of the likes of Deribit for those of you who have used that exchange. You will see an overview of all of the PUTs and CALLs and the different expiries.

Note 📝: Those options that are out-of-the-money are much less liquid than those closer to the money.

Once you have selected the option you want to trade, either through option discovery or All Options, you will have a similar trading interface to the Futures and Swaps.

Something that you should note, however, is that you only have one order type that you can take out on the option. This is a Limit order. So you don't need to place any stops; however, as you know, your downside is limited.

Finally, there is a dropdown at the top of the charts where you can observe the "Greeks" of the options. These are basically the factors that determine the option price sensitivity. We won't go into the specifics of the Greeks here, but Guy did a complete video on that.

Order Forms

I wanted to go over the order forms separately as these are quite comprehensive, and you have a lot of functionality here.

This is more the case with the futures and swaps than with the options. Below is your typical order form for the swap/future. As you will see, you can either open or close your orders with opposing types.

Order Forms & Types
Order Forms & Order Types

For these orders, you have 6 different order types. This is much more than we have seen at other exchanges and gives the trader many more tools to work with. The order types are:

  • Limit Order: These orders are good till cancelled. They are simply orders that are placed at some predefined level.
  • Advanced Limit: This is a standard limit order with more functionality around how you would like the order to be executed. For example, it could be Post Only, Fill-or-Kill or Immediate or Cancel. "Post Only" is a standard order. Fill or Kill will execute the entirety of the order or kill it. Immediate or Cancel will execute it now at the best price or cancel
  • Stop Limit: This is an order placed only once a specific trigger price is met. Once the trigger price is met, a standard limit order is placed.
  • Trail Order: With this order, a limit order will be placed once the price has retraced after breaking a certain trigger level. This is called the "Callback Rate."
  • IceBerg Order: This is an order that allows a trader to place a large order without incurring too much slippage. This order automatically breaks up a user's large order into multiple smaller orders.
  • Time-weighted average price (TWAP): TWAP is the average price of the order over a specified period of time. It is basically a strategy that will attempt to execute an order that trades in slices of order quantity at regular intervals. The fill price equals the TWAP price.

If you struggle with any of these order types, you can always check out the OKX derivative docs. They go over them in quite a lot of detail. Okay, that sums up the trading features of OKX; let's look at what else the platform has to offer.

OKX Review Features

As mentioned, OKX has decided to dive into the world of NFTs, metaverses and GameFi, DOT slot auctions, Earn, OKX Pool and more, so there is a lot to unpack here.

OKX
Bold Ambitions! Image via OKX 

OKX EARN

Don't just HODL. Earn. OKX is a great place for users to earn a nice little APY on their crypto stacks. Major exchanges such as Binance and KuCoin have launched earn sections on their platforms, and OKX wasn't going to sit out on this widely popular crypto feature.

OKX Earn
Image via okx.com/earn 

OKX offers multiple ways for users to earn on their crypto with products suited to all skill levels and risk appetites. The earn section features products ranging from simple and safe savings accounts to high-risk and more advanced dual investment options. We won't go into detail about all the earn products here as you can find out more in our dedicated OKX Earn article, but here are the products available:

Simple Earn- A place for users to earn APY with idle assets. This area includes savings and staking for low-risk earn options.

Structured Products- These are innovative financial instruments that earn interest from the derivatives market. This area includes products like Shark Fin, Dual Investment, Dual Investment Lite, and Snowball.

On-Chain Earn- This area includes on-chain earning opportunities from DeFi protocols and PoS staking

OKX DeFi

OKX have taken the dive into DeFi. Essentially, users on the OKX platform can access the benefits of popular DeFi platforms: Aave, Compound Finance, Sushiswap, and others through the platform.

OKX DeFi
Image via OKX 

What is great about this feature is that it allows users to access the potential of DeFi without having to go through the harsh learning curve associated with learning how to use DeFi protocols. OKX acts as the gateway. They handle the complex DeFi stuff behind the scenes while users benefit from OKX's simple-to-use interface.

DOT & Kusama Slot Auctions

This is an interesting feature in the Earn section. OKX have gotten involved in the Polkadot ecosystem and community and have provided a way for its users to get involved in slot auctions. The complexities of DOT and KSM slot auctions are outside the scope of this article. Feel free to check out Guy's detailed video about Polkadot Parachain Auctions to find out more.

OKX Slot Auctions
Image via OKX 

Essentially, this allows users to easily and freely vote on proposals for future DOT and Kusama projects. The most significant benefit is that OKX covers all the fees involved with voting. In addition, if the project that a user supports wins the auction, the User receives rewards for voting. Users who participate in early bird voting also earn exclusive rewards from OKX and the project teams. This is an effortless way to get involved with slot auctions.

OKX Jumpstart

I told you there was a lot to unpack here. OKX have launched their token sale platform, which they call Jumpstart. This platform helps new projects launch and grow their communities. Users can participate in campaigns by staking their OKB tokens and receiving the tokens from new projects based on the user's staked amounts.

OKX Jumpstart
Image via OKX 

Jumpstart gives users a chance to earn tokens from projects before they launch to the public. Getting into projects early and being among the first to acquire tokens from projects in their early stages is a great way to help boost your portfolio's performance. As history often shows, once a project goes public, its tokens have a good chance of going to the moon.

The OKB Token

The OKB token is the native utility token of the OKX ecosystem, offering users a plethora of benefits and powering various on-chain activities. As an ERC-20 token on the Ethereum mainnet, OKB has a capped supply of 300 million units. OKB holders enjoy trading fee discounts, with up to a 40% reduction based on the amount of OKB held. The token also grants access to OKX Jumpstart, a platform that unveils new, quality crypto projects, allowing users to invest using OKB. OKB plays a role in listing votings, where holders can use their tokens to vote for their preferred new listings on the exchange. Additionally, OKB is accepted by external services, thanks to OKX's partnerships with various businesses. A buyback and burn program is in place to enhance OKB's value, utilizing 30% of the spot market trading fees to purchase and burn OKB tokens periodically. OKB tokenomics and its integration with the OKC chain encourages long-term holdling and adds several layers of utility for the token.

MetaX- OKX Wallet

MetaX, also referred to as simply the OKX Wallet is a smart wallet that supports multichain features with over 15 different blockchain networks and over 1000 DeFi protocols.

MetaX
Image via okx.com/metax 

OKX aimed to create a versatile platform that will make navigating the world of DeFi a breeze, and all from one place. Anyone into DeFi understands the pain points involved in bouncing between a dozen different DeFi platforms and crypto-wallets. MetaX is a one-stop solution that integrates multiple DEXs, allows users to create, manage, and trade NFTs, and explore over a thousand DApps with one click. Talk about convenience!

OKX NFTs
Explore NFTs with MetaX 

MetaX could be a serious game-changer in leading to crypto mass adoption. One of the most considerable barriers to crypto adoption and DeFi is the complexities and learning curve. So the fact that OKX has built a bridge connecting a user-friendly CeFi interface with the powerhouse of DeFi deserves a standing ovation. You can learn more about the feature-packed OKX Wallet in our OKX Web Wallet Review.

OKX Review Mobile App & PC Client

For those who are on the go, you may need to monitor your positions from a mobile device. That is why OKX have developed their own trading application.

OKX app
Image via Google Play Store 

The OKX app is one seriously powerful piece of software that fits in your pocket. This app allows trading on all markets at OKX, including their futures and spot markets and margin trading. In addition, the mobile app gives users the ability to explore their NFTs and GameFi apps (among others). We won't go into too many details about the OKX app as we have a full dedicated OKX App review where you can learn more about it, but the TL;DR is that the app does make all the functions and features a breeze to navigate to and access, making the OKX app one of the more robust, useful, and easy-to-use crypto apps available.

As for PC clients, OKX has developed a program available on both Mac & PC clients. This is just as functional as the web-based trading platform, although it is likely to be a bit faster.

OKX API & Trading Bots

For those of you who like to code trading algorithms or use trading bots, you will be happy to know that OKX has a pretty robust API with a number of endpoints. They have both a REST as well as a WebSocket version.

There is also an extensive list of SDKs that would allow you to develop bots and trading algorithms in a programming language that you know. These include the likes of Java, node, Python, C++, Go, C#. There are extensive OKX Developer docs that you can check to learn more about APIs and developer tools.

If you want to use the API, you need an API key. You can get this in your account by heading over to your username and then hitting "API". Here you will select "My API", where you will be able to create your own key with the following parameters.

OKEX Key Generation
API Key Generation Parameters at OKX

Note that the "Link API" is if you would like to bound the API key to a specific IP address. This would mean that only this IP could send commands to the API. Once you have created your key, you can place it in your code to start trading.

Warning ⚠️: Although there are certain bot services that are offered online, we would discourage giving them your API key. Many of these are illegitimate and use your trading account for illegitimate means.

OKX Bots

OKX has a fantastic selection of pre-made and useable bots ready to put your trading on autopilot and trade around the clock for you. OKX has one of the best platforms for auto-trading enthusiasts, but we won't go into detail about it here as we have a dedicated OKX Bot Review where we do a deep dive.

OKX Vs Other Exchanges

If you want to see how OKX Stacks up against some of the other major exchanges in the industry, feel free to check out our head-to-head comparison articles:

And see how OKX Stacks up against other exchanges in our Top Exchanges Compared article.

OKX Customer Support

This is one of those critical things for me. We are all well aware of the frustrations of waiting forever to get a response from an exchange on our queries.
Thankfully, with OKX, you have a pretty strong support function that can help users. In addition, there are a vast amount of resources and touchpoints that you can utilize at the main exchange.

Okex Support
Reaching out to Live Chat

Perhaps one of the quickest ways to get hold of an agent is through their live chat function. Either they will have an agent available to speak to you live, or they will email back in response to your query.

Although live chat is the most convenient option, sending a support ticket is also an option through the platform or via email. Telegram support is also available, but please always be careful utilizing Telegram support groups. There are hundreds of scammers pretending to be customer support, so remember that no support staff will ever ask for passwords, private keys, secret phrases, or ask for you to send them funds.

Pro Tip ✅: If you would like to chase up your support ticket, then you can hit them up on their Telegram

Of course, there is no need for you to reach out if you can find the required information in their support centre. They have most of the answers that other users have posted, and it is indeed quite comprehensive.

OKX Community & Academy

We really liked OKX because they have a pretty strong community around it with numerous telegram & Facebook groups. This is an excellent way to bounce some trading ideas off fellow local traders.

I also need to give the OKX team kudos as they have placed a strong emphasis on crypto education through their fantastic educational section- the OKX Academy. This has got everything you need to know, from simple trading guides to more advanced resources such as how to trade options and futures and bespoke trading strategies and general crypto info.

OKX academy
The OKX Academy is a Great Resource for Everything Crypto Image via okx.com/academy 

Finally, there is also a pretty handy glossary where you can learn about a whole host of terms and information. This could be ideal if you are unfamiliar with certain terms on the platform.

Conclusion

In summary, we really like the OKX platforms. Not only does it have the advantage of being backed by one of the largest trading platforms in the world, but it is also really well-designed. OKX has really upped their game by adding all the other great features.

The innovation behind the platform to pursue so many different avenues of blockchain is fantastic to see. While OKX started off as a robust trading platform, it has drawn crypto users from various backgrounds and interests and is growing in popularity.

The option to demo trade makes OKX a great place for beginners to learn the craft of trading and the platform is highly functional and really easy to use. This is best illustrated with their options instruments.

There are, of course, areas for improvement. For example, you only have Bitcoin options to trade at the moment. There is also relatively limited liquidity for the options market, especially out-of-the-money ones.

 Telegram Inline 

So, is the OKX platform worth using?

Well, if you are interested in NFTs, high APYs, HODLing, GameFi, and crypto trading with low fees, then you can't really go wrong with this all-in-one platform. For active institutional and retail traders looking for a highly functional yet simplistic trading interface developed by a well-respected global exchange, then it is well worth a spin.

👉 Sign up for OKX and receive an exclusive 40% trading fee discount for life!

Going to trade a lot? Get in touch with Tom on Telegram for a bespoke OKX VIP Deal @TomCoinBureau

Warning ⚡️: Trading leveraged futures products is incredibly risky. Make sure that you practice adequate risk management

Frequently Asked Questions

Is OKX Legit?

Yes, OKX is an established crypto exchange and follows industry best practices in keeping customer funds safe. They are used by millions of customers worldwide and have generally positive reviews and customer experiences. However, as with every centralized exchange, there is always a risk of hack attempts.

Is OKX a Good Exchange?

Yes, OKX is a very popular crypto exchange and is a prime contender with the likes of Binance and OKX. They have excellent asset support, extra features, and a plethora of tools which customers can utilize for their trading, hodling, and earning needs. They are one of the most popular and well-respected cryptocurrency exchanges in the industry.

Is OKX Available in the United States?

OKX is not available for users located in the United States. Crypto traders in the US should consider Kraken, Binance US or Coinbase.

Where is OKX Located?

OKX is currently headquartered in Seychelles with a location also in Malta.

Tayler McCracken

Providing financial education to those who need it most has always been a passion of mine. While working as a Financial Advisor, I had my eyes opened to the world of crypto and its potential to help make the world a better place. I believe that blockchain technology can build a brighter future and am excited to be part of it. If you appreciate the work that I do and enjoy my content, you can find the links to all my socials at pip.me/TaylerTBM

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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