OKX Review
OKX offers low fees, but it's not available to U.S. investors
Join OKX https://www.okx.com/join/26144586
Introduction
OKX is a cryptocurrency company offering a crypto exchange and a suite of additional services. The Seychelles-based exchange is widely available to users worldwide but notably not available in the United States. OKX may be a good choice for global cryptocurrency traders looking to buy and sell with low exchange fees.
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With an account at OKX, you can easily buy crypto using a card, bank account, or mobile wallet. It also offers exceptionally high yields in some cases when participating in staking or saving features. While it’s not the biggest cryptocurrency exchange on the block, it does a good job of supporting a large number of currencies and a wide range of services. If you’re looking to manage your cryptocurrency activity with one login, OKX could meet your needs.
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Company Overview
OKX was founded in 2017 and maintains a headquarters in Seychelles, with additional offices around the world. According to CoinMarketCap, OKX is the 18th largest cryptocurrency exchange in the world by volume.1 The site claims over 20 million users in more than 100 countries. They don’t take users from the United States due to regulatory and compliance concerns.
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If you’re in an area that works with OKX, you can create an account that gives you access to trade 343 spot currencies.1 OKX also supports margin borrowing, earning cryptocurrency through staking and savings, cryptocurrency-backed loans, and advanced products, such as mining pools and its own blockchain, called OKExChain. OKX could work as an exchange you use in addition to a third-party cryptocurrency wallet or your primary place for crypto-related activities.
Cryptocurrencies Available on OKX
With over 300 cryptocurrencies supported, there’s not enough room to list them all in our OKX review. There are 343 currencies on the exchange total.2 Here’s a glance at the top currencies traded on OKX by volume:
- Bitcoin
- OKB
- Terra
- Ethereum
- TRON
- Avalanche
- APENFT
- Solana
- Polygon
- JUST
- XRP
- Yearn.finance
- Dogecoin
- Polkadot
- Shiba Inu
OKX supports a large number of the most popular currencies. If there’s a coin you’re looking for, there’s a good chance you’ll find it at OKX.
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Trading Experience
Like many large cryptocurrency exchanges, OKX offers a simple trading form that works well for beginners alongside an active trading platform for intermediate to expert traders.
The basic forms to buy and convert cryptocurrency are simple and intuitive. This is good for people new to cryptocurrency looking to buy their first Bitcoin, Ethereum, or any other supported currency.
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Fees
OKX breaks currencies down into different pricing tiers that vary based on trade volume and account holdings. For spot trades, the most you will pay is 0.10%. High-volume traders and those with a large holding in the OKB currency may qualify for discounts. Futures, swaps, and options have their own rate schedules with varying fees.
One big downside of OKX is that it doesn’t disclose fees for deposits and withdrawals. While much of OKX is transparent, hidden cost details are a red flag that may send you to another exchange with transparent fee schedules.
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Opening an OKX Account
Opening an account is easy for anyone outside of the United States. If you’ve ever signed up for another cryptocurrency exchange or stock market brokerage account, you will find a familiar experience at OKX.
You’ll get started by registering an account using your personal contact information. To access all the trading features OKX offers, you’ll need to complete its KYC (know your customer) requirements. A Level One KYC-verified account requires entering basic information, including a government identification number. Level Two requires uploading a picture of their ID and a selfie through partner Netverify. For Level Three, you’ll have to agree to a disclaimer.
Unverified accounts can withdraw up to 10 BTC per day and trade up to $500, while higher levels give you higher withdrawal limits and transaction limits.
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