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OKX cryptocurrency exchange review

Trade more than 325 cryptocurrencies on one of the world’s largest digital asset exchanges.

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Must read: OKEx has rebranded to OKX

OKEx rebranded to OKX in January 2022 as it shifts towards a more decentralised model for its cryptocurrency platform.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is OKX?

OKX is a digital asset trading platform with tools and options designed to suit both beginner and experienced traders. As well as spot trading of cryptocurrencies, it also allows fiat-to-crypto transactions and futures trading.

Founded in 2014 and incorporated in the Seychelles, OKX is operated by OKX Technology Company Limited.

Which cryptocurrencies can I buy/sell?

  • Supported fiat currencies: USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP
  • Supported cryptocurrencies: Approximately 340 cryptocurrencies

Available countries

OKX offers its crypto trading services to users in more than 100 countries around the world. However, if you’re unsure whether you’ll be able to access OKX from your country of residence, contact the platform’s support team for more information.

Which payment methods are accepted?

You can deposit funds into an OKX trading account using the following methods:

  • Cryptocurrency transfer
  • Bank transfer
  • Alipay
  • WeChat Pay

However, you’ll need to provide your name, country of residence and proof of ID before you can make a fiat deposit.

How much will it cost me to use OKX?

The tables below outlines the maker and taker fees that apply when trading on OKX as a regular user.

Spot trading

Tier30-day trading volumeMaker feeTaker fee24-hour withdrawal limit
Level 1less than 5,000,00000.080%0.0100%10,000,000
Level 2less than 5,000,0000.075%0.095%10,000,000
Level 3less than 5,000,0000.070%0.090%10,000,000
Level 4less than 5,000,0000.065%0.085%10,000,000
Level 5less than 5,000,0000.060%0.080%10,000,000

Futures trading

Tier30-day trading volumeMaker feeTaker fee24-hour withdrawal limit
Level 1less than 50,000,0000.020%0.050%10,000,000
Level 2less than 50,000,0000.018%0.045%10,000,000
Level 3less than 50,000,0000.017%0.040%10,000,000
Level 4less than 50,000,0000.016%0.035%10,000,000
Level 5less than 50,000,0000.015%0.030%10,000,000

Are there any transfer limits?

The maximum amount you can withdraw from your OKX account in each 24-hour period varies according to your trading volume, as outlined in the table below.

Tier30-day volumeFutures trading24-hour withdrawal limit
Level 1Less than 600 BTCLess than 10,000 BTC100 BTC
Level 2600 – 1,199 BTC10,001 – 19,999 BTC150 BTC
Level 31,200 – 2,399 BTC20,000 – 29,999 BTC200 BTC
Level 42,400 – 11,999 BTC30,000 – 59,999 BTC250 BTC
Level 512,000 – 23,999 BTC60,000 – 99,999 BTC300 BTC
Level 624,000 – 59,999 BTC100,000 – 199,999 BTC400 BTC
Level 760,000 – 119,999 BTC200,000 – 299,999 BTC500 BTC
Level 8120,000+ BTC300,000+ BTC1,000 BTC

Maximum limits also apply to individual transactions and to the amount you can trade each day. The limits for a selection of popular currencies are shown in the table below.

CurrencyTransaction limitDaily limit
Bitcoin100 BTC500 BTC
Litecoin10,000 LTC10,000 LTC
Ether1,000 ETH1,000 ETH
Ethereum Classic10,000 ETC50,000 ETC
Tether500,000 USDT500,000 USDT

Finally, the transaction limit when placing a fiat-to-crypto trade varies depending on the level of account verification you have completed. After submitting your name, country of residence and ID number, you’ll be able to access a single transaction limit of RMB800 (Chinese renminbi). This limit can be raised as high as RMB1,000,000 per transaction by submitting additional information.

Is it safe to use OKX?

You can sign up for an account with OKX simply by providing your email address and creating a password. This allows you to start trading crypto-to-crypto, but if you want to make a fiat deposit or withdraw any funds from your account, you’ll need to provide additional personal details.

OKX also supports a few key features which users can access for additional security, including:

  • 2-factor authentication
  • Mobile verification codes for withdrawal, changing password and security settings
  • Anti-phishing codes with every email from OKX

Customer support

If you have any problems with your account or have a query about a transaction, OKX offers a handy online support centre with answers to a wide range of frequently asked questions. However, if you can’t find the answer you’re looking for, you can submit an online support request, open a live chat window or email support@OKX.com.

Pros and cons

Pros
  • Buy and sell more than 325 cryptocurrencies
  • Leverage trading and futures trading available
  • Desktop client and mobile app available
  • Competitive trading fees
  • Large trading volume
  • Simple and straightforward trading interface
  • Established company

Cons

  • Futures trading is only for experienced traders and should be avoided by beginners

Disclosure: At the time of writing, the author held IOTA and XLM.

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