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.
OKX cryptocurrency exchange review
Trade more than 290 cryptocurrencies on one of the world’s largest digital asset exchanges.
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Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.
36
Fiat currencies
340
Cryptocurrencies
Details
| Product Name | OKX Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 26 more |
| Cryptocurrencies | BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BNB, DAI & 331 more |
| Deposit Methods |
Bank transfer (ACH) |
| Trading Fee |
Maker: 0.005-0.08% Taker: 0.02-0.1% |
| Deposit Fees | Fees vary |
| Withdrawal Fees | Fees vary |
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 margin trading.
Founded in 2014 and incorporated in Belize, OKX is operated by OKX Technology Company Limited. The platform announced in April 2018 that it was planning on opening an office on the cryptocurrency-friendly island nation of Malta, offering its services to millions of users in over 100 countries.
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, including the UK. 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 outline the maker and taker fees that apply when trading on OKX.
Spot trading
| Tier | 30-day trading volume | Maker fee | Taker fee | 24-hour withdrawal limit |
|---|---|---|---|---|
| Level 1 | 600 BTC or less | 0.15% | 0.2% | 100 BTC |
| Level 2 | 601 – 1,199 BTC | 0.14% | 0.19% | 150 BTC |
| Level 3 | 1,200 – 2,399 BTC | 0.13% | 0.18% | 200 BTC |
| Level 4 | 2,400 – 11,999 BTC | 0.12% | 0.17% | 250 BTC |
| Level 5 | 12,000 – 23,999 BTC | 0.11% | 0.15% | 300 BTC |
| Level 6 | 24,000 – 59,999 BTC | 0.08% | 0.11% | 400 BTC |
| Level 7 | 60,000 – 119,999 BTC | 0.05% | 0.08% | 500 BTC |
| Level 8 | 120,000+ BTC | 0.02% | 0.05% | 1,000 BTC |
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.
| Tier | 30-day volume | 24-hour withdrawal limit |
|---|---|---|
| Level 1 | Less than 600 BTC | 100 BTC |
| Level 2 | 600 – 1,199 BTC | 150 BTC |
| Level 3 | 1,200 – 2,399 BTC | 200 BTC |
| Level 4 | 2,400 – 11,999 BTC | 250 BTC |
| Level 5 | 12,000 – 23,999 BTC | 300 BTC |
| Level 6 | 24,000 – 59,999 BTC | 400 BTC |
| Level 7 | 60,000 – 119,999 BTC | 500 BTC |
| Level 8 | 120,000+ BTC | 1,000 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.
| Currency | Transaction limit | Daily limit |
|---|---|---|
| Bitcoin | 100 BTC | 500 BTC |
| Litecoin | 10,000 LTC | 10,000 LTC |
| Ether | 1,000 ETH | 1,000 ETH |
| Ethereum Classic | 10,000 ETC | 50,000 ETC |
| Tether | 500,000 USDT | 500,000 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
Whilst crypto trading isn’t regulated in the UK, the Financial Conduct Authority (FCA) maintains a register of crypto firms that have passed its AML and counter-terrorism checks. However, OKX has no UK entity and therefore you won’t find it on the FCA’s register.
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 290 cryptocurrencies
- Margin trading available
- Desktop client available
- Competitive trading fees
- Large trading volume
- Simple and straightforward trading interface
- Established company
Cons
- Mobile app still in beta testing phase
- Margin trading is only for experienced traders and should be avoided by beginners
Disclosure: At the time of writing the author held IOTA and XLM.
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
