OKX Review 2024 – Fees, Features, Pros, Cons & More

OKX Overview

OKX was launched by Star Xu in 2017. The crypto exchange quickly became one of the largest global players, with over 50 million users as of 2024. Currently, OKX headquarters are located in Seychelles. The primary focus of OKX is on derivatives trading, making it one of the best platforms for leverage trading. But what else does OKX have to offer, and is their platform really good?

In this OKX review, we will dive into every detail you need to know about.

 

OKX Pros & Cons

✅ OKX Pros	❌ OKX Cons
Excellent derivatives trading	Not available in the US
125x leverage	Lacks fiat support
Low fees	Only 300 cryptos supported
Deep liquidity
24/7 live chat support

 

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OKX Products & Services

OKX is one of the largest crypto exchanges with tons of products and features. Traders can access spot and futures trading for over 320 assets. For experienced crypto futures traders, OKX offers up to 125x leverage via perpetual futures trading.

The crypto derivatives market on OKX is one of the best in the industry, with over 300+ futures contracts and lightning-fast order execution.

Another great feature on OKX is copy trading, which allows you to automatically copy the trades of experienced traders. Other passive income ways on OKX are staking and liquidity providing. Overall, OKX has a lot to offer when it comes to passive income products.

If you don’t own cryptos yet, you can easily deposit funds on OKX using your credit/debit card or bank transfer. Over 20 fiat currencies are supported for instant purchases, including EUR, GBP, CAD, USD, AED, and more.

OKX users with an audience can join the referral or affiliate program. By inviting new users, they can earn up to 50% commissions from their invitees’ transaction fees.

For mobile users, OKX offers an app. The app is available for Android and iOS phones with a 4.5/5 star rating. After testing over 50 crypto exchange apps, we consider the OKX app to be a great option for crypto traders looking to trade on the go.

 

OKX Trading Features

Spot Trading

OKX offers spot trading for over 300 different coins. Overall, OKX is very well-designed and user-friendly; however, the dashboard may look overwhelming to beginners due to the sheer load of information. Yet, this information is crucial for your trading success.

With integrated real-time TradingView charts, you can do your analysis directly on OKX.

 

Futures Trading

OKX offers a high-performance derivatives trading platform with futures contracts trading for over 210 different cryptos. The maximum leverage is 125x on selected assets such as Bitcoin or Ethereum.

What we love about OKX is its well-designed interface, which ensures a seamless trading experience for beginners and professionals alike. OKX is one of the fastest and most powerful crypto exchanges we have tested.

With a daily trading volume regularly surpassing $20 billion (according to coinmarketcap), OKX is one of the largest crypto exchanges in the world.

 

Copy Trading

OKX offers crypto copy trading for the futures market. You can analyze the historical performance of experienced traders. With just a few clicks, you can set up a copy trading account, which automatically takes the exact same trades as your selected trader.

While this may seem like a great way to earn passive income, it is crucial to keep in mind that trading is always risky. The lead trader can also have a bad month, leading to losses. Even when you find a good trader to copy, you should always stick to risk management rules and never put all your eggs into one basket. Diversifying your funds across multiple copy traders can protect you from volatility.

 

Options Trading

If you are interested in crypto options trading, you should definitely give OKX a try. As of 2024, OKX offers options trading for Bitcoin and Ethereum. The dashboard is well-designed, and you can buy put and call options on OKX easily. This is a rather rare feature, as only very few crypto exchanges offer options trading. So, if you are an advanced crypto trader looking for an options trading platform, OKX might be your best shot.

 

OKX Fees & Costs

Spot Trading Fees

OKX spot trading fees start at 0.08% maker and 0.1% taker. With the native OKX Token (OKB), you can unlock additional fee discounts. These fees are slightly cheaper than the industry standard. When considering the OKX token discount, OKX actually has very fair fees and beats most of the competition.

 

Futures Trading Fees

OKX futures trading fees start at 0.02% maker and 0.05% taker. With the native OKX Token (OKB), you can unlock additional fee discounts.

Based on your monthly trading volume, you can reduce your OKX trading fees to as low as -0.005% maker and 0.015% taker when reaching the VIP 8 level. 

Overall, OKX has low fee rates, favoring their traders. Compared to other crypto exchanges, OKX has low default fees and even better fee discounts for active traders with high trading volume.

 

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OKX Deposits & Withdrawals

Deposits

OKX supports multiple networks for crypto deposits without fees.

For fiat purchases, OKX supports 20+ fiat currencies, including EUR, GBP, or USD, through multiple payment methods:

• Credit/Debit card
• Bank transfer
• Third-party payments
• Google and Apple Pay
• Advcash
• P2P Trading

Fiat deposit fees range from 1% to 3% based on your fiat currency and payment method.

 

Withdrawals

The OKX crypto withdrawal fees are dynamic and are based on the respective network capacity. Some cheap options are TRC20 and BEP20, which cost around $1 per transaction.

OKX supports multiple networks for crypto withdrawals, including:

• TRC20
• BEP20
• ERC20
• TIA
• SOL
• DYM

OKX doesn’t offer fiat withdrawals.

 

OKX Customer Support

OKX offers 24/7 live customer support via live chat. The average response time is 3 minutes. Overall, OKX staff seems to be knowledgeable and helpful.

Additionally, OKX offers email support and a comprehensive help center with tons of articles and guides.

 

OKX Security

OKX stores customer funds in multisig cold storage wallets. While we consider OKX to be a secure crypto exchange, we advise you to store your cryptos in a personal wallet.

Additionally, OKX provides proof of reserves, meaning that all customer assets are backed by OKX with at least 100%.

 

OKX Signup & KYC

OKX requires KYC verification. Without KYC verification, you can not use OKX. In order to verify your identity, you must submit personal details:

• Personal Details
• Government-issued ID
• Selfie
• Proof of address

Higher KYC levels unlock higher withdrawal limits on OKX.

 

OKX Review Summary

OKX is one of the best crypto derivatives exchanges in the world. The exchange offers crypto traders a high-performance platform to execute their trades in real-time.

On top of that, OKX offers low fees and deep liquidity, ensuring a smooth trading experience. In fact, OKX has some of the best liquidity in the cryptocurrency industry, ensuring flawless order execution, even for large traders.

The 24/7 live chat support is reliable and quickly assists when encountering an issue. Overall, we consider OKX to be a top choice for crypto traders.

 

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FAQ

Is OKX legit?

Yes, OKX is a legitimate crypto exchange with over 50 million users.

 

Does OKX require KYC?

Yes, OKX requires KYC verification. Without identification, you can not use OKX.

 

Is OKX available in the US?

No, OKX is not available to US citizens due to regulatory issues.

 

What are OKX fees?

OKX spot fees are 0.08% for makers and 0.1% for takers. OKX futures fees are 0.02% maker and 0.05% taker. You can also hold the OKB token for additional fee discounts.