OKX Review 2024

OKX is a centralized cryptocurrency exchange founded in 2017. Its country of registration – Seychelles. On 8 April 2024 the number of trading pairs available for trading: 506. OKX last 24-hour trading volume is $3,812,031,382. It changes to +73.61% compared to the previous 24-hour period. BTC/USDT is the most popular trading pair, its trading volume is $1,018,862,071 in the last 24 hours. The exchange has 9 of 10 possible reliability scores and provides clients with access to fiat currencies.
Volume (24h)
$3,812,031,382+73.61% ↑
Pairs
506
Rating
9 / 10
Country of registration
Seychelles
Fiat
TOP 10 pairs by volume
Pair
Price
24h Volume
Spread
Price change in 24h
Pair
BTC/USDT
Price
$71,631.00
24h Volume
$1,018,862,071
Spread
+0.01%
Price change in 24h
+$2,315.00 ↑ / +3.34%
Pair
ETH/USDT
Price
$3,640.13
24h Volume
$575,648,112
Spread
+0.01%
Price change in 24h
+$239.56 ↑ / +7.04%
Pair
SOL/USDT
Price
$180.20
24h Volume
$178,825,005
Spread
+0.02%
Price change in 24h
-1.070 $ ↓ / -0.59%
Pair
DOGE/USDT
Price
$0.20237
24h Volume
$162,450,921
Spread
+0.01%
Price change in 24h
+$0.0019140 ↑ / +0.95%
Pair
BTC/USDC
Price
$71,631.00
24h Volume
$91,458,583
Spread
+0.01%
Price change in 24h
+$2,315.00 ↑ / +3.34%
Pair
PEPE/USDT
Price
$0.000007600
24h Volume
$84,184,762
Spread
+0.01%
Price change in 24h
+$0.00000034000 ↑ / +4.68%
Pair
ORDI/USDT
Price
$75.32
24h Volume
$82,913,313
Spread
+0.01%
Price change in 24h
+$1.620 ↑ / +2.20%
Pair
ETH/USDC
Price
$3,640.13
24h Volume
$74,312,518
Spread
+0.01%
Price change in 24h
+$239.56 ↑ / +7.04%
Pair
ETH/BTC
Price
$3,640.13
24h Volume
$65,368,212
Spread
+0.02%
Price change in 24h
+$239.56 ↑ / +7.04%
Pair
LTC/USDT
Price
$103.28
24h Volume
$61,920,094
Spread
+0.02%
Price change in 24h
+$0.010000 ↑ / +0.01%

    OKX is a cryptocurrency platform that includes a crypto exchange and a set of additional services, such as MetaX (decentralized multi-chain wallet) and NFT marketplace. Recently, the exchange has made a rebranding, changing the name from the old “OKEX” to the new “OKX”. Thus, announcing the expansion of functionality towards the DeFi segment.

    By registering on Okex, you can easily buy cryptocurrency using a card, bank account or mobile wallet. The site also provides investment services: staking, etc. The exchange is popular with various market participants: traders can find a large number of trading pairs here, and investors will be happy to have ample opportunities to receive passive income from investments in the crypto market.

    Account registration and verification

    If you want to use all the features of the exchange and withdraw up to 500 BTC per day, you need to register and pass through verification.

    To create a new account on OKX follow the instructions:

    1. Сlick Sign up in the upper right corner of the main page of OKX;
      Registration on the OKX exchange
      Registration on the OKX exchange
    2. Enter e-mail → password → click Sign up;
      Registration on the OKX exchange
      Registration on the OKX exchange
    3. Enter the six-digit code that came to your e-mail;
    4. Registration completed.

    To pass KYC (identity verification), the user will need:

    1. Go to account settings and select Verification;
    2. Click Confirm on the opened page opposite Individual account;
      Verification on the OKX exchange
      Verification on the OKX exchange
    3. Select citizenship → write down first and last name → enter the ID of the identity document;
      Verification on the OKX exchange
      Verification on the OKX exchange
    4. Verification completed.

    You can pass higher levels of verification, it’ll give you more options for withdrawing funds and trading. Details about verification levels can be found on the official website of the platform.

    Account Protection

    For better securing of account, you need to set up 2FA (two-factor authentication). Follow the next steps for this:

    1. Click on the profile icon in the upper right corner of the main page of OKX;
    2. Select Security settings;
    3. Click on Set next to authenticator app;
      Two-factor authentication on the OKX exchange
      Two-factor authentication on the OKX exchange
    4. Log into Google Authenticator from your phone → scan the QR-code;
    5. Click Get Code → enter the confirmation code that came to your email;
    6. Write down the code that is specified in Google Authenticator → Confirm;
      Two-factor authentication on the OKX exchange
      Two-factor authentication on the OKX exchange
    7. Two-factor authentication passed.

    Account registered. What’s next?

    In order to start trading, you need to replenish your account, carefully figure out the functionality of the exchange and the withdrawal rules. We have made instructions on how to deposit, withdraw and use funds on the exchange.

    Available deposit and withdrawal methods

    Funding a cryptocurrency account is easy enough. You need to:

    1. Click Assets at the top right corner of exchange’s main page → Deposit;
    2. Select cryptocurrency and network → Continue;
      Buying Cryptocurrency on the OKX Exchange
      Buying Cryptocurrency on the OKX Exchange
    3. Specify the type of account to which you want to transfer money → copy the address;
    4. Paste the address in the wallet;
    5. Replenishment of OKX wallet is completed.

    To withdraw cryptocurrency, you need:

    1. Click Assets at the top right corner of exchange’s main page → Withdraw;
    2. Select cryptocurrency, network and transfer method → Continue;
      Withdrawal of funds from the OKX exchange
      Withdrawal of funds from the OKX exchange
    3. Enter the address of the receiving wallet;
    4. Write the amount of the transfer and select the size of the commission (the higher commission – the faster the transaction will pass);
      Withdrawal of funds from the OKX exchange
      Withdrawal of funds from the OKX exchange
    5. Withdrawal completed.

    Trading conditions and instruments available on the OKX crypto exchange (OKEX)

    The exchange has a vast set of trading tools: there are many trading pairs in the spot market, two types of futures, perpetual swaps and options. We have described the most important of the trading conditions on the platform.

    Spot market (Spot)

    The spot market is a platform where financial instruments (stocks, currencies, cryptocurrencies, precious metals) are traded with instant delivery of these assets from the seller to the buyer.

    Spot Market OKX
    Spot Market OKX

    Futures

    Futures are financial contracts that oblige the parties to trade an asset on a specific date in the future and at a predetermined price. The buyer must buy (or the seller – to sell) the asset at a preset price, regardless of the current market price at the expiration date of the contract.

    Futures on the OKX exchange
    Futures on the OKX exchange

    OKX offers two types of futures:

    1. Crypto-margined futures – the futures quoted in cryptocurrency (BTC, ETH, LTC, DOT, etc.). If the price of a cryptocurrency rises, futures will gain more value, and vice versa;
    2. USDT margined futures – futures quoted in the USDT stablecoin, respectively. These ones are more stable assets (the value of USDT is pegged to the value of the US dollar, which means it is less volatile).
    The futures market has a wide range of contracts and makes it possible to trade futures with 2x, 3x, 5x and 10x leverage depending on the trading pair.

    Perpetual swaps

    A perpetual swap is a virtual derivative that allows you to bet on digital assets. The main difference from futures is that there is no expiration time for the deal, so the position can be held until its liquidation.

    Perpetual swaps on the OKX exchange
    Perpetual swaps on the OKX exchange

    Perpetual swaps, so as futures are, could be of two types:

    • Crypto-margined – the underlying asset is cryptocurrencies (BTC, ETH, LTC, DOT, etc.);
    • USDT margined – the underlying asset is USDT stablecoin.

    Options

    Options are financial derivatives that give the buyer a right, but not an obligation, to buy or sell an underlying asset at an agreed price at a specified time in the future.

    Options on the OKX exchange
    Options on the OKX exchange

    You can trade BTCUSD and ETHUSD options on OKX and select the required trade period.

    Commissions and limits

    The higher the level of your account is, the greater the discount on trading fees. Discounts will vary depending on the market (spot, futures, etc.).

    Trading fees vary by account type. There are two main types of OKX accounts: regular and VIP. Regular users are classified according to the total amount of assets on the exchange deposit, while VIP users are classified according to the 30-day trading volume and daily assets balance.

    A user gets VIP status if his 30-day trading volume is above 5000 BTC.

    Classification fees for “regular” users.

    Commissions on the OKX exchange for ordinary users
    Commissions on the OKX exchange for ordinary users

    Commissions for VIP users.

    Commissions on the OKX exchange for VIP users
    Commissions on the OKX exchange for VIP users
    You can get acquainted with the commissions in detail on the official website of the platform.

    How to trade on the OKX cryptocurrency exchange (OKEX)

    The platform has a standard set of tools, and the trading process is easy. OKX has an intuitive interface, and the charts and trading terminal have a standard view. To buy assets, you need:

    1. Click Trade in the top panel of the main page of OKX→ Basic trading;
    2. Select the trading pair you want to trade in the upper left corner;
      Trading on the OKX exchange
      Trading on the OKX exchange
    3. Select the type of an order in the trading terminal, for example, Market order;
    4. Enter the amount of crypto you are going to purchase;
    5. Click Buy;
      Trading on the OKX exchange
      Trading on the OKX exchange
    6. Bying completed.

    To sell an asset trader should use the same tools, but make different actions:

    1. Select the trading pair you want to trade in the upper left corner;
    2. Select the type of order in the trading terminal, for example, Market order;
    3. Enter the amount of the asset you are going to sell in the right part of the trading terminal;
    4. Click Sell;
      Trading on the OKX exchange
      Trading on the OKX exchange
    5. Selling completed.

    Additional services of the OKX exchange

    Besides trading tools, the exchange contains many additional services. The platform provides opportunities for passive income: staking, loans, etc.

    Passive Income (Earn)

    Okx Earn includes a variety of investment service options such as staking, leveraged investment, and DeFi. It allows you to get passive income on the crypto market.

    Passive income on the OKX exchange
    Passive income on the OKX exchange

    The Earn section includes the following services:

    • Dual Investment is an investment where income can be received in a currency differs the one in which the initial investment was made. You can invest BTC, ETH or USDT on OKX;
    • Savings – provide a storage for savings with accumulation. Assets can be replenished and withdrawn every day. The percentage on savings is calculated daily;
    • Flash Deals – in this section you can find current investment rates;
    • Staking is a way to accumulate assets as a validator in the networks of assets that are provided to the exchange pool.

    Loans

    Loans on OKX allow you to get big crypto loans with a low interest rate. It is enough to choose the cryptocurrency you want to receive and make a deposit to get a loan.

    Loans on the OKX exchange
    Loans on the OKX exchange

    OKX Academy (Learn)

    The OKX Academy is a comprehensive collection of knowledge, guides and practical tips about cryptocurrencies. Here you can find a lot of useful information for both beginners and experienced traders: how to analyze the markets and crypto industry, definitions of all trading terms and trading ideas.

    OKX Academy
    OKX Academy

    Rewards

    Rewards is a section where you can find a list of tasks for users. If a user fulfills one he can get a reward. For example, buying cryptocurrency for $100 will be rewarded with a transfer of $10 (in BTC equivalent).

    OKX Awards
    OKX Awards

    Referral program (Referral)

    The referral program allows you to earn $15 from each referral. It is enough to give someone an invite link to do this. You will receive $15 to your account after the referral registers and starts trading.

    OKX referral program
    OKX referral program

    Affiliate program (Affiliates)

    Thanks to the affiliate program, you can receive up to 60% commission from the trading volumes of users who have registered on the exchange by your link. All you have to do is to join the program by clicking Invite Now and share the link on your social networks, websites, articles, etc. You’ll earn a percentage of trading commissions after 5 people come to the exchange by your link and start trading.

    OKX affiliate program
    OKX affiliate program

    Crypto wallet

    Into Assets you can find all the necessary information about your funds. The Overview section contains information from all your accounts. You can also see analysis table here and to check out the amount of trading fees charged by the exchange.

    Crypto wallet OKX
    Crypto wallet OKX

    MetaX

    MetaX is a multi-chain wallet that allows you to make transactions on different decentralized finance services without switching between applications. You can store NFTs and to see balances from other decentralized exchanges there.

    MetaX
    MetaX

    Mobile application

    The exchange has a convenient multifunctional mobile application that retains all the functions of the web platform. The app can be installed on Android and iOS.

    Reviews

    It is difficult to find enough meaningful comments about the OKX exchange. For example, on a well-known Trustpilot review platform you can see different ratings. It is important to pay attention to comments that describe in detail the problems or advantages of the exchange, and not just emotional statements that do not give an objective assessment.

    Advantages and disadvantages

    Multilingual interface;
    Identity verification is not required for users to deposit or trade crypto on OKX;
    Different types of trading tools (futures, spot, options, etc.);
    You can withdraw fiat through P2P exchange;
    Staking and other passive income options;
    Affiliate and referral programs;
    Reduced commission for large trading volumes;
    Mobile app.
    No trading pairs with fiat;
    Only three order types: Market, Limit and Trail.

    FAQ

    What is OKX?
    OKX is a cryptocurrency trading exchange that supports spot trading, futures and options, including a set of additional services such as MetaX (decentralized multi-chain wallet), staking, etc. Recently, the exchange made a rebranding, changing the name from “OKEX” to “OKX”.
    Can OKX be trusted?
    The exchange exists since 2013. There were cases of hacking, but the platform is working without failures for now. It is important to monitor your personal security by yourself: don’t forget to enable 2FA, use strong passwords, etc.
    How to trade on OKX (OKEX)?
    After registration and verification:

    1. Click Trade in the top panel on the main page → Basic trading;
    2. Select the trading pair you want to trade in the upper left corner;
    3. Specify the order type and open a trade.

    How to make a deposit on the OKX exchange?

    To make a deposit, you need:

    1. Сlick on Assets at the top right corner of the main page → Deposit;
    2. Select cryptocurrency and network → Continue;
    3. Specify the type of account to which you want to transfer crypto → copy the address;
    4. Paste the address in the wallet.

    How to buy on OKX?
    You can buy cryptocurrency on OKX with a plastic card (Buy Crypto), through the trading terminal (Trade → Basic Trading), through convertation one crypto to another (Trade → Convert) or P2P-exchange. We wrote about how to buy cryptocurrency through the terminal in How to trade on the OKX (OKEX) cryptocurrency exchange section.
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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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