OKX was launched in 2017 and is based out of Seychelles. It’s a privately-held company with approximately 1,000 employees as of writing.
OKX’s goal is to eliminate the barriers often associated with cryptocurrency investing. It does that by giving users the ability to easily buy cryptocurrency assets with a debit card, bank account, or even mobile wallet.
OKX offers nearly 350 cryptocurrency assets to invest in. It also provides a wide range of services, such as margin investing, loans, and staking.
With so much activity happening on OKX, you may be curious about whether it’s right for your investing goals or not. We’ve put together this OKX review to help you figure it out.
Below, you’ll learn everything you need to know to decide whether you should invest on OKX or choose another platform. So without further delay, let’s get into it.
Is it safe to buy on OKX?
It’s generally safe to buy on OKX if you follow good individual security practices, such as utilizing two-factor authentication (2FA).
The website uses industry-standard security tactics, such as cold storage wallets for most of its assets. It’s impossible for hackers to penetrate these cold storage wallets since they aren’t connected to the internet in any way.
That being said, you still need to be careful about your password if you’re going to use OKX. The website could use the best security practices in the world. But your money could still be stolen if you allow your password to get into the wrong hands.
The most that you can pay for a spot trade on OKX is 0.1%. That compares favorably to many of the other major cryptocurrency exchanges.
People who trade a lot of value on OKX may even be able to get their fees lower than 0.1%. The same is also true for people who hold large amounts of OKB – the company’s native cryptocurrency asset.
However, OKX isn’t entirely transparent about its fees for deposits and withdrawals. This can be a red flag and may make you want to look into using another exchange with more fee transparency.
- Large selection of nearly 350 cryptocurrency assets
- Margin and futures trading
- Crypto-backed loans
- Noncustodial wallet
- Invest with a card, bank account, or mobile wallet
- It offers both simple and advanced trading platforms
- Relatively low fees
- No major hacks
- Relatively high customer satisfaction rating when compared to other cryptocurrency exchanges
OKX differentiates itself from other exchanges by offering lots of features and lots of cryptocurrency assets to choose from. If you’re someone who wants to invest in more niche assets or access features like crypto-backed loans, OKX could be a good choice for your investing journey.
Do they offer a wallet?
OKX offers a noncustodial wallet called MetaX. A user's assets in this wallet can be used across web 3.0. For example, you can take Ethereum from your MetaX wallet and stake it directly in Lido or swap it for another cryptocurrency asset on Uniswap.
This is another point of differentiation for OKX. Many cryptocurrency exchanges only have internal wallets, which don’t allow you to engage with web 3.0 apps as MetaX does.
OKX has a mobile app for both Android and iOS devices. The app allows those who download it to pursue their cryptocurrency investment goals as easily while on the go as they do at home.
One of the cool features of OKX’s mobile app is that it integrates the MetaX wallet automatically. That means you can engage with web 3.0 applications through the OKX mobile app without having to go through any additional steps before doing so.
Opening an account with OKX
In order to take advantage of all of the features that OKX has to offer, you need to provide some information about yourself. For example, you’ll be asked to upload a government ID number, a picture of your ID, and a selfie.
You can still take advantage of some of OKX’s features without going through the verification process and will even be able to withdraw up to 10 BTC per day and trade up to $500 per day while unverified.
Unfortunately, there’s no way to use OKX if you live in the United States. The exchange isn’t available in the U.S. because of legal constraints. But if you live elsewhere, then the process of creating your account at OKX should be fairly straightforward.
OKX follows a similar model to many of the other top exchanges. It has different versions of its platform for beginners and advanced cryptocurrency investors.
The beginner platform provides a straightforward way to purchase basic assets like Bitcoin and Ethereum. The advanced platform gives users the ability to do things like placing stop and limit orders, analyzing charts, and accessing customized layouts.
The option that’s best for you will depend on your current cryptocurrency investing skill set and goals.
Compare OKX before you invest
OKX has a lot of things going for it. The platform offers both beginner-friendly investment options and more advanced features for crypto enthusiasts. It also offers its MetaX wallet, which gives users the ability to utilize the assets they keep on OKX throughout web 3.0.
The bottom line is that if you’re looking for a powerful cryptocurrency exchange with low fees, OKX could be it.
But there are other great cryptocurrency investment platforms out there as well. And the only way to figure out whether any of those is a better fit for you is to compare them to OKX directly.
That’s where our comparison tool comes in. It provides an easy way to assess the pros and cons of OKX relative to your other options. That could be exactly what you need to figure out the best exchange for your goals.
So why wait? Check out our comparison tool today to get started.