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OKX Crypto Trading Exchange Review 2023 with Referral Code

Welcome to our OKX crypto trading exchange review 2023 

  • What is OKX crypto exchange?
  • Trading Fees, Deposit Methods and Trading Features
  • Security, KYC, and Pros/Cons with OKX.

OKX is one of the top crypto trading sites with some of the lowest trading fees, high trading volumes, one of the best signup bonuses, and the number of listed trading pairs and cryptocurrencies.

What is OKX Crypto Trading Exchange?

OKX, formerly known as OKEx, is a Seychelles-based cryptocurrency exchange trading platform for a wide variety of cryptocurrencies. The crypto exchange offers spot and derivative trading among other crypto financial features and products. It was founded in 2017. OKX is owned by Ok Group which also owns crypto exchange Okcoin.

OKX SignUp Bonus

You will get a Mystery Box worth up to $10.000 when you signup with OKX and make your first deposit (minimum $50) within 30 days of registration. Read more about crypto sign-up bonuses with terms and conditions.

OKX Crypto Trading Fees Review

  • Spot trading fees
  • Futures and perpetuals trading fees

OKX Spot Trading Fees

See the complete comparison and review of the lowest crypto spot trading fees.

  • R1-R5: Regular users are categorized into tiers by their total OKB holdings.
  • V1-V8: VIP users are categorized by 30-day trading volumes OR daily asset balances. Tiers are updated daily.
  • OKX has the lowest basic spot trading fee among all crypto exchanges, starting at 0.08/0.1% for the maker/taker fee. Most of the top crypto trading sites start at 0.1/0.1% here. 

OKX Futures and Perpetuals Trading Fees

See the comparison and review of the lowest crypto futures and perpetual trading fees.

  • R1-R5: Regular users are categorized into tiers by their total OKB holdings.
  • V1-V8: VIP users are categorized by 30-day trading volumes OR daily asset balances. Tiers are updated daily.

OKX Deposit Methods Review

We summarize the OKX crypto exchange deposit methods in a short bullet list

  • You can deposit any crypto supported by OKX
  • There are no fiat bank transfer deposit methods available
  • There is an option to buy crypto in the exchange with VISA/Mastercard credit card.

The rate you get for the VISA/Mastercard option was really good when we tried it. We compared how many Bitcoin you would get compared to the listed price on Coingecko and the total loss was only 1.6%.

Conclusion: OKX has a feature called “Buy Crypto” where you can buy crypto directly with your VISA/Mastercard. The rate was really good when we tested this feature. Binance give similar deposit rate while it´s much more expensive with MEXC, Kraken or Coinbase.

OKX Exchange Features

In the bullet list below, you can find a summary of the OKX exchange features.

  • Exchange VS MetaX
  • Trade
  • Finance
  • More

In this section, we will review them and describe them, one-by-one.

OKX crypto trading exchage features review

OKX Exchange VS MetaX

What is the difference between OKX exchange and MetaX?

OKX exchange is described in this article and is the centralized exchange with an order book and certain features reviewed in this section.

OKX MetaX is a browser extension that allows the DApp to perform identity verification and transaction signing without accessing the private key, which is stored locally.

In the future, MetaX will support fast transfers between exchanges and extension wallets to better integrate into the OKX ecosystem.

OKX Trade Features

Convert – Quick conversion with no fees and no spread. The limitation is the amount you can exchange with this feature. For small amounts, this is a great feature.

Basic trading – Spot trading and simple options. Here, you will find the regular spot trading features with no further review necessary.

Margin trading – Margin, Perpetuals, Futures, and Options. As described above, OKX charges the lowest basic fees for perpetuals and futures. However, this shouldn’t be crucial since Kucoin and Binance offer additional incitements to reduce the trading fees on their platforms. OKX has the most listed futures of any crypto trading exchange and is one of the best crypto derivative trades.

Trading bot – Multiple pre-programmed template strategies, including spot grid, arbitrage order, Iceberg, and TWAP. Read more about automated arbitrage trading bots.

OKX Finance Features

In the bullet list below, you can find a summary of the OKX exchange features.

  • Earn – Earn provides multiple choices of investment services, including products of crypto value-added, staking, loan-invest and DeFi services (third-parties). Make sure to understand the risks with the product and not just stir blind at the announced APY.
  • Loan – Here, you can unlock extra funds with Bitcoin and crypto loans with low interest rate and large amounts. Borrow against bitcoin or use other assets as collateral to keep loans safe and secure.
  • Jumpstart – OKX Jumpstart is a platform that helps new projects launch and grow their communities. Jumpstart users are able to participate in campaigns by staking their OKB and receiving tokens from new projects based on their staked amounts. Unlike buying tokens in offerings, getting them via Jumpstart is similar to liquidity mining because users get all their staked assets back after the campaign ends. Each project on OKX Jumpstart starts with its own rules and particulars, such as total tokens available, minimum and maximum stakes, and so on.
  • DOT slot auction – Vote for Polkadot and Kusama projects to get rewards.

OKX More Features

Here, you find more features not really related to trading. You find 

  • Pool – Crypto Mining Pool
  • Bridge – Transfer cryptocurrencies between different networks
  • OKB – Information about the OKX utility token
  • Security of funds – Information about OKX crypto storage and security features
  • OKC – Information about the public permissionless blockchain built by OKX.

Can I Trade Crypto Options on OKX Exchange?

Yes, OKX offers crypto options trading.

OKX facilitates the trading of and options contracts. Particulars to note in terms of crypto options on OKX are:

  • Call and put options contracts are available for trading.
  • Contracts expire on one-day, two-day, weekly, bi-weekly, monthly, quarterly and bi-quarterly time frames.
  • Contracts follow the European style and can only be exercised at the date of expiry (and not before).
  • Contracts are settled at 8:00 am UTC on Friday of the expiry week.
  • Contracts are traded 24/7.
  • Each options contract enables the holder to buy or sell 0.1 or 1 at expiry.

 

Read more and compare the best crypto option trading sites for ETH and BTC.

OKX Account Security Features

Funds Password: Use this password for withdrawal confirmations

Mobile verification: Get SMS or voice codes for logins, withdrawals, password changes and settings confirmations

Authenticator app: Get authenticator app codes, such as Google Authenticator, for logins, withdrawals and settings confirmations

2-factor authentication (2FA): Manage mobile and authenticator verification for login and withdrawals

Anti-phishing code: Create a code to be added to all authentic emails from OKX

KYC Verification Levels OKX trading exchange

Individual account KYC

OKX Crypto Exchange Review Pros and Cons

Below, we have listed the OKX exchange Pros and Cons from this review.

OKX Crypto Exchange Pros

  • Low Spot trading fees
  • Low Futures and perpetuals trading fees
  • Good exchange rates for credit card deposits with VISA and Mastercard
  • -20% on trading fees with our referral code
  • Decent number of cryptocurrencies and trading pairs listed
  • Many Perpetuals and Futures listed
  • Transparent information about security of funds

OKX Crypto Exchange Cons

  • Only available to users in the United States if they sign up via VPN
  • Not a great rating at Investopedia