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OKX Crypto Trading Exchange Review 2022 with Referral Code

Welcome to our OKX crypto trading exchange review 2022 where we cover fees, security and trading features including a referral code for -20% on trading fees.

OKX is one of the top Bitcoin and altcoin trading sites in terms of trading volumes and 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 Crypto Trading Sign Up Bonus and Referral Code

You will get -20% off trading fees charged by OKX when you use our referral link to sign up with OKX exchange.

OKX Crypto Trading Fees Review

  • Spot trading fees
  • Futures and perpetuals trading fees

OKX Spot Trading Fees

OKX has a complicated fee structure where they have divided different cryptocurrency pairs into different categories A, B, and C.

Trading fee is determined by the base crypto in crypto pairs. For example, trading fee for BTC/USDT is in Class A and DOGE/USDT is in Class B.

Still, OKX has the lowest basic fees among all crypto exchanges, starting at 0.08/0.1% for maker/taker fee. Binance and Kucoin have 0.1/0.1% here. 

All platforms, Binance, Kucoin and OKX you will get -20% on standard fees when you sign up via Cryptocointrade.

However, both Binance and Kucoin have even more ways to reduce trading fees even more.

OKX Futures and Perpetuals Trading Fees

OKX has a complicated fee structure where they have divided different cryptocurrency pairs into different categories A, B, and C. For Futures there is onlys category A and B while Perpetuals have all categories, A-C.

OKX has the lowest basic futures trading fees among all crypto exchanges, starting at 0.02/0.05% for maker/taker fee. Binance and Kucoin have 0.02/0.06% here.

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 an browser extension which 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

OKX has the most common trading features, listed and described below

  • 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 find the normal spot trading features with no further review necessary
  • Margin trading – Margin, Perpetuals, Futures and Options. As described above, OKX is charging the lowest basic fees for perpetuals and futures. However, this shouldn’t be crucial since Kucoin and Binance are offering additional incitements to reduce the trading fees on their platforms.
  • 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.

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

Are US customers allowed on OKX?

OKX does not provide services in the following jurisdictions:

Hong Kong, Cuba, Iran, North Korea, Crimea, Sudan, Malaysia, Syria, United States of America, Bangladesh, Bolivia, Ecuador, Kyrgyzstan and Malta.

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
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