OKX Review

1. Head to the OKX homepage, top right corner, and click Sign up.
2. Enter your email address in the Email field.
3. Click Sign up with your email address.
4. Check your email for the six-digit registration verification code sent automatically.
5. Within 10 minutes, enter the verification code into the Enter code field and click Next.
6. Input your desired password in the Password field and click Next; use a mix of numbers, letters, symbols, and both cases.
7. Remember to follow crypto security best practices and never share your password.
8. Access the OKX account dashboard.
9. Choose to either Buy with a card (Bitcoin and 99 other cryptocurrencies with 92 fiat currencies) or Deposit from another platform or wallet.
10. Hover over the Trade menu in the navigation bar and select your desired option.

Introduction to OKX

With roughly 500 trading pairs and $3.5+ billion in daily trading volume, OKX is one of the world’s largest and most comprehensive cryptocurrency exchanges. Founded in 2014, OKX is based in Malta and serves millions of customers in over 100 countries (although the U.S. is not one of them). They offer an incredibly diverse array of tradable products and are considered to be a safe and trustworthy operation.

Why choose OKX?

There are a number of features which renders OKX one of the very best of all cryptocurrency exchanges; among them are having a massive amount of liquidity and supported coins, 5 different types of trading options (including an incredibly easy-to-use credit card purchase system), and an incredibly leverage maximum of 125x for over a hundred different futures/derivates trading instruments. In this regard, OKX is pretty much a one-stop-shop for all different types of traders and with very lax KYC requirements, there’s basically no reason why you shouldn’t have an account with them (so long as you don’t live in a restricted country).

Before getting started

Note that OKX does not service customers in the following countries:

• USA
• Hong Kong
• Cuba
• Iran
• Bangladesh
• Malaysia
• Bolivia
• Ecuador
• Other countries currently sanctioned by the U.S.

See our full list of OKX restricted and banned countries.

Registering an account at OKX

Opening an OKX account is incredibly simple and requires only the provision and verification of an email address. However, you will probably need to complete verification if you plan on conducting any trading on OKX, which is also quite simple and explained in detail below. Additionally, you will need to secure your account using 2-FA by binding a mobile phone number of Google Authenticator code to your account.

Getting verified at OKX

To complete Level 1 Verification (good for up to 200 BTC worth of withdrawals per day), first hover over the profile icon (looks like a head on a pair of shoulders) to the right of “Assets” and click on the “Verification” option. You will most likely want to set up an Individual account, so press the blue “Continue” button to the right of that option. You will then be asked to supply the following information:

• Nationality
• Full name
• Type of Document (Government-issued Card, Driver’s License, Passport)
• Document Identification Number

After entering all this information, press the blue “Submit Information” button to proceed. You will then be eligible to withdraw up to 200 BTC worth of coins every 24 hours. This should be enough for most users but in the event you need to up this amount, you can take a picture of your ID to obtain Level 2 verification.

How to make a crypto purchase on OKX

Immediately after completing Level 1 Verification, you will be presented with an option that says “Deposit funds to start trading.” Clicking on this option will bring you to the Buy/Sell screen. Alternatively, you can find this screen by clicking on the “Buy/Sell” option located in the menu area toward the top right of the screen.

OKX Express Buy

This feature simplifies the process of purchasing cryptocurrencies for beginners. When using Express Buy, you can buy digital assets directly with your credit or debit card. Notably, OKX supports a variety of cards including Visa and MasterCard.

One key aspect of OKX Express Buy is its speed. Transactions are typically processed instantly. This is particularly beneficial for those who want to capitalize on market opportunities quickly. The platform also supports multiple fiat currencies, making it accessible for a global user base.

However, it’s important to be aware of the fees. OKX charges a transaction fee for Express Buy, which varies depending on the payment method and the amount being transacted. These fees are clearly displayed before confirming the purchase, ensuring transparency.

OKX Express Buy is a user-friendly option for quick crypto purchases, offering broad card support and multiple fiat currency options including Apple Pay and credit cards. The transaction fees, though variable, are transparent, contributing to a trustworthy trading experience.

Here it is quite easy to make purchases of BTC, USDT, ETH, XRP, LTC, BCH or BSV using a Visa or Mastercard. The fiat currencies supported by OKX for Buy/Sell include USD, EUR, GBP, CNY, AUD, ARS, BGN, BRL, CAD, CHF, COP, CZK, DKK, HUF, IDR, INR, JPY, KRW, KZT, CLP, MXN, NGN, NOK, NZD, PHP, PLN, MAD, RUB, AED, SGD, SEK, TRY, TWD, UAH, and ZAR.

How to trade on OKX

OKX has a sophisticated array of trading options for traders of all levels. The different options can be found under the “Trade” menu tab located toward the top of the screen, and consist of the following:

• Spot Trading: This is where regular trades can be made where one coin is exchanged for another. The easiest way to find the coin pairing which you wish to trade is to switch the display tab to “All” and search for the coin symbol you want to trade. Order types that can be placed include Market, Limit, Advanced Limit, Stop, Trigger, Trail, Iceberg, and TWAP. Spot screens are divided between Basic and Advanced, with the latter having additional charting options.
• Margin Trading: Here is where coins can be traded on margin, meaning you can put up your coin balance as collateral to borrow coins from the exchange, for a fee. This means that the size of your trades can be amplified — along with the risk. OKX offers over 100 different trading pairs which can be traded on margin, using either Basic or Advanced layouts (similar to Spot trades).
• Perpetual Futures: This is for trading a specific type of derivative which similar to a futures contract that never expires. Instead of trading an actual coin, you are trading a financial product that represents the price of a coin. This allows traders to employ up to 125x leverage on their trades, which is far more than most other exchanges of its size. There are close to 100 different Perpetual options from which to choose on OKX.
• Contracts: This is where 80 different futures contracts (with expiration dates, as opposed to Perpetual which have no expiration) can be traded with leverage up to 125x. Futures contracts settle to the price of the underlying coin being traded in the contract at the date and time of the expiration date. This is basically a way of betting on what the price of a coin will be at the date of expiration. As with Margin and Perpetual trades, both Long (buy) and Short (sell) positions can be opened with Futures trades.

OKX trading fees

OKX employs a multi-tiered trading fee system where discounts can be rewarded based on different factors, including the number of OKB (OKX exchange token) held and/or a trader’s 30-day trading volume. Fees start at 0.10% for Maker (Limit) orders and 0.15% for Taker (Market) orders. For traders who hold more than 500 OKB in their OKX account, trading fees are reduced (also at intervals of 1000, 1500 and 2000 OKB).

VIP traders (those who conduct over 1,000 BTC worth of trades every 30 days) are given additional discounts, starting at 0.06% Maker / 0.08% Taker fees and reduced all the way down to -0.01% for Maker fees for those who make over 150,000 BTC worth of trades a month.

Overview of supported coins

Somewhat amazingly, OKX supports nearly 300 different coins and tokens, many of which have decent-to-good volume compared to most other exchanges on which they can be found. The following coins are used as pairing backs by OKX: USDT, USDC, USDK, BTC, OKB, ETH, DAI. Fiat pairings are not supported on OKX, but within this list are 4 dollar-backed stablecoins.

OKX is quick to add popular coins; for example, they currently carry over 40 different DeFi related trading pairs. In addition, OKX carries almost all of the top 100 coins by market cap and several small and micro-cap coins as well. In all, OKX has about 500 different trading pairs, which makes it one of the most comprehensive and altcoin-friendly exchanges of its magnitude (or any other for that matter).

Benefits of OKX (over competitors)

• Huge selection of listed coins and trading pairs.
• Comprehensive selection of trading and order options.
• Leveraged trading up to 125x.
• Reasonable fees for credit card crypto purchases.

Limitations of OKX

• Not available to customers in the U.S. (and a number of other countries).
• Layout feels cluttered; not necessarily easy to find specific options.
• Low liquidity for at least half of the trading pairs offered.
• No fiat-based trading pairs; limited number of fiat purchase methods.

Wrapping it up

In all, OKX is a great exchange that has just about everything a trader could ask for: high volume popular trading pairs, support for a vast selection of popular coins, multiple types of extremely-high leveraged trading, and a lenient KYC policy. It’s a trustworthy exchange with a low barrier to entry that can be used by traders big and small, old and new.

Pretty much any sort of trading option or crypto-related trading instrument for which you are searching can be found here. There’s so much packed in to a single exchange that it will undoubtedly take a number of hours to fully accustom oneself to all that it has to offer, but it’s surely a worthwhile endeavor for any serious or casual cryptocurrency trader.