OKX (formerly "OKEx") is a Malta-based cryptocurrency exchange offering a diverse selection of coins with comparatively low trading fees. Catering primarily to experienced traders, the platform is unavailable in the U.S. and doesn't support fiat currency deposits.
Key Features
Pros
- Extensive Coin Selection: 250+ cryptocurrencies available
- Competitive Fees: Lower than industry averages
- Advanced Trading Interface: Professional-grade platform for experts
- Futures & Margin Trading: Up to 10x leverage
- Educational Resources: Comprehensive OKX Academy
- 24/7 Support Hotline: Rare among crypto exchanges
Cons
- No Fiat Support: Crypto-to-crypto only
- US Restrictions: Unavailable for American traders
- Security Concerns: 2020 hack ($5.6M loss)
- Cold Storage Transparency: No clear disclosure percentages
- No Asset Insurance: Funds unprotected
Security Overview
- 2FA Authentication: Standard account protection
- Anti-Phishing Code: Additional email security
- Address Whitelisting: Withdrawal control feature
- Past Incident: Mid-2020 ETH Classic theft ($5.6M)
Trading Experience
Platform Options:
- Basic interface (limited functionality)
- Advanced trading terminal (full features)
- Mobile/Desktop apps available
Notable Absences:
- Dollar-cost averaging (DCA) plans
- Lite trading mode
Global Availability
Supported: 100+ countries
Restricted: USA, Hong Kong, and sanctioned jurisdictions
Educational Resources
OKX Academy provides:
- Exchange operation guides
- Cryptocurrency investing basics
- Video tutorials and articles
Frequently Asked Questions
Can US citizens use OKX?
No. OKX expressly prohibits US-based traders due to regulatory restrictions.
What are OKX's trading fees?
OKX maintains competitive maker-taker fees starting at 0.08% for spot trading, with volume-based discounts available.
Is OKX safe to use?
While the platform offers standard security features like 2FA, its 2020 hack and lack of cold storage transparency remain concerns. Experienced traders often use OKX for specific features while maintaining majority funds in private wallets.
Does OKX support fiat withdrawals?
No. OKX operates as a crypto-only exchange without fiat deposit or withdrawal capabilities.
What leverage does OKX offer?
The exchange provides up to 10x leverage for margin trading across selected trading pairs.
How does OKX compare to Binance?
While both offer extensive coin selections, OKX specializes in derivatives trading and caters more specifically to professional traders, whereas Binance provides broader retail services including fiat onramps.
Final Thoughts
OKX remains a strong option for experienced traders prioritizing:
- Derivatives trading capabilities
- Low fee structures
- Professional-grade interface
However, its limitations around fiat support and geographic restrictions make it unsuitable for beginners or those requiring traditional banking integration.
For traders seeking alternatives, consider platforms with stronger fiat support and regulatory compliance in your region.