Our Verdict
OKX is a Seychelles-based crypto exchange founded in 2017 (rebranded from OKEx in 2022). With support for 300+ tokens and 500+ trading pairs, OKX stands out for its competitive fees and advanced trading tools, making it ideal for professional traders. However, regulatory compliance limits token availability and features in certain regions.
OKX Pros and Cons
✅ Pros
- Low trading fees (0.08% maker / 0.10% taker)
- Advanced API and bot trading support
- High liquidity (~3rd rank on CoinMarketCap)
- Monthly proof-of-reserves audits
- User-friendly mobile app
❌ Cons
- Geographic restrictions (e.g., UK derivatives ban)
- No fiat deposit insurance
- Unclear fiat withdrawal policies
Key Features
| Feature | Details |
|---|---|
| Headquarters | Seychelles |
| Regulations | SFC (Hong Kong), MFSA (Malta), ESMA (EU) |
| KYC Required | Yes |
| Fiat Support | EUR, USD, BRL, AED, AUD, SGD, TRY |
| Trading Fees | 0.08% maker / 0.10% taker |
| Leverage | Up to 10x (spot) / 100x (futures) |
| Deposit Methods | Bank transfer, credit/debit card, P2P, SEPA, SWIFT |
Who Is OKX Best For?
🤖 Algorithmic Traders (Rating: 4.9/5)
- Why? API sandbox, high-frequency trading support, and pre-configured bots.
- Drawbacks: API call limits vary by endpoint.
📈 Day Traders (Rating: 4.9/5)
- Why? Low fees, 350+ cryptocurrencies, and robust desktop platform.
- Drawbacks: No recurring buys for DCA strategies.
🚀 Derivatives Traders (Rating: 4.1/5)
- Why? Up to 100x leverage on futures and margin trading.
- Drawbacks: Confusing fiat withdrawals in some regions.
💰 HODLers (Rating: 3.9/5)
- Why? Free crypto conversions and staking options.
- Drawbacks: Limited DCA automation.
Supported Countries
OKX operates in 100+ countries but is restricted in:
- Fully banned: USA, Japan, France, Belgium.
- Partial restrictions: UK (retail derivatives ban), Canada (no new accounts).
👉 Check OKX’s latest country policies
Trading Experience
🖥️ Desktop
- Pros: Dual-charting (TradingView + native), advanced order types.
- Cons: Complex navigation for beginners.
📱 Mobile App
- Simple Mode: Streamlined buy/sell interface.
- Advanced Mode: Live order book, trailing stops.
Fees Breakdown
- Spot Trading: 0.08% maker / 0.10% taker (below industry average).
- Deposits: Free via Google Pay (UK/EU); card fees up to 2.49%.
- Withdrawals: No OKX fees, but bank charges may apply.
Security & Transparency
- CER Rating: A (never hacked).
- Proof of Reserves: Monthly audits for 200+ cryptocurrencies.
- Insurance: No user fund coverage; third-party recommended.
Customer Support
- Channels: Email, AI chatbot, X (Twitter) HelpDesk.
- Response Time: ~3 hours (email); faster on X.
- Limitations: No live chat/phone support.
FAQ
🔒 Is OKX safe?
Yes, with strong security measures but no deposit insurance.
🇺🇸 Can US citizens use OKX?
No, due to regulatory restrictions.
💳 Does OKX charge for fiat withdrawals?
No OKX fees, but bank/Payment processor fees may apply.
🤖 Does OKX support bot trading?
Yes, including API access and pre-configured bots.
Final Thoughts
OKX excels for advanced traders with its low fees, high liquidity, and robust tools. Geographic restrictions and unclear fiat policies may deter beginners.
Author: Callum Kennard (Crypto Journalist, FXEmpire)
Trust Score: 4.7/5 based on 200+ variables tested.