OKX Review 2023

With over 20 million users across 100 + countries, OKX is one of the biggest cryptocurrency exchanges in the world. This OKX review highlights some of the platform’s key features – including both its centralized and decentralized exchange, its crypto loans and margin trading options for digital assets. 

To better understand one of the top trading platforms in 2023, our OKX exchange review will provide you with all the necessary information, along with a step-by-step tutorial on how to begin trading on OKX today. 

What is OKX?

Launched in 2014, OKX is a Seychelles-based cryptocurrency exchange and has built up a positive reputation – CoinGecko now ranks it #2 on its trust score, behind only Binance. CoinMarketCap also ranks it consistently in the top 20 crypto exchanges.

OKX offers crypto spot trading, futures and margin trading options. Notably, OKX supports cryptocurrency trading via both its centralized (CEX) and decentralized exchange (DEX), the latter of which requires no KYC (know your customer documentation).

OKX CEX

OKX’s centralized exchange allows fiat money deposits and the buying and selling of digital assets between buyers and sellers on a centralized platform. 

Notably, the OKX CEX acts as a custodian – meaning that all fiat or cryptocurrency is under the exchange’s custody. Similar to how banks hold your fiat currency, investors trust the OKX CEX to keep their assets and funds safe. With the OKX centralized exchange, investors can buy some of the best cryptocurrency assets such as Bitcoin, Ethereum and 350 + other assets. 

After signing up and creating an account on the OKX centralized exchange, cryptocurrencies can be directly purchased with fiat currency without paying any deposit fees. Apart from spot trading, investors can also access cryptocurrency future contracts – which represent an agreement to buy or sell a particular asset in the future for a predetermined price. 

Similar to other top cryptocurrency exchanges like Binance and Crypto.com, the OKX CEX is a convenient means for investors to trade cryptocurrencies while storing their holdings on the platform itself. 

OKX DEX

Unlike a centralized exchange, the OKX DEX is non-custodian – meaning that investors have sole control over their assets, which can be stored in their cryptocurrency wallets with private keys. Unlike the OKX CEX, investors do not have to create an OKX account to begin investing. Trades also take the form of crypto swaps, rather than first needing to deposit fiat currency.

Instead, interested individuals can simply connect a cryptocurrency wallet such as MetaMask or OKX’s own wallet, and connect with the OKX DEX to swap between cryptos. One of the biggest advantages of the OKX DEX is its accessibility for U.S. investors. Since customers from the USA are not eligible to access OKX’s centralized exchange, the OKX DEX allows investors from any region to connect their cryptocurrency wallets and access the available cryptocurrencies. 

The OKX DEX deploys smart contracts that record new transactions on its blockchain – the OKC Chain. The OKC Chain is a secure smart contracts platform that gives investors access to various Web3 applications, including an NFT marketplace and access to DeFi swaps. With the OKX wallet, investors can also connect with other decentralized lending platforms, such as AAVE and Compound, to earn interest on crypto. 

Tradable Cryptos on OKX

OKX offers a range of more than 350+ cryptocurrency assets which can be accessed vis spot trading, futures contracts, margin trading and perpetual swaps. Investors can buy Bitcoin, Ethereum, Cardano and some of the top cryptocurrencies with OKX.

Offering a wide range of altcoins, traders can also get their hands on some of the best fan tokens in the space – such as Manchester City Fan Token, Chiliz and Galatasaray Fan Token. 

With OKX, you can also access some of the best meme coins, such as Dogecoin and Shiba Inu. The platform has also recently listed Tamadoge (TAMA) – one of the top new cryptocurrency projects that raised $19 million in presale. After being listed on OKX for $0.03 per token, TAMA reached over $0.19 in its first week – an over 600% price increase. 

Interested in getting in early and purchasing the top new cryptocurrency assets? Access the OKX rankings page to see the latest releases, the trending cryptos and the digital assets that are currently surging. As seen in the picture above, OKX regularly lists new tokens on its platform. In September 2022, OKX launched USDT pairing options with 10 new cryptocurrencies, including TAMA/USDT. 

Best Coins to Trade on OKX

In this review of OKX, we will now take a closer look at five of the best coins this cryptocurrency exchange offers. 

1. Tamadoge – Best New Cryptocurrency on OKX Exchange

At the top of our list of top coins on the OKX exchange is Tamadoge (TAMA) – the native token of the Tamaverse – a virtual ecosystem that offers investors in-game earning opportunities. 

On Tamadoge, players can buy Tamadoge Pets – virtual dog-like avatars minted as NFTs. TAMA can be used to purchase these NFTs and will be used in community-wide competitions to earn TAMA rewards.

Concluding one of the best crypto presales in 2023, Tamadoge raised 19 million USDT in just over 8 weeks. 

After increasing from $0.01 to $0.03 during the presale round, Tamadoge was listed on the OKX exchange in September 2022. The token reached an all-time high of $0.197 in early October – which equates to a 19x price increase since its beta sale price of $0.01. 

Notably, OKX offers Tamadoge as an investment via its centralized and decentralized exchange. Thus, all investors (including US customers) can buy Tamadoge regardless of any geographical regulations. 

2. Bitcoin – Largest Cryptocurrency to Trade on OKX 

For traders looking to buy large-cap cryptos, Bitcoin (BTC) is one of the most traded digital assets on OKX. With a current market cap of $382 billion, Bitcoin is the largest cryptocurrency in the world. 

In 2022, Bitcoin faced huge price corrections following uncertain economic conditions and market uncertainty. After reaching an ATH of nearly $70,000 in November 2021, Bitcoin has corrected by more than 70%.

Currently, BTC is trading right below the $20K mark. Despite the price correction, long-term investors may see this as a potential opportunity to acquire the token at a lower price compared to 2021. 

3. Decentraland – Top Metaverse Platform on OKX

Decentraland (MANA) is a virtual real-estate platform built on the Ethereum network. On the Decentraland ecosystem, players can buy, sell, and trade digital LAND pieces minted as individual NFTs using ERC 721 smart contracts. 

LAND on Decentraland can be traded with MANA – an ERC-20 token and the native cryptocurrency of the ecosystem.

One of the best metaverse coins to purchase on OKX, MANA has a market cap of more than $1.2 billion. After reaching an ATH of $5.9, the token has corrected to $0.6 in October 2022. 

4. Ethereum – Largest Altcoin to Invest in 2023

Ethereum is an open-sourced and decentralized cryptocurrency platform that deploys smart contracts to facilitate various DeFi (decentralized finance) protocols.

Developers use the platform to mint NFTs, deploy DApps (Decentralized applications) and build multiple other cryptocurrency projects. 

The largest altcoin in the space, Ethereum (ETH), has a market cap of $162 billion. Similar to Bitcoin, Ethereum has corrected by over 70% in 2022. From an ATH of $4,900 in 2021, Ethereum is currently trading at $1,300 per token.

However, the cryptocurrency has recently upgraded its network to a Proof-of-Stake (PoS) consensus – which is expected to increase transaction speeds and lower costs. 

5. Dogecoin – Top Meme Coin to Invest with OKX Exchange 

Launched in 2013, Dogecoin was created as a joke as the logo was based on a popular Shiba Inu dog meme. However, DOGE became one of the most popular cryptocurrencies, as it soared from $0.005 in January 2021 to an ATH of $0.7 in May 2021 – a 14,500% price increase. 

The popularity of Dogecoin has led to the rise of multiple meme tokens – which tend to leverage their strong social media backing to initiate price movements.

However, Dogecoin is currently trading at $0.06 per token – more than 91% below its ATH. 

OKX Fees & Commissions

To get a closer look at the costs of using this popular cryptocurrency exchange, our OKX review will now look at all the fees & commissions associated with cryptocurrency trading. 

Trading Fees

Since this popular trading platform offers multiple cryptocurrency trading options, the OKX fees differ per investment type. There are mainly three fees for OKX crypto trading activities: 

• Spot Trading Fees: The fees charged when traders buy and sell the underlying digital asset. 
• Futures Contract Fees: The fees associated when trading on the future price movements of a digital asset. 
• Options Fees: The fees charged when cryptocurrency traders conduct options trading. Buying options gives a trader the right, but not the obligation, to purchase a particular asset at a specified price in the future. 

When trading cryptos on the OKX exchange, traders can access lower trading fees depending on their holdings of OKB – the native cryptocurrency of OKX exchange. Furthermore, trading fees reduce with an increase in trading volume. Therefore, the table below will highlight the lowest and highest fees available when trading on OKX exchange. 

Non-Trading Fees

The table below lists all the non-trading fees that OKX charges from investors. 

Is OKX User-Friendly? 

One of the largest cryptocurrency platforms in the world, OKX attracts more than 20 million active users by offering an easy-to-use and straightforward trading platform. Within 5 minutes, new investors can create an OKX account, deposit funds and access the centralized exchange. 

Similarly, the platform has also added features to support beginner traders. Through the leaderboard option available on the search bar, OKX traders can review the portfolios of the top influencers on the platform.

To stay up to date with the best cryptos to trade on any given day, users can follow their accounts, view their return on investment (ROI) and track their monthly progress. 

OKX has also implemented a ‘learn’ section to cater to beginner cryptocurrency traders. This section allows beginners to access various crypto-based tutorials such as how to guides or explanation articles. One can also access tons of industry analysis articles to get a better idea of the ongoing cryptocurrency trends, news pieces and more. 

To discover new markets, OKX has also divided the top cryptocurrencies per sector – including Layer 2 tokens, meme coins, hot cryptocurrencies and even new asset releases. 

 OKX Features, Analysis & Trading Tools

Interested in learning more about the available features and tools that OKX provides? The sections below discuss this popular cryptocurrency exchange’s top attributes and available features. 

Staking

One of the best cryptocurrency staking platforms, OKX offers high returns on flexible and locked staking options. For investors looking to earn passive income, staking is an attractive tool which allows you to deposit tokens in return for APY (Annual Percentage Yield). 

For example, Shiba Inu can be staked for a 90-day lock-up period to earn a 12% APY. Other popular cryptocurrencies such as MANA, Dogecoin and XRP offer 5% APY for a 90-day staking period. 

Trading Bot

One of the available trading features on OKX exchange is a trading bot – which can be customized to leverage various cryptocurrency trading strategies on OKX. The trading bot offers 7 different modes – some of which include a spot gird, smart portfolio and a futures grid. 

Depending on the level of customization and individual user sets, the trading bots can single-handedly carry out low-risk trades. 

Loans

Cryptocurrency loans are one of the top tools that can be accessed on the OKX exchange. The platform offers flexible and fixed loan plans, depending on the time period of the loan. With flexible loans, users can access multi-collater or single-collateral loans. 

In this trading tool, an investor deposits a particular cryptocurrency in collateral in exchange for other digital assets. For example, OKX offers USDT, BTC, ETH and OKB as borrowable assets. Fixed loans can span from 7 days to 180 days, each coming with a specified term rate and annual interest rate. 

OKB Token 

One of the top features of OKX is the OKB token – the native cryptocurrency of this popular exchange. The first benefit of holding OKB is discounted trading fees on all markets. For example, spot trading transactions have a maximum maker/taker fee of 0.080%/0.100%. 

However, investors holding over 2,000 OKB tokens can trade at a reduced fee of 0.060%/0.080%. The OKB token can also be leveraged to earn interest on OKX Earn – a one-stop-shop for accessing various protocols, including DeFi lending, flash deals and staking activities. 

OKX Account Types

A multi-use cryptocurrency exchange, OKX offers 9 different account types to investors. Here’s a list of the different accounts which can be accessed with this popular cryptocurrency trading platform: 

• Funding Account
• Spot Account
• Margin Account
• Futures Account
• Perpetual Swap Account
• Options Account
• Fiat Account
• Savings Account
• Mining Account

OKX App

To ensure easy access of the cryptocurrency exchange, OKX is available to access via the OKX app – which is accessible on the Google Playstore and App store. Offering a convenient means to access your cryptocurrency holdings, the OKX app provides spot trading and futures trading features on the mobile application. 

Investors can switch from making a new trade to viewing their portfolio with the click of a button. Investors can customize their app settings to receive live price change alerts for their favourite cryptocurrencies and compare cryptocurrency prices across different exchanges. With over 1 million downloads, the OKX app offers a simple user interface that makes trading straightforward. 

OKX reviews and downloads

With a high rating of 4.4 out of 242,000 reviews on the Google Playstore, it’s safe to say that the OKX app offers investors a convenient means of trading cryptocurrencies. We also rated it highly on our crypto apps article.

OKX Wallet

For investors interested in an alternative way to access the OKX platform, the OKX wallet presents a decentralized option to begin holding and trading crypto assets. The OKX wallet offers complete autonomy of your token holdings and can be used as a portal to various Web3 protocols. 

With the OKX wallet, you can switch between multiple blockchains – including Polygon, Ethereum, Binance Smart Chain (BSC) and more. The wallet also gives traders access to an NFT marketplace – allowing you to trade your favourite non-fungible tokens. Furthermore, the OKX wallet gives users access to thousands of DeFi and GameFi (Gaming Finance) apps, which is an emerging industry in the cryptocurrency sector.

OKX Payment Methods

OKX offers investors multiple payment methods to begin trading cryptocurrencies. For starters, users can buy cryptocurrencies with fiat payment options such as: 

• MasterCard
• VISA
• Apple Pay
• Bank transfers

OKX also offers multiple third-party payment services to purchase cryptocurrencies. Some of these include: 

• Banxa
• Simplex
• MoonPay
• Advcash

Finally, investors can access P2P (Peer-to-Peer) trading to trade cryptos with others using their local currency. The platform supports multiple local currencies, including AED, AUD, CHF, EUR, and GBP. To initiate these trades, OKX offers more than 100 payment methods. Some of these include

• PayPal
• Neteller
• Monzo
• Revolut
• Skrill
• Virgin Money

OKX Minimum Deposit 

Using various payment methods, investors can easily purchase USDT stablecoin with their fiat currency on OKX. The platform charges a minimum deposit of 10 USDT or $10. 

OKX Withdrawal Times

Withdrawals usually take up to 48 hours on OKX. Traders who have not received their funds within the stipulated time can take out a ticket to ask for help. 

OKX Bonuses & Promos

Offering exciting bonus offers, OKX allows investors to win mystery boxes with rewards of up to $10,000. All one has to do is download the OKX app – which is compatible with iOS, Android, macOS and Windows.

OKX also offers free cryptocurrency rewards when investing in new tokens. For example, traders can sign up with OKX, complete the KYC level 1 and begin trading Tamadoge with the USDT trading pair – TAMA/USDT. After opening a new position, you can win $10. 

OKX Demo Account 

New and beginner investors can access the OKX demo account – a live trading account which allows individuals to access all the platform’s trading features with virtual currency. Retail clients can practice spot trading, options trading, futures, and margin buying on the demo account. 

This feature will allow clients to experience the platform first-hand and decide whether they wish to access the standard account. 

OKX Customer Support

Most of the account queries and your account needs will be self-service – as investors can handle and update their trading accounts easily. However, OKX does offer a customer support line and a live chat feature to solve any additional customer queries. 

OKX customer support can also be contacted over the phone. 

OKX Licensing & Security

A Seychelles and Malta-based cryptocurrency exchange, OKX is registered in these countries and offers trading services that are VFAA (Virtual Financial Asset Act) compliant. VFAA is a regulated authority under Malta Financial Services. 

One of the safest cryptocurrencies, OKX has never been hacked or reported stolen funds. Offering one of the best decentralized exchanges and the OKX wallet, investors can get autonomy over their cryptocurrencies by getting sole access to their accounts via private keys.

To secure trades, OKX offers two-factor authentication to avoid any unauthorized access. 

OKX Accepted Countries

One of the biggest global cryptocurrency exchanges, the OKX centralized exchange, is available in more than 100 countries. Here’s a list of some of the popular countries where OKX is available to use: 

• Australia
• Canada
• Japan
• United Arab Emirates
• United Kingdom
• France
• Philippines
• Portugal

While the centralized exchange is unavailable in countries like the United States, one can access the OKX decentralized exchange to connect with OKX. Thus, U.S-based citizens can also access OKX with DEX – since it is not bound by any geographical regulations. 

How to Start Trading with OKX 

Interested in trading cryptocurrencies right now? The sections below provide a step-by-step tutorial on how to begin investing in Tamadoge with OKX. 

Step 1: Set up an OKX Account

Visit the OKX website and create a new account. Provide your phone number, email address and create a password for the account. 

Click on ‘Sign Up’ and confirm the account registration after entering the code (Sent via Email/SMS). 

Step 2: Identity Verification

Before trading Tamadoge on OKX, users must complete a verification process. Investors must provide their full name, nationality, date of birth and document identification numbers. 

Step 3: Purchase USDT

OKX allows traders to buy Tamadoge via the USDT trading pair – TAMA/USDT. Thus, traders must purchase USDT on the platform first. On the website, click on ‘Buy Crypto’ on the top-left of your screen and select your preferred trading method. 

For example, the picture above demonstrates how to purchase crypto with a debit/credit card. Enter the amount of fiat currency you wish to convert to USDT and click on ‘Buy USDT’. Select your payment method and verify the purchase. 

Step 4: Access the TAMA/USDT Trading Pair

Once the USDT is in your account, you can access the TAMA/USDT trading pair. Select the amount of USDT you wish to convert to TAMA and confirm the purchase. 

For those that can’t register to the OKX CEX exchange to regulatory restrictions, TAMA is also available to purchase on the OKX DEX.

Step 5: How to Sell TAMA

If you have made a profit and are looking to sell Tamadoge, the process is very straightforward on OKX. Access the TAMA/USDT trading pair page and scroll to the bottom. You will see a ‘Sell TAMA’ Option next to the screen. 

Click on this option and enter the amount of TAMA you wish to sell. Select ‘Confirm’ to sell your holdings. 

Conclusion

Available in more than 100 + countries, OKX is a Seychelles-based cryptocurrency exchange with over 20 million users. With this exchange, traders can access spot trading futures contracts, options and margin trading options. Moreover, OKX offers a decentralized exchange which gives users access to thousands of DeFi protocols and applications. 

With OKX, you can purchase over 350 popular digital assets, including Tamadoge, Bitcoin, Ethereum and more. 

 FAQs