OKX Review (Sep 2022): Why We Don’t Like It

June 18, 2022
Reviews

OKX is a cryptocurrency exchange that has a large selection of supported cryptocurrencies, allows you to stake your crypto, and offers 24/7 phone customer support. However, OKX doesn't have the same liquidity as some of the other exchanges, the platform is not very intuitive to use, and it has a surprising lack of regulation in Canada, which is why I'm hesitant to recommend OKX as a top crypto exchange for Canadians to use.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than OKX. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

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What Is OKX?

OKX is a cryptocurrency exchange that was launched in 2017. It is currently headquartered in Seychelles, and it's the 18th largest crypto exchange in the world by trading volume, with over 20 million users across more than 100 countries worldwide.

Spot trading and derivative trading are two of the exchange's core features, but you can also conduct margin trading on the platform and they even have support for trading bots that will buy cryptocurrency automatically for you.

The exchange supports over 340 cryptocurrencies, including major coins such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and OKB (the exchange's native token).

To start off this OKX review, let’s take a deeper look at OKX’s pros, cons and features.

Why you should trust me

  • Experienced
    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
  • Unbiased
    All of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
  • Deep Research
    My team and I spent more than 100 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.
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OKX Pros & Cons

OKX Pros

  • Competitive trading fees.
  • A very wide array of supported crypto (340+).
  • Allows users to engage in leverage trading.
  • Allows users to engage in spot trading.
  • Has an advanced trading platform.
  • Allows users to engage in futures trading.
  • Has customizable crypto trading bots.

OKX Cons

  • Lacks a lot of regulation in Canada.
  • Has low liquidity for some cryptocurrencies.
  • Has a complex fee structure.
  • Questionable customer support service.
  • The trading interface is a bit too complex for beginners.

OKX Features

1. OKX Desktop Platform

The OKX desktop platform has many features that most advanced crypto traders will appreciate. OKX hasn't forgotten about beginners, though, and its basic platform allows the newer crypto traders to buy and convert their first cryptocurrency quickly and effectively: they can also swap between crypto (both altcoins and stablecoins) through OKX's Conversion Form, which is similar to a market trade on the advanced trading platform, but with a simplified interface that doesn't incur any fees.

However, even taking these considerations in mind, the platform ends up being somewhat unintuitive, and it might scare off newer investors to the world of crypto.

As for OKX's advanced trading platform, you can expect to see plenty of different order types, such as market orders, limit orders, stop-loss orders, and even advanced conditional trades that only occur if certain criteria are met. You can also find features such as spot trading, leverage trading, futures trading, and crypto staking, as well as advanced charting that will make your crypto trading experience easier.

You can also use a customizable trading bot that will invest in crypto automatically for you, making it a useful tool for generating some passive income. The trading bot can be set into one of four modes, all of which follow different investment strategies: spot grid, arbitrage order, iceberg and TWAP (time-weighted average price).

Overall, OKX charges customers a fee of 0.10% or less per trade. Purchase fees for credit and debit cards are also charged, although they are typically lower than those charged by other exchanges.

2. OKX Mobile App

OKX also has its own mobile app, which is available for both Android and iOS devices. The OKX mobile app has all of the features that the desktop platform does so you can trade on the go, but considering just how many features it offers, it's likely that beginner and intermediate crypto traders will struggle to use this app smoothly.

As for the app's ratings, the OKX Android app has a rating of 4.6 out of 5 stars based on 195,000 reviews on the Google Play Store, while the OKX iOS app has a rating of 4.9 out of 5 stars based on 14,000 reviews on the App Store, making it a robust mobile app that OKX users are satisfied with. There have been critiques of the app, however, often mentioning how hard it is to use.

3. OKX Security Features

OKX takes security seriously and employs multiple security measures to protect its customers' assets. For instance, OKX uses mandatory two-factor authentication via Google Authenticator for all withdrawals and account logins. OKX also keeps 95% of its assets under cold storage to keep the majority of its customers' assets offline and out of reach of hackers, which is great.

OKX also features an anti-phishing code that users can enable to protect their account from being phished, and the exchange allows users to enable funds passwords to add an extra layer of security to their account.

However, it's worth pointing out that OKX is not a registered with the Ontario Securities Commission (OSC), and it's also not a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which is a surprising lack of regulation for a crypto exchange operating in Canadian territory. Of course, crypto investors already know that digital currencies are a risky investment, but when you lack investor protections like these, it just makes the process of investing in crypto even scarier.

4. OKX Customer Support

OKX offers 24/7 phone customer support, and it also supports a live chat feature. Additionally, you can reach OKX customer service through Telegram, and it provides an extensive FAQ section on its website to help answer many common questions that customers may have.

OKX also has a social media presence, so if you have any questions or concerns, you can reach out to the platform on Twitter, Facebook, or LinkedIn and they will typically get back to you shortly. However, be aware that the kind of customer support that you'll get through this channel will be rudimentary at best.

OKX's customer support service has also been criticized by some customers for being unresponsive and slow, so it's definitely not perfect.

5. MetaX, OKX's Own Crypto Wallet

OKX also offers its own crypto wallet, called MetaX. It's an interoperable multi-chain wallet that can be used to that supports a wide array of different networks, such as Ethereum, Polygon, Fantom, and the exchange's own crypto network, OKC.

Now, seeing a crypto wallet offer coming from a crypto exchange is not that uncommon, but what makes MetaX unique is that you can use it to access other decentralized finance (DeFi) platforms without the need of switching apps and/or wallets. You can also use it to view assets, make transfers, receive payments, connect and authorize decentralized applications (DApps), add or switch networks, and shop, trade or create NFTs.

Cryptocurrencies On OKX

OKX currently supports around 340 different cryptocurrency tokens, which is a large selection of crypto tokens compared to other crypto exchanges. OKX has plans to list more cryptocurrency tokens in the future as well.

Some of the most popular cryptocurrencies that OKX currently supports include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), Shiba Inu (SHIB), Dogecoin (DOGE), and OKB.

OKX Fees

Trading Fees

OKX has a complex maker-taker fee structure that offers discounts based on the amount of OKB that you hold. Here are the trading fees you can expect to incur:

TierTotal OKB Holding30-Day Trading Volume (USD)Maker FeeTaker Fee24H Withdrawal Limit (BTC)
Level 1Less than 500< $ 5 million0.080%0.100%500
Level 2500 or more< $ 5 million0.075%0.095%500
Level 31,000 or more< $ 5 million0.070%0.090%500
Level 41,500 or more< $ 5 million0.065%0.085%500
Level 52,000 or more< $ 5 million0.060%0.080%500

Additionally, you can expect to get discounts on your fees if you have a 30-day trading volume of around $10,000,000 USD or more. Those discounts would look like this:

User Level30-Day Trading VolumeTaker FeeMaker Fee
VIP 1$10,000,000 or more0.060%0.080%
VIP 2$20,000,000 or more0.040%0.075%
VIP 3$50,000,000 or more0.020%0.070%
VIP 4$100,000,000 or more0.000%0.060%
VIP 5$200,000,000 or more-0.002%0.050%
VIP 6$500,000,000 or more-0.005%0.040%
VIP 7$1,000,000,000 or more-0.010%0.030%
VIP 8$10,000,000,000 or more-0.010%0.025%

Deposit & Withdrawal Fees

OKX has no deposit fees, but it does have a few withdrawal fees to be aware of when withdrawing crypto. Here are OKX's withdrawal fees for some of their most popular cryptocurrencies:

CryptocurrencyWithdrawal Fee
Bitcoin (BTC)0.0002 BTC (~10.14 CAD)
Ethereum (ETH)0.004 ETH (~15.05 CAD)
Cardano (ADA)1.0 ADA (~1.14 CAD)
Tether (USDT)20.0 USDT (~25.48 CAD)
XRP (XRP)0.2 XRP (~0.1813 CAD)
Polkadot (DOT)0.08 DOT (~1.9248 CAD)
Dogecoin (DOGE)16.0 DOGE (~2.75 CAD)
USD Coin (USDC)20.0 USDC (~20 CAD)
Uniswap (UNI)0.992 UNI (~41.48544 CAD)
Avalanche (AVAX)0.008 AVAX (~0.75408 CAD)

3 Exchanges I Recommend Over OKX

OKX isn’t a bad exchange, but it’s also not the best in Canada. This is because OKX doesn’t have the same liquidity as some of the other exchanges, which can make it difficult to buy and sell certain cryptocurrency tokens. OKX's customer support is also not as responsive as some of the other exchanges, and lastly, it's a difficult crypto exchange platform to use, and only the most advanced crypto traders will be able to get the most value out of it.

That’s why I recommend any of these three exchanges over OKX:

  1. CoinSmart: With trading fees of just 0.2%, quick deposits and withdrawals, and best-in-class customer support, CoinSmart is my go-to exchange for making large purchases due to its extremely low fees. Get your $50 signup bonus with CoinSmart here.
  2. Bitbuy: With trading fees ranging from 0% – 1.5%, tight spreads, and a well-rated mobile app, there's no questioning why Bitbuy is one of the most popular exchanges in Canada. Get your $50 signup bonus with Bitbuy here.
  3. VirgoCX: With support for more than 50 cryptocurrencies, instant account verification, and a beautiful website and app, I recently signed up with VirgoCX and have been pleasantly surprised every step of the way. Get your $30 signup bonus with VirgoCX here.

Here's a quick summary of these three exchanges:

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ends September 31, 2022.

★★★★★

Rated 4.9/5

Low Fees

Trading fees: 0% – 1.5%
Security: 99% cold storage
Signup bonus: $50

$50 bonus ends soon.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

How To Withdraw From OKX

To withdraw fiat (cash) from OKX, follow these steps:

  • Click the Buy/Sell menu.
  • Select the “Quick Trade” option.
  • Choose the “Sell” option.
  • From the dropdown menu, choose the crypto amount you wish to sell.
  • From the dropdown menu, choose the fiat currency you wish to receive.
  • Choose the “bank transfer” option and enter your bank account details.
  • Confirm the transaction.

To withdraw crypto from OKX, follow these steps:

  • Go to the withdrawal section.
  • Hover over “Assets” to open the menu.
  • Click the “Withdraw” option from the dropdown list.
  • Select the crypto you wish to withdraw.
  • Click Continue to proceed.
  • Enter and confirm the withdrawal details.

In Summary

OKX is a cryptocurrency exchange that has a large selection of supported cryptocurrencies, allows you to stake your crypto, and offers 24/7 phone customer support. However, OKX doesn't have the same liquidity as some of the other exchanges, the platform is not very intuitive to use, and it has a surprising lack of regulation in Canada, which is why I'm hesitant to recommend OKX as a top crypto exchange for Canadians to use.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than OKX. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.

OKX FAQs

Is OKX Safe & Secure?

Yes, trading with OKX is completely safe and secure. OKX has plenty of security features in place to protect your accounts, such as mandatory two-factor authentication and a 95% cold storage policy.

Is OKX Legit?

Yes, OKX is legit for several reasons: it is used by millions of people worldwide, it has been around since 2017, and it offers strong security features like mandatory two-factor authentication and email verification.

Is OKX Legal In Canada?

Yes, OKX operates legally in Canada. However, it's not a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and it's also not registered with the Ontario Securities Commission (OSC).

Is OKX Trustworthy?

Yes, OKX is a trustworthy exchange for several reasons: it has plenty of security features, it's been around since 2017, and it is used by tens of millions of people worldwide.

Does OKX Verify Accounts Instantly?

Yes, OKX does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Full legal name.
  • Nationality.
  • Document identification number.
  • Identity verification through a photo ID.
  • Facial verification via Netverify.

Is OKX Good For Canadians?

OKX is a decent exchange for Canadians, though if you’re looking for the best overall trading experience, I recommend using CoinSmart, Bitbuy or Newton instead. Each of them offers quite a bit more than OKX, and I’m confident you’ll have a better experience with them.

How Well Is OKX Reviewed On Reddit?

Reddit’s review of OKX is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Can I Buy Dogecoin With OKX?

Yes, you can buy Dogecoin with OKX. If you want to buy Dogecoin with higher liquidity, though, I suggest using CoinSmart, Bitbuy or Newton instead.

Is OKX Insured?

No, OKX’s crypto holdings are not insured.

OKX Referral Code

You don’t need a referral code to get your signup bonus with OKX. Simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does OKX report to the CRA?

No, OKX does not report to the Canadian Revenue Agency (CRA). This means that you'll need to report any capital gains or losses yourself to the CRA.

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