OKX Review 2024 Fees, Features, Pros & Cons Revealed

It was founded in 2017 by Changpeng Zhao (a.k.a CZ), a developer who previously worked in creating high-frequency trading software. Binance was initially based in China but later moved its headquarters as the government increased its restriction on cryptocurrencies. CZ stepped down as CEO in November 2023 after pleading guilty to a money laundering charge by US authorities. Both OKX and Binance offer “one-click” trading features that are easy enough for beginners, and simple actions like buying crypto and depositing fiat are easy enough to perform. For anyone with experience navigating crypto platforms, or after enough time getting familiar with these platforms, both OKX and Binance become easier to use with some time and practice. Binance is, by a large margin, the largest cryptocurrency exchange in the world.

Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries. Overall, the complete set of tools that OKX provides shows promising potential, even though the exchange is already large. With the number of consistent upgrades to their platform, they are attempting to be a place where users can have a wide set of financial tools for a new generation of finance.

How we have tested OKX

It offers traditional DeFi options using Aave, dYdX, Compound, DDEX, and Maker. These have varying interest rates determined by the platform and the token type you’d like to borrow. OKX also enables peer-to-peer lending services with flexible terms. You can also select “Margin https://www.tokenexus.com/okex-exchange-review/ Trading.” This will allow you to use leverage to try to amplify returns when trading in futures, advanced options, and perpetual swaps. The advanced service allows professional traders to engage in sophisticated transactions involving multi-currencies to maximize profits.

• However, it would be nice to see the company offer withdrawal and IP address whitelisting, as this could help prevent phishing attacks.
• The Binance NFT marketplace also supports Ethereum NFTs from some of the most popular collections.
• Members of a trader’s entourage can automatically execute the same trades they do, while the lead trader gets 10% of the profits.
• OKX also enforces multi-signature authorisation, making internal theft unlikely.
• This is where users who provide liquidity to a decentralized protocol can passively earn its tokens in exchange.

OKX, on the other hand, supports feefree deposit methods but generally charges fees for buying crypto through third-party payment providers. The fee discrepancy is minimal, and both exchanges are among the lowest-cost exchanges in the industry. OKX is a reliable crypto exchange platform and was one of the earliest platforms.

Products

You can choose between Dual Investment, Savings, Flash Deals, and Staking accounts. Each of these earning options comes with different levels of risks, earning potential, and flexible/fixed holding requirements. VIP maker fees start at 0.025% and decrease to -0.025%, while taker fees start at 0.06% and decrease to 0.03%. It was founded in 2014 and aims to better the future of crypto and become the world’s most powerful exchange.

Unfortunately, we know all too well the risks that could come from centralised exchanges. Unverified accounts can withdraw up to 10 BTC per day and trade up to $500, while higher levels give you higher withdrawal limits and transaction limits. The advanced platform is useful when margin trading or any other advanced strategy. It also has a built-in trading bot to execute orders with specific rules. Savvy New Canadians is one of Canada’s top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash.

Who is this review for?

If that’s your style, your best options are to buy a stablecoin like Tether (USDT) or hold your money in a third-party crypto wallet (which we recommend you do anyway). Regular users advance through the ranks by holding OKB, the coin pegged to OKX’s business performance (not to be confused with OKTC, the token for its technical infrastructure). The more OKB you hold, the higher your tier and the less you pay per transaction. Yes, OKX is a trusted crypto exchange used by millions of customers worldwide. While OKX is not available in the US, it is one of the top all-around exchanges and will suit serious crypto investors and novices wishing to create an account with a market-leading exchange. OKX’s cryptocurrency lending platform allows users to deposit crypto assets as collateral to receive other assets as a loan paid to their OKX wallet.

• Additionally, OKX offers advanced charting capabilities with users able to access 13 of the best crypto indicators, including RSI, MA, and MACD.
• The OKX crypto demo account is free and can be applied to most of OKX’s trading markets such as spot, derivatives, margin, and trading bots.
• The OKX wallet is great, and it works via a Google Chrome browser plugin, so it is always available when you need it.
• OKX also accepts the most popular transaction methods and has a simple trading dashboard and advanced trading tools for professional traders.
• Investors can get involved by staking their OKB tokens, then receive tokens from new projects based on the staked amounts.
• Futures, perpetual swap trading and options all have a 0.02% maker fee and a 0.05% taker fee.

OKEx and Binance are top cryptocurrency platforms that offer some of the most competitive trading fees in the crypto space. They are also known to cater very well to Asian-based traders with support for currencies like the Chinese Yuan that may be difficult to find elsewhere. Since the breach, Binance has substantially increased its security protocols and there have been no issues since. Along with round-the-clock platform monitoring and comprehensive cold storage and private key protection policies, Binance is one of the most secure exchanges in the world.