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OKX is one of the largest crypto exchanges in the world. Founded in May 2017, the provider is even older than Binance, making it well-established. OKX is particularly impressive with its numerous trading options such as futures, options, and a demo account.
Payment options
Pro
- High trading volume
- Non-custodial wallet available
- Futures also tradable
- Staking: Earn interest with crypto
- Demo account available for futures
Contra
- Customer service not available in German
92%
4.5 out of 5.0 stars
Sehr gut
Verified provider
Long-standing expertise
Transparent selection
Regulated platform
OKX in the Test: History, User Interface and App
OKX was founded in May 2017 as OKex (OK Exchange). The name was changed because the trading platform is now much more than just an exchange. OKX is based in the Seychelles, but also opened its first office in Malta in 2022.
Although the crypto exchange is mainly used for trading purposes, the trading platform is very clearly designed. This applies to the web version as well as the mobile app. Therefore, even beginners should be able to find their way around OKX. The entire user interface is available in German and many other languages. However, some translations from English seem unclean.
OKX Functions & Trading Offer Overview
OKX combines many functions in a single trading platform. You can trade cryptocurrencies regularly via the spot market, but also invest in crypto automatically via a savings plan. In addition, OKX is best known for trading. You can currently trade around 350 cryptocurrencies on OKX.
Trading Opportunities
If you want to trade cryptocurrencies, you have many different options at OKX:
- Trading via order book on the spot market
- Buy cryptocurrencies directly with a credit card
- Buy crypto via third-party providers with various payment options
- Buy cryptocurrencies P2P
While you can view the fees for trading on the spot market in the OKX fee table, there is no proper fee indicated for direct purchase by credit card or via a third-party provider. Instead, a fee is included as a spread. With third-party providers, this is higher than with direct purchase by credit card via OKX.
Positive: With the Recurring Buy function, OKX also supports crypto savings plans. We believe that a Bitcoin savings plan, for example, is a better strategy due to the cost-average effect than investing a lot of money in the cryptocurrency in one fell swoop.
OKX is one of the largest crypto exchanges in the world and combines numerous functions such as a wallet, staking, futures, margin, and spot trading in a single platform.
Trading
OKX offers traders many options. Besides the margin trading is also futures trading and copy trading available. While you benefit from very low fees for margin and futures trading, there are no additional costs for copy trading.
Functions
In addition, OKX offers many other functions with which the crypto exchange can stand out from many other trading platforms.
- OKX Staking: You can use your coins at OKX and increase them through staking. The staking rewards amount to 1 to 60 percent of the amount used per year, depending on the cryptocurrency. For many, the staking options for stablecoins such as USDT (10 percent per year) should be particularly interesting.
- OKX Wallet: In addition to an integrated wallet, OKX also offers an external wallet. It is a software wallet in which you yourself have access to the private key. This means you don’t have to take responsibility for your coins
- OKX NFT Marketplace: Even though the big NFT hype is already over, you can still trade NFTs on OKX. The NFT marketplace, like Binance or Coinbase, is a nice extra function.
- OKX Demo Account: Almost revolutionary for a crypto exchange: A demo version. This allows you to test trading strategies on OKX without risk. Other large crypto trading platforms do not have this function. Instead, we are more familiar with a demo account from brokers, but not from crypto exchanges.
This is just a selection of the functions available on OKX. Trading bots and lending options are also available on OKX. Furthermore, developers can create their own dApps for the OKX Chain. Less experienced crypto investors can also view extensive learning content via the OKX Academy.
Fees
The crypto exchange relies on a volume-dependent fee model for VIP users. This means that VIP users pay less fees the more they trade. But even for occasional traders, the fees are very low at a maximum of 0.10 percent of the purchase amount.
For normal users, the trading volume is not decisive. Instead, you will receive a trading discount if you hold a certain amount of OKB tokens. OKB tokens are comparable to BNB coins from the crypto exchange Binance.
The purchase of these coins is therefore particularly suitable for traders. However, remember that the OKB token can also lose value and therefore a total loss is always possible.
Deposits and Withdrawals at OKX
Anyone who trades on OKX usually does so via the spot or futures market. In this case, you always trade crypto/crypto trading pairs. It is not possible to place orders with fiat currencies via the order books.
However, you can also buy cryptocurrencies with fiat money at OKX. You can do this by selecting the “Buy Crypto” item in the menu at the top left.
You can then deposit funds at OKX via bank transfer or credit card. The disadvantage is the variable fees, as these are included in the spread. The deposits are made via third-party providers. This is a big difference to trading platforms like Bitpanda or Bitvavo, both of which also offer significantly better fiat support. The same conditions apply to withdrawals.
As far as deposits and withdrawals of cryptocurrencies are concerned, OKX is well positioned again. Crypto transactions to your own wallet are associated with low fees that are related to the network costs. Deposits are free of charge.
Safety
Although OKX does not have a license in the DACH region, we believe it is a secure crypto exchange. In the 6 years since its foundation, OKX has not only survived two bear markets, but has also never fallen victim to a hack. This is not a matter of course in the crypto market so far.
OKX also relies on a transparent proof-of-reserves. This means that it is clear to outsiders whether OKX really holds enough cryptocurrencies to pay out users in the event of a bank run. The scandal surrounding the crypto exchange FTX has shown how important this is.
The OKX wallet is also a real security upgrade, as you can use it to store your coins with your own private key. But make sure you keep your private key safe.
Customer Service
The exchange relies on a proactive service. This is noticeable through the extensive support pages. In principle, you will find an answer to every question in the helpdesk. The search function and the fact that all content is also offered in German is particularly positive in this case.
The customer service itself is also available in numerous languages. Unfortunately, German is not one of them. However, you can answer the support either by email or in real time via live chat. Alternatively, lighter questions are answered directly by the chatbot.
Overall, the OKX support or customer service was convincing in the test. We received quick and well-founded answers.
Conclusion: how Good is the Crypto Exchange OKX
In summary, we can say that the crypto exchange is one of the best crypto exchanges for experienced investors. The crypto exchange combines the most important trading functions at favorable conditions in one platform.
Even beginners should find a simple way to invest in cryptocurrencies at OKX with the direct purchase method. Nevertheless, we would welcome a spot market with fiat currencies as well as a license in the DACH region.
OKX is one of the largest crypto exchanges in the world and combines numerous functions such as a wallet, staking, futures, margin, and spot trading in a single platform.
