| Cryptocurrency exchange | |
|---|---|
| Official website | |
| Social network | |
| Date of foundation | 2014 |
| Head Office | Malta |
| Types of support | |
| Phone Support | +1 (226) 798-44-87Canada |
| Languages | English, Chinese, Spanish, French, Turkish, Portuguese, et al. |
| Founder | Star Xu |
| Company owner | Star Xu |
| Manager | Jay Hao |
| Minimum deposit amount | Verified Cryptocurrency
Fiat Currency Unavailable Unverified Cryptocurrency
Fiat Currency Unavailable |
| Maximum input amount | Verified No limits Unverified No limits |
| Maximum withdrawal amount | Verified Cryptocurrency
Fiat Currency Unavailable Unverified Cryptocurrency
Fiat Currency Unavailable |
| Exchange Commission | Spot trading: Until 0.8 % for maker / Until 0.1 % for taker Futures: Until 0.02 % for maker / Until 0.05 % for taker Perpetual swaps: Until 0.02 % for maker / Until 0.05 % for taker options: Until 0.02 % for maker / Until 0.05 % for taker Withdrawal fee: 0.0000002 BTC / Withdrawal fee is not valid for all cryptocurrencies / Until 1.6 % / For USDT. / 0.00096 ETH |
| Terminals | TradingView |
| Age restrictions | From 18 years |
| Trading volume per day | 1.5 billion USD |
| Number of cryptocurrencies | 90+ |
| Number of trading instruments | 270 |
| Margin trading | Yes |
| Leverage | Until 1:100 |
| Tokenized assets | OKB, OKT |
| Free demo account | No |
| Types of accounts | Standard |
| Order execution | Stop Limit, Market Execution (at market price), Limit Order, Trailing stop order (trailing stop), et al. |
| Methods of replenishment | Bank card (Visa/MC/MIR), Apple Pay, Advcash, Webmoney, Qiwi, Yumoney, Cryptocurrencies |
| Withdrawal methods | Wire transfer, Alipay, WeChat Pay, Cryptocurrencies |
| Account Currencies | Cryptocurrency, CNY, USD, EUR, AUD, GBP, et al. |
| Types of cryptocurrencies | Bitcoin, Ethereum, Litecoin, Tether, Ripple, et al. |
| Mobile apps | |
| Trader training | Help center, trading academy |
| A way to store cryptocurrencies | Cold: yes Hot: no |
| Fiat accounts | Yes |
| Scalping | Yes |
| Stop loss and take profit function | Yes |
| Possibility to exchange for fiat currencies | Via P2P only |
| Passive income | Investment loans, decentralized financial (DeFi) and other services |
| Automated Trading | Using your own cryptobot |
| Mining Pool | Earnings from stable mining, hedging and real-time data |
| Brokerage services | Earnings on commissions as a broker |
| Blockdream Ventures | A foundation focused on the study of quality and promising projects |
| Futures trading | Derivatives trading in a special account |
| Steaking | Passive profit from holding coins on the balance of the exchange |
| Crypto loans | More than 20 assets available for loan |
| P2P trading | Create your own trading floor and trade crypto with others in your local currency |
| Basic verification | Yes |
| Advanced AML verification | Passport and other identity documents |
| Laws regulating activities | Digital Asset Service Provider (DASP), AMF, France - pending Virtual Asset Service Provider (VASP), Dubai - pending |
| API | |
| Bonuses | |
| Affiliate Program | RegistrationUp to 60 % from trade commissions of referrals |
| Advantages | Large selection of currency pairs Easy registration and verification procedure Margin Trading Affiliate Program |
| Disadvantages | Focusing on the Chinese market Complex interface |
| Company requisites | Legal name: Aux Cayes FinTech Co. Ltd Legal address: Malta |
| Overall assessment | 9.4/10 |
| Date of update | August 27, 2024 |
OKX is this a scam? Review and Customers Reviews
Contents
OKX Crypto Exchange (formerly OKEx) is one of the most popular and most functional resources for full-fledged work with digital assets today. The platform offers an impressive set of coins, including rare ones, interesting options (leverage, hedging, etc.), fast withdrawal of funds, and a high level of protection. All this increases the trust of digital market players and makes it a stable and reliable resource on the market.
Still, OKX is a scam or a safe platform that allows you to make decent money on cryptocurrency trading? How can you make transactions with a large number of coins and pay a modest fee? The answers to these and other questions can be found in the detailed review of the exchange below.
Why OKX?
Cryptocurrency exchange OKEx is a subsidiary of a large Chinese platform OKCoin. OKX began its work in 2014 under its strict control, and in 2017, having separated from it, it became an independent service. It is a convenient platform with a desktop version downloadable to the trader’s computer. It is also possible to perform all trading operations in the mobile application. The site supports English, Chinese, and also one of its dialects – Cantonese. The mobile app works only in Chinese. On the official website okx.com all information is presented as simply as possible so that even a minimal knowledge of English is sufficient to understand it. If necessary, you can run a browser-based translation of the material.
The platform offers to change the color scheme of the terminal, adding indicators, security settings, and much more. C2C trading (customer to customer) can be conducted between traders, which is designed to facilitate intermediation between the two parties involved in the transaction. Here we are not talking about selling products, but only about facilitating a transaction between a buyer and a seller. For the purchase of electronic coins, it is possible to use a single fiat currency – the Chinese yuan. Professional traders, who operate with large amounts of money, do not often work with the exchange now, which is explained by the low volume of transactions. It could be higher if transactions at the site were available to residents of the U.S., Sudan, North Korea, Bolivia, etc.
The beginning of work on the site is the registration process. It does not require any special skills or special knowledge: you specify the country where the user is located and his phone number, which must be valid, as an SMS code is sent to it. There is a second option of registration when instead of the phone number you specify the e-mail address, which must be checked after clicking “Send SMS”. Keep in mind that the system email may end up in the spam folder. By completing registration, the user agrees to the rules of the exchange okx.com, after which they are redirected to their personal cabinet.
Verification in the system is also simple – just enter the surname, first name, and serial data of any identity document. In addition, you will need to upload photos of your documents, including the unfolded passport in your hands. The face must be visible, as well as passport data. Here it is easy to do without verification, in this case, free access will be all the services of the site, except one – “purchase of tokens for fiat currencies”. Also, the client will be able to increase an account only with cryptocurrencies, will able to sell and buy tokens and work with leverage, which will allow a client to attract more funds to trade than there is on the deposit.
OKX platform offers a convenient and fast exchange of cryptocurrencies and fiat money to electronic coins (how to make decent money on cryptocurrency? read here). The site has several built-in cryptocurrencies. The lists of currencies paired with Bitcoin are extensive and even include exclusive tokens (Yoyow, Waltonchain, Viuly, Tron). There are three options for conducting transactions. To proceed to the simplest one, you need to enter the “Token Trading” window. The top part specifies the main cryptocurrency with which other cryptocurrencies are acquired. In the left column, there are digital pairs, from them you need to choose one to work with. To buy a coin, press the button “Buy”, to sell it – “Sell”.
Another option is “Fiat to Token”. With its help, it is possible to buy altcoins through fiat money, but first, you have to transfer them to yuan. You can also use futures, which will allow you to create contracts to hedge risks. Hedging means executing transactions on one market and covering risks on the other market. Many traders use this way, in this case, a low commission and margin trading are waiting for them on OKX.
Crypto Exchange offers trading with the market and pending orders. To make a purchase, select the appropriate type of order and enter the required amount. The volume of redeemed electronic coins is automatically recalculated. If the customer intends to buy a token at a certain price, its value is additionally indicated. If, for example, the user believes that the current Bitcoin price of 12,000 USD will fall to 11,000 USD shortly before rising again, a pending bid should be selected. As soon as the value drops to that mark, an automatic transaction will occur. The platform also offers margin trading, where traders specify the credit percentage at once. The maximum allowable leverage difference is 20 to 1.
The commission fee at the exchange is one of the most modest. For futures trading it varies from -0.01% to 0.05%. When calculating the fee, the client’s ranking is taken into account, which changes depending on the number of trades they have made over past months. The Exchange offers API integration, enabling quick receipt of market update data, studying sales depth information, controlling request volumes and frozen amounts, checking active orders, and facilitating easy currency buying and selling. To work with API you need to press the “Apply API” button, so apiKey will be available, which is an access key, provided by exchange to clients. There is also secretKey – this is the private key, needed to sign the parameters of the request. It is strictly forbidden to disclose these two keys to anyone because they determine the safety of the account. Details on working with API can be found on the official website of the exchanger. The resource support team works around the clock. Residents of Hong Kong, Singapore, Ireland, and Canada can contact managers by phone, which is listed separately for each of these countries.
Deposit and Withdrawal
Topping up your cryptocurrency wallet on the OKX exchange is not difficult. First, click on the button “Account”, and then select the section “Deposit”. In the window that opens, all the data on the personal wallet is placed. For each currency, you need to start your own crypto-purse, which is used for further exchange. To proceed, navigate to the “Currency” section, select a digital currency, and copy the designated receiving address for depositing funds. If the wallet you use does not provide opportunities for transactions with multicurrency accumulators of funds, you will have to run an additional address for transactions. You can find out about the capital receipt in the “Spot trading account” tab.
Withdrawal of funds is made through the option “Withdraw”. Before you can run it, you have to verify it. You will also need the administrator password, which is created in the “AdminPassword” section. Confirmation of any passwords will require authentication. The password must be complex so that it protects the personal account from being hacked by fraudsters. You can complete its creation by pressing the “Submit Password” button. The e-mail will also have to be verified. Using the “Transfer” button, you can deposit funds to your trading accounts from My Wallet. You can use bank transfers (VISA, MasterCard). Deposit and withdrawal options are still few, but the exchange has not been operating for a long time, and, perhaps, the developers will expand this list soon. Currency transactions are available to users within 24 hours after authentication and verification. Withdrawal of funds will take from a few minutes to a week.
Complaints About OKX
The OKEx exchange has established itself as a comfortable platform for digital coin transactions, as it has many advantages. Market competitors offer higher transaction fees than OKX, where these figures are among the lowest, if not the most modest. Fraudsters have repeatedly tried to hack the platform, but always triggered reliable protection, which can not be weak because the site is a subsidiary of the well-known service OKCoin. The platform has versions for both stationary devices and mobile gadgets. The terminal can be installed on your computer, which allows you to exchange digital coins without going to your browser. Traders have comfortable leverage, and with competent margin trading, even exchanging modest amounts, it is possible to earn good money.
Clients of the exchange note a few moments that make it difficult to work with it. Sometimes the site “hangs”, so it is not possible to get into the personal cabinet. In such cases, reloading the resource page helps. Withdrawals do not always come to the wallet immediately, then users contact support. Deposits also sometimes encounter delays. If you work on the exchange for several hours in a row, then every 120 minutes you will have to re-enter the password. Information in English is simple and accessible. It is only possible to deposit funds into the account in Chinese yuan, which will be automatically converted to another currency on the site, which is also very convenient.
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Exchange Regulation
Chinese OKX crypto exchange is registered as Okex Technology Company Limited and was created after the country’s authorities banned trading in cryptocurrency futures. Belize was chosen for registration, but all correspondence was sent to the headquarters in China. Initially, OKX was supposed to be a trading platform for cryptocurrency assets, later its functionality was expanded. Activities of the crypto exchange are fully compliant with Belizean legislation.
The administration of the exchange expects integrity from users, any fraudulent transactions are considered inadmissible here, and withdrawal of funds by third parties is prohibited. The security service monitors all suspicious transactions to prevent terrorist financing. User accounts are blocked for any attempts to violate the platform’s rules. Full service rules are accessible on okx.com.
The exchange allows you to set your security settings by going to the “Settings” tab, where there is a “Security” section. For example, here the client can choose a two-factor authentication when logging into the account. All personal data are encrypted, because of this, it is a little complicated to work with the account (the system hangs up). Those who already have an account on OKCoin can do so without registration on OKX.
Read the “OKX Privacy Policy” on the exchange website
Read the “Terms of Use of the Exchange” on the OKX website
Regulators
OKX has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services. However, the license is not yet operational, it has the ‘Pending’ status (check regulator).
Moreover, OKX has applied for Regulatory Approval in France to become a registered Digital Asset Service Provider (DASP) under the requirements set out by Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) (check regulator).
Is OKX a Scam?
OKX Crypto Exchange appeared quite recently but has already managed to prove itself as a resource that deserves the attention of traders. The platform is quite stable and reliable, which does not leave experienced market players indifferent. Another advantage is the leverage trading and the ability to hedge risks. In addition, a modest fee is charged for transactions. The toolkit of the exchange is one of the most diverse, as well as the list of cryptocurrencies offered for investment (read the whole truth about cryptocurrency here).
The protection of the site is provided at a high level. Each user undergoes compulsory registration and verification. The password is requested separately for the withdrawal of funds, and if you work for a long time, you will have to enter it every 120 minutes. It is worth taking into account that the site okx.com is adapted primarily for Chinese users, although there is also an English version, it is not available in the mobile application. There are several restrictions on cooperation with the resources for residents of different countries. Users praise the exchange for stability, fast transactions, the ability to work with fiat money, the availability of the option of leverage, etc. From time to time they complain about the slow response of support service and the failures of the resource.
Still, can the OKX crypto exchange be considered a scam? Real reviews of traders, mostly in English, show that the site has many advantages. There is no reason to call OKX a scam or fraud. The service has managed to prove itself as a safe and profitable platform for investing in cryptocurrencies.
Conclusion
OKX cryptocurrency exchange has several advantages that make it attractive for traders. The revieweek.com has taken great care to ensure the reliability of the platform and offer users excellent functionality and a wide range of digital coins. Although the service is focused mostly on Chinese users, it is simple and convenient, so there are many traders.
While Revieweek will not consider OKX to be a scam, the appearance of negative feedback from new traders about the platform may affect its ranking in our project and alert users to any potential issues with the service.
Reviews
- In ascending order of rating
- In descending order of rating
- New ones first
- First the old ones
- Popular ones first
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Feedback approved for publication Rate your review 000OKX steal money
You will be asked for a lot of documents that you will not physically have. especially certificates from work and tax authorities.
did everything to rob people. Beware of the exchange OKX – it’s scammers and hustlers.Positive- No
Minuses- you will be robbed
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Feedback approved for publication Rate your review 000not real
Do not send sms code confirmation, although the number they tied and now I can not withdraw funds! Do not be fooled by this exchange, it’s not an exchange but a scam and do not withdraw them anymore!
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Feedback approved for publication Rate your review 1+10how i got back my lost funds
They promised a guaranteed return on my investment but after investing my life savings, I got nothing in return. They seemed legitimate at first, but it was all a scam. I urge people to stay away from fake platforms and not risk their hard-earned money like I did.
Positive- delay in withdrawal
Minuses- bad connections
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Credible feedback Rate your review 000Exchange
I trade at OKX only on the spot, the site itself is very accessible, the mobile version in general is smart super. My withdrawal is fast, I use P2P, I see the rate immediately, just 5, maximum 10 minutes and the money is on the card, internal transfer is free, I get not only the money but also the pleasure… Read more
Positive- Reliability, honesty and fast withdrawal.
Minuses- No.
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Credible feedback Rate your review 1+10This is a scam, they are just taking your money
They stole 1300 bucks from me, at first they gave me a bunch of lip-service, they say your problem is being solved, but after a week of inaction they just banned me.
This is a scam, this is a scam, these are scammers, you do not want to lose all your money – do not contact them then.
I contacted… Read more
Positive- no, it's a scam
Minuses- Fraudsters, they stole all my money
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Feedback approved for publication Rate your review 0-22Scammers
The exchange has long been wrong. Everything is bad! The charts are a mess, most of the time they do not show correctly. Extremely uncomfortable interface.
Could not send Coins to the purse, although before I sent. Contacted support, I was contacted on behalf of the exchange person and disappeared money… Read more -
Rate your review 1+10I do not recommend anyone to work with this exchange
Many times I worked with this exchange, but ended up losing money on it. Transaction is listed on the exchange completed, the specified txid does not exist, no coins received, support does not respond. I did not think that they can just take the money.
Just bastards!Positive- No
Minuses- They steal money
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Rate your review 0-55Deposit
Good day all, I would like to raise the topic of OKEX and its support. Recently I transferred from Toncoin wallet to the exchange, but did not specify their 6 digits in the comments. Deposit to the exchanger is not received, appealed to support and then the fun began. They made me do (video of logging… Read more
Positive- Not at all
Minuses- You'll carry so much horseradish
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Rate your review 3+21Great exchange
Don’t listen to these Reindeer who write negatively about the exchange. There’s nothing wrong with the exchange…
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Inaccurate feedback Rate your review 000I don't recommend it at all
Complete crap, not an exchange. Constantly some problems with the withdrawal. If you write to support, they answer for half a day. Do not recommend to trade on it, only money and time will be lost.
Positive- No
Minuses- Conclusion, the support is disgusting.
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Rate your review 1-10
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Rate your review 0-12Don’t be fooled by purchased reviews, or at least old ones, back then the exchange worked well!
It’s been 10 days since I sent 48 DOT from my polkadot.js wallet to my Okex spot wallet. In the scanner polkadot shows sending to the spot wallet exchange, with no errors and all the coins went within a minute, but on Okex they still have not appeared! Support answers wait, but then writes nonsense and… Read more
Positive- They seemed at first
Minuses- They can deprive you of your funds at any time
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Rate your review 0-11SCAM
When I first deposited 100XPR to the account of this exchanger did not specify the transfer tag, no credit or refund to my purse, my whole brain was blown tech support, I’m sweating to explain that I am me. I DO NOT RECOMMEND THIS EXCHANGE TO ANYONE!
Positive- No
Minuses- When I made the first deposit of 100XPR to the account of this exchange, I did not indicate the transfer tag, neither credit nor return to my wallet, technical support lost my mind, I was sweating to explain that I was me. I DO NOT RECOMMEND THIS EXCHANGE TO ANYONE!
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Rate your review 1+10I don't recommend it!
Okex scammers, don’t make a deposit on it you will lose money and nerves.
Positive- Staking
Minuses- Disgusting and careless support
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Rate your review 0-30I have been using it for over...
I have been using it for over a year. I like it very much. It is a great platform for trading. I used to trade with QUIK and Alfa Direct. I used to use Alfa Direct and QUIK, but now I have my own brokerage firm, which I also use.
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Rate your review 0+31Do not advise anyone this exchange, lure...
Do not advise anyone this exchange, lure just. Wait for help from the support is impossible, I still can not withdraw the money. As soon as I get, I hope, – I’ll put perhaps a higher score.
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Rate your review 002
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Rate your review 1-10Who has long been trading on the...
Who has long been trading on the exchange, share your experiences, is everything satisfactory? I have been working with the platform for less than a month.
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Rate your review 0+50It's just a shithouse. I put the...
It’s just a shithouse. I put the coins, but they never showed up. Support is simply unsubscribes as if a robot. Wait, we are serious, here it comes, etc. I think it is useless. This is the first time I met such a disgusting service. I do not advise anyone, do not waste your time on this garbage.
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Rate your review 0+50I put the coins on the exchange
I put the coins on the exchange. But they are in the balance and did not appear. Support promises to solve the problem, but it’s been a week and my coin dropped by 30% (Qtum). I do not know whether I will return my money. But even if they return it will be a much smaller amount. Conclusion – exchanger… Read more
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Rate your review 0+50I don't recommend Okex to anyone. There...
I don’t recommend Okex to anyone. There was a problem with the plant of funds, technical support responds slowly and long. In chats normal response from the admins do not wait. In the end, the funds have not been credited. Just a shame.
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Rate your review 0-30I was looking for a long time...
I was looking for a long time where I could trade normally on the decline, because usual crypto bitcoin trades don’t interest me, I lost a lot on it. I was advised to try there by myself. I got a good feedback, lot of different types of trades, different tokens, everything is available and very easy… Read more
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Rate your review 0-10It took me a long time to...
It took me a long time to decide to go to trade, there was a rush at work and everyone was on vacation. I had enough time, at least approximately, to study the question, what and how. I found OX through tgroups of traders, they advised me. I tried it. I had some problems with kyc, because of some misunderstanding… Read more
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Rate your review 0-10I have a few ethers on Okex...
I have a few ethers on Okex for the sake of testing. I signed up without any problems on my phone, immediately received an SMS, put protection and KYC. so far everything is fine, orders are placed perfectly, however, sometimes it annoys the translation of the site in pseudo-Russian, but that’s nothing… Read more
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Rate your review 0-20I hope that my feedback will be...
I hope that my feedback will be heard and the problem will be corrected, because the support really tries and helps to solve problems.
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Rate your review 0-20I can't understand why there is such...
I can’t understand why there is such a low rating here. And only on this site. The exchange, at the moment, is one of the few that are still afloat, and is not caught on the plum or suspicious overestimation of volumes, or even worse, scamming their clients for money. I cannot trade here, because the… Read more
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Rate your review 0-10If you want to trade crypto and...
If you want to trade crypto and know you won’t get hacked, this exchange is for you. Very high level of account protection, from simple email notification to SMS notification for every transaction, 2fa protection, so you don’t fear for your coins. The very creation of transactions here is convenient… Read more
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Rate your review 0-10Want a review? Get one. As soon...
Want a review? Get one. As soon as I started using Okex I immediately started a white streak in trading, maybe it was just coincidence, but the trades I created were almost always successful. I have learned how to trade on margin here and all thanks to a channel on Telegram where everything was clearly… Read more
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Rate your review 0-30I decided to leave my review because...
I decided to leave my review because of the controversial comments about okex everywhere.
On the plus side: the app is handy and the functionality
– The Russian language is available everywhere, plus a Russian Telegram chat, with normal Rum admins
– a large number of tools and charts, I don’t want to… Read more -
Rate your review 0-10I registered a month ago. When I...
I registered a month ago. When I registered, I went through two-level verification. Had problems with the photo, when the site did not accept the photo I uploaded. Tried all the options. It turned out that there were some small lags on the site, after which I successfully completed the verification… Read more
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Rate your review 0-10It took me a very long time...
It took me a very long time to get verified, the photo wouldn’t upload to the site. After an evening of trying, I still managed to upload it, and, oh miracle, the next day I passed it. With everything else, there were no problems, only sometimes the cryptocurrency chart does not show the fluctuations… Read more
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Rate your review 0-10Exchange is interesting, translated into Russian, there...
Exchange is interesting, translated into Russian, there are some features on the site and the headings, which remained in English. I did not notice any other shortcomings. I liked the futures, because it was the first time I got acquainted with them, it was interesting. I have a lot of information about… Read more
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Rate your review 0-10I registered on the exchange, started trading...
I registered on the exchange, started trading and decided to put a password for trading operations. This is what I was often prompted to enter it. Fortunately, I wrote to the support team and the problem was solved, they answered quite quickly, after 15 minutes.
I was annoyed with constant transaction… Read more -
Rate your review 0-10I used to just buy crypto and...
I used to just buy crypto and hold, but now I decided to trade and chose this exchange. I passed the verification without any problems, but it was a bit difficult to understand the functionality of the site: I could not understand what to do and where to click. But the good thing is that I found a guide… Read more
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Rate your review 0-10I decided to leave my review, maybe...
I decided to leave my review, maybe it will help someone to decide on trading on it. I think that Okex is a successful platform with great potential. The only thing is that there is no possibility to withdraw funds in fiat, if there was such a function it would be great.
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Rate your review 0+20The okex exchange is a shithole! I...
The okex exchange is a shithole! I do not recommend to contact with it. It began with the fact that it was impossible to confirm their account for withdrawal of funds (did not come sms), and ended with the deletion of the account with the coins. When I entered the correct data says that something is… Read more
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Rate your review 0+10Frozen login to the account with my...
Frozen login to the account with my funds. The support team writes back with the same phrases: be patient, we are considering your issue….
No deadline for review are not called, the reason, too.
I do not recommend this exchanger with this approach! -
Rate your review 000Stopped receiving sms-codes. Verification is impossible if...
Stopped receiving sms-codes. Verification is impossible if you don’t have a passport.
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Rate your review 0+10Profitable orders do not work. Interesting deals...
Profitable orders do not work. Interesting deals are failing. Negative feeling
OKX reviews
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- Resolved0
- Not resolved1
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