OKX – 2025 Crypto Exchange Review: Fees, Features, and Security

OKX is one of the largest cryptocurrency exchanges, offering a broad range of services for traders in crypto markets and those familiar with Forex. Founded in 2017 (originally known as OKEx), it has grown into a global platform with millions of users worldwide over time.

OKX has established itself as a top exchange for active crypto traders, including those coming from the Forex world: the platform provides high liquidity, advanced tools, and 24/7 market access—appealing to traders used to round-the-clock opportunities. Below, we’ll examine the key aspects of using OKX.

Overview of OKX Exchange Features

OKX offers a multifunctional trading ecosystem. On a single platform, you’ll find various products—from classic spot trading to leveraged derivatives, passive income via Earn, and even an NFT marketplace and a Web3 wallet. This wide array of options makes OKX a versatile venue for crypto investors. Let’s look at its main functions and services in detail.

Spot Trading

The spot market is the foundation of any exchange, and OKX is no exception. The platform supports more than 350 cryptocurrencies and 500+ trading pairs, including major coins (BTC, ETH, XRP, etc.), stablecoins (USDT, USDC), and numerous altcoins. This variety allows traders to buy and sell crypto assets at market prices with instant settlement. The industry notes that OKX provides deep liquidity in major pairs—by daily spot volume, it consistently ranks in the world’s top 10 exchanges.

The share of major crypto exchanges in the spot market (December 2024). According to CoinGecko data, OKX accounts for about ~6.2% of spot trading volume, placing it among the industry leaders. For comparison, Binance controls around 34.7% of the market, significantly outpacing other players.

OKX’s trading interface is convenient and feature-rich. It includes professional TradingView charts, order books, a trades feed, and customizable order types. Below is an example of OKX’s spot trading interface with a chart and order entry form:

A screenshot of the OKX spot trading terminal (BTC/USDC market). On the left is the market list, the center displays a candlestick chart with technical indicators, the right shows the order book and recent trades, and at the bottom is the order entry form. The interface is packed with tools but remains intuitive for experienced traders.

For simpler transactions, newcomers can use the “Convert” feature—an instant exchange of one cryptocurrency for another at the current market rate, without needing to dive into order books and charts. Essentially, Convert executes a quick market order, convenient for swapping, say, a stablecoin for bitcoin.

Margin Trading

OKX allows margin (leveraged) trading in the spot market. Traders can borrow funds against their assets to open larger positions than their own capital would allow. The margin leverage on OKX can reach 5×–10×, depending on the trading pair—on main pairs, up to 10:1 is available. This appeals to experienced traders and those transitioning from Forex, where margin trading is standard.

The margin platform on OKX integrates into the main interface: you simply switch the order mode to “margin” and choose the desired leverage. Remember that leverage amplifies both potential profits and risks—OKX implements risk-control measures, including liquidation price mechanisms (automatic position closure if margin is insufficient) and warning notifications. The exchange also requires maintaining certain collateral for positions and has a tiered risk system that limits maximum borrowing for large trades.

Futures and Perpetual Swaps

OKX is among the leading cryptocurrency derivatives markets. The exchange offers futures contracts with set expiration dates and perpetual swaps on popular crypto assets. Perpetual contracts operate like futures without an expiration date, with a funding mechanism (periodic payments between longs and shorts to keep the price close to spot).

• Futures leverage: Up to 100× on main BTC and ETH contracts. High leverage attracts speculators from crypto and forex backgrounds who seek substantial market exposure with relatively small collateral. For instance, with 100× leverage, controlling 1 BTC requires just 0.01 BTC in margin. For comparison, Binance offers up to 125×, Bybit up to 100×.
• Derivatives fees: Very low—by default around 0.02% for makers and 0.05% for takers on OKX, comparable to competitors. Fees can decrease further for high-volume traders (detailed in the “Fees” section).
• Contract types: Both perpetual swaps (renewed every 8 hours via a funding rate) and futures with quarterly expirations or other durations are available. This flexibility suits a range of strategies—from short-term speculation to medium-term hedging.
• Market depth: OKX maintains deep liquidity in major derivatives markets, on par with Binance and Bybit. Professional traders regard OKX for its high liquidity, and it consistently ranks in the top three worldwide in derivatives trading volume, alongside Binance and Bybit.

Note that BitMEX—once a monopoly for crypto derivatives—has been surpassed by platforms like OKX and Bybit. While BitMEX still offers up to 100× leverage and popularized the perpetual swap, its liquidity is mainly concentrated in the BTC/USD pair. OKX, in contrast, supports multiple contracts (BTC, ETH, XRP, SOL, etc.) with a large trading volume.

Options

An advanced feature of OKX is trading cryptocurrency options. Options are more complex derivatives, granting the right (but not the obligation) to buy or sell an asset at a specific future price. Previously, the options market was dominated by specialized venues (like Deribit), but OKX has successfully integrated options for its users.

• Available assets: BTC, ETH, and SOL, the most liquid crypto assets for options on OKX. In comparison, Binance only offers limited BTC and ETH options.
• Option types: European-style (exercisable only at expiration). OKX provides both call and put options with various strike prices and expiration dates.
• Option tools: The platform calculates Greeks (Delta, Gamma, etc.) and volatility metrics, aiding traders with advanced strategies. OKX also includes trading bots and automated strategies for options (e.g., spreads, straddles) to simplify user experience.
• Liquidity: Though options volume is lower than futures, OKX actively attracts market makers, ensuring enough liquidity for large BTC and ETH option trades. Liquidity depth for the main strikes on OKX is comparable to Deribit, which is notable for an exchange “not specialized” solely in options.

Options can hedge risks or enable complex strategies, so having them on OKX is a big plus for professionals. Newcomers should proceed with caution and proper education, as options are more intricate than futures.

OKX Earn (Passive Income)

Besides active trading, OKX offers ways to earn passive income through its OKX Earn section. This includes various products—from staking to savings accounts and liquidity farming.

• Flexible Savings: Similar to a deposit—you place your coins (BTC, ETH, USDT, etc.) and earn interest. The rate is variable, depending on market conditions. You can withdraw anytime (flexible term).
• Fixed Staking: You lock specific coins for a set period (e.g., 30 or 90 days) to get a higher interest rate. It’s like a time deposit: “freezing” assets for a term yields a higher return.
• DeFi Farming and Liquidity Pools: OKX Earn integrates with DeFi projects—users can participate in yield farming and provide liquidity across multiple blockchains. OKX aims to simplify the interface by aggregating different protocols.
• Dual Investment: A structured product that allows you to fix a future buy or sell price for crypto while earning interest. It’s somewhat between a deposit and an option—popular on Binance, and OKX provides a similar instrument.

OKX Earn appeals to investors seeking interest on held assets. User feedback highlights the wide range of Earn products, often with competitive rates—for instance, stablecoin rates can sometimes surpass Binance Earn. Moreover, OKX periodically hosts promotional Launchpool events (part of Launchpad) for staking coins to earn new tokens.

Keep in mind all Earn products involve market risk. OKX states it carefully selects DeFi pools and stores funds securely, but users must be aware of volatility and smart contract risks.

NFT Marketplace and Web3 Wallet

OKX is proactively developing its Web3 and NFT segments. The exchange has introduced a decentralized wallet (OKX Wallet) and integrated an NFT marketplace.

• OKX Wallet (Web3 Wallet): A decentralized, multi-chain wallet embedded in the OKX ecosystem. It supports dozens of blockchains (Ethereum, BSC, Polygon, Solana, OKTC, etc.) and allows users to hold crypto in a non-custodial format (they control the private keys). The wallet is available as a mobile app and browser extension.

OKX Wallet is notable for its deep integration with the exchange’s services: for example, you can interact with DeFi protocols directly from the OKX interface. It also supports an X Routing feature—an aggregator that sources the best token swap rates across multiple DEXs (Uniswap, PancakeSwap, etc.). According to the company, OKX Wallet has been audited by Slowmist and ranks second in the CertiK Skynet security rating (after MetaMask).

• NFT Marketplace: OKX launched its own platform for NFT trading, operating on over 10 blockchains (Ethereum, Solana, OKX Chain, Polygon, etc.) and aggregating collections from multiple networks. There is no selling fee for NFT vendors on the secondary market—sellers pay zero platform commission. Buyers only cover minimal network fees. OKX also hosts NFT Launchpad events (OKX Drops) featuring new collections by notable artists and projects.

Via the Web3 Wallet, users can engage in DeFi activities—like staking crypto in farming directly through dApps. Thus, OKX positions itself not just as a centralized exchange but as a bridge to decentralized finance and NFTs. While Forex-oriented traders may be less familiar with this segment, it reflects OKX’s technological leadership.

Launchpad (Jumpstart) – Launching New Projects

Like many top exchanges, OKX offers a token launch platform—OKX Jumpstart Launchpad. Here, promising crypto projects conduct initial exchange offerings (IEOs).

Participation in Launchpad generally requires KYC and holding a specific amount of OKB or other tokens in your account. For instance, users might need to stake a certain OKB amount for a few days before the sale to qualify. Then, the new tokens are distributed proportionally to each participant’s stake.

OKX announces these new projects in advance, runs a “warm-up” phase, and publishes participation guides. Projects on OKX Jumpstart typically undergo internal vetting—generally, these are startups with at least a functional prototype. For investors, Launchpad is a chance to buy tokens at a lower price before their listing (though no guaranteed profit). The presence of Launchpad is an important plus for those looking to support new crypto initiatives and potentially gain from a token’s post-listing rise.

Additional Features: Demo Trading, Bots, API

OKX aims to be technologically advanced, so here are a few more useful features:

• Demo Trading: OKX offers a paper trading mode where you can practice without risk. It closely replicates real market conditions (quotes, orders) using “virtual” funds. This is rare and highly valued: beginners can learn, and experienced traders can test strategies.
• Trading Bots: The OKX terminal includes algorithmic bots for automated strategies. Users can set up grid trading, cross-exchange arbitrage, DCA, and other methods. Bots are free for all OKX clients (standard trading fees still apply), making automated trading accessible even to non-programmers.
• API and External Terminals: For professionals, OKX provides an API with generous rate limits, letting them connect custom bots and external software. It’s also compatible with platforms like TradingView. Many advanced traders from Forex rely on their own programs or third-party tools—OKX provides the needed integration solutions.
• Supported Fiat Channels: Although OKX focuses on crypto, it does support fiat deposits and withdrawals through partners. There is a P2P platform for peer-to-peer exchanges of crypto and fiat (over 90 currencies and various payment methods, including bank transfers, Visa/MasterCard, PayPal, etc.). OKX also collaborates with external processors (MoonPay, Banxa, Simplex, etc.) for direct fiat purchases. Direct bank withdrawals are available only in some regions (e.g., AED in the UAE); in most cases, users rely on P2P to cash out.

Clearly, OKX’s functionality is extensive. The exchange blends classic trading with DeFi and Web3, aligning with today’s concept of a universal financial platform. For crypto enthusiasts, OKX offers just about everything in one place: trading, investment, and decentralized solutions. Next, we’ll explore OKX’s fees and trading conditions.

OKX Fees and Limits

Fees are critical in choosing an exchange, especially for active traders. OKX is known for low, competitive fees, often more favorable than on other platforms. The exchange also grants discounts to users with high trading volumes or who hold its native token, OKB.

Spot Trading Fees

OKX uses the classic maker/taker fee model for spot trading. The base rates for regular users are:

• Maker: 0.08%—a limit order that adds liquidity
• Taker: 0.10%—a market or instantly executed order removing liquidity

Hence, initial trading on OKX can be slightly cheaper than on Binance (0.1%/0.1% maker/taker) and KuCoin (0.1%/0.1%), comparable to Bybit (about 0.1%). In addition, fees can be reduced further under certain conditions:

• OKB discounts: OKB is OKX’s utility token. Holding a certain amount of OKB confers a higher tier. For instance, with ≥100 OKB, fees drop to 0.075% (maker)/0.09% (taker); ≥500 OKB yields 0.065%/0.07%, and so on, down to 0.06%/0.06% with ≥1000 OKB. Thus, OKB holders can get significant savings.
• VIP levels by volume: Users with substantial 30-day trading volumes or large asset balances qualify for VIP statuses. VIP 1, 2, 3, etc., each step lowering fees. For instance, traders exceeding $100 million in volume may enjoy significantly lower fees. OKX divides customers into “Regular” (focusing on OKB holdings) and “VIP” (focusing on volume) categories.

Ultimately, the minimum spot fees for high-level participants can drop to 0.06% or lower. Even without VIP status, simply holding OKB reduces costs. This gives OKX an edge: on Binance, a similar discount uses BNB (down to 0.075%), KuCoin uses KCS (0.08%), while Bybit sometimes offers zero maker fees and 0.1% taker fees as a promotion. OKX’s structure is stable, with a typical minimum fee of 0.06% for retail users at a certain tier.

Most retail traders won’t reach below 0.06% unless they handle enormous volumes. Still, achieving VIP 1 or 2 can bring fees around 0.05%, which is quite low. The core takeaway: OKX’s spot fees are competitive, and even standard users can trade at a favorable rate—further improved by holding OKB.

Futures and Swaps Fees

OKX also shines in its derivatives pricing, where fees are even lower than on spot, reflecting heavier trading volumes:

• Maker (futures): ~0.02% (base rate)
• Taker (futures): ~0.05% (base rate)
• Options: roughly 0.03% for both sides (a single rate on options)

This means, for example, if you trade a BTCUSDT perpetual contract valued at $10,000, the fee is just $2–$5, which is extremely low compared to traditional markets, or even some Forex brokers whose spreads may equate to 0.01–0.03%.

Discount mechanisms on derivatives mirror spot: holding OKB or achieving a VIP level reduces the percentage. Institutional market makers might see zero or negative (rebate) maker fees—on top VIP tiers, the maker fee might be 0% or below, incentivizing added liquidity. Historically, Bybit and BitMEX offered negative maker fees (-0.025%), while OKX typically lists zero as the minimum in public data.

For the average trader, the core point is that derivatives trading on OKX is cheaper than on Binance (0.02%/0.04% base). For instance, Bybit’s public derivative rates can be 0.075%/0.075%, higher than OKX. Hence, OKX stands out among major exchanges for favorable derivatives fees.

Deposit and Withdrawal Fees

Deposits: OKX charges no internal deposit fees for cryptocurrencies (only the blockchain network fee that a user incurs when sending). Buying crypto with a card or P2P may involve fees from third-party providers, but OKX itself doesn’t charge for fiat deposits.

Withdrawals: Withdrawal fees vary by cryptocurrency, reflecting the network’s transaction fee. OKX doesn’t add a fixed markup; users simply pay the miner/gas fee. For BTC, for example, it might be ~0.0002 BTC. For ERC-20 tokens, fees depend on network congestion.

OKX lets you choose the transaction speed: standard or priority (with different network fees). This approach is standard on most top exchanges. For popular networks, withdrawing can sometimes cost mere cents—e.g., USDT on TRC-20.

Withdrawal Limits: After KYC, OKX provides generous withdrawal limits—level 1 verification often grants the equivalent of up to 200 BTC per day (exceeding $5 million), higher tiers provide even more. In practice, few users reach such limits. Without KYC, you cannot withdraw—OKX requires verification for all operations.

In-Wallet Swaps: If using OKX Wallet for decentralized swaps via X Routing, you’ll only pay the network fee plus minimal slippage (~0.5%). OKX does not add extra charges—this is part of the DeFi experience.

OKB Discounts and VIP Programs

Let’s detail OKB and VIP, as they are crucial to the fee structure:

• OKB token: The platform’s utility token, with a capped supply. OKB not only grants trading fee discounts but is also used in OKX Jumpstart (IEO participation) and other loyalty programs. From a fees standpoint, holding at least 100 OKB (~$500 as of 2025) can be worthwhile for an active trader, as commission savings may recoup the cost. Additionally, OKB holders can vote on listings and sometimes receive bonuses from OKX Earn distributions.
• VIP Levels: OKX designates VIP tiers 1–8 (and beyond for extremely high volumes). Requirements might be VIP1: > $10 million in 30-day volume or assets > $100k; VIP2: > $50 million or > $1 million in assets, etc. Higher VIP equals lower fees, potentially 0.02% taker or even 0% maker at top levels. VIP customers also get a personal manager, priority support, and more. Institutional clients (funds, market makers) may negotiate special terms and FIX API connections for minimal latency.
• Status Matching: OKX occasionally offers status matching for traders switching from other exchanges—if you hold a VIP rank elsewhere, OKX may grant you an equivalent VIP tier. This shows their competitive strategy in attracting large volumes.

Transparent Fees: OKX publishes detailed fee tables for all tiers and instruments. The rates rarely change abruptly. Users appreciate the transparency: there are no “hidden” commissions or inflated spreads. Some negative reviews about fees typically come from inexperienced users who fail to notice that certain card purchases use third-party services.

In conclusion, OKX’s fee structure is designed to keep costs low, especially for active participants. Its spot fees are already among the lowest, and derivatives fees rank near the top in affordability. Meanwhile, the platform encourages high volumes and OKB usage, aligning with institutional traders. Beginners also benefit from the moderate default rates and free built-in features (like bots, demo trading). Next, let’s look at how secure OKX is and how it protects user funds and data.

Below we’ll examine OKX’s security, covering account protection, cold storage, and the exchange’s track record with hacks or incidents.

Security: Protecting Funds and Accounts

Security is critical when choosing a crypto exchange. The industry has seen multiple hacks and lost funds. As a result, traders want to know how an exchange stores assets, which security protocols it implements, and whether it has a history of incidents. OKX can be considered one of the most reliable large exchanges: as of 2025, it has never experienced a major hack or user fund loss. Let’s explore how it achieves this.

Fund Storage: Cold Wallets and Proof of Reserves

OKX states that the majority of user assets are kept in offline “cold” wallets, isolated from the internet. This is standard practice: the exchange holds only the necessary liquidity in hot wallets to handle day-to-day withdrawals, with everything else in secured vaults. Should a hot wallet compromise occur, losses would be minimal relative to total reserves and covered by the exchange’s insurance fund.

After the 2022 FTX collapse, many platforms introduced Proof-of-Reserves to boost transparency. OKX was one of the first to release monthly Merkle-tree Proof-of-Reserves reports at the end of 2022. By late 2024, OKX had published 23 monthly statements demonstrating a 1:1 reserve ratio for user assets. Simply put, for every customer BTC, OKX holds at least one BTC in its wallets. Users can verify these reports cryptographically, increasing transparency.

OKX also highlights that customer funds are segregated from the company’s operational funds. This ensures client deposits cannot be used for business expenses, meeting a core regulatory expectation. It means that, in the event of hypothetical financial troubles, OKX would not dip into users’ coins.

Account Protection: 2FA, Anti-Phishing, Whitelists

On the user side, key security measures include:

• Two-Factor Authentication (2FA): OKX strongly recommends enabling 2FA for login and withdrawals. You can use Google Authenticator, SMS, or email. This second factor drastically reduces unauthorized access, even if someone learns your password.
• Anti-Phishing Code: Users can set a personal code displayed in every official OKX email. This helps them spot genuine messages—if an email arrives lacking the correct code, it’s likely phishing.
• Withdrawal Address Whitelist: OKX can limit withdrawals to pre-approved addresses. Even if an attacker compromises your account, they cannot send funds to a new address without your added confirmation.
• Fund Password: A separate PIN or password required for initiating withdrawals, different from the login password. Not all exchanges have this, but it’s an extra hurdle for hackers.
• Activity and Device Monitoring: Your account profile displays recent logins by device and IP, plus you can set notifications for logins. This allows quick detection of suspicious sign-ins.
• Account Freeze: If a compromise is suspected, users can freeze their account to block all activity until resolved with support.

Taken together, these measures make unauthorized account access highly unlikely, provided users follow best practices (strong passwords, enabling all security options, not sharing login details). Reviews generally commend these robust features—though some note it can slow withdrawals, they acknowledge it’s worth the added security.

Internal Security and Audits

OKX has developed a comprehensive system called OKX Protect, encompassing everything from network firewalls and anomaly monitoring to staff access control. The exchange claims it undergoes rigorous external assessments by security experts. Audit firms like Slowmist and CertiK, notable for blockchain security, have tested OKX’s infrastructure, awarding high marks.

Additionally, OKX formed a dedicated Cyber Defense Unit and hired ex-banking experts to enhance protocols. Any suspicious activities or hack attempts trigger an immediate response. Judging by results—no reported major breaches in 2021 or 2022–2024—these steps appear effective, giving OKX a clear advantage compared to some competitors.

OKX maintains insurance funds as well. Typically, “insurance funds” relate to derivatives to cover negative balances when markets move sharply, but part of these reserves is earmarked for other emergencies. Users can trust that if problems arise, the exchange has allocated resources to compensate losses.

Incident History

OKX (OKEx) has logged zero successful hacks to date. However, there was one notable event affecting its reputation: in October 2020, OKEx suspended withdrawals for five weeks because a key-holder (co-founder Star Xu) was taken into custody by Chinese authorities for an investigation. Users could not withdraw funds during that period, spurring concern. Ultimately, no user lost money—when keys were restored, OKX resumed normal operations and offered a loyalty program as an apology. This was not a technical breach or fund loss but underscored the importance of decentralized key management. OKX has since improved these procedures.

No other significant user-impacting incidents have occurred. While Binance was hacked in 2019 ($40M stolen, covered by SAFU) and KuCoin in 2020 ($280M, mostly recovered), OKX has avoided such crises. This is a major competitive edge in building trust.

Reputation for Reliability

Overall, OKX has established a track record of reliability, reinforced by:

• No successful hacking events or user fund losses
• Regular Proof-of-Reserves disclosures showing full liquidity coverage
• Strong audit ratings (Slowmist, CertiK)
• Comprehensive user account protections (2FA, whitelists, anti-phishing)
• Insurance funds and readiness to compensate
• Transparency: publishing security details and even the Proof-of-Reserves algorithm

This is critical for large traders and institutions, explaining why 50 million traders entrusted OKX with over $29 trillion in total trading volume. Although users should always practice vigilance, the platform provides robust security measures.

Next, let’s consider how OKX handles regulations in different countries and the KYC process required of its customers.

Regulation and KYC

Crypto exchanges worldwide are navigating evolving regulations. By 2023–2025, many regions are introducing licensing for crypto platforms. OKX, aiming for global presence, actively seeks compliance with emerging requirements. Let’s see how OKX operates in major jurisdictions, particularly the EU and UAE, as well as how user identity verification (KYC) works.

MiCA License in the European Union

In 2024, the EU approved the Markets in Crypto-Assets (MiCA) framework—a sweeping crypto law. It obliges exchanges to gain authorization (a license) to serve the EU. OKX was among the first to act on these new rules.

In January 2025, OKX announced receiving MiCA “pre-authorization” from the Malta Financial Services Authority (MFSA). This indicates the MFSA’s preliminary approval, making OKX the first global exchange to obtain that status in the EU. The pre-authorization confirms OKX meets strict capital and consumer protection requirements. As MiCA fully takes effect (targeted for early 2025), OKX aims for a full license, enabling service to up to 450 million EEA residents from its European hub in Malta.

MiCA licensing significantly boosts OKX’s credibility. Essentially, it will legally operate across all 27 EU countries, appealing to both retail and institutional clients. For traders, this signals adherence to financial reporting standards and regulatory oversight within Europe.

VARA License in Dubai (UAE)

The Middle East is another strategic region for OKX. In 2022, Dubai established the Virtual Assets Regulatory Authority (VARA) to position the UAE as a leading crypto hub. By October 2024, OKX successfully launched a licensed exchange in the UAE with a full operational license from VARA.

OKX representatives said they are “the first global crypto exchange granted a full license for retail and institutional services in the UAE.” This cements OKX’s official status there. With the VARA license, OKX can accept deposits and withdrawals directly in UAE dirhams (AED) via local banks, plus provide Arabic-language support and localized products meeting local regulations.

This makes the UAE one of the few places where OKX supports direct fiat banking. It’s a key expansion, as many exchanges shy away from close banking ties. For traders in the Middle East, OKX offers the synergy of global liquidity and regulated local services.

Other Regions: Singapore, Australia, Hong Kong

OKX continues expanding elsewhere:

• Singapore: In 2023, OKX received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This prestigious permit allows the exchange of digital payment tokens in Singapore. Crypto.com and DBS Vickers hold similar licenses.
• Australia: OKX launched in Australia, registering with AUSTRAC as a digital currency provider. As of 2024, the exchange is available to Australian users without needing a separate local license beyond registration.
• Turkey and Brazil: OKX opened local offices and services. These countries are developing crypto regulations, but local presence helps future compliance.
• Hong Kong: In 2023, Hong Kong introduced VASP licensing for crypto exchanges. OKX applied but withdrew in May 2024, ceasing services for Hong Kong residents, presumably due to retail trading limits and other restrictions. The exchange opted to focus on other regions, leaving Hong Kong users with only OKX’s decentralized wallet services. This shows OKX’s flexible approach—if local rules are too strict or unprofitable, it pivots.
• US and Canada: OKX’s centralized exchange does not operate in the US or Canada, citing regulatory constraints. Those users can only access the decentralized OKX Wallet. Thus, residents of the US/Canada are unable to trade on OKX.

Overall, OKX pursues a strategy of regulated operations. From 2023 to 2024, the platform secured four new licenses and registrations in seven jurisdictions. This includes all mentioned markets, demonstrating a concerted effort to become a licensed global alternative to Binance, which has faced regulatory challenges in some countries.

KYC: User Verification Procedure

Owing to AML/CTF laws, OKX requires identity verification (KYC) from all users for full-feature access. Without KYC, you may only view the platform or use limited P2P or Web3 wallet features, but cannot trade or withdraw.

The OKX KYC stages are:

1. Basic Verification (Level 1): Provide full name, country of residence, and document type/number (passport, ID, or driver’s license). Usually, you upload scans of the document and a selfie. Verification can be automated within minutes. Level 1 grants basic limits, enabling trading and limited withdrawals.
2. Advanced Verification (Level 2): Requires clear photos of your ID and a short selfie video (turn your head, blink, etc.) to prove “liveness.” You might need an address document (utility bill or bank statement). This unlocks higher withdrawal limits and full access to all products (including futures, Launchpad, etc.).
3. Address Verification (sometimes Level 3): In certain countries, you must separately confirm your residential address if not done previously.
4. Corporate KYC: Institutions have a special process, submitting company registration documents, beneficial owner details, etc.

OKX strives for a convenient KYC process—you can do it via the mobile app using your phone’s camera. Many users report a quick turnaround of a few minutes or hours. Cointelegraph’s review mentioned a successful 5-minute KYC when providing clear photos.

Some users criticize mandatory KYC, recalling “earlier days” when OKX (OKEx) allowed trading without ID. But in today’s environment, it’s the norm: most top exchanges (Binance, Bybit, KuCoin) now enforce it. Anonymous trading is mainly limited to certain DEXs or minor platforms, but not feasible for large-scale trading.

Data Privacy: OKX assures that KYC data is securely stored and only used for legal compliance (AML, crime prevention). In 2023, some exchanges faced KYC data leaks (e.g., Binance in 2019 via a third-party service), but no such case has emerged at OKX. Holding EU or Dubai licenses also obliges strict data safeguarding.

Forex traders will find the KYC process on OKX familiar since forex brokers have required IDs and proof of address for a long time. So here, OKX aligns with industry standards, verifying clients to curb money laundering.

AML Compliance and Cooperation with Authorities

As a license holder or license applicant, OKX has implemented transaction monitoring to detect possible laundering or suspicious activity. Large or unusual deposits may trigger requests for proof of funds. OKX also blocks accounts connected to darknet or sanctioned addresses, working with blockchain analytics firms (Chainalysis, Elliptic).

For instance, OKX has frozen funds traced to DeFi exploits or mixers pending investigation. Some users complain: “OKX blocked my withdrawal with no explanation,” but the exchange is fulfilling its AML obligations. Honest users rarely encounter issues, but questionable sources of funds could prompt reviews.

OKX also upholds sanctions, barring users from Crimea, Iran, North Korea, and other restricted regions. Their stance is “better to comply fully than risk the entire business”—a philosophy similar to Kraken or Crypto.com, rather than Binance’s earlier, more unregulated approach. For users, this can mean fewer surprises, greater trust, but also less anonymity.

Having explored OKX’s regulatory posture, we now move on to user experience—covering the interface, mobile app, and customer support. Even with top-tier functionality, an exchange must also be comfortable and user-friendly.

Igor Lementov - Financial Expert and Analyst at Trading-Today.net