OKX

OKX is one of the world’s largest crypto exchanges, offering a full suite of trading products alongside an expanding Web3 ecosystem. Founded in 2017 and headquartered in the Seychelles in Africa, it has positioned itself as a serious competitor to Binance, particularly in derivatives and advanced trading tools.

Beyond trading, OKX integrates NFTs, DeFi, and a non-custodial wallet, branding itself as a “bridge” between centralised and decentralised finance.

For professional traders and crypto enthusiasts, OKX delivers depth and innovation, though with complexity and regulatory grey zones to match.

OKX at a glance

What is it?

OKX was launched as part of the OKCoin brand before being restructured into a standalone global exchange. It quickly gained traction for its deep derivatives markets, low fees, and infrastructure designed for high-frequency and institutional traders.

Today, OKX offers spot markets, futures, perpetual swaps, options, staking, savings, and its native token, OKB. It also runs an integrated Web3 wallet, NFT marketplace, and DeFi hub, making it one of the few major exchanges that spans both custodial and non-custodial services under one brand.

Security

OKX has built its reputation around transparency and robust systems:

• Cold storage: Most assets held offline in multi-signature wallets.
  
• 2FA and hardware key support: Standard for account protection.
  
• Withdrawal whitelists: Restrict funds to approved addresses.
  
• Proof-of-reserves: One of the first major exchanges to roll out Merkle-tree-based audits, allowing users to verify balances.
  
• Insurance fund: Large reserves to cover potential derivatives losses.

OKX’s proof-of-reserves system adds a level of reassurance, but like any centralised exchange, users should combine platform security with personal custody and hardware-based 2FA.

Another great call out is the avoidance of any hacks across the exchange, which has avoided large-scale theft of customer funds. A testament to security in the crypto age.

Trust Rating

OKX currently holds a 2.8 out of 5 score on Trustpilot, based on approximately 1,800 reviews, placing it in the mid-range among major exchanges.

There’s no publicly available snapshot showing historically higher ratings, but recent comments offer plenty of flavour. Users praise OKX’s snappy support and transparency efforts. On the flip side, frustration shows up often too, particularly around frozen accounts, and poor dispute handling, with complaints like funds held hostage during disputes and slow resolutions.

The Trust Takeaway: OKX ticks many of the trust boxes, such as proof of reserves, responsive support. However, for some issues still bubble up around account freezes. It’s secure in theory, but real-world sentiment is mixed.

Can the Exchange Operate in Australia?

Yes. OKX is firmly planted in the Australian regulatory landscape. It operates via two on-shore entities: OKX Australia Pty Ltd, which handles crypto-to-fiat and spot trading services, and OKX Australia Financial Pty Ltd, which holds an AFS licence and offers derivatives trading to verified wholesale clients.

The 2025 Responsibility Report adds another layer of assurance. It shines a light on OKX’s Proof of Reserves setup (real-time verification via Merkle proofs), local compliance structure, fraud detection layers, and an Australia-based support and compliance team.

That said, some features like copy trading, yield/earn products, and certain tokens, have been pulled for Australian users due to local compliance rules. You can still trade AUD pairs and use spot functionality, but more sophisticated yield strategies are off the table for now.

Staking

OKX offers staking, flexible savings, and yield products across a wide range of tokens. It also links directly into DeFi opportunities through its Web3 wallet.
OKX’s Earn and staking services are available on-platform but operate in a regulatory grey area. They are not licensed under Australian financial services law. Australians can use them, but should do so with an understanding of the additional risk.

Supported Assets

OKX lists 100+ cryptocurrencies, including majors, stablecoins, and a wide range of altcoins. While not as extensive as Binance or KuCoin, its catalogue strikes a balance between variety and due diligence.

Fee Structure

OKX offers competitive fees but are also complex. Overall, fees are in-line with Binance and slightly lower than Coinbase:

• Spot trading: 0.08% maker / 0.1% taker for entry-level users.
  
• VIP tiers: Reduced fees for high-volume traders.
  
• OKB token discounts: holding OKX’s native token (OKB) cuts fees further.
  
• Derivatives: among the lowest globally, attracting professional traders.

Its fee structure puts it squarely in the same league as Binance for cost-effectiveness.

Unique Features

• OKB Token: Utility token for discounts and ecosystem use.
  
• Web3 wallet: Non-custodial wallet integrated into the platform.
  
• NFT marketplace: Supports buying and trading NFTs directly.
  
• Proof-of-reserves audits: Regular, user-verifiable audits via Merkle-tree.
  
• Derivatives depth: Futures, options, and perpetual contracts with strong liquidity.

Risks

• Complexity: The platform is feature-heavy and less beginner-friendly.
  
• Regulatory uncertainty: OKX is headquartered in Seychelles, with no US licence.
  
• Dependence on offshore model: Like KuCoin and HTX, it may face challenges as global regulations tighten.
  
• Brand visibility: Less known among retail investors compared to Coinbase or Binance.

Liquidity / Ability to Back Assets

OKX consistently ranks in the top three globally for daily trading volume, particularly in derivatives. Its deep liquidity makes it highly attractive to professional traders. The proof-of-reserves program bolsters confidence, but independent audits remain limited in scope.

UI/UX and Customer Experience

• Trading platform: Advanced tools, order types, and charting features built for active traders.
  
• Web3 wallet integration: Smooth transition between centralised trading and decentralised applications.
  
• Mobile app: Powerful but dense, which may overwhelm new users.

Customer support is available via chat and email. Reviews are mixed, as traders appreciate the depth of features, but response times during high traffic can lag.

The Buzz

OKX has evolved into a global powerhouse, offering deep liquidity, low fees, and one of the most comprehensive blends of trading and Web3 services. It’s less beginner-friendly than Coinbase or Gemini, but for active traders and altcoin enthusiasts, OKX provides a toolkit that rivals Binance. 

For Australians, the appeal is access to global liquidity and Earn products. Just remember that innovation brings complexity, and keeping long-term holdings in your own wallet is the safest play to be crypto safe.

OKX

---

Read Next

Keep building your crypto knowledge, see how International Exchanges compare Up next: Which International Crypto Exchange is Right for You →

Stay safe. Stay smart. Be Crypto Safe.