Often ranking within the top five crypto exchanges in the world by 24-hour trading volume, OKX is a robust, feature-rich and highly liquid crypto exchange. The platform boasts a wide range of advanced trading options, a large number of spot and derivatives trading pairs, and an NFT marketplace. Furthermore, its recent launch of crypto exchange services under a locally regulated entity has made it accessible to Australian traders.
The company also offers a Web3 wallet that lives under the OKX umbrella, providing access to decentralised applications on multiple blockchains while allowing users to maintain custody of their crypto. Given the trend of crypto investors increasingly exploring on-chain applications, like decentralised finance (DeFi) protocols and NFT trading platforms, this could present a compelling drawcard for budding crypto investors.
However, the platform is not without its drawbacks: the interface and number of options can seem overwhelming for beginners. Additionally, many reviews on independent platforms warn that customer support is lacking.
Pros
- Wide range of cryptocurrencies
- Many advanced trading options
- Web3 wallet with multi-chain support
- Demo trading mode for risk-free practice
- NFT marketplace
- Supports AUD deposits and withdrawals
- Extensive educational resources
- Feature-rich mobile app
Cons
- Poor customer service reviews
- Complex feature set may overwhelm beginners
- No phone support
- Relatively new in Australia
Table of Contents
Who Is OKX Good For?
OKXÂ may be an excellent fit for those interested in exploring beyond traditional cryptocurrency trading. With its multi-chain NFT marketplace and bitcoin ordinals market, OKX appeals to investors looking to diversify into digital collectibles and emerging crypto assets. The company’s Web3 wallet builds on this feature, allowing investors to self-custody their own assets and access DeFi protocols within the OKX umbrella.
Given that OKX is a global company and the platform’s offerings in Australia differ slightly from those available elsewhere, it’s important to note that not all of OKX’s advertised features are available to Australian users. For example, the global exchange offers access to a peer-to-peer trading marketplace not currently available in Australia.
However, Australian users can still trade 170 spot trading pairs, including 70 AUD pairs. The option to make AUD deposits and withdrawals directly from bank accounts with no fees also adds to the platform’s appeal to locals.
Beginners who can get comfortable with the interface will also appreciate the demo trading mode, which allows you to gain experience without risking real money. At the same time, advanced traders will find value in the platform’s derivative trading options and the wide range of more than 80 cryptocurrencies.
Overall, OKX is well-suited for Australian crypto investors who are familiar with investing and value a comprehensive trading experience, from spot and derivative trading to NFTs and bitcoin ordinals, all within a single platform.
Featured Partners
What Makes OKX a Good Choice?
OKX stands out among other Australian crypto exchange options for several key reasons:
- Comprehensive Trading Platform: OKX offers a one-stop shop for various crypto activities, from basic buying and selling to trading digital collectibles, appealing to users at all experience levels.
- Educational Materials: OKX has a comprehensive learn section that is readily accessible in the main interface, showing that the company is committed to user education and actively trying to help people improve their skills and knowledge.
- Tailored to Australia: With the recent launch of OKX’s exchange offering under a regulated entity within Australia, domestic investors can feel more confident that they are dealing with a regulated platform. With 70 AUD trading pairs and AUD withdrawals and deposits, OKX has shown that it is actively catering to the Australian market.
- Security and Transparency: Unlike some exchanges, OKX is clear about its commitment to security, employing best practices like cold storage and setting aside reserve funds in case of an incident. The company also appears to be transparent, with regular proof of reserves publications demonstrating a commitment to user asset protection.
- Trade on the Go: OKX’s mobile app offers most of the features of the web app, allowing you to do most of your trading from your phone if you wish.
- Advanced Trading Options: Features like the demo trading mode and access to emerging markets like bitcoin ordinals set OKX apart from more traditional exchanges.
- Strong Focus on Web3: With its extensive wallet functionality and the ability for users to self-custody assets and access DeFi protocols, OKX has embraced the trend of people looking to explore on-chain.
These factors combine to make OKX an attractive choice for Australian users looking for a feature-rich, forward-thinking crypto exchange.
Disadvantages of OKX
While OKX offers a comprehensive suite of features, there are several potential drawbacks to consider:
Poor Customer Service Reviews
OKX has faced significant criticism regarding its customer support, with more than half of its Trustpilot reviews giving it a 1 out of 5 rating, usually specifically mentioning customer service as the reason for the bad review. While it’s important to note that not all the reviews are from Australian users, people have reported long wait times for responses, unresolved issues, and difficulties in getting personalised assistance. Additionally, OKX does not offer phone support and requires you to battle past an AI bot to get in touch with a person.
May Overwhelm Beginners
While OKX’s extensive range of features is a strength for experienced traders, it can be a significant hurdle for newcomers to investing. The platform’s interface, packed with advanced trading options and multiple product offerings, may prove daunting for those just starting their crypto journey. Beginners might struggle to navigate the various sections of the platform, understand the different types of trades available, or grasp the implications of features like leverage trading or staking. This complexity could lead to confusion, potential mistakes, and a steeper learning curve than simpler exchanges.
Relatively New in Australia
OKX’s recent entry into the Australian market means it’s still establishing its reputation and operations in the country. While the platform is AUSTRAC-registered, it doesn’t have the same track record in Australia as some of its more established competitors. This relative newness could manifest in various ways, such as less localised support, fewer Australia-specific features, or a higher likelihood of losing banking privileges, as Australia’s banking system has historically been hostile towards exchanges.
Australian users might also face a scarcity of local reviews and user experiences to draw upon when making decisions about using the platform. Additionally, as OKX adapts to the Australian regulatory environment, users might experience changes in available features or compliance requirements.
These disadvantages highlight the importance of carefully considering individual needs and preferences when choosing a cryptocurrency exchange. While OKX offers a robust set of features, users should weigh these potential drawbacks against the platform’s benefits to determine if they align with their trading goals and comfort level.
OKX Features
OKX offers a comprehensive set of features designed to cater to both novice and experienced cryptocurrency traders:
Spot Trading
OKX provides a straightforward spot trading interface where users can buy and sell over 80 cryptocurrencies across 170 trading pairs, including 70 AUD pairs. The platform’s intuitive design makes it easy for beginners to navigate while offering depth for more experienced traders.
Derivative Trading
While most individual traders are unlikely to meet the requirements, OKX does offer derivatives verified wholesale clients. This includes futures, perpetual swaps and options trading, allowing for more sophisticated trading strategies and risk management.
Demo Trading Mode
This feature allows new users to practise trading strategies using simulated funds, providing a risk-free way to gain experience and confidence before trading with your hard-earned cash.
Digital Collectibles Marketplace
OKX hosts a multi-chain NFT and bitcoin ordinals marketplace, enabling users to buy, sell, and trade digital collectibles across various blockchain networks. This integration allows crypto enthusiasts to get access to digital collectibles within the same platform they use for regular crypto trading.
OKX Wallet
The platform provides an extensive Web3-compatible wallet that supports over 100 blockchain networks. This wallet allows you to custody your assets, remove trust from third-party custodians, and give complete control over your crypto. You can use it in DeFi protocols to earn additional yield or take advantage of peer-to-peer financial services.
Educational Resources
Under the “Learn” tab, OKX offers a range of educational content, including tutorials, trading ideas and market analysis. This helps users of all levels enhance their crypto knowledge and trading skills.
Mobile App
The OKX mobile app provides almost the full functionality of the exchange web app, allowing users to trade, manage assets and trade digital collectibles on the go.
Security Features
OKX implements several security measures to protect user assets, including cold storage for a portion of funds, OKX Risk Shield, a reserve fund for added protection and monthly proof of reserve publications for transparency
API Access
For advanced users and algorithmic traders, OKX provides API access, enabling the development of custom trading tools and strategies used by advanced traders.
These features combine to create a versatile platform that supports a wide range of crypto activities, from simple buy-and-hold strategies to advanced trading strategies for more sophisticated traders.
Opening an OKX Account
Getting started with OKX is a straightforward process, though it involves several steps to ensure security and compliance. Here’s a guide to opening an OKX account:
- Visit the OKX Website or Download the App
Start by visiting the OKX website or downloading the mobile app from your device’s app store. - Verify Your Email
Click “Sign Up” and fill in the registration form with your email address, then verify your email by entering the 6-digit verification code sent to your inbox. - Create a Strong Password
Once your email is verified, you will be prompted to create a strong password. Make sure to follow security best practices, as this will be key in protecting your account. If prompted, you may be able to set up 2-factor authentication at this point as well, which is highly recommended for additional security. - Complete KYC Verification
To start trading, you’ll need to provide some basic information like your name, some personal details and a valid government-issued ID. - Fund Your Account
Once verified, you can add funds to your OKX account. For AUD deposits, link your bank account and use PayID or bank transfer, and for cryptocurrency deposits, generate a deposit address for the desired asset. - Start Trading
After your account is funded, you can start trading on the spot market, explore the NFT marketplace, or use other OKX features.
Top 30 Cryptocurrencies Available on OKX
OKX offers a wide range of cryptocurrencies for trading, with over 80 tokens available. Here’s a list of the top 30 cryptocurrencies you can trade on OKX based on popularity and market capitalisation:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- XRP (XRP)
- Cardano (ADA)
- Dogecoin (DOGE)
- Solana (SOL)
- Polkadot (DOT)
- Litecoin (LTC)
- Chainlink (LINK)
- Bitcoin Cash (BCH)
- Stellar (XLM)
- Polygon (MATIC)
- Uniswap (UNI)
- Avalanche (AVAX)
- Algorand (ALGO)
- Cosmos (ATOM)
- VeChain (VET)
- Theta Network (THETA)
- Filecoin (FIL)
- NEAR Protocol (NEAR)
- Aave (AAVE)
- EOS (EOS)
- Fantom (FTM)
- Tezos (XTZ)
- The Sandbox (SAND)
- Decentraland (MANA)
- Axie Infinity (AXS)
- Shiba Inu (SHIB)
- Chiliz (CHZ)
This list represents a snapshot of available cryptocurrencies and may change over time as OKX adds or removes trading pairs. As of September 2024, OKX offers 170 spot trading pairs, including 70 AUD pairs and 80+ cryptocurrencies.
The extensive range of cryptocurrencies available on OKX allows traders to diversify their portfolios and access both established and emerging digital assets. Whether you’re interested in major cryptocurrencies, DeFi tokens or niche altcoins, OKX likely has options to suit your investment strategy.
The Fees
As noted above, OKX is a more complex exchange than others, which beginners may struggle with. The fees page is equally complex, with different trading fees for different users.
Here’s how the company puts it: “Our trading fees are different for users of different tiers. Users are categorised into tiers by their assets under management and 30-day trading volumes. Fee tiers are updated daily. Users of different fee tiers will enjoy different fee discount. For example, if a user’s 30-day trading volume is $1,500,000,001 AUD, this user will enjoy fee discounts of -0.010% for maker fee and 0.020% for taker fee.”
There are no deposit fee or exchange fee for deposits.
This article is not an endorsement of any particular cryptocurrency, broker or exchange, nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class. Cryptocurrency is unregulated in Australia, and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency and seek advice from an authorised financial advisor.
Frequently Asked Questions (FAQs)
Is OKX a good company?
OKX is a well-established global cryptocurrency exchange that has recently entered the Australian market under a regulated local entity. While it offers a comprehensive suite of features and a wide range of cryptocurrencies, its suitability depends on individual needs. The platform’s advanced trading options and digital collectibles marketplace make it attractive for investors looking for a comprehensive trading experience. However, its complex interface and reported customer service issues may be drawbacks for some users, particularly beginners.
Can OKX be trusted?
OKX has taken steps to establish trust in the Australian market by operating under a locally regulated entity and registering with AUSTRAC. The exchange employs industry-standard security measures, including cold storage for user funds and regular proof of reserves publications. However, as a relatively new player in Australia, it’s still building its local reputation. While OKX is generally considered reliable globally, Australian users should exercise due diligence and be aware of the platform’s limited track record domestically.
Can I withdraw money from OKX?
Yes, Australian users can withdraw money from OKX. The platform supports AUD withdrawals directly to Australian bank accounts. OKX also allows cryptocurrency withdrawals to external wallets, though fees may apply depending on the specific cryptocurrency and network used. It’s worth noting that while the withdrawal process is straightforward, users should be aware of any daily or monthly limits that may apply to their accounts and ensure they’ve completed all necessary verification steps before attempting large withdrawals.
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