Our review of OKX crypto platform: 4.2/5

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OKX in brief

Our opinion of OKX

OKX positions itself as a powerful trading platform offering a wide range of cryptocurrencies, low fees, and advanced trading tools. The exchange is best suited for experienced traders who seek derivatives trading, passive income options, and access to DeFi applications.

We liked its low maker and taker fees, making it one of the more cost-effective options for frequent traders. We also liked the availability of staking, lending, and yield farming, which adds opportunities to earn passive income beyond traditional trading.

The Web3 wallet integration is another strong feature, allowing seamless interaction with decentralized applications. We appreciated the smooth and user-friendly mobile app, which offers full trading functionality with real-time market tracking.

We would have liked it if OKX provided direct CAD deposits and withdrawals, as Canadian users currently have to rely on third-party services, adding extra steps and fees. Further, it would've been beneficial if the platform was regulated in Canada, as its lack of approval from IIROC or FINTRAC may be a concern for compliance-conscious traders. The customer support response times could be more consistent, as some users report delays in resolving issues.

Who is OKX best for?

Overall, OKX remains one of the strongest platforms for crypto traders looking for low-cost trading, advanced financial products, and a diverse range of assets, but its lack of direct fiat support and regulatory oversight in Canada are factors to consider.

Before zeroing in on OKX, compare the best crypto brokers and platforms in Canada:

Let's find out more about our test results on OKX.

Reliability and Security 3/5

OKX, established in 2017, is a Seychelles-based cryptocurrency exchange that has rapidly grown to serve millions of users across more than 100 countries. The platform offers a comprehensive suite of services, including spot and derivatives trading, staking, lending, and an integrated NFT marketplace.

In terms of reliability and safety, OKX employs industry-standard security measures such as two-factor authentication (2FA), cold storage for the majority of user funds, and regular security audits to safeguard assets. However, it's important to note that OKX is not registered with Canadian regulatory authorities, including the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), or the Alberta Securities Commission (ASC). In fact, in March 2023, OKX ceased operations in Canada due to evolving regulatory requirements.

For Canadian traders, this lack of local regulatory oversight means that using OKX carries certain risks, particularly concerning investor protection and legal recourse. While the platform has a strong global reputation and robust seity features, the absence of Canadian regulator approval is a significant consideration.

Cryptocurrencies Available 5/5

OKX is recognized as one of the most diverse crypto exchanges in terms of available assets. With over 300 cryptocurrencies and a wide selection of altcoins, DeFi tokens, and NFTs, the platform provides traders with extensive options beyond just major digital currencies like Bitcoin and Ethereum. Compared to many competitors, OKX offers a broader range of trading pairs, derivatives, and Web3-based assets, making it an appealing choice for users looking for variety.

Below is a comparison of the number of crypto assets available on OKX versus the market average:

Our opinion on OKX's offerings

OKX outperforms many exchanges in asset diversity, offering a wide selection of tradable cryptocurrencies, altcoins, and NFTs. The platform's integration with Web3 and DeFi applications further enhances its appeal, positioning it as a strong choice for traders looking for a comprehensive digital asset experience.

Services and Tools 4.5/5

OKX offers a comprehensive suite of services, catering to both active traders and long-term investors. From staking and lending to yield farming and NFT trading, the platform provides a range of financial tools that go beyond standard crypto trading. Here’s an overview of the key services available:

• 💰 Lending: Users can lend their crypto through OKX Earn, earning interest on idle assets.
• 🔗 Staking: The platform supports both flexible and fixed-term staking, offering competitive yields.
• 🌾 Yield Farming: OKX provides liquidity mining and DeFi yield farming for users looking to maximize returns.
• 📊 Copy Trading: A feature that allows users to mirror the strategies of successful traders.
• 🏦 Dual Investment: A structured product where users earn returns based on price movements.
• 🤖 Trading Bots: Automated bots for executing grid trading and other strategies.
• 🖼 NFT Marketplace: Users can buy, sell, and trade NFTs and digital collectibles directly on OKX.

Fees and Commissions 5/5

OKX positions itself as a cost-effective trading platform with a transparent and competitive fee structure. The exchange offers maker fees starting at 0.08% and taker fees at 0.1%, making it cheaper than Coinbase and comparable to Binance. The platform also provides discounts for high-volume traders and OKB token holders, reducing costs even further.

Below is a comparison of OKX’s trading fees with the market average for the most traded cryptocurrencies:

Other Fees

• Deposit Fees: ❌ No fees for crypto deposits, but fiat deposits via third-party services may incur charges.
• Withdrawal Fees: ✅ Varies by crypto (e.g., BTC: 0.0005 BTC, ETH: 0.005 ETH). Generally competitive but not the lowest in the market.
• Conversion Fees: ✅ Applies when swapping between different currencies, depending on market conditions.
• Inactivity Fees: ❌ None – OKX does not charge inactivity fees, unlike some traditional brokers.

Our opinion on OKX's fees and commissions

OKX provides one of the most cost-effective fee structures, with low trading fees, no deposit fees, and competitive withdrawal rates. While fiat deposits and conversions through third-party providers may add extra costs, the platform remains a top choice for traders looking to minimize expenses.

Customer Reviews 3.6/5

OKX has a Trustpilot rating of 3.6/5 based on 1,505 reviews, reflecting a mix of positive feedback on its low fees, trading features, and crypto diversity, while some users mention issues with withdrawals and customer support response times.

Here are some recent reviews from Canadian users:

• Mark T (January 25, 2025): "I've been using OKX for a few months now, mainly for futures trading, and I have to say the platform is excellent. The fees are much lower than what I was paying on other exchanges, and the execution speed is great. However, I had some issues with account verification—it took almost a week to get fully approved. Customer support was responsive but slow, so that’s something they could improve."
• Sarah L (December 10, 2024): "I love the staking options on OKX. The returns are higher than what I was getting on other platforms, and I like that I can choose between flexible and fixed staking. The mobile app is super easy to use, which is a huge plus. The only downside for me is that I wish they offered direct CAD deposits. Right now, I have to use third-party services, which adds extra fees."
• Jason R (November 22, 2024): "I switched to OKX after Binance left Canada, and overall, it’s been a good experience. The variety of altcoins is impressive, and I like the trading bots feature—it saves me a lot of time. That said, I had a withdrawal stuck for over 24 hours, which was frustrating. It eventually went through, but I feel like they should have better communication on delays."

How does OKX compare to other Crypto brokers?

OKX provides a comprehensive crypto trading experience, offering a vast selection of assets, low fees, and various financial services. Below is a comparison with three other well-known platforms:

Conclusion of our analysis of OKX

OKX offers one of the widest selections of cryptocurrencies, making it ideal for users looking for diversified trading opportunities. Low fees, advanced trading tools, and a DeFi-integrated ecosystem further position it as a strong contender in the global crypto market. The NFT marketplace and automated trading features also add value for those interested in emerging blockchain applications.

However, the absence of direct CAD deposit and withdrawal options creates additional steps for Canadian users. The lack of regulation in Canada may be a concern for traders prioritizing compliance and security under local financial authorities.

Before opening an account on OKX, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with OKX?

X offers a Unified Account system designed to streamline trading across various markets and instruments. system provides four distinct account modes to cater to different trading needs and risk appetites. Below is a summary of these account modes:

Each count mode is tailored to specific trading strategies and risk management preferences.

Simple Mode

This is the default mode for new users, allowing trading in spot markets and taking long positions in options. Margin trading is not available in this mode, making it suitable for beginners seeking a straightforward trading experience without the complexities of leverage.

Single-Currency Margin Mode

In this mode, traders can engage in spot trading, margin trading, and various derivatives like perpetual and expiry futures, as well as options. It supports isolated and cross-margin settings within the same currency, enabling the offsetting of profits and losses across positions settled in that currency. Activation requires completing a quiz to ensure an understanding of the associated risks.

Multi-Currency Margin Mode

This mode extends the cross-margin concept across multiple currencies. Traders can use the value of their diverse crypto holdings as collateral to trade a wide range of instruments. This setup allows for offsetting of profits and losses across different currencies, enhancing capital efficiency. To activate this mode, account equity of at least $10,000 is required, along with the completion of a quiz.

How do deposits and withdrawals work with OKX?

X offers a variety of deposit and withdrawal methods to accommodate its global user base. low is a summary of the available options, including supported currencies, processing times, and associated fees:

OKX provides a range of deposit and withdrawal options, including local bank transfers, cryptocurrency transactions, and credit/debit card payments. While cryptocurrency deposits are free, withdrawal fees depend on the specific blockchain network costs.

Fiat transactions may incur fees based on the chosen payment method and regional banking policies. Compared to some competitors, OKX's fee structure is competitive, though users should be mindful of potential costs associated with certain deposit and withdrawal methods.

Does OKX offer crypto staking?

Crypto Staking on OKX

OKX provides staking services through its OKX Earn platform, allowing users to earn passive income on various cryptocurrencies. Users can choose between flexible staking, which allows withdrawals at any time, or fixed-term staking, which offers higher yields but requires locking funds for a specific period.

The staking feature supports a wide variety of cryptocurrencies, offering competitive APYs compared to other platforms. Flexible staking is ideal for users who want liquidity, while fixed-term staking offers higher returns for those willing to lock in their assets.

Crypto Lending on OKX

OKX also offers crypto lending services, enabling users to lend their assets in exchange for interest payments. Crypto lending is a way for users to earn passive income by providing liquidity to the platform’s lending pools, which other traders can borrow from for margin trading.

With OKX’s lending program, users can earn passive income while maintaining ownership of their assets. Interest rates depend on supply and demand, and the short-term durations allow flexibility.

Good to know

OKX’s staking and lending features provide diverse opportunities for earning passive income, making it a strong platform for both long-term holders and active traders.

How are revenues generated by OKX taxed?

In Canada, income generated from cryptocurrency trading on OKX or any other exchange is subject to taxation under the Canada Revenue Agency (CRA) rules. The tax treatment depends on whether the activity is considered capital gains or business income.

• Capital Gains Tax: If you trade occasionally and treat crypto as an investment, only 50% of your profits are taxable. This applies when selling crypto for fiat, swapping one crypto for another, or withdrawing crypto to a personal wallet.
• Business Income Tax: If you trade frequently, use leverage, or operate like a professional trader, the CRA may classify your earnings as business income, meaning 100% of your profits are taxable at your personal or corporate tax rate.

How to Declare Crypto Income in Canada

• Track Transactions: Keep records of every trade, deposit, withdrawal, and staking/lending rewards. This includes transaction dates, amounts, and fair market values in CAD.
• Report Income on Tax Forms:
• Capital Gains: Report on Schedule 3 of the T1 tax return under "Capital Gains (or Losses)".
• Business Income: Report on Form T2125 if classified as self-employment or business income.
• Staking and Lending Rewards: Report as other income in the year received. If sold later, additional capital gains tax applies.
• Consider GST/HST Obligations: If you operate a crypto business and earn over $30,000 annually, you may need to register for GST/HST and charge tax on certain services.

Tax Implications for OKX Users

Since OKX is not a Canadian-regulated exchange, it does not automatically report transactions to the CRA. However, users are still legally required to track and declare their earnings. Using crypto tax software or consulting a tax professional is recommended to ensure compliance, especially for traders engaging in margin trading, futures, or DeFi activities.

Watch out!

Failure to report crypto income can result in CRA audits, penalties, and interest charges, so it is essential to accurately declare all taxable crypto activities.

Contact: How do you contact the OKX customer service?

OKX provides multiple ways for users to reach customer support, depending on their specific needs. Below is a breakdown of the available contact methods based on the type of request:

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.