OKX (formerly OKEx) is a Seychelles-registered cryptocurrency exchange founded by Star Xu in 2017. As one of the world's largest crypto platforms, it serves over 50 million users across 180+ countries. This guide explores why OKX ranks as the second-largest crypto exchange and its suitability for beginner investors.
Table of Contents
History of OKX
Founded in 2017, OKX emerged from OKCoin—a China-focused Bitcoin exchange. After China’s crypto ban, OKX pivoted globally, rebranding in 2022 to reflect its expanded role as a crypto ecosystem infrastructure provider.
Key milestones:
- Top 10 spot trading volume worldwide.
- Derivatives trading volume second only to Binance.
- Intuitive interface with high security and transparent reserves.
Founder: Star Xu
Star Xu (b. 1985), a former engineer at Alibaba, launched OKCoin in 2013. After regulatory shifts, he founded OKX to serve international markets.
Achievements:
- Developed OKB (native token) and OKChain.
- Advocated for blockchain transparency through tools like blockchain explorers.
Security Measures
Asset Storage
OKX uses cold/hot wallet segregation with multi-signature protocols to minimize hacking risks.
Proof of Reserves
Since November 2022, OKX publishes monthly reserve reports showing 1:1 user asset coverage. Verify via OKX’s Reserve Page.
Why it matters:
Reserve proof prevents "paper wealth" scenarios (e.g., FTX’s collapse).
Real-Time Fund Flows
Track BTC/ETH/stablecoin movements on DeFillama’s CEX Transparency Dashboard to monitor liquidity during market volatility.
Deposits & Withdrawals
OKX supports five deposit methods, including bank transfers and crypto wallets. Withdrawals include:
- Chain transfers (on-network).
- Internal transfers (zero fees).
OKX Web3 Wallet
A non-custodial wallet integrated with the OKX app, supporting:
- 50+ blockchains.
- NFT trading & cross-chain swaps.
- Browser extension (like MetaMask).
Beginner-friendly features:
- No mandatory exchange account.
- Simplified DeFi access.
FAQs
1. Is OKX safe for beginners?
Yes—its transparent reserves and intuitive tools make it ideal for newcomers.
2. How does OKX compare to Binance?
OKX has lower derivatives volume but superior educational resources for beginners.
3. What countries does OKX support?
180+ countries (excludes U.S. due to regulations).
4. Can I use OKX without KYC?
Partial functionality only; full features require verification.
5. How often are reserves audited?
Monthly.
6. Does OKX charge for deposits?
Fees vary by method; bank transfers often cost less.