OKX Security Overview: Is OKX Safe?

There are many factors to take into consideration when choosing a cryptocurrency trading platform. It is important to choose a platform that has a large range of coins like Ethereum (ETH) or Bitcoin (BTC), as well as trading markets with high liquidity. After that, it's helpful if the platform has a crypto wallet and a downloadable app.  

Above all else, you need to be sure that the crypto exchange will not scam you and that your digital assets will remain safe. This article provides an overview of the OKX cryptocurrency exchange. It explores how the platform handles security and makes sure that you are aware of how to protect your account before trading, buying or even selling cryptocurrencies. 

Note: Users from the US and UK do not receive support.

OKX Cryptocurrency Exchange Summary

This table gives a quick overview of OKX. 
 

OKX security measures are characterized by:

• Offline Storage – Cold wallet
• Online storage: Hot wallets tend to be more risky than cold wallets
• OKX Risk Shield: An asset risk reserve fund.
• Mandatory 2FA
• Semi-Offline Multi-signatures
• Safe Private Key Storage
• Backups are available in case of emergency
• Anti-phishing code

In the next section, we’ll go into greater detail about each of these security measures.

What is OKX Exchange

OKX is an established cryptocurrency exchange with a Seychelles base. It’s a subsidiary to OKCoin, which belongs to the OK Group. The platform was launched in 2017, and used to be called OKEx. It changed its name in 2022, becoming OKX.  

The goal of the rebrand was to be more than just a crypto-exchange. OKX was looking to grow its user-base by expanding into NFTs and DeFi products as well as the metaverse and games.  
CoinMarketCap places OKX among the top 10 cryptocurrency exchanges based on trading volume.

OKX offers users a variety of services including:

• You can find out more about the options by clicking here.
• Mobile App
• Spot Trading
• Trading Bots
• Crypto Loans
• Futures Trading 
• Excellent Security
• Native Blockchain
• Native Token: OKB
• Jumpstart Launchpad
• Demo Trading Account
• OKX Earn (stablecoins, DeFi, staking etc.)
• Self-Custody Crypto Wallet Multi-Chain
• OKX Academy – Excellent Training for Beginners

OKX is a cryptocurrency that’s available in more than 200 countries. It has over 340 coins, 700+ trading markets, and 50 million registered users. Users can contact customer service 24/7, and there’s a special hotline for urgent inquiries. 
Read OKX Review 2023: Powerful All-In-One Crypto Exchange for a deep dive into OKX.

“Faster, better, stronger than your average crypto exchange.” (Source: OKX)

You can also read articles about the OKX Exchange in other languages: 

• OKX Trading bots: Automated trading on OKX
• Earn interest by Hodling with OKX
• OKX Mobile: Trading on The Go with the OKX App
• OKX Lending: Easy Crypto Lending!
• OKX wallet: The Portal to Web3 
• Sign up for OKX
• OKX NFT Market

How does OKX protect crypto?

OKX has a robust security framework in place to protect user funds and data, so let's explore the comprehensive approach to security. 

How to secure your Cryptocurrency exchange account on OKX

The list below of account protection is more comprehensive than many other cryptocurrency exchanges. Here’s a mix between the measures taken by OKX to protect crypto and accounts, and what users can actually do.

OKX Key Security Features

1. Offline Storage The program uses transparent protocols to protect the user’s funds. The security program covers the platform, assets, data and access. Cold wallets operate offline, and they are safer than online wallets. OKX offers multiple backups as well as storage limits and vaults.  
2. Online Storage OKX has taken essential steps to ensure that online wallets remain as safe as cold wallets. 
3. OKX Risk Shield: OKX allocates a portion of its earnings each month to a reserve fund for asset risks. This is done in order to protect user assets against crypto security threats.
4. Mandatory 2-FA OKX requires two-factor authentication for additional security. You can use Google Authenticator or opt-in to an SMS notification.
5. Semi-Offline Multi-signatures: OKX offers semi-offline and multi-signature mechanisms to ensure secure deposit and withdrawals. 
6. Secure private key storage: OKX stores “private keys in RAM instead of permanent memory.”
7. Back-ups for emergencies: OKX provides multiple backup procedures in order to be prepared for all possible emergencies.
8. Anti-Phishing Code: OKX automatically adds a unique code to each email that you receive. If the code is not recognized, the email comes from an unreliable source. 
    

A second essential security measure is the proof of reserves. After the shocking FTX incident in 2022, many exchanges realised the importance of proving that users' funds were safe. OTX can now verify customer assets with Proof of Reserves.

The OKX Security Page provides an in-depth look at the impressive measures taken by the exchange.

OKX Wallet Security

Millions of users love the OKX self-custody Wallet. Transfer and secure digital assets. Trade NFTs free across 11+ network, swap crypto. You can build your portfolio quickly and easily using the earn platform by vaulting, staking and pooling. 

The dashboard is easy to use and allows for a multitude of options. "holistic overview of digital assets, portfolio performance, and transaction history." The OKX DEX and bridge aggregator also allows you to exchange crypto across over ten networks, 3 cross-chain Bridges, and 100+ DEXs. 

If you don't already have an OKX Web3 wallet, create a new one or restore your existing wallet. Download the extension using Google Chrome or Firefox.

Create a 12 word phrase that is generated at random. This helps to protect your account and you will need this phrase if you need to ever recover it. Set a strong, secure password after that.

Ensure you write down the seed phase in a safe place where it is easy to find. Select backup to confirm the seed phrase. Keep the private key in a safe place and do not give it to anyone – even your granny. 

Connect your OKX wallet to the mobile application once you’ve set it up.  

Logging in with your fingerprint or face ID will add additional security to the new OKX wallet. Write down a strong password that includes upper and lowercase, digits, and special characters. 

Always double-check a recipient's public wallet address before sending crypto. Do not log in to your wallet via public Wi-Fi. 
Having several secure wallets is a great idea. "all of your crypto eggs" aren't in one basket. The article will teach you how to protect crypto.

"One wallet for all your needs. Enjoy access to the multi-chain DEX, NFT marketplace, Earn, and thousands of DApps — all from one secure and easy-to-use wallet." (Source: OKX)

OKX Mobile App Security

If you’re looking to trade or monitor your trades while on the go, the OKX App is a convenient and robust mobile feature. It allows you to trade and monitor all OKX markets such as spot, futures, Margin and more. You can also explore the OKX marketplace, DeFi or GameFi apps, and stake your favourite cryptocurrencies. 

OKX’s mobile app, unlike many other crypto apps, has interactive charts that allow you to perform technical analysis on the cryptos that you are interested in trading or buying. However, a brief warning from someone who traded on a mobile app it's not a great idea. Why? Primarily, because it’s too much like playing a video game. Impulsivity takes over, and very soon, you've lost a big chunk of your account funds. We go into more detail on why professional traders don't use mobile apps as primary trading tools in our Coinbase Review. 

I recommend analysing and trading using a desktop computer and only using the app to monitor. Download the app on Android or iOS. To protect your account, you must set up security settings once the app is downloaded.

OKX mobile app: Top six tips to protect it

1. Use Password Protection You could also enable biometric access. Let’s say someone steals your mobile. The app could be opened and they would have access to your account. Your money could be lost.
2. It is a good idea to use a different language.Install Network Protection Software Many of the most popular security applications can protect your smartphone from other threats.
3. Avoid using public Wi-Fi Avoid using public Wi-Fi to trade in the OKX App. This includes coffee shops, trains and airports. Hackers can compromise your account if they are using the same WiFI. 
4. Avoid Cloned or Phishing Websites Don't click on a website without the HTTPS protocol. Check the senders' email address because although the external address may look genuine, a deeper dive shows a random spam address. Likewise, please don't click on links in emails unless you are 100% sure it is from a trusted source.
5. Use a Strong password It's common sense, but avoid using the same password for all your phone applications. Update your password regularly.
6. Don't Share Information With Others: You should never trust anyone, not even those you know. 
    

OKX prioritizes user security, and helps you protect your account. 

What is the safety of OKX?

OKX is one the most secure exchanges, even though there’s no guarantee that you will be safe in life or crypto exchanges. How many times have you forgotten to activate 2FA on a new account online? It's easy to put things off until later, when it is too late, and your account gets hacked.

Compulsory 2FA might seem directive, but we believe it's a positive move that maybe all companies would better adopt.

OTX uses the semi-offline multi-signatures feature instead of TCP/IP. OTX offers the semi-offline feature of multi-signatures, which adds an additional layer of security for network communication. The OKX anti phishing code will protect your account from phishing attacks, which are commonplace today.  

By selecting maximum security settings, you can help secure your OKX app and crypto wallet. Most of this is just common sense. OKX also offers 24/7 support via a hotline and 24/7 online chat. If something goes wrong, the customer service team is there to assist. 

OKX protocols are superior to many other exchanges in terms of account security.  
 

FAQs

Is OKX Exchange safe?

OKX takes care of all your digital assets. Indeed, OKX prioritises user account security. You cannot opt out of 2FA (two factor authentication). 

Log in to your account and click on the “Security” tab. We recommend selecting as many security features, such as mobile and email verification.

Entering details into the OKX channel Verification page will also allow you to check for fraud and phishing.

What is the best way to trade OKX?

OKX offers a variety of trading services including a demo account that allows you to practice your trading techniques and strategies prior to live trading. OKX provides over 700 trading pairs and good liquidity, which is essential for fulfilling trade orders. It also has an excellent education center for new traders. 

TradingView is a great trading platform that allows you to integrate your OKX account and assess trading zones. You can also follow other traders to learn about technical analysis.  
 

Can I store crypto on OKX without risk?

Never leave your digital assets in an exchange that is open. Consider using a crypto-wallet to store your cryptocurrencies or NFTs. 
OKX offers a non-custodial decentralised wallet. You own your private keys. Also, you can find our Top Choices for Secure Crypto Storage.

The OKX wallet is available via multi-platforms (mobile/web/extension). It is a multi-chain wallet (including EVM), and it supports 3,000+ tokens and over thirty chains, as well as thousands of DApps.
 

What does OKX app do?

Over 50 million users worldwide use the OKX app. 

The OKX App is available to crypto traders worldwide (more than 200 nations) 
Download the Android and iOS apps to trade spot and derivatives on the go. “diverse asset classes.” 

Trade cryptos such as Shiba Inu, Shiba Inu (SHIB), Litecoin (LTC), Bitcoin (BTC) and Ethereum (ETH). Access the NFT Marketplace and a DEFi wallet.
 

Can OKX be trusted?

What you perceive as the answer will depend on what you think it is. “trusted” means. The OKX website claims that the exchange is “Faster, better, stronger than your average crypto exchange.” It’s been around for over a year, has 50 million users, and is regarded as a “top crypto exchange.”

OKX is among the top five cryptocurrency trading platforms, with an excellent reputation in terms of security and customer experience. The platform can be used by crypto traders at all levels, as well as enthusiasts, who want to buy, hold, and sell digital assets.

Is Binance Better Than OKX?

Binance is the biggest cryptocurrency exchange based on trading volume (over $6.55 billion in 24-hour volume). OKX has an average trading volume per day of $8.5 Million. CoinMarketCap places OKX among the top ten exchanges, but the exchange earned that ranking. 

Which one you prefer will determine whether you choose Binance. Both are suitable for beginners and offer a range of cryptocurrency options. 

You can read the Binance Review for 2023 or OKX Review for 2023 to help make your decision.
 

Can I withdraw my money from OKX?

You can withdraw funds from OKX using the following methods. 

• On-chain: Transfer cryptocurrency using the network. 
• Internal Transfer: Instantly transfer crypto P2P to other OKZ users with no fees. 

Fiat withdrawals not supported.