How to compare OKX with other crypto exchanges
Check whether OKX serves your state, then line up fees, coins, security records, deposit methods, and withdrawal limits for each rival before you deposit.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
On this page
- Add withdrawal and network fees to the headline fee.
- Note a reserve report's date and auditor.
- Trading one coin for another is taxable.
- Test support and the app before depositing.
Work from one notes file, one column per exchange.
What to check before comparing
Access comes first: check whether OKX and each rival accepts customers in your state. Then check the US license, the proof of reserves, and past security incidents.
- Check state eligibility on each exchange's sign-up page.
- Check the US license in state regulator records, since a foreign license does not cover you.
- Read the proof of reserves report and note its date and the auditor.
- Search for past incidents, such as the Mt. Gox failure after bitcoins were stolen from its hot wallet in late 2011.
Steps to compare OKX and rivals
Write down what you would actually pay, because the lowest advertised fee is rarely the cheapest after withdrawal and network costs. Compare the account type you would open.
- 1Write down the fee linesRecord maker and taker fees, deposit fees, card charges, withdrawal fees, and network fees.
- 2List coins and networksNote which coins and networks each exchange supports for your account, since a global app and a locally registered one may differ.
- 3Record deposit and withdrawal rulesList the deposit methods each takes, such as wire transfers or card payments, plus withdrawal limits and any memo or tag.
- 4Test support and the appSend a support question and note the reply time. Check the app's fee and withdrawal pages.
After comparing: records and safety
The IRS treats cryptocurrency as property, so each trade can create a gain or loss you report. Buying with US dollars is not taxable, but trading one coin for another, a stablecoin included, is.
Frequently asked questions
Usually yes, if both support the same network for that coin. Check the network and any memo or tag before you send.
Contact support and send the documents it asks for. If the freeze continues, file a complaint with a regulator.
Cancel open orders and pending withdrawals first, then withdraw each balance and close the account.
