OKX Wallet Review 2024 – Pros & Cons Revealed

In the world of crypto wallets, the non-custodial, multi-chain OKX Wallet has emerged as a strong competitor, boasting ties to the leading centralized exchange (CEX), integration with third-party apps, and offering users full control over their private keys. 

Today’s OKX Wallet review will uncover if it’s the Swiss Army knife of crypto wallets or just another wallet in the crowd. This article unpacks everything about the OKX wallet, including its stand-out features, exclusive offers, and much more. 

Key Takeaways From Our OKX Wallet Review

Here are some of the key highlights of this decentralized multi-chain wallet:

• The OKX Wallet offers a one-stop solution to transfer, store, and manage crypto in an entirely self-custodial manner. 
• As OKX’s native wallet, one of the leading centralized cryptocurrency exchanges, the OKX Wallet lets users toggle smoothly between the exchange and the wallet for a streamlined experience.
• The wallet supports over 70 networks, covering established, popular, and new blockchains to provide access to a wide range of crypto & decentralized applications (dApps) for an exciting, all-in-one experience.
• The smart account feature, powered by account abstraction, enables users to pay for transactions on multiple chains using stablecoin and to interact with multiple contracts in a single transaction.
• Its features, such as cross-chain decentralized exchange (DEX), NFT marketplace, and yield farming, enable users to take advantage of unique crypto opportunities fully.

Pros & Cons of OKX Wallet

The OKX web3 wallet is a non-custodial, multi-chain wallet that puts you firmly in the captain’s seat of your crypto journey. It enables users to effortlessly connect to 70+ blockchains without having to make manual switches. 

The wallet provides built-in access to DEXs, thousands of dApps, and a zero-fee NFT marketplace for creating and trading digital art, as well as various earning options. Whether you’re on the go with its mobile app or surfing from a browser extension, getting started with OKX is pretty convenient. Plus, it’s secured with 2FA and multi-signature technology.

However, it’s not all smooth sailing—some users have raised the flag on its slow response times and limited language options. Moreover, compared to brands that exclusively provide wallet services, such as MetaMask and Trust Wallet, which are famous and widely used for storing crypto, OKX Wallet has yet to gain the same level of adoption.

Pros

• OKX Wallet offers a seamless user experience with a clean, modern interface that simplifies navigation for both beginners and advanced users.
• The wallet enables quick and easy crypto transactions, supporting over 300,000 tokens and featuring advanced routing algorithms to minimize slippage and fees.
• It supports both centralized and decentralized finance features, offering users access to a wide range of financial services, including staking and yield farming, all from one wallet.
• The OKX Wallet supports a wide range of cryptocurrencies across more than 70 blockchains, catering to both mainstream and niche market participants.
• It employs multiple layers of security measures, including 2FA and multi-signature technology, to ensure the safety of users' funds.

Cons

• Some users have complained about OKX's slow response times, which could be frustrating, especially for new users requiring guidance or experiencing issues.

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Our Methodology for Reviewing OKX Wallet

Our OKX Wallet review draws on an in-depth analysis performed by our team of skilled and independent researchers and editors. Leveraging their extensive market knowledge and robust data from various platforms, they have meticulously evaluated the wallet and its offerings based on important factors such as costs, features, tools, usability, customer service, and security.

With our up-to-date crypto wallet reviews, we aim to assist our readers in finding the best wallet tailored to their individual needs, helping them start their journey into the wild and exciting world of crypto and Web3 both efficiently and securely.

OKX Wallet’s Top Features

Now, let’s take a deep dive into the prominent features of the OKX crypto wallet:

Multi-chain Support

With its multi-chain prowess, the OKX Wallet eliminates wallet clutter. There is no need to create multiple wallets for every chain. Plus, it provides seamless access to decentralized exchanges (DEXs), decentralized finance (DeFi), non-fungible tokens (NFTs), yield generation opportunities, and Web 3.0, all while keeping your funds Fort Knox-level secure.

Self-Custodial 

As a non-custodial or self-custody wallet, OKX Wallet completely hands over the reins to users, granting them full control over their cryptocurrencies and keys. This exclusive access means that users are solely responsible for the storage and management of funds and for conducting transactions. 

Being a software-based self-custodial wallet, OKX Wallet dishes out a seed phrase when a wallet is created. This set of 12 randomly generated words, also known as ‘recovery’ or ‘mnemonic’ phrases, is used to generate public and private keys and serves as a backup or recovery mechanism in case your memory decides to take a day off. So, better write it down and keep it in a place you’ll remember!

Yield Generation 

In OKX Wallet, you get to earn a yield on your portfolio and build wealth. Its Web3 yield aggregator maximizes earnings by cherry-picking the crème de la crème of DeFi products curated across multiple blockchain protocols. These include Save, Vault, Stake, Pool, Farm, and more. 

For these yield opportunities, Wallet offers both points and bonuses for single and multiple cryptos across almost 30 networks. For example, with OKX Wallet, you can snag a 5.11% APY on your USDT through Aave V3. Prefer ETH? They’re offering a cool 2.98% APY via Lido.

But wait, there's more! OKX Wallet goes beyond the basics by supporting Pendle, enabling users to execute different yield-management strategies from top protocols like Ethena, Ether.fi, and Kelp. Moreover, users can explore protocols like Zircuit, Equilibria, and Penpie on OKX Web3 DeFi to earn both bonus APY and points.

Integrations with dApps

To deliver the ultimate crypto experience, OKX Wallet has integrated with thousands of dApps. As a result, users can swap any crypto at top-notch prices across 20+ networks, 400+ DEXs, and 20+ cross-chain bridges. 

The Swap feature employs X Routing to sniff out the best Liquidity Provider and route, minimizing slippage and network fees across hundreds of DEX. This allows you to swap crypto in one click within its DEX & Bridge aggregator.

Meanwhile, its latest DEX market tracker serves as a toolkit for analyzing, monitoring, and trading crypto with real-time on-chain data. Using this feature, you can sort through a fun mix of coins, from hot tokens and gainers to losers and meme tokens! 

Moreover, the OKX DeFi Hub dashboard supports the DeFi platforms Uniswap, Aave, Maker, Compound, Curve, Yearn, and many more. 

NFT Market

OKX Wallet puts the NFT world at your fingertips. Thanks to its full NFT integration, it lets users buy, sell, trade, store, and even create their very own NFTs directly within the Wallet and the OKX NFT Marketplace.

 

This feature supports multiple blockchains, including Ethereum, Solana, OKC, Polygon, BSC, Avalanche, and Immutable X. It also provides aggregated liquidity through leading NFT marketplaces such as OpenSea, LooksRare, Magic Eden, and IMX Official.

Which Cryptocurrencies Does OKX Wallet Support?

As previously mentioned, the OKX Wallet facilitates the purchase and exchange of a wide range of crypto assets. The wallet supports over 300,000 tokens on its DEX.

The range of tokens supported at OKX Wallet includes major, old, and new ones, as well as those that are currently popular and have various narratives. As for the blockchain, OKX Wallet provides access to 70+ decentralized networks that are consistently updated. 

While OKX Wallet's numbers are impressive, they still do not match up to well-known brands like MetaMask and Trust Wallet, which are primarily focused on providing wallet services. However, OKX Wallet's network support is extensive and holds up well compared to its peers.

OKX Wallet Fees

Now, let’s take a look at the fees. For deposits, there are no fees on crypto transactions—zilch, nada, zero! 

However, using fiat may incur a small fee charged by third parties such as banks and payment processors. They love to sneak in such charges. For example, credit card companies like Mastercard and Visa typically charge around 2.5% in fees. 

When it comes to crypto withdrawals, OKX keeps it simple—only pay the network fees and nothing else. The network fee will depend on the blockchain used to make the swap.

For instance, swapping ETH for USDC could cost a network fee of about $1 to $4. That’s right in line with what you’d expect from other top DEXs like Uniswap V3 and PancakeSwap V3.

When it comes to slippage—the pesky difference between the execution price and the requested price—it's just 0.50%.

Let’s say you want to swap 1 ETH for USDC. OKX DEX will give you around 3428 USDC, whereas on Uniswap, you will get only 3426 USDC, and on Clipper, only 3425 USDC.

So, how does this work? Well, it’s all because of OKX’s X Routing algorithm. It scours several blockchains and countless DEXs to fetch you the best deal. X Routing compares prices offered by Liquidity Providers from the top liquidity pools and allows for splitting orders when necessary to secure the best overall pricing.

Now, let's talk NFTs! The OKX NFT Marketplace does not charge selling fees on the secondary market. The only hitch? There is a small network fee for making an on-chain transfer.

What Sets OKX Wallet Apart From Competitors?

Unlike many popular wallets, such as MetaMask and Phantom, OKX Wallet was developed by a seasoned crypto exchange with years of experience, similar to Coinbase and its wallet. It supports a wide range of coins and blockchains, positioning it as a strong competitor against Coinbase Wallet. While MetaMask boasts higher numbers, it tends to be pricier.

According to blockchain security firm CertiK's 'Skynet Security Score,' MetaMask ranks first, with OKX Wallet closely following in second place and Coinbase Wallet ranked 18th.

OKX Wallet also inks partnerships with major players to benefit its users. For instance, it recently teamed up with GM Launchpad, a cutting-edge platform from GM Network, to revolutionize how users interact with AIoT technologies right through the wallet’s slick web extension. This cool collaboration not only spices up the user experience but also equips OKX Wallet users with some seriously advanced tools. 

User Experience on OKX Wallet

This crypto wallet is available for free and can be used on mobile devices, desktop computers, and as a Chrome browser extension. The browser extension is a hit with over one million users and a stellar 4.7 rating. Meanwhile, the desktop OKX app supports both MacOS and Windows. In the next section, we will examine the responsiveness of its mobile application. 

OKX Mobile App

As a one-stop solution for all things crypto, the OKX Wallet has a clear and modern interface that advanced users will love for its intuitive design. However, while conducting the OKX app review, we found that its wallet customization options are somewhat limited. Also, beginners might face a learning curve as they navigate through its multi-chain DEX, NFT marketplace, DeFi, GameFi, and thousands of supported dApps. 

Performance-wise, the  OKX Wallet app is fast, responsive, and ready for action, though occasional bugs might sneak in and impact its performance. To keep the app free of issues, OKX Wallet goes through frequent updates to ensure smooth operations, top-notch security, and comprehensive in-app support.

The OKX Wallet supports both iOS and Android devices. In the App Store, the crypto wallet has a solid 4.7 rating and holds the #89 spot in Finance. On Google Play, it has secured a respectable 4.4-star rating and boasts more than 10 million downloads.

Is OKX Wallet Safe?

In crypto, safety is paramount, which OKX Wallet ensures by employing several safety measures. Let’s look at a few key points to understand how secure this wallet is.

Licensing

With the crypto space facing increased regulatory scrutiny worldwide, using a complaint platform can protect users from fraudulent players and offer peace of mind. Moreover, regulated platforms have to adhere to stringent standards set by authorities. 

This means they operate within legal boundaries, keep your funds separate from operational funds, maintain fairness, and offer ways to cash in and out without hassle. They also go through regular third-party audits, stick to their privacy policies, and safeguard client investments. 

Founded in 2017 and based in Seychelles, OKX has expanded its regulatory footprint. Earlier this year, it received a regulatory license from Dubai's Virtual Assets Regulatory Authority (VARA) to offer crypto services to retail clients. In March 2024, it hit another milestone when the Monetary Authority of Singapore (MAS) gave it a nod with an in-principle approval for the Major Payment Institution license.

Security

The OKX Wallet gives users exclusive access to their funds and allows them to choose what to share and what to keep private.

According to crypto audit service provider Certik, OKX Wallet is ranked one of the most secure wallet providers, earning an AA rating for its solid security, market performance, and social sentiment. Recently, OKX also entered a partnership with Certik to launch its ‘Fast Pass’ program. 

With a security score of 87.35, it's hot on the heels of MetaMask, which holds a security score of 89.79. Yet, when it comes to cybersecurity, OKX Wallet takes the crown among 43 of the most popular wallets.

Ranked in the top 10 percentile overall, it has outranked its competitors like Trust Wallet and Phantom. 

Fund Protection

The OKX Wallet puts you in the driver’s seat. It's self-custodial, which means you're the boss of your funds, not some third party. You alone are responsible for managing your wallet's security passwords and private keys. 

Moreover, this decentralized wallet supports full ownership of assets by allowing crypto withdrawals without an approval process, unlike many trading platforms.

OKX Wallet Customer Support & Service

For any issues with the wallet, OKX provides support through live chat, email, and a 24/7 request submission, which is pretty much in line with broad industry standards. Plus, they’re multilingual, supporting up to 19 languages. 

You can also reach out to them on almost every social platform you can think of, including X (Twitter), TikTok, Instagram, Discord, Telegram, Facebook, TradingView, YouTube, and VK.

The primary means of resolving issues, however, is through OKX Wallet’s detailed and high-quality FAQ section, along with detailed educational blogs and articles. 

That said, some customers have expressed dissatisfaction with OKX Wallet’s customer support, citing slow or delayed responses. Meanwhile, on Trustpilot, OKX has a 1.8 rating, which, although low, is higher than those of the largest crypto exchanges offering a crypto wallet: Binance has a 1.5 rating and Coinbase, 1.6.

How to Get Started with OKX Wallet

Now, here’s the step-by-step process to get started with OKX Wallet.

First, let’s see how to create OKX’s web wallet:

• Step 1. Either go directly to the Chrome web store or visit the official website for the link.
• Step 2. There, click on ‘Add to Chrome.’
• Step 3. Once it’s downloaded and installed, select ‘I don't have a wallet’ to create a new one.
• Step 4. Set a password and select Confirm to complete creating your wallet.
• Step 5. Select the ‘Backup your Wallet’ option to view and note down your seed phrase. Keep it in a safe place, and do not share it with anyone.

• Step 6. Next, verify your seed phrase to complete the backup process.
• Step 7. Congratulations, you’re all set! Now, you can start using the wallet.

We’ll now move on to setting up an OKX wallet app:

• Step 1. Head over to the official website and click on 'download mobile app' to choose between iOS and Google Play. You can also take the express lane by searching 'OKX Wallet' directly in the App Store or Google Play.
• Step 2. Once the app is installed, open it and select ‘I don't have a wallet’ to create one. You can also choose a Keyless wallet or a hardware wallet.

• Step 3. Then, set the wallet password and hit confirm. For an extra dash of convenience, you can also turn on Face ID. You can do this right then or later.
• Step 4. Next, back up the seed phrase, which can be done to iCloud or manually by writing it down.
• Step 5. Just like its web-based version, you'll need to verify the backup. Once that's done, you are good to go.

In case you already have a wallet:

• Step 1. You have to select ‘I already have a wallet.’ 
• Step 2. Then, go to OKX wallet extension > Settings > Wallet management > Manage > Add wallet on the web or OKX wallet > User center > Basic > Wallet management > Manage > Add wallet on the app.

• Step 3. Next, simply select your seed phrase or connect your hardware wallet.
• Step 4. Complete the required information and hit confirm.
• Step 5. Just set a wallet password and click confirm to complete importing your wallet.

This is how you start your crypto journey with OKX Wallet.

Conclusion

Overall, if you're on a quest for a crypto wallet that offers a wide array of features—from managing diverse cryptocurrencies across different blockchains to engaging in DeFi activities and trading NFTs—the OKX Wallet is an excellent choice. 

It's a crowd-pleaser, perfect for crypto newbies and seasoned blockchain buffs alike, supporting Bitcoin, EVM, and non-EVM blockchains. Additionally, the wallet ensures a secure crypto experience with cold wallet compatibility, multisig support, 2FA, and biometric authentication.

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FAQs

Does OKX have a wallet?

Yes, the crypto exchange OKX has a wallet called OKX Wallet, which is a decentralized, non-custodial, multi-chain crypto wallet that supports crypto swaps, NFT trading, DEXs, and dApps.

Is the OKX wallet legit?

Yes, OKX Wallet is legit. It has been launched by the licensed crypto exchange OKX, which provides multisig, cold wallet, and log-in support, as well as 2FA and biometric authentication for safety.

Is the OKX wallet available in the US?

Due to stringent financial regulations and compliance requirements, OKX Wallet is not available to US-based users. mitted

How does the OKX wallet compare to other crypto wallets?

In terms of coin options, dApps integration, and yield opportunities, OKX Wallet performs better than wallets from other exchanges but still has a way to go compared to Trust Wallet and MetaMask.

What fees does OKX wallet charge?

Deposits, withdrawals, and NFT selling are free. Swaps, however, will incur a network fee and a 0.5% slippage.

What blockchains does OKX wallet support?

OKX Wallet supports more than 70 blockchains, including Bitcoin, Ethereum, OKTC, BSC, Solana, Fantom, Avalanche, Arbitrum, Optimism, Cronos, Apton, Doge, Klatyn, Metis, Filecoin, zkSync Lite, ZySync Era, Near, Manta, Immutable Z, Kaspa, IMX, Stacks, Cosmos, Kava, Kujira, Osmosis, and Stargaze, and more.

Can I recover my OKX wallet if I lose my device?

Yes, since it’s a non-custodial crypto wallet, you can recover your OKX Wallet even if you lose your device, provided you have the seed phrase that was given to you when you first created the wallet. 

References

1. What is Yield Farming (CoinMarketCap)
2. What Do Crypto Liquidity Providers Do? (Binance)
3. What is Slippage in Crypto (Ledger)
4. OKX Wallet Ranked as World's #1 Crypto Wallet by CertiK for Cybersecurity (Yahoo Finance)
5. OKX Wallet Now Integrated with GM Launchpad
6. Security Audit Report Collection (OKX)
7. Exchange vs Wallet. Let us help you (OKX)