Overview
OKX is one of the largest international crypto exchanges. OKX Europe Markets Ltd (Malta) serves European users under MiCA and MiFID II. The EU offering differs markedly from OKX Global — lower leverage caps and 60-month expiry X-Perps instead of true perpetuals.
Licences and regulation
- MiCA: Malta (MFSA) · MiFID II: Malta (MFSA), licence OEML-15905 · DNB fine: ~€1.65M (2023) for operating without registration
Products
| Product | Status | Details |
|---|---|---|
| Spot crypto | Live | Under MiCA |
| X-Perps (crypto) | Live | 60-month expiry futures, not true perpetuals |
| X-Perps (stocks) | Live | 7 US tech stocks as synthetic derivatives |
| X-Perps (commodities) | Live | Gold, silver, oil |
| Real tokenised stocks | No | Synthetic X-Perps only |
| SEPA fiat rails | Limited | Via partners |
Fees, yield and efficiency
Spot 0.05%/0.08%, X-Perps 0.02%/0.05% (base). Yield on collateral limited to USDG only (base 3.5%, VIP 4.1%, €100K+ threshold); USDC/USD earn nothing. Selected margin with 8 collateral assets; funding and trading accounts are split (manual transfers).
Proof of Reserves
Monthly zk-STARK/Merkle proofs covering 22 coins; reserve ratios 100-110%; 42+ consecutive reports.
Pros / cons
Pros: MiCA + MiFID II; mature monthly PoR cadence; X-Perps on stocks and commodities; strong brand.
Cons: DNB fine history; no true perpetuals; no real stocks; yield on USDG only; split accounts.
Best suited for
Traders wanting X-Perps on stocks/commodities, multi-asset traders comfortable with USDG, users preferring an established brand.
Frequently asked questions
What exactly are X-Perps?
Expiry futures with a 60-month term functioning like perpetuals. See Perpetuals vs expiry futures.
Why is leverage lower than on OKX Global?
MiFID II caps retail leverage.