Why Compare OKX and Interactive Brokers?
If you're a non-US resident wanting to buy US stocks, these two platforms represent the two main approaches: OKX: Crypto exchange with stock tokens (derivatives)
the new way Interactive Brokers (IBKR): Traditional international broker
the established way Both serve international investors.
Both let you buy US stocks without an SSN. But the costs, features, and experience are very different.
How Do OKX and Interactive Brokers Fees Compare?
Trading Fees
Fee TypeOKX Stock TokensInteractive Brokers Buy $1,000 of Tesla$0.50 (taker 0.05%)$1.00 (min commission)
Buy $1,000 with 20% rebate$0.40N/A Buy $10,000 of Tesla$5.00$1.00-5.00
SpreadNear zero (order book)$0.01 bid-ask Winner: Roughly tied for small amounts.
OKX cheaper for frequent small trades due to referral rebate. IBKR cheaper for large single trades.
Deposit Fees
MethodOKXInteractive Brokers Local bank (P2P)0-2%Not available
Wire transferN/A$0 incoming, $10-50 bank fee Credit card1-3%Not available
Crypto transfer$0.50-2 network feeNot available Typical cost for $1,000$10-20$15-50
Winner: OKX far more deposit options and usually cheaper, especially in developing countries where wire transfer fees are high.
Withdrawal Fees
MethodOKXInteractive Brokers Local bank (P2P)0-2%N/A
Wire transferN/A$10 fee + bank charges Crypto$0.50-2N/A
Typical cost for $1,000$10-20$10-35 Winner: OKX, especially for countries without cheap wire transfer options.
Other Fees
FeeOKXInteractive Brokers Account maintenance$0$0 (removed in 2024)
Inactivity fee$0$0 (removed) Funding rate~0.01%/8hrs (~0.03%/day)N/A
Currency conversionIncluded in P2P rate0.002% (very cheap) DividendN/A (no dividends)Received (minus 20% withholding tax)
Note: OKX's funding rate is a significant ongoing cost for long-term holders.
If you hold a position for 1 year, the funding rate alone could cost 10%+. This makes OKX better for short to medium-term trades.
What Is the Total Cost? Real Scenarios Compared
Scenario 1: Buy $500 of Tesla, hold 1 month, sell
Cost ItemOKXIBKR Deposit$5 (P2P)$25 (wire)
Buy$0.25 (0.05%)$1.00 Funding (30 days)$4.50 (~0.9%)$0
Sell$0.25$1.00
Withdrawal$5$15
Total$15.00$42.00 Winner: OKX saves $27
Scenario 2: Buy $5,000 of Nvidia, hold 6 months, sell
Cost ItemOKXIBKR Deposit$50 (P2P)$30 (wire)
Buy$2.50$1.00 Funding (180 days)$270 (~5.4%)$0
Sell$2.50$1.00
Withdrawal$50$15
Total$375.00$47.00 Winner: IBKR saves $328
the funding rate kills OKX for long holds.
