What is OKX?
Established in 2017, OKX is headquartered in the Seychelles and has additional offices throughout the globe. It is also one of the leading cryptocurrency exchanges out there, according to CoinMarketCap, which has placed it well within the top 10 for both spot and derivatives in terms of trading volume.
According to OKX, millions of users in over 100 countries have used its services and continue to do so. That said, they do not accept users based in the U.S., as there tend to be concerns pertaining to compliance and regulation.
If you are within a region that OKX happens to work with or support, then you can register for an account, which will allow you to engage in spot trading and more with the approximately 350 cryptocurrencies it supports.
Moreover, it even supports crypto-backed loans, margin borrowing, earning tokens by savings and staking, various advanced products like mining pools, and it also has a blockchain for itself that is known as the OKExChain. Consequently, OKX may also function as an exchange that one may utilize alongside third-party wallets or as their main place for all their cryptocurrency-related endeavors.
Here, we will be looking at how you can get on board this platform so that you can begin trading instantly or simply experience what this exchange may have to offer for yourself.
Trade on OKX: Step 1. Register
To register for an account on the OKX exchange, begin by heading over to its official website and clicking the Sign-Up button in the upper-right corner. On the registration page, you will find that you can register by either using your email address or mobile number.
Regardless of what option you use, you will then have to verify whether it is, in fact, your actual email address or mobile number by quickly entering the verification code that will be shared with you. Following that, add the password you wish to secure your OKX account with, after which you can move on to completing KYC and funding your account.
Trade on OKX: Step 2. Complete KYC
To be able to use one’s account without experiencing any hassles, completing the KYC process at OKX is a must. Currently, it is divided into two levels, which include basic and advanced verification. This is to maintain the security of both your assets and your account. Other than that, the purpose of this verification process is also to ensure the safety of the exchange itself by preventing fraud or other malicious activities.
So, to start the verification procedure, login to the account you have created and click on your profile icon at the top. From the drop-down menu, select Verification, and on the verification page, look for Individual Account and click on Continue.
So, with basic verification, i.e., Level 1, you will have to enter some basic information about yourself, like your name, your date of birth, your ID number, etc. Then, with advanced verification, you are essentially verifying what you entered earlier in Level 1.
Once you have gotten everything ready, submit the application pertaining to your verification, and OKX will then review everything within 24 hours and inform you of your results.
Trade on OKX: Step 3. Add Fund
Now that you have made an account and gone through the KYC process, the next step would be to fund your account to start trading on this platform. So, on its homepage, hover over Assets and click on Deposit. On the deposit page, choose the cryptocurrency you wish to deposit and then select the deposit chain, i.e., TRC-20, ERC-20, etc. Following that, click on Next.
Now, choose the account you want to deposit the funds into, whether it is your trading account or your funding account. After that, you can either copy the deposit address that will be generated or use the QR code scanner from your withdrawal platform’s application to fund your account.
Also, take note of any minimum deposit or withdrawal requirements and see to it that you select the same tokens and networks on both OKX and the withdrawal exchange or wallet. Otherwise, your funds will be lost.
Trade on OKX: Step 4. Buy Crypto
Earlier, we discussed how you can deposit the funds that you already own into the platform, but here, we will instead focus on how you can directly buy the tokens you want from OKX.
Fiat Currency
OKX does come with fiat currency support, up to 97, in fact, which you can use to directly buy the various cryptocurrencies it offers with over 425 different payment methods to choose from, including various debit and credit cards, which we will look at below.
Debit/Credit card
OKX supports credit cards and bank transfers as payment methods, as alluded to earlier. So, to use your debit or credit card, on the homepage, hover over Buy Crypto, and from the drop-down menu, select Express Buy. Here, you can buy various tokens using any of the 97 fiat currencies it supports.
Visa, MasterCard, and even ApplePay credit cards are supported. So, once you have chosen the fiat currency, the cryptocurrency, and the amount you want to buy or pay, click on the Buy button below and choose your payment method. And after doing that, enter the relevant details pertaining to your card and confirm your payment.
P2P
If you want to look into P2P trading here, then, from its homepage, hover your cursor over Buy Crypto at the top, and from the drop-down menu, select P2P Trading. If this happens to be your first time P2P trading here, then you will need to add a payment method. Currently, the P2P Trading Marketplace at OKX supports payment methods involving bank transfers, virtual banks, and wallets.
So, once you have chosen a method, you can move on to buying and selling cryptocurrencies at your preferred rates. When you’re buying, for instance, OKX will lock in the cryptocurrency from the seller you have chosen, and once this seller confirms your payment, OKX will then release the cryptocurrency that you wanted to buy to your OKX funding account.
Trade on OKX: Step 5. Start Trading
Now that you are aware of the several methods you can utilize to fund your account at OKX, you can immediately start trading by using the variety of options on offer, like spot, futures, margin, options, copy trading, perpetual swaps, and more.
If you are a beginner, then you may want to start with spot trading, as that can be relatively easier to grasp. So, on its website, hover over Trade and, from the drop-down menu, select Spot.
On the spot trading page, search for a trading pair that has the token you want, select Market as your order type, simply enter the amount you are willing to buy, and your order will then be executed at the current market price.
FAQs
How to Sign-Up for OKX?
To sign up on OKX, simply click on the Sign-Up button at the top of its homepage and follow the steps required of you, like entering your email address or phone number, setting up your password, and entering the verification code.
What are OKX fees?
On OKX, trading fees can vary depending on the type of trade you make. For example, spot trading will carry a maker fee of 0.080% and a taker fee of 0.100%. These can be reduced further depending on your 30-day trading volume and how much OKB (OKX’s native token) you are holding.As for futures, the maker fee will be 0.020% and the taker fee will be 0.050%. These can also be reduced based on the same criteria we stated earlier.
How to Deposit in OKX?
Depositing funds on OKX shouldn’t take too long. Just choose the asset you want to deposit and the network, which will then generate a deposit address that you can then copy and paste into the withdrawal platform after selecting the same token and network there as well. And that’s it. Once the transaction has been fully processed on the blockchain, your funds will be deposited into the OKX account you wanted them to be deposited into.
