What is OKX?
OKX is a firm that provides a cryptocurrency exchange and a whole suite of other services. Based in the Seychelles, the exchange is broadly accessible to users throughout the globe. However, that is not exactly the case within the United States.
Consequently, by opening an account on OKX, one can easily buy various cryptocurrencies by utilizing a bank account, mobile wallet, or card. Furthermore, it provides comparably higher yields in certain instances, such as when taking part in staking or other saving features.
Though it is not, by any means, the largest exchange out there, it can still do a decent job of supporting a wide variety of services as well as an extensive number of cryptocurrencies. Therefore, if you happen to be looking for a way to carry out your day-to-day trading activity by simply logging in once, OKX may be the exchange for you.
How to Withdraw Crypto on OKX
Here, we will be directing our focus toward its withdrawal procedure, highlighting all of the steps involved within it, which, like most exchanges these days, can be easily grasped and followed, so it should not be too long.
Step. 1 Visit the OKX Website
Although we will direct our attention primarily towards its website, if, by any chance, you are using its mobile application, then do not worry. This is because what will be outlined within this guide can still be utilized as a reference, as the process is essentially the same, excluding some negligible differences.
However, before we start discussing the withdrawal process, what warrants mentioning is that you will come across two withdrawal methods on this exchange. One would be an internal transfer; the other is carrying out on-chain withdrawals.
- Internal Transfer
- Internal transfers involve transferring cryptocurrencies near-instantly to users within OKX.
- On-chain Withdrawals
- On-chain withdrawals, on the other hand, entail sending tokens through the network to other exchanges and wallets. And we will be looking at how you can execute both here.
So, start by heading over to OKX’s official website, navigating to the Assets page, and choosing Withdraw.
Step. 2 Choose Cryptocurrency and Withdrawal Method
So, choose the cryptocurrency, like USDT or ETH, that you want to withdraw, and then the method you wish to undertake. Here, however, we will be looking at the on-chain withdrawal method.
Step.3 Select Withdrawal Network and Amount
In this step, you will have to enter various withdrawal details, like Address or Domain and the Withdrawal Network, and if you want, you can select whitelist mode, which OKX offers as a way to increase your withdrawal’s security.
- Whitelist Mode
- Whitelist mode once turned on, will only allow withdrawals to addresses that you have saved within your address book.
- If you want to use a new address while having this enabled, you can just integrate it first into the address book.
So, choose your withdrawal network. Normally, the recipient address that you have added will result in the system automatically matching the network for it. Still, in the case of several networks, you will need to ensure some accuracy between the tokens and networks that you selected in the exchange or wallet you are depositing to, and your OKX withdrawal page.
Now, simply enter the amount you wish to withdraw while making sure that it at least matches the minimum amount required by OKX. However, do note that there will be certain limits put on your withdrawals that you won’t be able to exceed unless you have gone through the KYC process. Click Next once you are done with all that.
Step.4 Complete 2FA and Await Confirmation
All that’s left to do now is get done with 2FA verification and click on Confirm, which will finally result in your order being submitted.
One thing to note here is that there will be some cryptocurrencies that will need the integration of tags to get done with withdrawals, which are usually just this sequence of numbers. So, if that is the case, then it will be vital to enter both the tag and the withdrawal address. Failure to do so will result in the loss of your withdrawal.
How to Make an Internal Transfer on OKX
In this section, we will be covering how you can make an internal transfer on this exchange, which will not carry any fees.
Select Cryptocurrency and Withdrawal Method
Choose the cryptocurrency you want to withdraw and select internal transfer as your withdrawal method.
Enter Withdrawal Details
Here, you will have to enter some details and then select Next. These details, for example, will include selecting the recipient and entering some information pertaining to their account, such as their email address or phone number, and after that, adding the withdrawal amount.
Await Confirmation
All that needs to be done now is, like with on-chain withdrawals, to go through the 2FA verification procedure. So, open the Google Authenticator application on your phone to acquire that six-digit code. And once you have entered that and selected Confirm, you will have submitted your order. Still, if, by some chance, you are having second thoughts about the withdrawal, the request can be canceled within a minute with no fees being charged whatsoever.
FAQs
How Much Withdrawal Fees Does OKX Charge?
Internal withdrawals, as stated earlier, will not carry any fees, whereas on-chain withdrawals will, which vary from token to token and depend on a range of factors and are therefore subject to change. However, on-chain withdrawal fees will be shown whenever you withdraw from the platform, and according to what we have gathered from CoinMarketFees, they can be fairly competitive.
Can I Withdraw Fiat From OKX?
You can sell your tokens for fiat by using its Buy/Sell function or by engaging in P2P trading and then have the funds withdrawn to your bank account, which you will have to link first.
How Long Does a Withdrawal Take on OKX?
You can check the status of your withdrawal by going to the Transactions page. As for how long they can take, the timing can be anywhere from 10 to 60 minutes, and if your withdrawal is taking longer than an hour, then you can contact their customer support for assistance.