How to Start OKX Trading in 2024: A Step-By-Step Guide for Beginners
How to Open Account on OKX
Open an Account on OKX with Email
1. Go to OKX and click [Sign up] on the upper right corner.
2. You can perform OKX registration via a social network (Google, Apple, Telegram, Wallet) or manually enter the data required for the registration.
3. Enter your email address then click [Sign up]. You will be sent a code to your email. Put the code in the space and hit [Next].
4. Enter your phone number and hit [Verify now].
5. Enter the code that has been sent to your phone, click [Next].
6. Choose your country of residence, tick to agree to the terms of service and click [Next]. Note that your residence must match the one on your ID or proof of address. Changing your country or region of residence after confirmation will require additional verification. Click [Confirm].
7. Then, create a secure password for your account.
Note:
- Your password must contain 8-32 characters long
- 1 lowercase character
- 1 uppercase character
- 1 number
- 1 special character e.g. ! @ # $ %
8. Congratulations, you have successfully registered on OKX.
Open an Account on OKX with Apple
Furthermore, you can sign up using Single Sign-On with your Apple account. If you wish to do that, please follow these steps:
1. Visit OKX and click [Sign up].
2. Select [Apple] icon, a pop-up window will appear, and you will be prompted to sign in to OKX using your Apple account.
3. Enter your Apple ID and password to sign in to OKX. Complete the authentication process.
4. Click [Continue].
5. Choose your country of residence, tick to agree to the terms of service and click [Next]. Note that your residence must match the one on your ID or proof of address. Changing your country or region of residence after confirmation will require additional verification.
6. After that, you will be automatically redirected to the OKX platform.
Open an Account on OKX with Google
Also, you have an option to register your account through Gmail and you can do that in just a few simple steps:
1. Head over to the OKX and click [Sign up].
2. Click on the [Google] button.
3. A sign-in window will be opened, where you put in your Email or phone. Then click [Next]
4. Then enter the password for your Gmail account and click [Next]. Confirm that you’re signing in
5. Choose your country of residence, tick to agree to the terms of service and click [Next]. After that, you will be automatically redirected to your OKX account.
Open an Account on OKX with Telegram
1. Head over to the OKX and click [Sign up].
2. Click on the [Telegram] button.
3. A sign-in window will be opened, where you put in your phone number. Then click [Next].
4. Open your Telegram and confirm.
5. Click [Accept] to confirm your registration.
6. Enter your Email or Phone number to link your OKX account to Telegram. Then click [Next].
7. Click [Create account]. Enter the code that has been sent to your Email and click [Next].
8. Choose your country of residence, tick to agree to the terms of service and click [Next]. Then you will successfully register your OKX account!
Open an Account on the OKX App
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1. Install OKX app on Google Play or App Store.
2. Click [Sign up].
3. Select a registration method, you can choose from Email, Google account, Apple ID, or Telegram.
Sign up with your Email account:
4. Put in your Email then click [Sign up].
5. Enter the code that has been sent to your email, then click [Next].
6. Enter your mobile number, click [Verify now]. Then put in the code and click [Next].
7. Choose your country of residence, tick to agree the terms and service, then click [Next] and [Confirm].
8. Choose your password. Then click [Next].
9. Congratulations! You have successfully created an OKX account.
Sign up with your Google account:
4. Select [Google]. You will be prompted to sign in to OKX using your Google account. You can use your existing accounts or use another one. Click [Continue] to confirm the account that you chose.
5. Choose your country of residence and you have successfully created an OKX account.
Sign up with your Apple account:
4. Select [Apple]. You will be prompted to sign in to OKX using your Apple account. Tap [Continue].
5. Choose your country of residence and you have successfully created an OKX account.
Sign up with your Telegram:
4. Select [Telegram] and click [Continue].
5. Enter your phone number and click [Next], then check the confirmation on your Telegram app.
6. Choose your country of residence and you have successfully created an OKX account.
How to Verify OKX Account
Where can I get my account verified?
You can access the Identity Verification from your Avatar - [Verification].
After going to the Verification page, you can choose between [Individual verification] and [Institutional verification].
How to Verify Account for Individuals? A step-by-step guide
1. Choose [Individual verification]. Click [Verify identity] - [Verify now].
2. Choose your country of residence and ID type, then click [Next].
3. Scan the QR code with your phone.
4. Follow the instructions and upload the required document.
5. The review process can take up to 24 hours. You’ll be notified once the review is completed.
How to Verify Account for Institutional? A step-by-step guide
1. Choose [Institutional verification]. Click [Verify institution] - [Verify now].
2. Fill in the information for "Company type", tick to agree the terms and click [Submit].
3. Fill in the rest of your company’s information following the list on the right. Click [Next] - [Submit].
Note: You need to scan and upload the following documents
- Certificate of incorporation or business registration (or an equivalent official document, e.g. business license)
- Memorandum and articles of association
- Directors register
- Shareholders register or Beneficial Ownership structure chart (signed and dated within the last 12 months)
- Proof of business address (if different from registered address)
4. Sign, scan, and upload the below templates to complete the verification
- Account opening authorization letter (a board resolution that includes such an authorization is also acceptable)
- FCCQ Wolfsberg Questionnaire or equivalent AML policy document (signed and dated by a senior compliance officer)
How to Deposit/Buy Crypto in OKX
How to Buy Crypto with Credit/Debit Card on OKX
Buy Crypto with Credit/Debit Card (Web)
1. Log in to your OKX account and click [Buy Crypto] - [Express buy].
2. Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. Click [Buy USDT].
3. Choose to buy with your VISA, then click [Next]. Check your order preview and click [Buy USDT].
4. You will be redirected to Banxa’s page, where you can click [Create Order].
5. Enter your card information and click [Continue].
6. After the payment is completed, you can see the order status and [Return to OKX].
Buy Crypto with Credit/Debit Card (App)
1. Get started by choosing the menu icon on the top left corner, then click [Buy].
2. Choose the crypto you want to buy and the amount, choose [Select payment method].
3. Choose to pay with VISA or MasterCard and confirm your order.
4. You will be directed to the Banxa’s page. Fill in your card order and wait for it to be completed.
How to Buy Crypto on OKX P2P
Buy Crypto on OKX P2P (Web)
1. Log in to OKX, go to [Buy crypto] - [P2P trading].
2. Select the crypto you want to receive, and payment methods you want to use. Select [Buy] next to your preferred offer.
3. Fill in the amount within the order limit and select the payment method. Select [Buy USDT with 0 fees] to proceed.
Note: at this point, OKX will hold the crypto being bought until the seller confirms the payment has been received, the order has been canceled by you or the order times out. You mustn’t pay if the order is at risk of timing out because seller will regain the crypto held earlier when the timer reaches zero if the payment hasn’t been marked as complete.
4. Check your order and [Confirm].
5. Select [I have paid] once you’ve paid via the payment App/method chosen. When the seller confirms receipt of payment, you’ll receive the crypto in your OKX account.
Note: You can see a chatbox on the order page on the right side if you need to message the seller for any reason.
Buy Crypto on OKX P2P (App)
1. Log in to OKX, go to [P2P trading].
2. Select the crypto you want to receive, and payment methods you want to use. Select [Buy] next to your preferred offer.
3. Fill in the amount within the order limit and select the payment method. Select [Buy USDT with 0 fees] to proceed.
Note: at this point, OKX will hold the crypto being bought until the seller confirms the payment has been received, the order has been canceled by you or the order times out. You mustn’t pay if the order is at risk of timing out because the seller will regain the crypto held earlier when the timer reaches zero if the payment hasn’t been marked as complete.
4. You can chat with the seller and preview your order. Once check, choose [Get payment details].
5. Select [I have paid] once you’ve paid via the payment App/method chosen. When the seller confirms receipt of payment, you’ll receive the crypto in your OKX account.
How to Buy Crypto on OKX via Third-party payment
1. Log in to your OKX account and go to [Buy crypto] - [Third-party payment].
2. Enter the amount you wish to buy.
3. Scroll down and choose your payment gateway, click [Buy now] - [Pay] after you have confirmed your order.
4. You will be redirected to Banxa’s page, where you can click [Create Order].
5. Enter your card information and click [Continue].
6. After the payment is completed, you can see the order status and [Return to OKX].
How to Deposit Crypto on OKX
Deposit Crypto on OKX (Web)
1. Log in to your OKX account and go to [Assets] - [Deposit].
2. Select the crypto you want to deposit then click [Next].
3. Deposit details will then automatically generate. Select your OKX account in the "Deposit to" field to receive your transaction.
You can either select Copy to copy the deposit address to your withdrawal platform or scan the QR code using your withdrawal platform app to make the deposit.
Note:
- Make sure selected crypto and network on both OKX and your withdrawal platform are the same to ensure a successful deposit. Otherwise, you’ll lose your assets.
- You can find the minimum amount, required confirmation numbers, and contact address on the Deposit page
- You won’t receive your assets if you deposited the crypto amount less than the minimum amount.
- Some crypto (e.g. XRP) generates a tag/memo which is usually a string of numbers. You need to enter both the deposit address and tag/memo when you’re depositing. Otherwise, you’ll lose your assets.
Deposit Crypto on OKX (App)
1. Open your OKX app and choose [Deposit].
2. Choose the cryptocurrency you want to deposit. Please choose the deposit network carefully and make sure that the selected network is the same as the network of the platform you are withdrawing funds from.
3. You can either select Copy to copy the deposit address to your withdrawal platform app or scan the QR code using your withdrawal platform app to make the deposit.
4. After confirming the deposit request, the transfer will be processed. The funds will be credited to your OKX account shortly after.
How to Trade Crypto on OKX
How to Trade Spot on OKX (Web)
1. In order to start trading crypto, you will need to first transfer your crypto assets from the funding account to the trading account. Click [Assets] - [Transfer].
2. The Transfer screen will allow you to select your desired coin or token, view its available balance and transfer all or a specific amount between your funding and trading accounts.
3. You can access OKX’s spot markets by navigating to [Trade] on the top menu and selecting [Spot].
Spot trading interface:
4. Once you decide on your desired price, enter it into the ‘Price (USDT)’ field followed by the ‘Amount (BTC)’ you wish to buy. You will then be shown your ‘Total (USDT)’ figure and can click on [Buy BTC] to submit your order, provided you have enough funds (USDT) in your trading account.
5. Submitted orders remain open until they get filled or are canceled by you. You can view these in the ’Open Orders’ tab on the same page, and review older, filled orders in the ’Order History’ tab. Both these tabs also provide useful information such as the average filled price.
How to Trade Spot on OKX (App)
1. In order to start trading crypto, you will need to first transfer your crypto assets from the funding account to the trading account. Click [Assets] - [Transfer].
2. The Transfer screen will allow you to select your desired coin or token, view its available balance and transfer all or a specific amount between your funding and trading accounts.
3. You can access OKX’s spot markets by navigating to [Trade].
Spot trading interface:
4. Once you decide on your desired price, enter it into the ‘Price (USDT)’ field followed by the ‘Amount (BTC)’ you wish to buy. You will then be shown your ‘Total (USDT)’ figure and can click on [Buy BTC] to submit your order, provided you have enough funds (USDT) in your trading account.
5. Submitted orders remain open until they get filled or are canceled by you. You can view these in the ’Open Orders’ tab on the same page, and review older, filled orders in the ’Order History’ tab. Both these tabs also provide useful information such as the average filled price.
How to Withdraw/Sell Crypto on Binance
How to Sell Crypto through Cash conversion
Sell Crypto through Cash conversion on OKX (Web)
1. Log in to your OKX account and click [Buy Crypto] - [Express buy].
2. Click [Sell]. Select the fiat currency and the cryptocurrency you want to sell. Enter the amount then click [Sell USDT].
3. Select your payment method and click [Next].
4. Fill in your card details and click [Continue].
5. Check the payment details and confirm your order. Follow the confirmation of the payment platform and you will be directed back to OKX after completing the transaction.
Sell Crypto through Cash conversion on OKX (App)
1. Log in to your OKX App and tap the menu icon on the top left corner - [Buy]
2. Tap [Sell]. Then select the crypto you want to sell and hit [Select receive method].
3. Fill in your card details and click [Continue].
4. Check the payment details and confirm your order. Follow the confirmation of the payment platform and you will be directed back to OKX after completing the transaction.
How to Sell Crypto on OKX P2P
Sell Crypto on OKX P2P (Web)
1. Log in to your OKX, choose [Buy crypto] - [P2P trading].
2. Click the [Sell] button, select crypto and payment you wish to do. Find the buyers that suit your requirement (i.e. the price and quantity they are willing to purchase) and click [Sell].
3. Enter the quantity of USDT that you want to sell and the lump sum will be calculated as per the price set by the buyer. Then click [Sell USDT with 0 fees]
4. Fill in the information on ‘Add payment method’
5. Check your P2P trade details. Tap [Confirm] - [Sell] to complete your sale.
6. With the sell order placed, you must wait for the buyer to make a payment to your bank or wallet account. When they have completed their payment, you will receive a notification under [My Orders].
7. Check your bank account or the appropriate payment method when you receive the notification confirming the payment is complete. If you have received the payment, tap the order from the Pending section and tap [Release Crypto] on the next screen.
Note: Do not tap [Release Crypto] until you have received the payment and confirmed it for yourself, you should not rely on the buyer showing you a screenshot of the completed payment or any other reason.
Sell Crypto on OKX P2P (App)
1. Log in to your OKX account and go to [P2P Trading].
2. On the OKX P2P marketplace home screen, choose [Sell] and select the currency that you want to receive payment in. Select the corresponding crypto you want to sell. Then, tap [Sell].
3. On the sell order popup, enter the quantity of the crypto you want to sell for local currency or the amount you want to receive. Check the details entered and tap [Sell USDT].
4. Select the payment method to receive funds on the next screen. Then, check your P2P trade details and complete the 2-factor authentication check. Tap [Sell] to complete your sale.
5. With the sell order placed, you must wait for the buyer to make a payment to your bank or wallet account. When they have completed their payment, you will receive a notification under [My Orders].
6. Check your bank account or the appropriate payment method when you receive the notification confirming the payment is complete. If you have received the payment, tap the order from the Pending section and tap [Release Crypto] on the next screen.
Note: Do not tap [Release Crypto] until you have received the payment and confirmed it for yourself, you should not rely on the buyer showing you a screenshot of the completed payment or any other reason.
7. Carefully check that the details from the payment received match those shown on the screen. When you’re happy that the funds are in your account, check the box and tap [Confirm].
How to Sell Crypto on OKX via Third-party payment
1. Log in to your OKX account, go to [Buy crypto] - [Third-party payment].
2. Enter the amount your want to sell, then scroll down and choose your prefered payment gateway. Click [Sell now].
3. Fill in your card details and click [Continue].
4. Check the payment details and confirm your order. Follow the confirmation of the payment platform and you will be directed back to OKX after completing the transaction.
How to Withdraw Crypto from OKX
Withdraw Crypto on OKX (Web)
Log into your OKX account, click [Assets] - [Withdraw].
On-chain withdrawal
1. Select crypto to withdraw and on-chain withdrawal method and click [Next].
2. Fill in withdrawal details on the on-chain withdrawal page then click [Next].
- Enter the recipient address.
- Select the network. Please make sure that the network matches the addresses network entered to avoid withdrawal losses.
- Enter the withdrawal amount and you will be able to see the corresponding transaction fee and the final amount you receive.
3. Complete the 2FA verification and select [Confirm], your withdrawal order will be submitted.
Note: some cryptos (E.g. XRP) may require tags to complete the withdrawal, which is usually a sequence of numbers. It’s necessary to fill in both the withdrawal address and the tag, otherwise, the withdrawal will be lost.
4. The withdrawal submitted pop-up notice will appear once the submission is done.
Internal transfer
1. Select crypto to withdraw and internal (free) withdrawal method.
2. Complete the withdrawal details and select [Next].
- Enter the recipient phone number
- Enter the withdrawal amount and you will be able to see the corresponding transaction fee and the final amount you receive.
3. Complete the 2FA verification and select [Confirm], your withdrawal order will be submitted.
Note: if you changed your mind, you can cancel the request within 1 minute and no fees will be charged.
Withdraw Crypto on OKX (App)
1. Open your OKX app, go to [Assets] and select [Withdraw].
2. Select crypto to withdraw and choose either on-chain withdrawal or internal method.
3. Complete the withdrawal details and select [Submit].
- Enter the recipient address/number
- Select the network. Please make sure that the network matches the addresses network entered to avoid withdrawal losses.
- Enter the withdrawal amount and you will be able to see the corresponding transaction fee and the final amount you receive.
4. Complete the 2FA verification and select [Confirm], your withdrawal order will be submitted.
Frequently Asked Questions (FAQ)
Account
My SMS codes aren’t working on OKX
Try these fixes first to check if you can get codes working again:
- Automate your mobile phone time. You can do it in your device’s general settings:
- Android: Settings General Management Date and time Automatic date and time
- iOS: Settings General Date and Time Set Automatically
- Sync your mobile phone and desktop times
- Clear OKX mobile app cache or desktop browser cache and cookies
- Try entering codes on different platforms: OKX website in desktop browser, OKX website in mobile browser, OKX desktop app, or OKX mobile app
How do I change my phone number?
On the app
- Open the OKX app, go to User Center, and select Profile
- Select User Center at the top left corner
- Find Security and select Security center before selecting Phone
- Select Change phone number and enter your phone number in the New phone number field
- Select Send code in both the SMS code sent to new phone number and SMS code sent to current phone number fields. We’ll send a 6-digit verification code to both your new and current phone numbers. Enter the code accordingly
- Enter the two-factor authentication (2FA) code to continue (if any)
- You’ll receive an email/SMS confirmation upon successfully changing your phone number
On the web
- Go to Profile and select Security
- Find Phone verification and select Change phone number
- Select the country code and enter your phone number in the New phone number field
- Select Send code in both the New phone SMS verification and Current phone SMS verification fields. We’ll send a 6-digit verification code to both your new and current phone numbers. Enter the code accordingly
- Enter the two-factor authentication (2FA) code to continue (if any)
- You’ll receive an email/SMS confirmation upon successfully changing your phone number
What is sub-account?
A sub-account is a secondary account connected to your OKX account. You can create multiple sub-accounts to diversify your trading strategies and reduce risks. Sub-accounts can be used for spot, spot leverage, contract trading, and deposits for standard sub-accounts, but withdrawals are not allowed. Below are the steps to create a sub-account.
1. Open OKX website and login to your account, go to [Profile] and select [Sub-accounts].
2. Select [Create sub-account].
3. Fill in "Login ID", "Password" and select "Account type"
- Standard sub-account: you are able to make Trading settings and enable Deposits to this sub-account
- Managed trading sub-account: you are able to make Trading settings
4. Select [Submit all] after confirming the information.
Note:
- Sub-accounts will inherit the main account’s tier level at the same time of creation and it will update daily according to your main account.
- General users (Lv1 - Lv5) can create a maximum of 5 sub-accounts; for other level users, you can view your tier permissions.
- Sub-accounts can only be created on the web.
Verification
What information is needed for the verification process
Basic info
Provide basic information about yourself, such as full legal name, date of birth, country of residency, etc.. Please make sure that it’s correct and up to date.
ID documents
We accept valid government-issued IDs, passports, driving licenses, etc. They must meet the following requirements:
- Include your name, date of birth, issue and expiration date
- No screenshots of any kind are accepted
- Legible and with a clearly visible photo
- Include all corners of the document
- Not expired
Selfies
They must meet the following requirements:
- Your entire face has to be placed within the oval frame
- No mask, glasses and hats
Proof of Address (if applicable)
They must meet the following requirements:
- Upload a document with your current residential address and legal name
- Make sure that the entire document is visible and issued within the last 3 months.
What’s the difference between individual verification and institutional verification?
As an individual, you need to provide your personal identity information (including but not limited to valid identity documents, facial recognition data, etc.) to unlock more features and increase your deposit/withdrawal limit.
As an institution, you need to provide valid legal documents of your institution’s incorporation and operations, along with the key roles’ identity information. After verification, you may enjoy higher benefits and better rates.
You can only verify one type of account. Choose the option that best suits your needs.
Which types of documents can I use to verify my residential address for account identity verification?
The following types of documents can be used to verify your address for identity verification:
- Driver’s license (if the address is visible and matches the address provided)
- Government-issued IDs with your current address
- Utility bills (water, electricity, and gas), bank statements, and property management invoices that were issued within the last 3 months and clearly show your current address and legal name
- Documentation or voter identification listing your full address and legal name issued within the last 3 months by your state or local government, your employer’s Human Resources or finance department, and university or college
Deposit
Why am I not able to deposit EUR with SEPA bank transfer?
You can complete a EUR deposit from your bank account to your OKX account. EUR local bank transfers are currently only offered to our European customers (residents from EEA countries, excluding France).
Why hasn’t my deposit been credited?
It could be due to one of the following reasons:
Delayed from block confirmation- You can check if you’ve input the correct deposit information and your transaction status on the blockchain. If your transaction is on the blockchain, you can check if your transaction reaches the required confirmation numbers. You will receive your deposit amount once it reaches the required confirmation numbers.
- If your deposit can’t be found on the blockchain, you can reach out to your corresponding platform’s customer support for assistance.
Deposit different cryptos
Before you submit a deposit request, make sure that you’ve selected the crypto supported by the corresponding platform. Otherwise, it could lead to deposit failure.
CT-app-deposit on chain select crypto
Select the crypto that is supported by the corresponding platform
Incorrect address and network
Before you submit a deposit request, make sure that you’ve selected the network supported by the corresponding platform. Otherwise, it could lead to deposit failure.
CT-app-deposit on chain select network
Select the deposit network which is supported by the corresponding platform in the Deposit network field. For example, you would like to deposit ETH to a BTC address that is not compatible. This can lead to deposit failure.
Incorrect or missing tag/memo/comment
The crypto that you want to deposit might require filling in a memo/tag/comment. You can find it on the OKX deposit page.
Deposit to smart contract addresses
Before you submit a deposit request, make sure that you’ve selected the deposit contract address supported by the corresponding platform. Otherwise, it could lead to deposit failure.
CT-app-deposit on chain view contract address
Make sure the deposit contract address is supported by the corresponding platform
Blockchain reward deposits
The profit from mining can only be deposited into your wallet. You can only deposit the rewards into the OKX account once it is deposited into your wallet, as OKX doesn’t support blockchain reward deposits.
Combined deposits
When you want to do a deposit, make sure you submit only one deposit request each time. If you submit multiple requests into a single deposit transaction, you’ll not receive your deposit. In such a case, you can reach out to our customer support for assistance.
Fail to reach the minimum deposit amount
Before you submit a deposit request, make sure that you deposit at least the minimum amount which you could find on our OKX deposit page. Otherwise, it could lead to deposit failure.
Why is my deposit locked?
1. P2P T+N risk control is triggered
When you’re buying crypto through P2P trading, our risk control system will comprehensively assess your transaction risks and impose N-day restrictions on the withdrawal and P2P sales of the equivalent amount of assets in your transaction. It is recommended that you wait patiently for N days and the system will automatically lift the restriction
2. Travel rule additional verification is triggered
If you’re in regulated regions, your crypto transactions are subjected to the Travel Rule as per local laws, which you may require supplementary information for it to be unlocked. You should obtain the legal name of the sender and ask whether they are sending from an exchange or private wallet address. Additional information such as, but not limited to, country of residence may also be required. Depending on your local law and regulations, your transaction may remain locked until you provide the information required of the person who sent you the fund.
Who is eligible to buy and sell crypto using the fiat gateway?
Anyone with a registered OKX account, verified their email or mobile number, who set up 2FA identification and fund’s password in the security settings, and has completed verification.
Note: your third-party account’s name shall be identical to OKX account’s name
How long does it take to receive fiat when selling crypto?
It is subject to the fiat merchant’s discretion. If you choose to sell and receive through a bank account, the process can take 1-3 business days. It only takes a few minutes to sell and receive via a digital wallet.
Trading
What is Stop-Limit?
Stop-Limit is a set of instructions for placing a trade order at predefined parameters. When the latest market price reaches the trigger price, the system will automatically place orders according to the pre-set price and amount.
When a Stop-Limit is triggered, if the user’s account balance is lower than the order amount, the system will automatically place order according to the actual balance. If the user’s account balance is lower than the minimum trading amount, order cannot be placed.
Case 1 (Take-profit):
- The user buys BTC at USDT 6,600 and believes that it will drop when it reaches USDT 6,800, he can open a Stop-Limit order at USDT 6,800. When the price reaches USDT 6,800, the order will be triggered. If the user has 8 BTC balance, which is lower than the order amount (10 BTC), the system will automatically post an order of 8 BTC to the market. If the user’s balance is 0.0001 BTC and the minimum trading amount is 0.001 BTC, the order cannot be placed.
Case 2 (Stop-loss):
- The user buys BTC at USDT 6,600 and believes that it will continue to drop below USDT 6,400. To avoid further loss, the user can sell his order at USDT 6,400 when the price drops to USDT 6,400.
Case 3 (Take-profit):
- BTC is at USDT 6,600 and the user believes that it will rebounce at USDT 6,500. In order to buy BTC at a lower cost, when it drops below USDT 6,500, a buy order will be placed.
Case 4 (Stop-loss):
- BTC is at USDT 6,600 and the user believes that it will continue to rise to over USDT 6,800. To avoid paying for BTC at a higher cost above USDT 6,800, when BTC rises to USDT 6,802, orders will be placed as the BTC price has fulfilled the order requirement of USDT 6,800 or above.
What’s a limit order?
A limit order is an order type that caps the maximum buying price of the buyer as well as the minimum selling price of the seller. Once your order is placed, our system will post it on the book and match it with the orders available at the price you specified or better.
For example, imagine the current BTC weekly futures contract market price is 13,000 USD. You’d like to buy it at 12,900 USD. When the price drops to 12,900 USD or under, the preset order will be triggered and filled automatically.
Alternatively, if you’d like to buy at 13,100 USD, under the rule of buying at a more favorable price for the buyer, your order will be immediately triggered and filled at 13,000 USD, instead of waiting for the market price to rise to 13,100 USD.
Lastly, if the current market price is 10,000 USD, a sell limit order priced at 12,000 USD will only be executed when the market price rises to 12,000 USD or above.
What’s token trading?
Token-to-token trading refers to exchanging a digital asset with another digital asset.
Certain tokens, like Bitcoin and Litecoin, are typically priced in USD. This is called a currency pair, which means a digital asset’s value is determined by its comparison to another currency.
For example, a BTC/USD pair represents how much USD is required to buy one BTC, or how much USD will be received for selling one BTC. The same principles would apply to all trading pairs. If OKX were to offer a LTC/BTC pair, the LTC/BTC designation represents how much BTC is required to buy one LTC, or how much BTC would be received for selling one LTC.
What are the differences between token trading and cash-to-crypto trading?
While token trading refers to the exchange of a digital asset for another digital asset, cash-to-crypto trading refers to the exchange of a digital asset for cash (and vice versa). For example, with cash-to-crypto trading, if you buy BTC with USD and the BTC price increases later, you can sell it back for more USD. However, if the BTC price drops, you can sell for less. Just like cash-to-crypto trading, the market prices of token trading are determined by supply and demand.
Withdrawal
Why hasn’t my withdrawal arrived in the account?
The block hasn’t been confirmed by the miners
- Once you submit the withdrawal request, your funds will be submitted to the blockchain. It requires miners’ confirmation before the funds can be credited to your account. The number of confirmations can be different according to different chains, and execution time can vary. You may contact the corresponding platform for verification if your funds haven’t arrived in your account after confirmation.
The funds are not withdrawn
- If the status of your withdrawal appears as either "In progress" or "Pending withdrawal", it indicates that your request is still waiting to be transferred from your account, likely due to a large number of pending withdrawal requests. Transactions will be processed by OKX in the order that they’re submitted, and no manual interventions are possible. In case your withdrawal request remains pending for more than an hour, you can contact our customer support team via OKX Help for assistance.
Incorrect or missing tag
- The crypto that you want to withdraw might require you to fill in tags/notes (memo/tag/comment). You can find it on the deposit page of the corresponding platform.
- If you find a tag, enter the tag in the Tag field on OKX’s withdrawal page. If you can’t find it on the corresponding platform, you can reach out to customer support to confirm if it needs to be filled.
- If the corresponding platform doesn’t require a tag, you can enter 6 random digits in the Tag field on OKX’s withdrawal page.
Note: if you enter an incorrect/missing tag, it could lead to withdrawal failure. In such a case, you can reach out to our customer support for assistance.
Mismatched withdrawal network
- Before you submit a withdrawal request, please make sure that you’ve selected the network supported by the corresponding platform. Otherwise, it could lead to withdrawal failure.
- For example, you would like to withdraw crypto from OKX to Platform B. You’ve selected the OEC chain in OKX, but Platform B only supports the ERC20 chain. This can lead to withdrawal failure.
The amount of the withdrawal fee
- The withdrawal fee that you’ve paid is to miners on the blockchain, instead of OKX, to process the transactions and secure the respective blockchain network. The fee is subject to the amount shown on the withdrawal page. The higher the fee is, the faster the crypto will arrive in your account.
Do I need to pay fees for deposit and withdrawal?
In OKX, you’ll only pay a fee when you do an on-chain withdrawal transaction, while internal withdrawal transfers and deposits have no fee charged. The fee charged is called Gas Fee, which is used to pay miners as a reward.
For example, when you withdraw crypto from your OKX account, you’ll be charged the withdrawal fee. Vice versa, if an individual (can be you or someone else) deposited crypto into your OKX account, you don’t need to pay the fee.
How do I calculate how much I’ll be charged?
The system will calculate the fee automatically. The actual amount that’ll be credited to your account on the withdrawal page is calculated with this formula:
The actual amount in your account = Withdrawal amount – Withdrawal fee
Note:
- The fee amount is based on the transaction (A more complex transaction means that more computational resources will be consumed), hence a higher fee will be charged.
- The system will calculate the fee automatically before you submit the withdrawal request. Alternatively, you can also adjust your fee within the limit.
